Dr. Michael Burry’s Scion Capital added Jack In The Box (JACK) to its portfolio in Q1 of 2020. According to a 13F filed today, the manager, famous as the focus of the book and movie The Big Short, made the fast-food company his #2 position. It’s impossible to calculate Scion Capital’s exact cost basis on the 300,000 share stake — JACK’s price ranged from a high of $89.59 on Feb. 21 to a low of $16.81 on March 18. But Burry, a renowned value investor, most likely became interested as the stock crashed.
While restaurants have been hurt badly by the coronavirus lockdown, those offering drive-up service have fared relatively better. Since Scion Capital added JACK in Q1, the shares have rebounded 300%.
In Q1, Burry expanded Scion’s portfolio from 13 to 18 positions. Scion Capital added JACK, Facebook (FB), Boeing (BA), Discovery Inc. (DISCA), and Michaels Companies (MIK). He also added call option positions on Las Vegas Sands (LVS), Foot Locker (FL), Qourvo (QRVO), Cracker Barrel (CBRL) and Wynn Resorts (WYNN).
Burry closed out five positions, including Alphabet Inc. (GOOG), the fund’s #3 position at Q4’s end.
Scion Capital Q1 2020 13F Positions
|Stock||Symbol||Type||Shares Held||% Change||Ranking||Market Value||% of Portfolio||Qtr first owned||source_type||source date||Est Avg Price|
|Gamestop corp. class a||GME||2,801,929||(17.59%)||1||15,354,571||17.82%||13D||05/04/2020|
|Jack in the box inc||JACK||300,000||new||2||10,515,000||12.21%||Q1 2020||13F||03/31/2020||35.05|
|Qorvo inc||QRVO||125,000||66.67%||3||10,079,000||11.70%||Q4 2019||13F||03/31/2020||101.99|
|Facebook inc||FB||60,000||new||4||10,008,000||11.62%||Q1 2020||13F||03/31/2020||166.80|
|Maxar technologies ltd||MAXR||900,000||38.46%||5||9,612,000||11.16%||Q4 2019||13F||03/31/2020||14.28|
|Boeing company||BA||60,000||new||6||8,948,000||10.39%||Q1 2020||13F||03/31/2020||149.14|
|Discovery inc series a||DISCA||350,000||new||7||6,804,000||7.90%||Q1 2020||13F||03/31/2020||19.44|
|Michaels companies inc. (the)||MIK||3,250,000||new||8||5,265,000||6.11%||Q1 2020||13F||03/31/2020||1.62|
|Las vegas sands corp||LVS||CALL||68,500||new||9||2,909,000||3.38%||Q1 2020||13F||03/31/2020|
|Tailored brands inc||TLRD||1,700,000||(57.50%)||10||2,380,000||2.76%||13D||05/05/2020|
|Foot locker inc. (f. w. woolworth)||FL||CALL||100,000||new||11||2,205,000||2.56%||Q1 2020||13F||03/31/2020|
|Qorvo inc||QRVO||CALL||13,000||new||12||1,048,000||1.22%||Q1 2020||13F||03/31/2020|
|Cracker barrel old country store inc.||CBRL||CALL||6,700||new||13||558,000||0.65%||Q1 2020||13F||03/31/2020|
|Wynn resorts ltd||WYNN||CALL||7,700||new||14||463,000||0.54%||Q1 2020||13F||03/31/2020|
|Blackberry ltd||BB||0||(100.00%)||15||0||0.00%||Q4 2019||13F||03/31/2020||6.42|
|Cenovus Energy||CVE||0||(100.00%)||16||0||0.00%||Q4 2019||13F||03/31/2020||10.15|
|Alphabet inc. class c||GOOG||0||(100.00%)||17||0||0.00%||Q2 2019||13F||03/31/2020||1080.91|
|Sportsmans warehouse holdings inc||SPWH||0||(100.00%)||18||0||0.00%||Q4 2018||13F||03/31/2020||4.27|
|Covetrus inc||CVET||0||(100.00%)||19||0||0.00%||Q4 2019||13F||03/31/2020||13.20|
GME remains Burry’s top holding despite recent selling
Scion Asset Management’s top position remains Gamestop (GME). Burry first filed a 13D on the gaming retailer in August of last year, and increased his stake to 5.30% position on April 2. However, in a 13/D/A filing submitted on May 6 Burry disclosed the sale of 598,000 shares dropping his stake below 5%. One day later Burry disclosed selling 2.3 million shares of Tailored Brands (TLRD), another retailer that has been a loser to date for Scion Capital.
Remember that the 13F Filing only discloses Scion Capital’s long positions. It’s a sure bet that the “Big Short” manager also had some short market bets during Q1.
You can follow insider buying and other SEC filings at the SEC’s Edgar website or at sites like WhaleWisdom.com.
Contact Mark about investing based on SEC filings and smart money disclosures.
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