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US Hedge Fund Manager Michael Burry Adds Stakes in 3 CN ADRs Incl. Alibaba Last Qtr
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The US prestigious hedge fund manager Michael Burry increased his stake in Alibaba (BABA.US) and other Chinese ADRs in the third quarter, while expanding his put options, after China rolled out a bunch of measures to boost the economy, a foreign news report said. Scion Asset Management, Burry's investment firm, added its stake in Alibaba by nearly 30% in the third quarter, to 200,000 shares, while buying put options with a notional value equal to 84% of its Alibaba stake. Scion also adopted the same strategy for Baidu (BIDU.US) and JD.com (JD.US), suggesting he was cautious about holding Chinese ADRs. Scion increased his stake in JD.com by 100% and his position in Baidu by two-thirds last quarter. At the end of September, shares in three Chinese ADRs, including Alibaba, were worth US$54 million, or about 65% of Scion's total holdings. AAStocks Financial News |
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