Michael Burry exits stakes in 6 banks after betting big amid regional bank crisis

Yahoo Finance2023-08-15

Michael Burry, who famously shorted subprime mortgages ahead of the 2008 financial crisis, closed out the majority of his regional bank trade in the second quarter, filings with SEC revealed Monday. ...

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PacWest agreed to merge with rival Bank of California  in late July in a deal set to close next year.In the first quarter, Burry spent more than $23 million betting on financial stocks during a quarter in which Silicon Valley Bank , Signature Bank, and Silvergate all went under in a matter of days.Burry gained fame for his moves during the 2008 crisis, predicted and then profiting from a collapse in residential real estate prices as early as 2007. He was portrayed as a central figure in Michael Lewis's 2010 book \"Th","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU1363072403.SGD":"Fidelity Global Financial Services A-ACC-SGD","JD":"京东","BAC":"美国银行","XLF":"金融ETF","CFR":"库伦佛寺银行","C":"花旗","FRCB":"第一共和银行","USB":"美国合众银行","FRCCL":"First Republic Bank (San Francisco, California)","HBANP":"Huntington Bancshares Incorporated","FHN":"第一地平线银行","HBANM":"Huntington Bancshares Inc","HBANL":"HUNTINGTON BANCSHARES INC DEP SHS REPSTG 1/40TH INT NON CUM PERP J","MTB":"美国制商银行","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","HBAN":"亨廷顿银行","LU0106959298.USD":"UBS (LUX) EQUITY FUND - EMERGING MARKETS SUSTAINABLE LEADERS (USD) \"P\" (USD) ACC","FRCHL":"First Republic Bank (San Francisco, California)","LU1496350171.SGD":"FRANKLIN DIVERSIFIED BALANCED \"A\" (SGDHDG) ACC","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","LU0211331839.USD":"FRANKLIN MUTUAL GLB DISCOVERY \"A\" (USD) ACC","BK4516":"特朗普概念","DB":"德意志银行","FRCIL":"First Republic Bank (San Francisco, California)","COF":"第一资本","LU1201861165.SGD":"Natixis Harris Associates Global Equity PA SGD","FRCJL":"First Republic Bank (San Francisco, California)","JEF":"杰富瑞","PACW":"西太平洋合众银行","BK":"纽约梅隆银行","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","LU0130103400.USD":"Natixis Harris Associates Global Equity RA USD","BABA":"阿里巴巴","BK4531":"中概回港概念","FRCKL":"First Republic Bank (San Francisco, California)","BK4538":"云计算","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","BK4534":"瑞士信贷持仓","FRCLL":"First Republic Bank (San Francisco, California)","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","09988":"阿里巴巴-W","BK4533":"AQR资本管理(全球第二大对冲基金)","BANC":"BANC OF CALIFORNIA","WFC":"富国银行","KRE":"区域银行指数ETF-SPDR KBW","FRCML":"First Republic Bank (San Francisco, California)","LU0648000940.SGD":"Natixis Harris Associates Global Equity RA SGD","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","09618":"京东集团-SW","IE00BBT3K403.USD":"LEGG MASON CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A(USD) ACC","BK4535":"淡马锡持仓","LU1688375341.USD":"贝莱德中国灵活股票基金","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","FRBK":"共和国第一万通金控","WAL":"阿莱恩斯西部银行","IE00BGV7N243.SGD":"FSSA Global Emerging Markets Focus I Acc SGD","BK4166":"消费信贷"},"translate_title":"迈克尔·伯里在地区银行危机中下大赌注后退出6家银行的股份","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"XLF":1,"HBAN":1,"JD":1,"JEF":1,"FRCB":1,"KRE":1,"FHN":1,"DB":1,"COF":1,"CFR":1,"C":1,"MTB":1,"NYCB":1,"PACW":1,"USB":1,"WAL":1,"WFC":1,"BK":1,"BANC":1,"BAC":1,"BABA":1,"PACWP":0.9,"HBANM":0.9,"HBANL":0.9,"HBANP":0.9,"FRCML":0.9,"FRCKL":0.9,"FRBK":0.9,"FRCCL":0.9,"FRCHL":0.9,"FRCIL":0.9,"FRCJL":0.9,"FRCLL":0.9,"09988":0.6,"09618":0.6},"content_text":"Michael Burry, who famously shorted subprime mortgages ahead of the 2008 financial crisis, closed out the majority of his regional bank trade in the second quarter, filings with SEC revealed Monday. \nBurry's hedge fund Scion Asset Management zeroed out stakes in Western Alliance (WAL), Huntington Bank (HBAN), PacWest (PACW), and First Republic (FRCB) during the second quarter. \nFirst Republic was seized by the Federal Deposit Insurance Corporation and sold to JPMorgan & Chase at the beginning of May. PacWest agreed to merge with rival Bank of California (BANC) in late July in a deal set to close next year.\nIn the first quarter, Burry spent more than $23 million betting on financial stocks during a quarter in which Silicon Valley Bank (SVB), Signature Bank, and Silvergate all went under in a matter of days.\nScion also closed out positions in Capital One (COF) and Wells Fargo (WFC), both of which were opened during the first quarter of this year. \nScion also trimmed 76% of its holdings in New York Community Bancorp (NYCB), the regional lender which acquired $38.4 billion in assets belonging to Signature Bank from the FDIC in a $2.7 billion deal.\nDuring the second quarter, the SPDR S&P Regional Banking ETF (KRE) fell about 7%, lagging the broader Financial (XLF) sector and the S&P 500, which rose 5.4% and 8.4%, respectively, over the same period. \nShares of Western Alliance rose about 5.5% during the second quarter, while Huntington stock fell about 2% and PacWest dropped 13%, a move that came before the company's merger announcement. \nDuring the second quarter, Scion also sold out of its positions in Chinese e-commerce and tech companies Alibaba (BABA) and JD.com (JD). \nScion did not immediately respond to requests for comment on the investments.\nBurry gained fame for his moves during the 2008 crisis, predicted and then profiting from a collapse in residential real estate prices as early as 2007. He was portrayed as a central figure in Michael Lewis's 2010 book \"The Big Short.\" Christian Bale later portrayed him in a 2015 film adaptation of the Lewis book.\n\n\n\n  Michael Burry attends the \"The Big Short\" New York premiere at Ziegfeld Theater on November 23, 2015 in New York City. (Photo by Jim Spellman/WireImage)\n \n\n  Jim Spellman via Getty Images\n \n\nOther notable investors including major hedge funds Bridgewater Associates, the world's biggest, and quantitative trading pioneer Renaissance Technologies adjusted their banking exposure in the second quarter.\nBridgewater sold its remaining positions in regional banks US Bancorp (USB), M&T Bank (MTB), and First Horizon Bank (FHN) after getting rid of 15 other positions in US lenders in the first quarter. It did, however, raise its holdings in Citigroup (C) and investment bank Jefferies (JEF) while also opening a small position in Capital One and nearly doubling its stake in Bank of New York Mellon (BK), according to filings from Friday.\nRenaissance Technologies was a net buyer of banks in the the second quarter, according to its filing. The firm opened a sizable position in Bank of America (BAC) as well as a smaller position in San Antonio, Texas-based regional lender Cullen Frost (CFR) while cutting its exposure to Bank of New York Mellon and Deutsche Bank AG (DB).\nClick here for the latest stock market news and in-depth analysis, including events that move stocks\nRead the latest financial and business news from Yahoo Finance","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.4","shortVersion":"4.29.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2359865858"}