Michael Burry, known for calling the subprime mortgage crisis, piled into a physical gold trust in the first quarter, making it his biggest bet, according to a new regulatory filing.
Burry, who now manages hedge fund Scion Asset Management, bought more than 440,000 units of the Sprott Physical Gold Trust (PHYS), worth more than $10 million in the first quarter.
The closed-end fund holds its assets in physical gold bullion.
The gold trust is trading at a discount to its net asset value.
The widest discount PHYS has traded at over the past 52 weeks is 2.52%.
Persons:
Michael Burry, Burry, It's, Michael Lewis
Organizations:
Asset Management, Nuveen, JD.com, HCA Healthcare, Citigroup, Block, Securities and Exchange