While his view of the real estate market before the housing bubble was completely opposite to what Wall Street thought, this time it seems that Wall Street actually agrees with Berry’s bets.
Berry’s investment firm Scion Asset Management bought 50,000 shares of Alibaba through the company’s American Depositary Receipts in the last three months of 2022, quarterly reports show. Scion also took a new position in JD.com, buying 75,000 shares of the group. Berry’s share of Alibaba is worth about $5.2 million as of yesterday, with JD.com’s stake valued at more than $3.9 million.
The high-profile investor isn’t alone in being bullish on these stocks, which both have an average buy rating among analysts. Alibaba and JD.com have been battered over the past two years by regulatory crackdowns in Beijing and Washington, D.C., as well as a slowdown in China’s economy amid coronavirus restrictions last year.
Berry’s largest holding remains in GEO Group
GEO GROUP INC
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a real estate investment trust linked to the private prison sector, but it cut that position by 50% in the number of stocks. The GEO Group fell more than 13% shortly after releasing its balance sheet this week. As FIIs rose 42% In the fourth quarter, the value of the position was still evident for Berry.The value investor also reduced its holdings in Qurate Retail Group by 75%.
Now, with Alibaba and JD.com trading well below their highs in late 2020 and early 2021, respectively, there is an argument that the shares look cheap. And traders are turning bullish on Alibaba, with the stock climbing more than 18% since the start of the year — outperforming even the S&P 500 — even as JD.com has lost 7% over the same period. In the meantime, investors will have to wait until the current quarter’s reports to see if Berry holds up and is right in his purchases.
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