In a strategic recalibration of his hedge fund Scion Asset Management LLC, legendary investor Michael Burry has made significant changes to his investment portfolio, according to his latest 13F filing. Burry, who famously predicted the 2008 financial crisis, has increased his focus on physical commodities and renewable energy, while reducing his holdings in some tech giants.

The market value of Scion's 13F securities increased from $94.6 million to $103.49 million in the first quarter of 2024. Burry's activity included five new purchases, additions to 11 existing positions, and complete sell-offs of 14 stocks.

Burry's top buys for Q1 2024 reveal a clear pivot towards physical precious metals and clean energy, indicating his anticipation of rising value in these sectors. The Sprott Physical Gold Trust ETV emerged as his leading investment, with Scion increasing its position by $7.62 million, highlighting Burry's confidence in gold as a hedge against economic uncertainty. This gold fund has delivered a 16% return year-to-date, outperforming the broader stock market.

Reflecting his belief in the resilience and growth potential of the healthcare sector, Burry increased his stake in Cigna Holding Co by $7.26 million. Additionally, he added $6.59 million worth of BP Plc ADR to his portfolio, recognizing the company's strong position in the global energy market, particularly as BP transitions to cleaner energy sources. Burry's commitment to renewable energy is further emphasized by a $5.06 million increase in First Solar Inc, aligning with the global shift towards sustainable energy solutions.

Baidu Inc ADR rounds out Burry's top five buys with a $4.38 million addition to his portfolio, underscoring his confidence in the long-term potential of Chinese technology companies.

In terms of divestments, Burry made notable reductions in several high-profile tech stocks during the first quarter. Scion decreased its holdings in Oracle Corp by $5.77 million, signaling a 5.57% change in the portfolio. Similarly, Burry opted to exit completely from positions in Alphabet Inc. and Amazon.com Inc., selling $5.35 million and $4.99 million worth of shares respectively. This suggests a reevaluation of their growth prospects following a strong rally and highlights Burry's cautious stance on the future performance of these tech giants.

By the end of Q1 2024, the top five holdings by weight in Scion Asset Management LLC's portfolio included Alibaba Group Holding Ltd, HCA Healthcare Inc, Citigroup Inc, and the Sprott Physical Gold Trust.

Burry's latest investment moves showcase his strategic foresight and willingness to adapt his portfolio based on shifting market dynamics. As a renowned investor, his actions could influence market sentiment and spark further interest in physical commodities and clean energy sectors.