Michael Burry — the hedge fund manager depicted by Christian Bale in The Big Short — has been aggressively investing during this market downturn.

Burry’s latest 13F filing for the first quarter of 2022 shows a broad range of new investments and some interesting strategic moves with options. That’s a significant shift from the previous quarter when Burry was selling most of his stock portfolio and calling for the “mother of all crashes.”

He’s not exactly bullish on the overall market, recently issuing a serious warning about the current earnings season that has been relatively positive.

"These earnings reports and by Jove the whole season have a ‘Last Hurrah’ feel,” " Burry wrote in a since-deleted tweet.

But the man who shorted the U.S. housing market — and won — clearly sees pockets of opportunities.

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Meta Platforms (META) and Alphabet (GOOG)

Burry’s bet on big tech is clearly noteworthy.

Tech and growth stocks have been out of favor for nearly half a year. Adding these two stocks to the portfolio for the first time is a contrarian move. Burry’s portfolio now includes 6,500 shares of Google parent Alphabet Inc. and 80,000 shares of Meta Platforms Inc., the parent company of Facebook. They’re his fourth- and sixth-largest holdings, respectively.

The move could be seen as a vote of confidence in digital advertising. It could also be a signal of undervaluation. Both stocks are trading at roughly 14 and 20 times forward earnings, respectively.

Booking.com (BKNG)

Travel website Booking.com is now the second-largest holding in Burry’s Scion Asset Management portfolio. He bought 8,000 shares of the company in the first quarter.

Booking stock is trading at a price-to-free cash flow ratio of 18. That means the cash flow yield is as high as 5.6%. As international borders reopen and lockdowns ease, Booking could be an ideal bet on the rebound of global travel.

Apple (AAPL)

Burry bought plenty of tech stocks this quarter, but that shouldn’t suggest that he’s optimistic about the whole sector. Hidden in the 13F filing was an enormous short bet against Apple.

He reported 206,000 put options on Apple shares as of the end of Q1. The notional value of this bet is roughly $33 million. However, the actual cost could be much lower given how option premiums are priced.