Michael Burry

Scion Asset ManagementContrarian deep value

Contrarian deep-value investor known for betting against consensus.

US stock portfolio: $68.1M
Positions: 8
Quarter: Q3 2025; 13F filed with the SEC
In its top 10: 100%
Active share: 99%; different from Russell Midcap Growth
Turnover a year: 220%
Median holding: 0.3 yrs

How the picks did

Beat its closest index (mostly the S&P 500 Value) by 15.3 pts a year over 5 years (16 quarters).

Scion Asset Management19.8% a year
S&P 500 Value4.5% a year

How this is measured

Each 13F report is held from the week it was filed to the week of the next, priced weekly without dividends, and compared with the price of an ETF tracking the index it was closest to that quarter. No shorts, cash, bonds or options. Small and delisted companies we do not price are left out, and a quarter counts only when 70% or more of the portfolio is priced. Past results say nothing about future ones.

13F shows US long stock positions only, filed up to 45 days after the quarter.

Largest holdings

Each tile's size is its share of the portfolio at the end of Q3 2025. Green was bought or added to that quarter, red trimmed.

PLTR1338.6%NVDA273.8%PFE224.4%HAL90.3%MOH35.1%LULU26.1%SLM19.5%

BRUKER Corp.19.3%

What changed in Q3 2025

Bought

PLTRPalantir Technologiesnew $912.1M
NVDANVIDIAnew $186.6M
PFEPfizernew $152.9M
HALHalliburtonnew $61.5M
MOHMolina Healthcarenew $23.9M
SLMSLMnew $13.3M

Sold

UNHUnitedHealthall, −$109.2M
REGNRegeneron Pharmaceuticalsall, −$105M
LULUlululemon athletica inc.all, −$95M
METAMeta Platformsall, −$73.8M
ELEstée Lauder Companiesall, −$40.4M
JDJD.comall, −$32.6M

Its bets against Russell Midcap Growth

Holds much more than the index

MOHMolina Healthcare+34.9 pts
LULUlululemon athletica inc.+25.8 pts
SLMSLM+19.5 pts
BRUKER+19.3 pts

Holds much less, or none

By sector

Healthcare35%
Consumer Cyclical26%
Financial Services20%

Every position, Q3 2025

Company	Share of portfolio	Value	Change
PLTRPalantir Technologies put options	1338.61%	$912.1M	new
NVDANVIDIA put options	273.83%	$186.6M	new
PFEPfizer call options	224.37%	$152.9M	new
HALHalliburton call options	90.26%	$61.5M	new
MOHMolina Healthcare	35.11%	$23.9M	new
LULUlululemon athletica inc.	26.11%	$17.8M	added
SLMSLM	19.50%	$13.3M	new
BRUKER	19.28%	$13.1M	new

About these numbers

Scion stopped filing after Q3 2025, so its holdings are as of September 2025.

A 13F lists a manager's US stock positions at the end of a quarter and is filed up to 45 days later. It leaves out shorts, cash, bonds and most non-US holdings, so it is a picture of the stock book, not the whole firm. The filings on SEC EDGAR