Michael Burry Portfolio: All Stocks & Buys/Sells
As of Q3 2025 · reported on SEC Form 13F
Nothing new since this filing
Last filing for Q3 2025; Scion Asset Management has not filed a 13F since — other managers are already reporting Q2 2026. The figures on this page stay where they are until the next filing lands.
Portfolio at a glance
- Portfolio value ?Total market value of every reported position on the quarter's reporting date, in US dollars.
- $1.38B
- Positions ?Number of distinct securities in the filing. Names reported on several lines are merged into one position.
- 8
- Top 10 share ?Share of the reported portfolio held in the ten largest positions. The higher it is, the more concentrated the bets.
- 100.0%
- Reporting period ?The quarter the filing covers. Managers have up to 45 days after the reporting date to file.
- Q3 2025
- Portfolio vs. S&P 500 (5 yr) ?Cumulative return of the replicated portfolio and of the S&P 500 over the calculated window. The sentence below states the gap between the two in percentage points — the plain difference between the two percentages. Replicated means: the reported stock weights at each quarterly reporting date, carried forward to the next one.
- +216.2% vs. +113.4%
That puts the replication 102.9 percentage points ahead of the S&P 500.
How this figure is built — and what it is not
This is NOT the fund's return. It is the return of a portfolio you would hold if you rebuilt the reported US stock basket at every quarterly reporting date, using the reported weights, and held it until the next one. Prices include dividends and the quarters are chained; the S&P 500 runs on the same basis. Whatever a 13F leaves out is missing here too: cash, short positions, bonds and everything outside the US. Options are deliberately excluded — a filing carries them at the value of the underlying shares, which would distort every weight. Between two filings a manager trades, and a quarterly replication cannot see those moves.
Calculated window: Q3 2020 to Q3 2025, in 17 quarterly steps.
This window differs from the usual five years: Scion Asset Management last filed for Q3 2025. Without a newer filing there is no weighting to carry forward, so the calculation ends there. The S&P 500 comparison covers exactly the same period.
What these numbers show — and what they don't
The source is SEC Form 13F, the disclosure institutional investment managers must file with the U.S. Securities and Exchange Commission (SEC). It covers long positions in US-listed securities — stocks, plus exchange-traded options and convertible notes, an option being carried at the value of the underlying shares. Cash, short positions, ordinary bonds and holdings outside the US never appear. Filings are quarterly and land up to 45 days after the reporting date, so these figures are an official but delayed and partial view — not a live portfolio.
Why the portfolio value looks bigger than it is
About 95% of the reported value sits in options. On a 13F an option is carried at the value of the underlying shares, not at what the manager paid for it. The stated portfolio value therefore runs well above the actual capital at risk. Affected rows are flagged as put or call options in the table below.
Buys and sells this quarter
Comparing the Q3 2025 filing against Q2 2025.
New positions
- PLTR Put option
- 5,000,000 new
- NVDA Put option
- 1,000,000 new
- PFE Call option
- 6,000,000 new
- HAL Call option
- 2,500,000 new
- MOH
- 125,000 new
- SLM
- 480,054 new
- BRUKER CORP
- 48,334 new
Added to
- LULU
- 50,000 → 100,000
Trimmed
Nothing in this group.
Sold out
- UNH Call option
- was 350,000
- REGN Call option
- was 200,000
- LULU Call option
- was 400,000
- META Call option
- was 100,000
- EL Call option
- was 500,000
- JD Call option
- was 1,000,000
- BABA Call option
- was 250,000
- ASML Call option
- was 25,000
- VFC Call option
- was 1,500,000
- EL
- was 150,000
- BRKRP
- was 250,000
- REGN
- was 15,000
- MELI
- was 3,000
- UNH
- was 20,000
Every position in the portfolio
Scrolls sideways. Linked tickers lead to our own stock page for that company.
| # | Ticker | Company | Value | Weight | Shares | Shares vs. prior quarter |
|---|---|---|---|---|---|---|
| 1 | PLTR | PALANTIR TECHNOLOGIES INC Put option | $912.1M | 66.04% | 5,000,000 | new |
| 2 | NVDA | NVIDIA CORPORATION Put option | $186.6M | 13.51% | 1,000,000 | new |
| 3 | PFE | PFIZER INC Call option | $152.9M | 11.07% | 6,000,000 | new |
| 4 | HAL | HALLIBURTON CO Call option | $61.5M | 4.45% | 2,500,000 | new |
| 5 | MOH | MOLINA HEALTHCARE INC | $23.9M | 1.73% | 125,000 | new |
| 6 | LULU | LULULEMON ATHLETICA INC | $17.8M | 1.29% | 100,000 | +100.0% |
| 7 | SLM | SLM CORP | $13.3M | 0.96% | 480,054 | new |
| 8 | – | BRUKER CORP | $13.1M | 0.95% | 48,334 | new |
The “Shares vs. prior quarter” column shows how the number of shares held changed compared with the previous quarterly filing — not the stock’s price performance.
About Michael Burry
Michael Burry became a household name for his bet against the US housing market ahead of the 2008 financial crisis, the story behind the book and film The Big Short. Through his investment firm Scion Asset Management, he has continued to run a distinctly contrarian, value-driven approach: hunting for situations where he believes the market has mispriced risk, and backing those views with small, tightly concentrated portfolios rather than broad diversification.
One quirk worth understanding: Burry frequently expresses his views through options rather than plain stock purchases. On SEC Form 13F, the mandatory filing institutional investors submit to regulators, options are reported at the notional value of the underlying shares rather than the actual capital at risk. That can make individual positions look far larger than what Burry actually committed, and it's part of why his reported holdings can swing so dramatically from one quarter to the next.
This page tracks Scion Asset Management's 13F filings automatically as they're reported: every disclosed position, its weight in the portfolio, and the buys and sells versus the prior quarter.
Worth keeping in mind: a 13F only covers US-listed long stock positions, gets filed once per quarter, and can appear up to 45 days after quarter-end. Short positions, bonds, cash, non-US holdings, and any measure of returns are all absent. What you're looking at here is an official but delayed and partial window into the actual portfolio.
Frequently Asked Questions
Through Scion Asset Management, Michael Burry typically holds a small number of concentrated stock positions in companies he believes the market has mispriced, often paired with options positions betting on falling or volatile prices. The table above always reflects the most recently reported holdings from SEC Form 13F, so check it for the current lineup.
Burry has a track record of building and fully exiting positions within just a couple of quarters, in keeping with his tactical, contrarian style. You'll find the latest quarter's buys and sells in the position table above, which updates automatically each time Scion files a new 13F.
Michael Burry follows a value-oriented, deeply contrarian approach: he looks for situations where market expectations seem too optimistic or too pessimistic, then backs that view with concentrated, often unconventional bets, frequently using options instead of straightforward stock purchases. That style is what made his pre-2008 bet against US housing famous.
SEC Form 13F is a mandatory disclosure that institutional investment managers overseeing more than $100 million must file with the US Securities and Exchange Commission. It lists all US-listed long stock positions as of quarter-end, but isn't published until up to 45 days later, and it excludes short positions and any performance figures.
Because SEC Form 13F reports options at the notional value of the underlying shares, not the actual money Burry has committed. A relatively modest options bet can therefore show up in the filing looking like an outsized stock position, an effect that's especially pronounced given how often he uses options.
Source
SEC Form 13F — the mandatory quarterly disclosure institutional investment managers file with the U.S. Securities and Exchange Commission (SEC). One filing per quarter, submitted up to 45 days after the reporting date; values are market values on that date, in US dollars.
These pages show reported holdings. They are not investment advice and not a recommendation to buy.