Michael Burry

Burry's Scion reported its 2025Q3 filing (note the quarter lag vs. peers) on a tiny $70M book now compressed to just four positions — about as concentrated as a registered fund can get. Three of the four are new: MOH (Molina Healthcare, 35.1%), a managed Medicaid insurer trading at distressed multiples amid policy uncertainty; SLM (Sallie Mae, 19.5%), a classic Burry contrarian consumer-credit pick in a rate-sensitive sector; and a corporate bond position in BRKR 6.375 09/01/28 (19.3%), an unusual fixed-income inclusion suggesting he's finding better risk/reward in credit than equity for part of the book. LULU was doubled (+100%, now 26.1%), doubling down on the beaten-down premium athleisure thesis. Mass exits — EL, BRKR equity, REGN, MELI, UNH — cleared the prior book entirely. The MOH/UNH swap is pointed: Burry dumped the large-cap managed care incumbent and bought a smaller, more policy-exposed Medicaid pure-play, a classic contrarian crowded-exit/ignored-entry trade. Watch whether the BRKR bond position matures or is liquidated early, and whether the healthcare concentration deepens in Q4 2025.