Michael Burry portfolio & holdings
Scion Asset Management
Historical clone performance and limitations
Michael Burry (Scion Asset Management) discloses a $68M portfolio across 4 US-listed positions in the latest 13F filing (2025Q3, filed Nov 3, 2025). The largest holding is MOH at 35.1% of the book.
A material reported change · Q3 2025
Michael Burry reported no remaining UNH position.
Holdings as of Sep 30, 2025 · filed Nov 3, 2025. Previously 11.1% of the reported portfolio. The filing does not reveal the trade date, price, or reason.
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Holdings (4) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | MOH | 35.1% | $24M | |||
| 2 | LULU | 26.1% | $18M | |||
| 3 | SLM | 19.5% | $13M | |||
| 4 | BRKR 6.375 09/01/28 | 19.3% | $13M |
2025Q3 moves, by size (9)(expand ↓)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| MOH | Molina Healthcare Inc | NEW | 35.1% | +100% | $24M |
| LULU | Lululemon Athletica Inc | ADD | 26.1% | +100% | $18M |
| EL | Estee Lauder Companies-cl A | EXIT | 21.5% | -100% | $0 |
| SLM | Slm Corp | NEW | 19.5% | +100% | $13M |
| BRKR 6.375 09/01/28 | Bruker Corp | NEW | 19.3% | +100% | $13M |
| BRKR | Bruker Corp | EXIT | 18.3% | -100% | $0 |
| REGN | Regeneron Pharmaceuticals | EXIT | 14.0% | -100% | $0 |
| MELI | Mercadolibre Inc | EXIT | 13.9% | -100% | $0 |
| UNH | Unitedhealth Group Inc | EXIT | 11.1% | -100% | $0 |
- NEWMOH35.1%Molina Healthcare IncΔ +100%·$24M
- ADDLULU26.1%Lululemon Athletica IncΔ +100%·$18M
- EXITEL21.5%Estee Lauder Companies-cl AΔ -100%·$0
- NEWSLM19.5%Slm CorpΔ +100%·$13M
- NEWBRKR 6.375 09/01/2819.3%Bruker CorpΔ +100%·$13M
- EXITBRKR18.3%Bruker CorpΔ -100%·$0
- EXITREGN14.0%Regeneron PharmaceuticalsΔ -100%·$0
- EXITMELI13.9%Mercadolibre IncΔ -100%·$0
- EXITUNH11.1%Unitedhealth Group IncΔ -100%·$0
About Michael Burry
Michael Burry built Scion Asset Management around deep, idiosyncratic value research — the same approach that led him to buy credit-default swaps on subprime mortgage securities in the mid-2000s, a trade reconstructed in Michael Lewis's The Big Short and confirmed in congressional testimony. His public equity book, as reported in 13F filings, is extreme by any measure: as of the latest quarter, four positions account for the entire disclosed long portfolio, with MOH, LULU, and SLM making up roughly 80% of that. What a 13F reader must internalize is that Burry's disclosed longs are almost certainly not the whole story — he has historically used put options, CDS, and other derivatives that either appear only as notional footnotes or don't appear at all, meaning the equity positions visible here may be hedges, pairs legs, or a small slice of a larger thesis. The clone-backtest excess return looks attractive, but replicating disclosed longs without visibility into the short or derivatives book means tracking a partial shadow, not the actual portfolio.
2025Q3 brief
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.
AI-generated. Not investment advice.
Filing history
Michael Burry's disclosed 13F portfolio value and position count by quarter — the trajectory across every SEC filing.
| Quarter | Positions | Portfolio value |
|---|---|---|
| Q3 2025 — what changed → | 8 | $1.38B |
| Q2 2025 — what changed → | 15 | $578M |
| Q1 2025 — what changed → | 7 | $199M |
| Q4 2024 holdings | 13 | $77M |
| Q3 2024 holdings | 11 | $130M |
| Q2 2024 holdings | 10 | $52M |
| Q1 2024 holdings | 16 | $103M |
| Q4 2023 holdings | 25 | $95M |
| Q3 2023 holdings | 13 | $99M |
| Q2 2023 holdings | 33 | $1.74B |
| Q1 2023 holdings | 21 | $107M |
| Q4 2022 holdings | 9 | $47M |
Values as disclosed at each quarter end. Older filings on EDGAR.
Manager evidence
7 material decisions, preserved in sequence.
See what Michael Burry bought, added, trimmed, or exited across eight quarters—plus disclosure lag, SEC sources, and observed outcomes versus SPY. No guru grade.
Open Michael Burry's decision evidence →Frequently asked questions
- What stocks does Michael Burry own?
- As of 2025Q3, Michael Burry's 13F discloses 4 positions worth $68M. The top five holdings: MOH (35.1%), LULU (26.1%), SLM (19.5%), BRKR 6.375 09/01/28 (19.3%). 13F filings cover long US-listed equities only — cash, bonds, shorts, and non-US positions are not disclosed.
- What did Michael Burry buy this quarter?
- In 2025Q3, the filing shows 3 new positions and 1 addition to existing holdings. The largest positions touched by buying: MOH, LULU, SLM, BRKR 6.375 09/01/28.
- How big is Michael Burry's portfolio?
- $68M across 4 positions per the latest 13F (filed Nov 3, 2025). The top five holdings account for 100% of the disclosed book.
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001649339). Not investment advice.