MICHAEL BURRY’S PORTFOLIO

MICHAEL BURRY’S SCION ASSET MANAGEMENT Q2 2025 PORTFOLIO

Scion Asset Management, a hedge fund managed by Michael Burry, disclosed 11 positions in its Q2 2025 13F filing, with a total portfolio value of $578,337,040.

Michael Burry’s Portfolio

Q2 2025 Holdings and Strategic Analysis

Michael Burry’s Q2 2025 portfolio reveals a dramatic reversal from his extremely bearish Q1 stance. After betting heavily against tech and Chinese stocks with PUT options in Q1, Burry has completely pivoted to a bullish, diversified portfolio worth $578.3 million—nearly 3x larger than his Q1 portfolio. This represents one of the most significant quarterly strategy shifts in his recent investment history.

Massive Transformation: Burry has completely eliminated all PUT positions from Q1 and increased his portfolio value from $199.2 million to $578.3 million, suggesting either his bearish bets paid off handsomely or he significantly increased his capital allocation.

Top Holdings Breakdown

1
UNH
UnitedHealth Group Inc.
CALL OPTIONS
Portfolio: 18.88%
Shares: 350,000
Value: $109,189,500
Burry’s largest position is now a massive call option bet on America’s largest health insurer. This represents a complete sector rotation from his previous avoidance of healthcare in Q1 to making it his top conviction play.
2
REGN
Regeneron Pharmaceuticals
CALL OPTIONS
Portfolio: 18.16%
Shares: 200,000
Value: $105,000,000
A significant new biotechnology bet, this call position on the maker of Eylea and Covid treatments shows Burry’s bullish outlook on innovative healthcare companies with strong drug pipelines.
3
LULU
Lululemon Athletica Inc.
CALL OPTIONS
Portfolio: 16.43%
Shares: 400,000
Value: $95,032,000
A surprising entry into premium athleisure, this large call position suggests Burry sees significant upside in the high-margin activewear market, possibly betting on continued consumer spending in the luxury fitness segment.
4
META
Meta Platforms Inc.
CALL OPTIONS
Portfolio: 12.76%
Shares: 100,000
$73,809,000
Most remarkably, Burry has entered a significant call position in Meta—a complete reversal from his anti-tech stance in Q1. This suggests he may see Meta’s AI investments and efficiency improvements as undervalued.
5
EL
Estee Lauder Cos Inc.
CALL OPTIONS
Portfolio: 6.99%
Shares: 500,000
Value: $40,400,000
Burry has significantly increased his Estée Lauder position from Q1, upgrading from common stock to call options and increasing his share count from 200,000 to 500,000. This reinforces his conviction in luxury consumer goods.
6
JD
JD.com Inc.
CALL OPTIONS
Portfolio: 5.64%
Shares: 1,000,000
$32,640,000
From PUT to CALL: Burry has completely reversed his bearish stance on JD.com, increasing his share count from 400,000 to 1,000,000 while switching to call options. This signals renewed confidence in Chinese e-commerce.
7
BABA
Alibaba Group Holdings
CALL OPTIONS
Portfolio: 4.90%
Shares: 250,000
$28,352,500
Another dramatic reversal: Burry has switched from PUT options to CALL options on Alibaba while increasing his position size from 200,000 to 250,000 shares, indicating renewed optimism about Chinese tech.
8
ASML
ASML Holding N.V.
CALL OPTIONS
Portfolio: 3.46%
Shares: 25,000
$20,034,750
A new semiconductor play focusing on the Dutch lithography giant that’s essential for advanced chip manufacturing. This suggests Burry sees value in semiconductor equipment rather than chip companies themselves.
9
VF
V.F. Corp
CALL OPTIONS
Portfolio: 3.05%
Shares: 1,500,000
$17,625,000
Burry has returned to V.F. Corp (owner of Vans, The North Face, Timberland) with call options, suggesting he sees a turnaround opportunity in this struggling apparel conglomerate.
10
LULU
Lululemon Athletica Inc.
COMMON STOCK
Portfolio: 2.05%
Shares: 50,000
$11,879,000
In addition to his large call position, Burry also holds common stock in Lululemon, demonstrating extremely high conviction in the athletic apparel company.

Additional Holdings

Burry’s portfolio also includes several smaller positions that round out his diversified approach:

  • Estée Lauder (Common Stock): $12.12M in additional common shares (150,000 shares)
  • Bruker Corp: $10.3M position (250,000 shares) – returning to this scientific instruments company
  • MercadoLibre: $7.84M position (3,000 shares) – small but notable Latin American e-commerce exposure
  • Regeneron (Common Stock): $7.88M in common shares (15,000 shares) alongside the large call position
  • UnitedHealth (Common Stock): $6.24M in common shares (20,000 shares) supplementing the call options

Strategic Analysis

1
Complete Strategic Reversal

The most striking aspect of Q2 is Burry’s complete abandonment of his bearish thesis. After betting heavily against tech and Chinese stocks in Q1, he has pivoted to a predominantly bullish stance with call options comprising the majority of his positions. This suggests either his bearish bets were profitable enough to fund this new strategy, or he fundamentally changed his market outlook.

2
Healthcare as Core Conviction

With UnitedHealth Group and Regeneron representing over 36% of his portfolio, Burry has made healthcare his dominant sector bet. This shift toward defensive healthcare stocks with growth potential suggests he may be positioning for market volatility while seeking upside in essential services and innovative treatments.

3
Surprising Re-entry into Technology

Most remarkably, Burry has established significant call positions in Meta Platforms and ASML. After shorting NVIDIA and other tech names in Q1, this represents a complete reversal. The Meta position is particularly notable given his previous criticism of social media valuations.

4
Consumer Discretionary Focus

Burry’s massive bet on Lululemon (both calls and common stock) and return to V.F. Corp suggests optimism about consumer spending patterns. The Lululemon position is particularly interesting as it represents a bet on premium consumer goods during uncertain economic times.

5
Chinese Tech Rehabilitation

After establishing PUT positions against Alibaba and JD.com in Q1, Burry has now switched to CALL positions with increased share counts. This dramatic reversal suggests he believes the worst is over for Chinese tech and that valuations have become attractive.

Conclusion

Michael Burry’s Q2 2025 portfolio represents one of the most dramatic strategic reversals in his recent investment history. The complete elimination of PUT positions, the near-tripling of portfolio value, and the shift to a predominantly bullish stance with call options suggests either extraordinary success with his Q1 bearish bets or a fundamental reassessment of market conditions.


The portfolio’s focus on healthcare, consumer discretionary, and selective technology positions indicates Burry may be positioning for economic recovery while maintaining exposure to sectors he believes offer both defensive characteristics and growth potential. His return to Chinese tech names with bullish positions suggests he views recent corrections as having created attractive entry points.


Most intriguingly, Burry’s heavy use of call options across multiple sectors suggests he’s not just bullish but expects significant upside movement. This aggressive options strategy amplifies both potential returns and risks, characteristic of someone with strong conviction in a market recovery or specific sector rotations.


The dramatic increase in portfolio size and the concentration in call options makes this one of Burry’s most aggressive bullish stances in recent memory. Whether this pivot proves as prescient as his previous contrarian calls remains to be seen, but the scale and conviction behind these positions certainly warrant close attention from market observers.

Source: SEC.gov | Portfolio analysis as of Q2 2025

Scion Asset Management Portfolio Analysis

Scion Asset Management Portfolio Analysis

Based on 13F filing for reporting period: Q2, 2025

Portfolio Manager

Michael J. Burry

Filing Date

August 15, 2025

Total Value

$578,337,040

Number of Positions

11

Portfolio Allocation

Holdings Breakdown

Rank Company Name % of Portfolio Ticker Position Type Total Shares Market Value ($)

Bill Miller Portfolio Howard Marks Portfolio David Tepper Portfolio Bill Ackman’s Portfolio Li Lu Portfolio Terry Smith Portfolio Carl Icahn Portfolio
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