MICHAEL BURRY’S SCION ASSET MANAGEMENT Q1 2025 PORTFOLIO

Scion Asset Management, a hedge fund managed by Michael Burry, disclosed 7 positions in its Q1 2025 13F filing, with a total portfolio value of $199,225,000.

Michael Burry’s Portfolio

Q1 2025 Holdings and Strategic Analysis

Michael Burry’s Q1 2025 portfolio reveals a dramatic shift to an extremely bearish stance, with 6 of 7 positions being PUT options. Most notably, he has initiated a massive short position against NVIDIA, which now represents nearly half of his portfolio value. This marks a significant departure from his Q4 2024 portfolio and signals a strong conviction that markets—particularly in technology—are severely overvalued.

Key Change: Burry has concentrated his positions from 13 to just 7 holdings, with his overall portfolio value increasing from $77.4 million to $199.2 million, suggesting a significant increase in conviction and risk exposure.

Holdings Breakdown

NVDA

NVIDIA Corporation

PUT POSITION

Portfolio: 48.96%

Shares: 900,000

Value: $97,542,000

This massive new position is the cornerstone of Burry’s bearish thesis, representing nearly half of his entire portfolio. By establishing a significant PUT position against AI leader NVIDIA, Burry is effectively betting against the AI boom that has driven tech valuations to historic levels.

BABA

Alibaba Group Holdings

PUT POSITION

Portfolio: 13.28%

Shares: 200,000

Value: $26,446,000

Burry has shifted from a long position to a PUT position on Alibaba, while increasing his share count from 150,000 to 200,000. This reversal signals his bearish outlook on Chinese e-commerce and tech valuations.

PDD

PDD Holdings Inc.

PUT POSITION

Portfolio: 11.88%

Shares: 200,000

Value: $23,670,000

Previously a long position in Q4 2024, Burry has not only increased his share count from 75,000 to 200,000 but also flipped to a PUT position, demonstrating consistent bearishness across Chinese e-commerce platforms.

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JD.com Inc.

PUT POSITION

Portfolio: 8.26%

Shares: 400,000

Value: $16,448,000

Continuing his bearish stance on Chinese e-commerce, Burry has increased his JD.com exposure from 300,000 to 400,000 shares while converting to a PUT position, suggesting expectations of significant downside in the sector.

Estee Lauder Cos.

LONG POSITION

Portfolio: 6.63%

Shares: 200,000

Value: $13,200,000

The only long position in Burry’s current portfolio, Estee Lauder’s share count has doubled from 100,000 to 200,000 shares. This suggests Burry sees consumer staples with strong brand value as a safe haven during market turbulence.

TCOM

Trip.com Group Ltd.

PUT POSITION

Portfolio: 6.38%

Shares: 200,000

Value: $12,716,000

A new addition to the portfolio, this PUT position on China’s leading online travel service provider extends Burry’s bearish thesis to the travel and hospitality sector, potentially signaling concerns about consumer spending and China’s economic recovery.

BIDU

Baidu Inc.

PUT POSITION

Portfolio: 4.62%

Shares: 100,000

Value: $9,203,000

Previously a long position, Burry has maintained the same share count but flipped to a PUT position on this Chinese search giant. This completes his bearish pivot across all Chinese tech holdings.

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Eliminated Positions

In a dramatic portfolio restructuring, Burry has completely eliminated several positions from the previous quarter:

Healthcare Sector: Completely exited Molina Healthcare (MOH), HCA Healthcare (HCA), and Oscar Health (OSCR)
Industrial/Research: Eliminated Bruker Corp (BRKR) position
Consumer Discretionary: Exited V.F. Corp (VFC) and Canada Goose (GOOS)
Financial Services: Closed position in American Coastal Insurance (ACIC)
Other: Eliminated Magnera Corp (MGNX) position

This streamlined approach suggests a laser focus on his bearish thesis, particularly in technology and Chinese equities.

Strategic Analysis

Massive Bet Against Technology Valuations

Burry’s enormous PUT position in NVIDIA represents nearly half his portfolio and signals an unmistakable conviction that the AI-driven tech rally is unsustainable. This echoes his previous successful calls against the housing market and dot-com bubble, suggesting he believes current tech valuations have reached dangerous territory.

Comprehensive Bearish View on Chinese Tech

By converting all his Chinese tech positions (Alibaba, Baidu, JD.com, PDD Holdings) from long to PUT positions, Burry is expressing a clear negative outlook on the entire Chinese tech sector. The addition of Trip.com extends this bearish thesis to Chinese travel services as well.

Estee Lauder: The Lone Defensive Play

In a portfolio dominated by bearish bets, Estee Lauder stands out as the only long position. By doubling his stake, Burry appears to view luxury beauty as a relative safe haven, potentially because of its strong brand value, pricing power, and relatively stable demand even in economic downturns.

Abandonment of Diversification

The elimination of all healthcare positions, consumer discretionary names, and specialty stocks marks a radical shift from the diversified approach seen in Q4 2024. This concentration suggests Burry sees a significant market correction as the dominant investment theme, outweighing sector-specific opportunities.

Conclusion

Michael Burry’s Q1 2025 portfolio represents one of his most concentrated and bearish stances in recent history. With 6 of 7 positions being PUT options, and nearly half the portfolio betting against a single company (NVIDIA), Burry is clearly signaling his belief that markets—particularly in technology—are significantly overvalued.

This dramatic restructuring aligns with Burry’s historical approach of making high-conviction contrarian bets when he identifies potential market bubbles. His laser focus on shorting both U.S. tech (via NVIDIA) and the entire Chinese tech ecosystem suggests he sees fundamental problems in both markets’ valuations.

The increase in overall portfolio value from $77.4 million to $199.2 million indicates Burry is putting substantial capital behind his bearish thesis. Investors following Burry’s movements should note the extreme concentration and directional nature of these bets—traits that have characterized his most famous market calls in the past.

Only time will tell if Burry’s dramatic bearish pivot will prove as prescient as his previous contrarian positions, but the scale and focus of his current portfolio certainly demand attention from market observers.

Scion Asset Management Portfolio Analysis

Based on 13F filing for reporting period: Q1, 2025

Portfolio Manager

Michael J. Burry

Filing Date

May 15, 2025

Total Value

$199,225,000

Number of Positions

Portfolio Allocation

Holdings Breakdown

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