Michael Burry, the investor who famously predicted the 2008 housing market crash, remains one of the most closely watched figures in finance. His firm, Scion Asset Management, regularly files 13F disclosures that offer a glimpse into his bold thinking. These filings only show a portion of his portfolio, but they give valuable insight into how Burry views risk, valuation, and investor behavior.
Burry is known for taking bold, often unpopular positions. He does not follow trends or chase hype. Instead, he focuses on finding situations where the market may be mispricing risk or ignoring underlying fundamentals. His style blends deep value investing with a heavy emphasis on downside protection. He often targets companies that are either misunderstood or priced for perfection, and he builds trades that benefit when reality falls short of expectations.
The most recent 13F filing from Scion, dated June 30, 2025, reflects a dramatic shift from the largely bearish portfolio he held in Q1. Many of his new positions are expressed through call options, which are bullish bets that the underlying stocks will rise, and they span consumer discretionary, healthcare, and global tech leaders. Below is a breakdown of each reported holding.
| UNH | UnitedHealth Group | 350,000 | 109,189 | Call |
| REGN | Regeneron Pharmaceuticals | 200,000 | 105,000 | Call |
| LULU | Lululemon Athletica | 400,000 | 95,032 | Call |
| META | Meta Platforms | 100,000 | 73,809 | Call |
| EL | Estée Lauder | 500,000 | 40,400 | Call |
| JD | JD.com | 1,000,000 | 32,640 | Call |
| BABA | Alibaba Group | 250,000 | 28,352 | Call |
| ASML | ASML Holding | 25,000 | 20,034 | Call |
| VFC | V.F. Corp | 1,500,000 | 17,625 | Call |
| EL | Estée Lauder | 150,000 | 12,120 | |
| LULU | Lululemon Athletica | 50,000 | 11,879 | |
| BRKR | Bruker Corp | 250,000 | 10,300 | |
| REGN | Regeneron Pharmaceuticals | 15,000 | 7,875 | |
| MELI | MercadoLibre | 3,000 | 7,840 | |
| UNH | UnitedHealth Group | 20,000 | 6,239 |
What Burry’s Portfolio Says About His View of the Market
Michael Burry’s June 2025 portfolio marks a sharp departure from the bearish stance he held in March. Back then, his positions were dominated by puts against high-flying AI leaders and major Chinese tech stocks, a clear bet that the AI boom and China recovery story had overshot reality. This quarter, he has shifted to a more opportunistic, selectively bullish portfolio heavy on call options in consumer brands, healthcare leaders, and global technology firms.
The move suggests that Burry now sees pockets of undervaluation and potential upside in areas he was previously betting against, such as Alibaba and JD.com, while also committing significant capital to U.S. healthcare giants like UnitedHealth and Regeneron. It’s a notable pivot from defense to offense, though still in line with his preference for concentrated, high-conviction bets where he believes the market’s expectations are out of sync with fundamentals.
Whether these positions remain in place today or have already been adjusted, the Q2 filing underscores how quickly Burry is willing to change course when his view of the opportunity set evolves. It offers a clear reminder that one of the market’s most contrarian and disciplined investors is always ready to reallocate when he thinks the crowd has moved too far in one direction.
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
