Michael Burry has never been afraid of swimming against the current. The legendary investor who foresaw the 2008 financial crisis has once again built a portfolio that looks nothing like the S&P 500. Instead of chasing big tech momentum or spreading his bets thin, Burry’s Scion Asset Management is doubling down on a handful of names that many investors either overlook or outright avoid.
In 2025, Scion’s reported 13F filings reveal a highly concentrated portfolio. The majority of his fund is tied up in just six stocks, spanning cosmetics, athleisure, biotech, and Latin American e-commerce. Each position is large enough to stand out, signaling conviction in sectors where other hedge funds remain cautious. For Burry, that kind of focus is not a gamble, it’s his trademark strategy.
Taken together, these holdings showcase the essence of his contrarian playbook. He is betting that what looks broken today may deliver outsized returns tomorrow. Whether it’s a struggling cosmetics giant, a biotech heavyweight with a volatile pipeline, or an e-commerce titan in inflation-prone markets, Burry is reminding Wall Street that his best ideas usually come from running in the opposite direction of consensus.
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1. Estee Lauder (EL) 21.55% of portfolio
Burry’s largest position is Estee Lauder, which makes up 21.55% of Scion’s portfolio. The cosmetics company has had a rocky run, with revenue growth slowing and its dependence on travel retail in Asia weighing heavily on recent results. While many investors see Estee Lauder as past its prime, Burry seems to view its global brand power and market leadership as undervalued assets.
What makes this holding contrarian is simple: Wall Street has largely abandoned luxury beauty stocks in favor of faster-growing tech and healthcare names. By sticking with Estee Lauder, Burry is making a call that the business cycle will turn and consumer spending on premium beauty products will rebound, rewarding those willing to wait out the turbulence.
2. Lululemon (LULU) 21.12% of portfolio
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Coming in close behind is Lululemon, representing 21.12% of Scion’s portfolio. Once a growth stock darling, Lululemon has been dogged by concerns about slowing U.S. sales and questions about how far it can expand internationally. Despite these challenges, Burry doubled down, signaling belief in the long-term staying power of its brand and unique positioning in athleisure.
While many analysts worry about fading demand in North America, Burry’s bet suggests he sees resilience in global expansion opportunities. For investors who think athleisure has peaked, this looks risky. For Burry, it may be a calculated move on a company with a loyal customer base and pricing power strong enough to withstand market skepticism.
3. Bruker Corp (BRKR) 18.31% of portfolio
Burry’s third-largest holding is Bruker, accounting for 18.31% of Scion’s portfolio. Bruker makes scientific instruments used in life sciences and biotech research, a niche but essential sector. Unlike household biotech names, Bruker flies under the radar, and its quiet dominance in precision medicine and laboratory research makes it a less obvious but powerful play.
Burry’s contrarian streak shows here: most investors pile into big pharma or recognizable biotech companies, while he leans toward a specialized supplier. His full 100% increase in shares held underscores the conviction that Bruker will continue to grow steadily as the demand for scientific research tools remains strong, regardless of broader market volatility.
4. Regeneron Pharmaceuticals (REGN) 14.0% of portfolio
Next is Regeneron, at 14.0% of the portfolio. Known for blockbuster drugs like Dupixent, Regeneron is often overlooked in favor of larger pharmaceutical peers. The stock is volatile, rising and falling with clinical trial headlines and regulatory updates, factors that scare off risk-averse investors.
Burry’s position here signals faith in Regeneron’s pipeline and its proven track record of developing category-leading therapies. While Wall Street remains divided on its valuation, Burry appears confident that long-term drug innovation will outweigh short-term noise.
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5. MercadoLibre (MELI) 13.94% of portfolio
At 13.94% of Scion’s portfolio, MercadoLibre stands out as Burry’s boldest international play. Often called the “Amazon of Latin America,” MELI dominates e-commerce and fintech across Brazil, Mexico, and Argentina. The risks are clear: currency instability, inflation, and geopolitical uncertainty, but the growth story is undeniable.
By betting heavily on MercadoLibre, Burry is signaling confidence that Latin America’s rising middle class and increasing internet penetration will fuel outsized growth. Where many hedge funds avoid the region due to volatility, Burry sees opportunity in its structural transformation.
6. UnitedHealth Group (UNH) 11.09% of portfolio
Rounding out Scion’s major positions is UnitedHealth, representing 11.09% of the portfolio. As the largest U.S. health insurer, UnitedHealth is a steady, defensive play that contrasts with some of Burry’s more volatile holdings. The company’s scale and integration across insurance and healthcare services give it a durable moat that few competitors can challenge.
While not as flashy as biotech or e-commerce, UnitedHealth offers resilience in uncertain times. Healthcare spending in the U.S. continues to grow, and insurers like UNH remain critical to managing costs and delivering access. By including UnitedHealth, Burry adds balance to his portfolio, anchoring it with a cash-generating business that is less cyclical than consumer or international plays.
Scion’s Portfolio: Betting Big Where Others Won’t
Michael Burry’s 2025 portfolio once again highlights why he remains one of the most contrarian investors of his era. By concentrating nearly his entire fund in just a handful of names, he’s betting on companies that are either misunderstood or operating in challenging markets.
From cosmetics and athleisure to biotech, insurance, and Latin American e-commerce, his positions show a willingness to embrace volatility in search of long-term rewards. As always, following Burry requires patience and conviction, but history suggests ignoring him comes with its own risks.
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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!
