Michael J. Burry, the legendary American investor and founder of Scion Asset Management, is back in the spotlight once again shaking up the financial world. Best known for his billion-dollar bet against the subprime mortgage market, made famous through his use of credit default swaps and immortalized in The Big Short, Burry is no stranger to bold, high-conviction calls.
Now, in the first quarter of 2025, he’s making waves with one of the most dramatic portfolio shifts of his career. According to his latest 13F filing dated March 31, 2025, Burry has completely overhauled his portfolio, selling out of nearly all his equity positions. His exits weren’t small moves either, they included full liquidations in traditionally “safe” sectors like healthcare and financials.
But that’s not where the story ends. Burry didn’t just move to cash – he went aggressively bearish. He’s built an enormous PUT options position targeting some of the biggest names in tech and e-commerce. His latest bets include heavy downside exposure to Chinese giants like Alibaba, JD.com, and PDD Holdings, as well as a bold bet against American semiconductor leader NVIDIA.
This isn’t a subtle portfolio adjustment. It’s a loud and clear message: Burry believes the market is dangerously overvalued and heading toward a major correction. His focus on Chinese tech stocks and dominant U.S. companies signals concern over inflated valuations, rising economic risks, and geopolitical uncertainty.
In classic Burry fashion, while most investors chase momentum, he’s planting his flag firmly in the contrarian camp—again betting big that the crowd has it wrong. And if history is any guide, ignoring Burry’s warnings could be a costly mistake.
Scion Asset Management’s Current Portfolio Snapshot
- Portfolio Date: 2025-03-31
- Market Value: $199.23 Million
- Number of Stocks: 7 (Concentrated Portfolio)
- Average Holding Period: 3 Quarters
- Performance: -7.59% (1 Year), +56.70% (5 Years)
Despite recent underperformance, Burry’s 3-Year Cumulative Return remains positive, a testament to his ability to generate solid returns through precise market timing and a deeply contrarian investment approach.
Who is Michael Burry?
Michael Burry rose to global fame following the 2008 financial crisis, immortalized by Christian Bale’s portrayal in the Hollywood blockbuster The Big Short. But long before the cameras rolled, Burry was already a financial legend in the making.
A trained physician turned self-taught investing genius, Burry left his medical career to launch Scion Capital, where he pioneered a data-driven, deep-value investment approach. He famously predicted the collapse of the housing market by analyzing the toxic structure of mortgage bond markets and purchased credit default swaps to profit from the coming implosion. That trade earned his fund – and himself – hundreds of millions of dollars.
Today, he operates Scion Asset Management, applying the same rigorous analysis and sharp skepticism toward market overreactions, speculative bubbles, and irrational valuations. A man who prefers spreadsheets over CNBC appearances, Burry is known for his laser focus on fundamentals and a fearless attitude when it comes to going against the crowd.
A Clean Slate: Eliminated Positions and Market Exit
Burry’s latest moves show his readiness to take on substantial market volatility. His Eliminated Positions include key players in the healthcare sector and consumer discretionary sector, such as:
- Molina Healthcare (MOH)
- HCA Healthcare (HCA)
- V.F. Corporation (VFC)
- Bruker Corporation (BRKR)
- Magnera Corp (MAGN)
- Oscar Health (OSCR)
This near-complete liquidation of his prior security holdings signals his belief that many sectors are now home to overinflated assets and overvalued assets driven by speculative behavior, echoing conditions reminiscent of the real estate bubble and the mortgage bond market collapse he famously predicted.
Betting Big Against the Market: Burry’s Massive PUT Strategy
Through Scion Asset Management, Burry has aggressively shifted his investment approach toward hedging against a potential major stock market crash. His current strategy relies heavily on bearish positions using PUT options, a tactic aligned with his famous Big Short playbook.
Largest Put Positions (Q1 2025):
- NVIDIA (NVDA) – $114.07M in PUTs, comprising nearly 48.96% of his portfolio.
- Alibaba Group Holding (BABA) – $23.06M in PUTs, a key bearish bet against a major Chinese e-commerce company.
- JD.com (JD) – $16.06M PUTs, targeting the Chinese e-commerce giant JD.com.
- PDD Holdings (PDD) – $22.95M PUTs, focusing on one of the most aggressive Chinese e-commerce companies.
- Trip.com Group (TCOM) – $13.09M PUTs, betting against post-pandemic recovery in Chinese equities.
- Baidu Inc (BIDU) – $8.98M PUTs against the well-known Chinese tech giant.
These significant bearish allocations highlight Burry’s concerns about irrational valuations in the Chinese tech sector and the semiconductor sector, which have experienced skyrocketing market capitalization fueled by speculative enthusiasm around artificial intelligence and cloud computing platforms.
The Lone Equity Buy: Big-Short Michael Burry’s Long Position in Estée Lauder
Amidst all this bearish activity, Burry made just one traditional stock pick:
- Estée Lauder Companies (EL)
- Shares Held: 200,000
- Market Value: $13.20M (6.63% of portfolio)
- Average Price Paid: $72.33 (split-adjusted price)
- Last Transaction: Q1 2025
This move stands out as a high-conviction play in a strong company within the consumer discretionary sector. After a sharp correction, Estée Lauder Companies-CL A presented a classic margin of safety opportunity, aligning with Burry’s historical focus on undervalued assets and low-valued companies with resilient brands and global reach.
Behind the Moves: What’s Driving Burry’s Strategy?
As one of the most renowned hedge fund managers, Burry continues to follow his contrarian approach, stepping away from market euphoria and instead focusing on potential bubbles and impending downturns. His latest bets are not merely speculative but backed by a history of deep analysis approaches and a commitment to finding undervalued assets even during times of speculative mania.
Whether it’s concerns over the real estate market, rising energy prices, or the mounting risks in the Chinese tech sector, Burry is positioning his current holdings to withstand or even benefit from a period of severe market overreactions and corrections.
Recap of Michael Burry’s Q1 2025 Investment Moves
✅ Closed Positions: Complete exit from healthcare and consumer sectors.
✅ Built Massive PUT Positions on Chinese and tech giants including Alibaba, JD.com, PDD, and NVIDIA.
✅ Single New Equity Purchase: Estée Lauder Companies (EL).
✅ Portfolio Concentration: Only 7 securities held, primarily in PUT derivatives.
Final Thoughts: Is Another Big Short Coming?
Burry’s latest portfolio decisions raise important questions: Are we on the verge of another major stock market crash? Will his aggressive hedge against market downturns play out like it did during the 2008 crisis?
While only time will tell, history suggests that Burry’s warnings, however early,should not be taken lightly. His personal investments and fund positioning through Scion Asset Management indicate growing concerns over current tech valuations, a potential correction in Chinese equities, and the growing fragility of global financial markets.
For real-time updates on Michael Burry’s 13F holdings and to analyze his latest investment activity, visit Gainify. Stay informed and learn from one of the most disciplined and daring investors of our time.
