Michael Burry, the legendary American investor and founder of Scion Asset Management, remains one of the most closely watched figures in global finance. Best known for his billion-dollar bet against the subprime mortgage market during the 2008 financial crisis (immortalized in The Big Short movie) Burry has spent his career making unconventional calls that often run counter to the crowd. His contrarian philosophy, deeply rooted in value investing and forensic balance sheet analysis, has repeatedly enabled him to spot hidden risks and opportunities before they become mainstream headlines.
In the second quarter of 2025, Burry once again demonstrated his willingness to make bold moves. His latest 13F filing, dated June 30, 2025, shows a dramatic reshaping of Scion Asset Management’s portfolio, both in structure and strategy. After spending Q1 heavily positioned for downside through massive put options on leading U.S. and Chinese technology names, Burry has now completely dismantled that bearish playbook. Instead, he has reallocated capital into a diverse set of long equity positions and deep in-the-money call options across healthcare, consumer, and technology sectors.
This is not merely a shift in allocation. It represents a fundamental reset of Scion’s positioning, one that signals Burry sees opportunity in selective pockets of the market while remaining true to his reputation for skepticism, caution, and contrarian timing.
Who is Michael Burry?
Michael J. 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.
Scion Asset Management’s Current Portfolio Snapshot – Q2 2025
- Portfolio Value: $578.34 Million
- Number of Stocks: 15
- Average Holding Period: 1 Quarter
- Performance: +16.74% (1 Year), +43.91% (3 Years), +60.78% (5 Years)
The jump in market value from Q1’s $199.23M to Q2’s $578.34M underscores just how aggressive this repositioning was. Scion now holds 15 positions, significantly broader than the concentrated 7-security structure of last quarter. The short-dated put options that dominated Q1 have been entirely closed, with the portfolio now expressing a long bias through a mix of outright equity purchases and high-conviction call options.
Key industry exposures are now concentrated in:
- Medical Services and Pharmaceuticals – nearly 40% of the portfolio
- Consumer Discretionary and Apparel – approximately 18%
- Technology and Data Services – nearly 13%
- Cosmetics and Personal Care – close to 9%
This mix represents a decisive pivot from systemic crash protection toward selective growth and defensive plays.
A Clean Slate: Exiting Bearish Bets
Perhaps the most striking feature of Burry’s Q2 activity is his complete closure of the massive bearish stance from Q1. In the previous quarter, Scion’s holdings were dominated by puts targeting high-profile tech and Chinese e-commerce giants, echoing Burry’s skepticism of overinflated valuations.
In Q2, those positions are gone. The exits included:
- NVIDIA (NVDA) – $113.27M in puts, once 48.96% of the entire portfolio
- PDD Holdings (PDD) – $20.98M in puts
- Trip.com Group (TCOM) – $12.02M in puts
- Baidu (BIDU) – $8.63M in puts
The elimination of these puts closed out Burry’s bearish playbook, freeing nearly half of the portfolio’s prior exposure for redeployment. This marks one of the fastest and most complete strategy pivots in Scion’s history.
Massive New Additions: A Rebuilt Portfolio
Instead of concentrating on crash protection, Burry opened 10 new long-oriented positions, many expressed through call options. These represent high-conviction bets in industries with durable earnings power and attractive valuations.
Top New Buys in Q2 2025
- UnitedHealth Group (UNH) – $109.19M, 18.88% of portfolio [Call Options]
A healthcare giant with unmatched scale in managed care. Burry established this position through calls, giving leveraged exposure to long-term healthcare demand and defensive cash flows. - Regeneron Pharmaceuticals (REGN) – $105M, 18.16% of portfolio [Call Options]
A biotech leader in immunology and ophthalmology treatments. Burry used calls to capture upside from Regeneron’s pipeline strength and recurring revenues from blockbuster drugs like Eylea. - Lululemon Athletica (LULU) – $95.03M, 16.43% of portfolio [Call Options]
A premium consumer discretionary name. Despite macro uncertainty, Lululemon’s pricing power and expanding international footprint made it a high-conviction call option bet. - Meta Platforms (META) – $73.81M, 12.76% of portfolio [Call Options]
Burry took leveraged exposure via calls. Meta’s pivot toward AI monetization and its continued dominance in digital advertising underpin this thesis. - Estée Lauder (EL) – $40.40M, 6.99% of portfolio [Call Options]
A luxury beauty leader. Burry had already initiated a direct equity buy in Q1, but in Q2 he doubled down by layering on call options. This provides additional leverage to the brand’s recovery story, especially in Asia. - JD.com (JD) – $32.64M, 5.64% of portfolio [Call Options]
Burry re-entered Chinese e-commerce, but this time through calls rather than puts, signaling a reversal in his outlook. He sees valuation support despite regulatory and competitive pressures. - Alibaba (BABA) – $28.35M, 4.90% of portfolio [Call Options]
Similar to JD.com, this is a call option bet on a depressed valuation story with enduring scale in Chinese e-commerce. - ASML (ASML) – $20.03M, 3.46% of portfolio [Call Options]
A strategic call option bet on the semiconductor supply chain. Instead of targeting chipmakers directly, Burry chose ASML, the critical lithography supplier powering advanced chip production. - V.F. Corporation (VFC) – $17.63M, 3.05% of portfolio [Call Options]
Exposure to global apparel via calls. With brands like Vans and The North Face, Burry appears to be betting on a turnaround at depressed valuations. - MercadoLibre (MELI) – $7.84M, 1.36% of portfolio [Call Options]
Latin America’s leading e-commerce and fintech platform. Burry expressed this view through calls, targeting growth beyond the crowded U.S. and Chinese markets. - Bruker (BRKR) – $10.3M, 1.78% of portfolio [Direct Equity Buy]
A life sciences instruments company. Unlike the above positions, Bruker was purchased outright as common stock, giving Burry direct exposure to healthcare innovation.
What This Reset Signals
Burry’s Q2 portfolio shows a man who has not abandoned his contrarian instincts but has dramatically recalibrated his outlook. After positioning almost entirely for downside in Q1, he has now pivoted toward targeted long opportunities in:
- Healthcare and Biotech for stability and defensive growth.
- High-quality consumer brands with pricing power.
- Tech platforms and enablers where valuations appear more attractive after recent pullbacks.
- Selective global e-commerce beyond the U.S. market.
Rather than hedging against systemic collapse, Scion Asset Management is now focused on businesses with strong balance sheets, recurring revenues, and clear competitive advantages.
Recap of Michael Burry’s Q2 2025 Investment Moves
✅ Closed Bearish Bets: Fully exited all put options on NVIDIA, Baidu, PDD Holdings, and Trip.com.
✅ Massive Rebuild: Added 10 new long positions through call options and equities, totaling over $550M.
✅ Healthcare as a Core: Nearly 40% of the portfolio is in healthcare (UNH, REGN, BRKR).
✅ Consumer Discretionary Push: Positions in LULU, VFC, and Estée Lauder highlight conviction in resilient global brands.
✅ Selective Tech Exposure: Meta and ASML provide targeted growth with valuation support.
✅ Global Diversification: Positions in Alibaba, JD.com, and MercadoLibre expand Scion’s reach into China and Latin America.
Final Thoughts: A Different Kind of Contrarian Bet
Michael Burry’s portfolio reset in Q2 2025 demonstrates that his contrarian instincts are not limited to betting against bubbles. They also extend to identifying overlooked opportunities in strong, durable companies when market sentiment is elsewhere.
While Q1 reflected extreme caution with heavy downside hedges, Q2 reflects selective optimism expressed through carefully chosen industries and companies. This is classic Burry – independent, research-driven, and unafraid to change course when the data demands it.
For everyday investors, the lesson is clear: contrarian investing is not simply about going against the crowd. It is about knowing when to step aside, when to hedge, and when to lean in. By studying Burry’s evolving 13F filings, one can see not only his skepticism, but also his flexibility – qualities that have kept him relevant for more than two decades.