Scion Asset Management, LLC
Michael Burry · Saratoga, CA · Founded 2013
Scion Asset Management was the investment firm of Michael Burry, the doctor-turned-investor made famous by "The Big Short" for his 2000s bet against subprime mortgages. Burry ran the original Scion Capital from 2000 to 2008, then relaunched as Scion Asset Management in 2013, managing a small, concentrated, deeply contrarian book — often built around bearish put-option positions and out-of-favor value names.
Burry deregistered Scion with the SEC in November 2025, describing it as a "friends and family" fund of roughly $155 million and naming protege Phil Clifton as his successor. The filings below are Scion's last four 13Fs, ending with its Q3 2025 report — his final one — not a current portfolio.
Burry's book leans heavily on options: the reported value of his large Palantir and Nvidia put positions reflects the notional value of the underlying shares, not capital at risk or a long stake — he was betting against those names. Because a put is a short position, Scion is not listed among the funds "holding" those stocks elsewhere on the site.
History
Burry starts his first fund and builds the credit-default-swap bet against subprime mortgages later chronicled in "The Big Short."
Returns to managing outside money with a concentrated, contrarian, value-and-hedging approach.
An early activist letter and stake in GameStop precedes the 2021 retail-trading frenzy.
Burry winds down the ~$155M fund and deregisters with the SEC in November, naming Phil Clifton as successor.
Q3 2025 holdings
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | PLTRPalantir Technologies Inc.★ | Put | $912.1M | 5.0M | 66.0% | NEW |
| 2 | NVDANVIDIA Corporation★ | Put | $186.6M | 1.0M | 13.5% | NEW |
| 3 | Pfizer Inc | Call | $152.9M | 6.0M | 11.1% | NEW |
| 4 | Halliburton Co | Call | $61.5M | 2.5M | 4.5% | NEW |
| 5 | Molina Healthcare Inc | COM | $23.9M | 125K | 1.7% | NEW |
| 6 | Lululemon Athletica Inc | COM | $17.8M | 100K | 1.3% | ADD |
| 7 | Slm Corp | COM | $13.3M | 480K | 1.0% | NEW |
| 8 | Bruker Corp | 6.375 PREF SER A | $13.1M | 48K | 1.0% | NEW |
Notable Q3 2025 moves
New positions
- PLTR Palantir Technologies Inc. $912.1M
- NVDA NVIDIA Corporation $186.6M
- Pfizer Inc (Call) $152.9M
- Halliburton Co (Call) $61.5M
- Molina Healthcare Inc $23.9M
- Slm Corp $13.3M
- Bruker Corp $13.1M
Exited
- UNH UnitedHealth Group Incorporated was $109.2M
- Regeneron Pharmaceuticals (Call) was $105.0M
- Lululemon Athletica Inc (Call) was $95.0M
- META Meta Platforms, Inc. was $73.8M
- Lauder Estee Cos Inc (Call) was $40.4M
- JD.COM Inc (Call) was $32.6M
- Alibaba Group Hldg Ltd (Call) was $28.4M
- Asml Holding N V (Call) was $20.0M
- V F Corp (Call) was $17.6M
- Lauder Estee Cos Inc was $12.1M
- Bruker Corp was $10.3M
- Regeneron Pharmaceuticals was $7.9M
- Mercadolibre Inc was $7.8M
- UNH UnitedHealth Group Incorporated was $6.2M
Position history in tracked names
Quarter-end value of each holding that has a page on R40, most recent first.
| Stock | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|
| PLTRPalantir Technologies Inc | $912.1M | — | — | — |
| NVDANvidia Corporation | $186.6M | — | $97.5M | — |
Earlier filings
Q2 2025 · 15 positions · $578.3M · filed 2025-08-14
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | UNHUnitedHealth Group Incorporated★ | Call | $109.2M | 350K | 18.9% | NEW |
| 2 | Regeneron Pharmaceuticals | Call | $105.0M | 200K | 18.2% | NEW |
| 3 | Lululemon Athletica Inc | Call | $95.0M | 400K | 16.4% | NEW |
| 4 | METAMeta Platforms, Inc.★ | Call | $73.8M | 100K | 12.8% | NEW |
| 5 | Lauder Estee Cos Inc | Call | $40.4M | 500K | 7.0% | NEW |
| 6 | JD.COM Inc | Call | $32.6M | 1.0M | 5.6% | NEW |
| 7 | Alibaba Group Hldg Ltd | Call | $28.4M | 250K | 4.9% | NEW |
| 8 | Asml Holding N V | Call | $20.0M | 25K | 3.5% | NEW |
| 9 | V F Corp | Call | $17.6M | 1.5M | 3.0% | NEW |
| 10 | Lauder Estee Cos Inc | CL A | $12.1M | 150K | 2.1% | TRIM |
| 11 | Lululemon Athletica Inc | COM | $11.9M | 50K | 2.1% | NEW |
| 12 | Bruker Corp | COM | $10.3M | 250K | 1.8% | NEW |
| 13 | Regeneron Pharmaceuticals | COM | $7.9M | 15K | 1.4% | NEW |
| 14 | Mercadolibre Inc | COM | $7.8M | 3K | 1.4% | NEW |
| 15 | UNHUnitedHealth Group Incorporated★ | COM | $6.2M | 20K | 1.1% | NEW |
Q1 2025 · 7 positions · $199.2M · filed 2025-05-15
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | NVDANVIDIA Corporation★ | Put | $97.5M | 900K | 49.0% | NEW |
| 2 | Alibaba Group Hldg Ltd | Put | $26.4M | 200K | 13.3% | NEW |
| 3 | Pdd Holdings Inc | Put | $23.7M | 200K | 11.9% | NEW |
| 4 | JD.COM Inc | Put | $16.4M | 400K | 8.3% | NEW |
| 5 | Lauder Estee Cos Inc | CL A | $13.2M | 200K | 6.6% | ADD |
| 6 | Trip Com Group Ltd | Put | $12.7M | 200K | 6.4% | NEW |
| 7 | Baidu Inc | Put | $9.2M | 100K | 4.6% | NEW |
Q4 2024 · 13 positions · $77.4M · filed 2025-02-14
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | Alibaba Group Hldg Ltd | SPONSORED ADS | $12.7M | 150K | 16.4% | |
| 2 | Baidu Inc | SPON ADR REP A | $10.5M | 125K | 13.6% | |
| 3 | JD.COM Inc | SPON ADS CL A | $10.4M | 300K | 13.4% | |
| 4 | Lauder Estee Cos Inc | CL A | $7.5M | 100K | 9.7% | |
| 5 | Molina Healthcare Inc | COM | $7.3M | 25K | 9.4% | |
| 6 | Pdd Holdings Inc | SPONSORED ADS | $7.3M | 75K | 9.4% | |
| 7 | Hca Healthcare Inc | COM | $4.5M | 15K | 5.8% | |
| 8 | Bruker Corp | COM | $4.4M | 75K | 5.7% | |
| 9 | V F Corp | COM | $4.3M | 200K | 5.5% | |
| 10 | Magnera Corp | COM SHS | $3.6M | 200K | 4.7% | |
| 11 | Oscar Health Inc | CL A | $2.7M | 200K | 3.5% | |
| 12 | American Coastal Ins Corp | COM | $2.0M | 146K | 2.5% | |
| 13 | Canada Goose Hldgs Inc | SHS SUB VTG | $249K | 25K | 0.3% |