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.
2025 Q3 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 2025 Q3 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
- BABA Alibaba Group Holding Limited 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 | 2025 Q3 | 2025 Q2 | 2025 Q1 | 2024 Q4 |
|---|---|---|---|---|
| BABAAlibaba Group Hldg Ltd | — | — | — | $12.7M |
| BIDUBaidu Inc | — | — | — | $10.5M |
| UNHUnitedhealth Group Inc | — | $6.2M | — | — |
Excludes 7 option positions — a put or call is a claim on shares, not a share position. They are listed in the holdings table with their Put/Call class.