Scion Asset Management
Scion Asset Management, led by Dr. Michael Burry, is known for its deep value investing approach and contrarian investment strategies. Dr. Burry, famed for his prediction of the 2008 financial crisis, focuses on investing in undervalued and out-of-favor securities. The firm maintains a concentrated portfolio, reflecting its high conviction in selected investments.
AUM figures shown are calculated by summing the reported market value of all positions in SEC 13F-HR filings — not the fund's actual assets under management.
- Excludes cash, bonds, private equity, short positions, and foreign-listed stocks not required to be reported.
- For PUT and CALL options, the reported Value is the notional value of the underlying shares — not the option premium paid. This significantly overstates the actual capital at risk.
- Actual fund AUM is typically higher and includes strategies, instruments, and positions that never appear in a 13F.
- 13F filings cover institutional managers with ≥$100M in 13F securities. Positions reflect end-of-quarter holdings, disclosed up to 45 days after the period ends.
Data sourced from SEC EDGAR. This tracker is for informational purposes only and does not constitute investment advice.
Portfolio Holdings
Top 8 positions
| Ticker | Issuer | Notional | Port % | @ Filing | Now (EOD) | Since Filing | Allocation |
|---|---|---|---|---|---|---|---|
| PLTRPUT | $912.1M | 66.04% | $182.42 | $138.51 | -24.1% | 66.0% | |
| NVDAPUT | $186.6M | 13.51% | $186.56 | $197.34 | +5.8% | 13.5% | |
| PFECALL | $152.9M | 11.07% | $24.23 | $24.02 | -0.9% | 11.1% | |
| HALCALL | $61.5M | 4.45% | $24.33 | $33.51 | +37.7% | 4.5% | |
| MOH | $23.9M | 1.73% | $191.36 | $233.31 | +21.9% | 1.7% | |
| LULU | $17.8M | 1.29% | $177.93 | $114.36 | -35.7% | 1.3% | |
| SLM | $13.3M | 0.96% | $27.38 | $25.20 | -8.0% | 1.0% | |
| BRKRP | $13.1M | 0.95% | $262.10 | $441.00 | +68.3% | 0.9% |
Quarter-on-Quarter Activity
Q3 2025 vs. Q2 2025
New Positions (7)
| Ticker | Issuer | Notional | Since Filing |
|---|---|---|---|
| PLTRPUT | $912.1M | -24.1% | |
| NVDAPUT | $186.6M | +5.8% | |
| PFECALL | $152.9M | -0.9% | |
| HALCALL | $61.5M | +37.7% | |
| MOH | $23.9M | +21.9% | |
| SLM | $13.3M | -8.0% | |
| BRKRP | $13.1M | +68.3% |
Exited Positions (8)
| Ticker | Issuer | Notional |
|---|---|---|
| UNH | $109.2M | |
| REGN | $105.0M | |
| META | $73.8M | |
| EL | $40.4M | |
| JD | $32.6M | |
| BABA | $28.4M | |
| ASML | $20.0M | |
| VFC | $17.6M |
Increased (1)
| Ticker | Issuer | Notional | Shares Δ | Since Filing |
|---|---|---|---|---|
| LULU | $5.9M | +100.0% | -35.7% |
Trimmed (1)
| Ticker | Issuer | Notional | Shares Δ | Since Filing |
|---|---|---|---|---|
| LULU | $-77.2M | -75.0% | -35.7% |
Quarter Activity
During the quarter, Scion Asset Management made significant adjustments to its portfolio, including establishing new positions in Palantir Technologies (PLTR) with a substantial allocation of $912 million, and Nvidia (NVDA) at $187 million. The fund also exited several positions, notably UnitedHealth Group (UNH) and Regeneron Pharmaceuticals (REGN), which were valued at $109 million and $105 million, respectively. Additionally, there was a notable concentration shift in Lululemon Athletica (LULU), where the fund increased its stake by $100 million, followed by a decrease of $75 million within the same quarter.
AI Commentary
<p>Scion Asset Management's current portfolio showcases a significant concentration in technology and healthcare sectors, with a notable emphasis on options trading. The fund's top conviction positions are dominated by large put options in Palantir Technologies Inc (PLTR) and NVIDIA Corporation (NVDA), which together constitute 79.5% of the total assets under management (AUM). Additionally, the fund holds a substantial call option in Pfizer Inc (PFE), further indicating a strategic focus on high-impact, high-volatility positions. The remaining holdings in Halliburton Co (HAL), Molina Healthcare Inc (MOH), Lululemon Athletica Inc (LULU), SLM Corp (SLM), and Bruker Corp (BRKRP) diversify the portfolio but are significantly smaller in scale.</p> <p>The recent portfolio adjustments signal a strategic shift in Scion Asset Management's investment thesis. The initiation of large put positions in PLTR and NVDA, alongside a major call position in PFE, suggests a bearish outlook on the tech sector coupled with a bullish perspective on specific healthcare stocks. The closure of positions in UnitedHealth Group Inc (UNH), Regeneron Pharmaceuticals Inc (REGN), Meta Platforms Inc (META), Estee Lauder Companies Inc (EL), and JD.com Inc (JD) further underscores a reallocation away from these sectors or companies. The mixed adjustments in LULU, with an increase followed by a substantial decrease, indicate a reevaluation or tactical trade rather than a long-term conviction. These moves reflect a nuanced approach to sector rotation and risk management, adapting to market conditions or internal strategy shifts.</p>