Michael Burry - Scion Asset Management Portfolio Q2’2025: Top Holdings & Recent Changes
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Michael Burry, famed for his prescient bets against the housing bubble and his contrarian investing style, is once again making headlines with his latest Q2’2025 Scion Asset Management portfolio. Burry’s $578.3M portfolio reveals aggressive repositioning, with a staggering 126.7% turnover and seven new positions added this quarter—underscoring his willingness to act decisively when market dislocations arise.
Portfolio Overview: High Conviction, Rapid Rotation
Portfolio Highlights (Q2’2025): - Market Value: $578.3M - Top 10 Holdings: 92.4% - Portfolio Size: 15 +7 - Average Holding Period: 1 quarter - Turnover: 126.7%
The Scion Asset Management portfolio this quarter is a study in bold concentration and tactical agility. With 92.4% of assets packed into the top 10 holdings, Burry continues to favor outsized bets on a select group of companies, a hallmark of his high-conviction approach. The addition of seven new positions and a holding period averaging just one quarter highlight a willingness to pivot rapidly in response to shifting market dynamics.
Such elevated turnover—126.7%—signals a strategy that is both opportunistic and unafraid of short-term volatility. Burry’s moves suggest a search for asymmetric payoffs, often in sectors or stocks overlooked by consensus, while his concentrated allocations reflect deep research and conviction in each pick.
Top Holdings Analysis: Healthcare Giants, Tech Innovators, and Bold New Bets
The portfolio is anchored by outsized allocations to healthcare and technology, with dramatic position changes across several names. UnitedHealth Group Incorporated (UNH) now commands 18.9% of the portfolio after an extraordinary “Add 1,650.00%” move, signaling Burry’s conviction in managed care’s resilience. Regeneron Pharmaceuticals, Inc. (REGN) follows closely at 18.2%, also reflecting a massive “Add 1,233.33%” increase.
Consumer and tech exposure is evident in Lululemon Athletica Inc. (LULU), a new buy at 16.4%, and Meta Platforms, Inc. (META), which saw a 25% addition to reach 12.8%. The Estée Lauder Companies Inc. (EL) presents a nuanced story: a 150% addition to one tranche 7.0% and a 70% reduction in another 2.1%, suggesting active management within the position.
China tech is represented by JD.com, Inc. (JD) and Alibaba Group Holding Limited (BABA), both seeing significant increases (JD: Add 150%, BABA: Add 25%). Semiconductor exposure comes via a new buy in ASML Holding N.V. (ASML) at 3.5%. Rounding out the top ten, V.F. Corporation (VFC) saw a dramatic “Add 650.00%” to reach 3.0%.
Other notable moves include the reduction in Estée Lauder (EL), reflecting tactical adjustments within the consumer staples segment. Burry’s portfolio this quarter is a blend of aggressive accumulation and selective trimming, with each move reflecting a calculated response to market conditions.
What the Portfolio Reveals About Current Strategy
- Quality and Defensive Growth: Heavy allocations to healthcare leaders like UNH and REGN suggest a tilt toward defensive growth and pricing power.
- Opportunistic Tech Exposure: Additions to META, ASML, and China tech giants (JD, BABA) reflect a contrarian stance on global tech valuations.
- Active Position Management: The dual moves in Estée Lauder highlight Burry’s willingness to adjust exposure dynamically, not just buy-and-hold.
- Geographic Diversification: While U.S. stocks dominate, meaningful allocations to European (ASML) and Chinese equities (JD, BABA) show a global search for value.
- Risk Management via Concentration: Despite the rapid turnover, Burry’s portfolio remains tightly focused, with over 92% in the top ten names—limiting exposure to tail risks from smaller positions.
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| UnitedHealth Group Incorporated (UNH) | $109.2M | 18.9% | Add 1,650.00% |
| Regeneron Pharmaceuticals, Inc. (REGN) | $105.0M | 18.2% | Add 1,233.33% |
| Lululemon Athletica Inc. (LULU) | $95.0M | 16.4% | Buy |
| Meta Platforms, Inc. (META) | $73.8M | 12.8% | Add 25.00% |
| The Estée Lauder Companies Inc. (EL) | $40.4M | 7.0% | Add 150.00% |
| JD.com, Inc. (JD) | $32.6M | 5.6% | Add 150.00% |
| Alibaba Group Holding Limited (BABA) | $28.4M | 4.9% | Add 25.00% |
| ASML Holding N.V. (ASML) | $20.0M | 3.5% | Buy |
| V.F. Corporation (VFC) | $17.6M | 3.0% | Add 650.00% |
| The Estée Lauder Companies Inc. (EL) | $12.1M | 2.1% | Reduce 70.00% |
This table underscores Burry’s penchant for concentration, with nearly half the portfolio in just two healthcare stocks and the top five accounting for over 70%. The outsized “Add” actions—especially in UNH and REGN—reflect a willingness to swing hard when conviction is high. The presence of both “Add” and “Reduce” actions in Estée Lauder demonstrates active risk management and tactical flexibility.
Investment Lessons from Michael Burry’s Contrarian Approach
- Concentration is a Weapon: When conviction is high, Burry is unafraid to allocate heavily to a few names, amplifying potential upside.
- Turnover Can Be Tactical: High turnover is not always a negative—when paired with deep research, it enables rapid response to market shifts.
- Contrarian Value Seeking: Burry often targets sectors or stocks out of favor, betting on mean reversion and overlooked fundamentals.
- Dynamic Position Sizing: Adjusting exposure within a single name (as with Estée Lauder) reflects ongoing risk assessment and flexibility.
- Global Opportunity Set: Willingness to invest in China and Europe shows a broad search for value, unconstrained by geography.
Looking Ahead: What Comes Next?
With cash freed up from trimmed positions and a portfolio freshly rebalanced, Burry is well-positioned to capitalize on further market volatility. The high turnover and short holding periods suggest he may continue to rotate aggressively, seeking dislocations in healthcare, tech, and consumer sectors. Watch for new moves in global equities and potential contrarian bets as macro conditions evolve.
FAQ about Michael Burry’s Scion Asset Management Portfolio
Q: Why did Michael Burry add so aggressively to UnitedHealth and Regeneron this quarter?
Burry’s outsized additions to UNH and REGN reflect conviction in healthcare’s defensive growth and pricing power, likely in response to macro uncertainty and sector underperformance.
Q: How concentrated is Burry’s portfolio compared to other superinvestors?
With 92.4% in the top ten holdings, Burry’s portfolio is among the most concentrated tracked on ValueSense, amplifying both risk and potential reward.
Q: Does Burry’s high turnover mean he’s a short-term trader?
Not necessarily. While the average holding period is just one quarter, Burry’s moves are driven by deep research and tactical responses to market conditions, not by momentum or speculation.
Q: How does Burry manage risk with such large position sizes?
Burry uses active position management, as seen in the dual “Add” and “Reduce” moves in Estée Lauder, and maintains a global opportunity set to diversify away from single-market risks.
Q: How can investors track Michael Burry’s portfolio changes?
You can follow Burry’s moves via quarterly 13F filings, but note the 45-day reporting lag. ValueSense provides timely updates, analysis, and historical trends for Scion Asset Management and other superinvestors.
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