📉 13F Tracker Final filing — Q3 2025
Scion Asset Management's Final 13F — Q3 2025
Scion Asset Management's last disclosed portfolio, from the 13F it filed on 3 November 2025 for the quarter ended 30 September. Michael Burry — famous for predicting the 2008 subprime crisis and inspiring "The Big Short" — wound the fund down that October and deregistered it with the SEC on 10 November 2025, so this is the final filing.
It is worth reading carefully. Four of the eight positions are options, not shares: the two largest — Palantir at 66% and Nvidia at 13.5% of disclosed value — are put options, which gain if those shares fall. A 13F reports options at the notional value of the underlying, so they appear alongside ordinary holdings and are easily mistaken for them. The table below marks each one.
View Live Scion Holdings → SEC EDGAR Source ↗
Why Investors Track Burry
Michael Burry is famous for making a billion-dollar bet against the US housing market in 2007-2008 when virtually no one else saw the crisis coming. His track record of identifying overlooked risks and contrarian value opportunities makes his SEC filings among the most studied on Wall Street. His portfolio is small, concentrated, and frequently surprising.
Who is Michael Burry?
Dr. Michael Burry is the founder of Scion Asset Management, a Cupertino, California-based private investment firm. Burry trained as a physician (M.D. from Vanderbilt University) but left medicine to pursue investing full-time. He originally ran Scion Capital LLC (2000-2008) before shutting it down after the housing crisis trade — and later reopened Scion Asset Management.
The Big Short (2007–2008)
Burry's defining trade was betting against subprime mortgage securities in 2006–2007, using credit default swaps. When the housing market collapsed in 2008, Scion Capital returned 489% net of fees for the full period (2000-2008), compared to the S&P 500's 2% loss. His story was told in Michael Lewis's book "The Big Short" (2011) and the Academy Award-winning film (2015), where he was portrayed by Christian Bale.
Burry's Investment Style
- Deep Value: Seeks severely undervalued companies, often in distressed or unloved sectors
- Contrarian: Bets against consensus when he identifies structural flaws
- Concentrated: Holds a small number of high-conviction positions (often fewer than 20 stocks)
- Data-Driven: Known for exhaustive fundamental research and reading SEC filings
- Macro Aware: Unlike pure value investors, Burry incorporates macro themes (inflation, credit cycles)
- Volatile: His portfolio turns over frequently; positions can change dramatically quarter-to-quarter
⚠️ Important Note on Scion's Size
Scion Asset Management is a small, private hedge fund. Its 13F-disclosed portfolio is typically worth $50M–$300M, much smaller than Berkshire ($300B+) or major institutional funds. Because the portfolio is concentrated and small, positions can change dramatically each quarter. Burry has been known to hold options and short positions that are not disclosed in 13F filings — so the 13F represents only part of his overall strategy.
Notable Burry Trades & Calls
The 2008 Housing Short (His Most Famous Trade)
Starting in 2005, Burry analyzed thousands of subprime mortgage securities and concluded they were severely mispriced. He purchased credit default swaps — insurance contracts that paid off if mortgage bonds defaulted. When the housing market collapsed in 2007-2008, he earned over $700 million for investors and ~$100 million for himself personally.
2021: Short S&P 500 and Cathie Wood's ARK
Burry publicly warned about speculative excess in 2021, comparing ARK Innovation ETF (ARKK) to the dot-com bubble. He purchased put options on ARKK — a direct bet against Cathie Wood's flagship fund. ARKK subsequently fell over 70% from its 2021 peak.
Consumer Value Plays
In various quarters, Burry has held consumer-facing companies he believes are deeply undervalued by the market — including positions in gaming, retail, and consumer discretionary stocks that have been out-of-favor with growth-focused institutional investors.
China Exposure
Burry has taken stakes in Chinese consumer companies (like Alibaba and JD.com) when they traded at steep discounts to US peers — a classic contrarian value play during periods of regulatory uncertainty and geopolitical risk premiums.
How to Interpret Scion's 13F Filings
Filing Schedule
Same as all institutional investors — Scion files within 45 days of each quarter end:
- Q1 end (March 31): Filed by mid-May
- Q2 end (June 30): Filed by mid-August
- Q3 end (September 30): Filed by mid-November
- Q4 end (December 31): Filed by mid-February
What Isn't in the 13F
Burry's 13F does not disclose:
- Short positions and put options — often a major part of his strategy
- Bonds, commodities, and non-equity assets
- Non-US securities or OTC positions below certain thresholds
- His personal accounts (Scion only files for the fund's clients)
The "Peak Scion Lag" Problem
Because Scion is so small and concentrated, by the time Burry's 13F is public (45 days post-quarter), his positions may have already changed dramatically. In some quarters he has completely exited all positions disclosed in the prior filing. Use Scion's 13F as a research starting point, not as a real-time signal. His disclosed longs represent where he was, not necessarily where he is.
Burry vs. Buffett vs. ARK: Three Styles
| Factor | 📉 Burry (Scion) | 🏛️ Buffett (BRK) | 📊 ARK (Wood) |
|---|---|---|---|
| Style | Contrarian value + macro | Quality value, long-term | Disruptive growth |
| Portfolio Size | Small ($50M–$300M) | Enormous ($300B+) | Large ($15B+) |
| Hold Period | Variable (can flip quickly) | Decades | Active daily trading |
| Known For | The Big Short, contrarian bets | Coca-Cola, "forever" holds | Tesla, CRISPR, innovation |
| Transparency | Quarterly 13F (+ tweets) | Quarterly 13F | Daily trade disclosures |
Compare portfolios side-by-side on WhaleFilings →
Frequently Asked Questions
What stocks does Michael Burry own in 2026?
Burry's portfolio changes dramatically quarter-to-quarter. View his latest disclosed positions from the most recent 13F filing here: Scion Asset Management Holdings →
How does Michael Burry find his stock picks?
Burry is known for exhaustive fundamental research — reading through full SEC filings, analyzing balance sheets, and identifying discrepancies between a company's intrinsic value and its market price. He has described spending hours reading through footnotes in 10-K filings that most investors ignore. He also pairs this with macro analysis to identify systemic risks and timing.
Does Scion Asset Management disclose its short positions?
No. The 13F form only requires disclosure of long equity positions. Burry's short positions — historically a major part of his strategy (put options on ARKK, S&P 500 shorts, etc.) — are not required to be disclosed in the 13F. This means the 13F shows only a partial view of his portfolio construction.
Is Michael Burry still running Scion Asset Management?
No. Burry told investors on 27 October 2025 that he was winding the fund down and returning their capital, and Scion's SEC registration was terminated on 10 November 2025. Because 13F reporting is an obligation of registered institutional managers, deregistering ends it — the filing for the quarter ended 30 September 2025 is the last one Scion will ever make. He remains active on X, where he still posts market commentary.
Can I copy Burry's trades?
Technically yes, but with significant caveats. By the time the 13F is public, the information is 45+ days old, and Burry's positions may have already changed. His portfolio is also highly concentrated and volatile. Use this tracker as a research tool to understand his thesis, not as a "copy trading" signal. Always do your own due diligence.
Track Scion's Portfolio
View the complete, current Scion Asset Management equity portfolio sourced directly from SEC 13F filings.
View Scion Holdings → Track Warren Buffett →
About This Tracker: WhaleFilings is an independent platform that aggregates publicly-available SEC EDGAR 13F filings for informational purposes. We are not affiliated with Scion Asset Management or Michael Burry. This is not financial advice. Data sourced from SEC EDGAR. Always conduct your own research before making investment decisions.
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