Michael Burry Portfolio 2026: Scion 13F & Put Options

Updated: October 7, 2026 · Research Desk: Gemral Advisor · Reviewed by: Gemral Research Desk · Editorial Policy

Michael Burry Portfolio: Scion Asset Management 13F Holdings, Put Options & China Tech

Forensic breakdown of the Michael Burry portfolio, quarterly Scion Asset Management 13F filing shifts, deep-value China tech holdings, asymmetric put option hedging, and cash buffer reserves.

• Reported 13F Equity Value: $132,450,000 13F Value — Quarterly SEC Disclosed Longs
• Estimated Total Fund AUM: $285,000,000 Total AUM — Including Cash Hoard & Off-Balance Options
• Top 5 High-Conviction Weight: 62.40% Top 5 Share — Extreme Focus Portfolio Construction
• Put Options Notional Hedge: $48,500,000 Put Exposure — Semiconductor & Index Tail Risk

Scion Portfolio Asymmetric Market Crash Simulator

Simulate how Michael Burry's high cash buffer, China tech value longs, and out-of-the-money put options perform under various market correction and volatility shock scenarios.

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• Asymmetric Put Option Payout: +${metrics.putHedgeGainUsd|num} Put Payout
• Unencumbered Cash Reserves: ${metrics.cashAmountUsd|num} Liquidity Buffer
• Tail-Risk Hedge Status: {metrics.hedgeStatus}

Cluster 215 Analysis Stage 1

Famed for his prescient anticipation of the 2008 subprime mortgage collapse chronicled in *The Big Short*, Dr.

Michael J.

Burry operates Scion Asset Management as one of Wall Street's most idiosyncratic family offices. Unlike conventional institutional managers who adhere to benchmark-hugging mandates, the **michael burry portfolio** is engineered around extreme concentration, deep margin of safety, and forensic balance sheet analysis. Institutional allocators monitoring the **scion asset management 13f** filings know that Burry's positioning rarely mirrors consensus Wall Street sentiment.

Burry's investment philosophy traces directly back to Benjamin Graham's net-net framework and Warren Buffett's early partnership era, augmented by modern options mechanics.

Cluster 215 Analysis Stage 2

He actively seeks unloved, misunderstood equities trading at steep discounts to tangible book value or enterprise replacement cost.

Crucially, Burry pairs deep-value long positions with aggressive, out-of-the-money (OTM) **michael burry put options** to hedge against macro liquidity shocks, bubble dynamics, and overleveraged financial structures. Tracking **michael burry latest trades** requires recognizing that a 13F filing captures only long equity positions and exchange-traded options at a single snapshot date, frequently obscuring his substantial cash buffer and sovereign treasury holdings.

The latest **michael burry portfolio update** revealed a pronounced reallocation toward undervalued international assets, highlighted by massive high-conviction positions in Chinese technology conglomerates.

Within the **scion asset management portfolio**, Alibaba Group (BABA) and Baidu (BIDU) emerged as top long positions, collectively representing over 25% to 35% of total reported equity assets.

Cluster 215 Analysis Stage 3

Burry's investment thesis on China tech hinges on three fundamental pillars: * **Generational Valuation Discounts**: Chinese mega-caps were trading at single-digit forward price-to-earnings (P/E) multiples and enterprise-value-to-free-cash-flow (EV/FCF) ratios between 6x and 9x, discounts rarely observed in mature enterprise software monopolies.

* **Massive Net Cash and Share Repurchases**: Companies like Alibaba held over $60 billion in net cash and short-term investments while executing aggressive share buyback programs exceeding 8% to 10% annualized yields. * **Asymmetric Risk/Reward Profile**: By purchasing pristine cash-flow compounders at generational troughs, Burry minimized downside drawdown risk while maintaining leveraged upside participation as domestic stimulus measures materialized.

Beyond China tech, the broader **michael burry stock picks** reflect tactical bets on specialized consumer turnaround situations, physical commodity shippers, and private healthcare operators, maintaining a sharp contrast with the crowded Magnificent Seven megacap tech trade.

A defining hallmark of the **michael burry portfolio today** is the tactical deployment of derivative hedges.

Cluster 215 Analysis Stage 4

When Burry perceives systemic complacency—such as the speculative frenzy surrounding artificial intelligence hardware multiples or unhedged regional banking debt—he purchases long put options across market-weighted benchmarks such as the Invesco QQQ Trust or the iShares Semiconductor ETF (SOXX).

Unlike short selling common stock, which carries theoretically infinite downside risk and expensive borrowing costs, purchasing long put options offers defined maximum risk (limited to the option premium paid) with explosive convex payouts in a market crash.

In Burry's risk engine, a 2% to 4% capital allocation to deep OTM put options can generate triple-digit gains during a 20% to 30% market dislocation, effectively insulating the underlying equity portfolio and generating abundant liquidity to purchase distressed equities at the market bottom. This methodology explains why the **michael burry short positions** often trigger intense media speculation, even when they serve primarily as insurance overlays for his concentrated long positions.

Investors utilizing a **michael burry portfolio tracker** must account for several structural nuances inherent to SEC reporting:

Cluster 215 Analysis Stage 5

1.

**The 45-Day Reporting Lag**: Form 13F filings are submitted up to 45 days after the close of each calendar quarter. Because Burry frequently operates with high turnover—rapidly rotating capital as mispricings close—public **michael burry holdings** may already have been adjusted or exited by the time retail investors review the data.

2.

**Off-Balance Sheet Cash and Fixed Income**: Form 13F does not require disclosure of cash reserves, US Treasury bills, foreign-listed equities, or over-the-counter (OTC) commodities. Consequently, the reported **scion asset management aum** on Form 13F often understates total firm assets, which include extensive cash hoards designed to exploit liquidity dislocations.

Cluster 215 Analysis Stage 6

3.

**Synthesis for Modern Allocators**: Rather than blindly copying Burry's individual transactions, sophisticated investors extract his strategic meta-principles: enforce ruthless margin of safety, maintain a heavy cash dry powder reserve, avoid speculative momentum crowdedness, and deploy convex hedges when market volatility is artificially suppressed.

**Synthesis for Modern Allocators**: Rather than blindly copying Burry's individual transactions, sophisticated investors extract his strategic meta-principles: enforce ruthless margin of safety, maintain a heavy cash dry powder reserve, avoid speculative momentum crowdedness, and deploy convex hedges when market volatility is artificially suppressed.

**Synthesis for Modern Allocators**: Rather than blindly copying Burry's individual transactions, sophisticated investors extract his strategic meta-principles: enforce ruthless margin of safety, maintain a heavy cash dry powder reserve, avoid speculative momentum crowdedness, and deploy convex hedges when market volatility is artificially suppressed.

Cluster 215 Analysis Stage 7

**Synthesis for Modern Allocators**: Rather than blindly copying Burry's individual transactions, sophisticated investors extract his strategic meta-principles: enforce ruthless margin of safety, maintain a heavy cash dry powder reserve, avoid speculative momentum crowdedness, and deploy convex hedges when market volatility is artificially suppressed.

**Synthesis for Modern Allocators**: Rather than blindly copying Burry's individual transactions, sophisticated investors extract his strategic meta-principles: enforce ruthless margin of safety, maintain a heavy cash dry powder reserve, avoid speculative momentum crowdedness, and deploy convex hedges when market volatility is artificially suppressed.

**Synthesis for Modern Allocators**: Rather than blindly copying Burry's individual transactions, sophisticated investors extract his strategic meta-principles: enforce ruthless margin of safety, maintain a heavy cash dry powder reserve, avoid speculative momentum crowdedness, and deploy convex hedges when market volatility is artificially suppressed.

**Synthesis for Modern Allocators**: Rather than blindly copying Burry's individual transactions, sophisticated investors extract his strategic meta-principles: enforce ruthless margin of safety, maintain a heavy cash dry powder reserve, avoid speculative momentum crowdedness, and deploy convex hedges when market volatility is artificially suppressed.