Michael Burry 13F Portfolio Tracker: Scion's Final Filing
Scion Asset Management final 13F holdings (quarter ended September 30, 2025)
| Security | Position type | Shares (underlying) | Reported value | Weight |
|---|---|---|---|---|
| PLTR PALANTIR TECHNOLOGIES INC | Put options | 5,000,000 | $912.1 million | 66.0% |
| NVDA NVIDIA CORPORATION | Put options | 1,000,000 | $186.6 million | 13.5% |
| PFE PFIZER INC | Call options | 6,000,000 | $152.9 million | 11.1% |
| HAL HALLIBURTON CO | Call options | 2,500,000 | $61.5 million | 4.5% |
| MOH MOLINA HEALTHCARE INC | Common shares | 125,000 | $23.9 million | 1.7% |
| LULU LULULEMON ATHLETICA INC | Common shares | 100,000 | $17.8 million | 1.3% |
| SLM SLM CORP | Common shares | 480,054 | $13.3 million | 1.0% |
| BRKR BRUKER CORP | Common shares | 48,334 | $13.1 million | 1.0% |
0001649339-25-000007). No newer Scion 13F exists, so every figure below is the last official disclosure, not a current position feed.
What is Michael Burry buying?
His last public disclosure shows bearish bets: put options on Palantir and Nvidia made up 79.5% of reported value, with call options on Pfizer and Halliburton. Scion filed its final 13F for Q3 2025, so no newer positions are publicly reported.
What was in Scion's final 13F?
8 positions worth $1.38 billion in reported value: Palantir puts (66.0%), Nvidia puts (13.5%), Pfizer calls (11.1%), Halliburton calls (4.5%) and four small stock holdings, as of September 30, 2025.
Does Michael Burry still file 13F reports?
No. After telling investors on October 27, 2025 that Scion would return capital, he deregistered the adviser, which ended the quarterly 13F obligation. The Q3 2025 filing is therefore the last official snapshot of his fund.
Source: SEC EDGAR Form 13F-HR information table, CIK 0001649339. For options, the reported value is the notional value of the underlying shares, not the premium paid.
Why the headline numbers overstate the size of the bet
The Palantir line reads $912.1 million, which made headlines as a billion-dollar short. A Form 13F, however, reports option positions at the market value of the shares they control, here 5,000,000 Palantir shares. The cash Scion paid for those contracts is not disclosed. Burry himself wrote on X that he spent about $9.2 million on the Palantir puts, roughly one percent of the reported figure. The same logic applies to the 1,000,000 Nvidia shares behind the $186.6 million put line.
This is the most common mistake when people read the michael burry form 13f: treating notional value as money at risk. A put buyer can lose at most the premium; the upside grows as the underlying stock falls below the strike price before expiry. The filing also omits strike prices and expiry dates, so outsiders cannot tell whether a position was profitable.
How the portfolio changed in 2025
Comparing the last two scion asset management 13f reports shows how quickly the fund rotated. Between June 30 and September 30, 2025 the fund exited 13 positions, including its calls on UnitedHealth, Regeneron, Meta and the Chinese internet names Alibaba and JD.com, and added 6 new lines led by the Palantir and Nvidia puts. Reported value rose from $578.3 million to $1.38 billion, almost entirely because of the notional size of the new puts.
Earlier in the year the picture was already bearish on large technology names: the Q1 2025 filing was led by Nvidia puts at 49.0% of reported value, alongside puts on Alibaba, PDD and JD.com. Scion's quarterly swings between calls and puts are why its 13F history is more useful for understanding a thesis than for copying trades.
Scion 13F history by quarter
| Quarter end | Filed | Positions | Reported value | Puts share | Largest line |
|---|---|---|---|---|---|
| 2025-09-30 | 2025-11-03 | 8 | $1.38 billion | 79.5% | PLTR (put, 66.0%) |
| 2025-06-30 | 2025-08-14 | 15 | $578.3 million | 0.0% | UNH (call, 18.9%) |
| 2025-03-31 | 2025-05-15 | 7 | $199.2 million | 93.4% | NVDA (put, 49.0%) |
| 2024-12-31 | 2025-02-14 | 13 | $77.4 million | 0.0% | BABA (shares, 16.4%) |
| 2024-09-30 | 2024-11-14 | 11 | $129.8 million | 36.0% | BABA (shares, 16.4%) |
| 2024-06-30 | 2024-08-14 | 10 | $52.5 million | 0.0% | BABA (shares, 21.3%) |
| 2024-03-31 | 2024-05-15 | 16 | $103.5 million | 0.0% | JD (shares, 9.5%) |
| 2023-12-31 | 2024-02-16 | 25 | $94.6 million | 0.0% | BABA (shares, 6.1%) |
| 2023-09-30 | 2023-11-14 | 13 | $99.0 million | 55.6% | SOXX (put, 47.9%) |
| 2023-06-30 | 2023-08-14 | 32 | $1.74 billion | 93.6% | SPY (put, 51.0%) |
| 2023-03-31 | 2023-05-15 | 21 | $106.9 million | 0.0% | JD (shares, 10.3%) |
Each row is one 13F-HR filing on SEC EDGAR, which makes this table a simple michael burry portfolio tracker for the years the fund reported. Amended duplicates for the same quarter are excluded.
The 2023 index puts and the "crash bet" headlines
The best-known recent example of this reading error came in August 2023. Scion's filing for the quarter ended June 30, 2023 listed puts on the SPDR S&P 500 ETF ($886.6 million) and the Invesco QQQ Trust ($738.8 million), together about 93.5% of reported value. Many outlets described a $1.6 billion wager on a market crash. The actual premium was a small fraction of that, and by the next filing the index puts were gone, replaced by puts on the iShares Semiconductor ETF (SOXX) at 47.9% of a much smaller book.
China stocks, then puts on China
The history table also shows the michael burry china stock buys that dominated 2023 and 2024: Alibaba and JD.com were among the largest lines in most quarters, with Baidu in several. In Q1 2025 he flipped to puts on Alibaba, PDD and JD.com, held calls on Alibaba and JD.com in Q2 2025, and owned none of them in the final filing.
From The Big Short to a closed fund
Burry became famous for buying credit default swaps on subprime mortgage bonds before the 2008 crisis at his first fund, Scion Capital, a story told in Michael Lewis's book The Big Short and the 2015 film. He later reopened as Scion Asset Management, which reported as a 13F filer until 2025. In his October 2025 letter he said he would return outside capital, and the SEC registration ended the following month. He has since shared views through a paid Substack newsletter, but newsletter commentary is not a regulated holdings disclosure.
What a 13F can and cannot tell you
- Delay: filings are due 45 days after quarter end, so positions may already have changed when the public sees them.
- Scope: only certain US-listed equities and listed options are covered. Cash, bonds, most foreign shares and short sales of stock are not reported.
- No trade details: option strikes, expiries and premiums are missing, which is why notional values mislead.
- Snapshot only: a quarter-end list cannot show trades opened and closed inside the quarter.
Using Scion's filings responsibly
Interest in michael burry stock picks comes from his 2008 record, but his public filings show a manager who changes direction often and uses options heavily. Instead of mirroring a portfolio that is now closed, use the filings to study how a contrarian builds a thesis: which sectors he shorted, how large the notional exposure was relative to long positions, and how often those bets were reversed a quarter later. Treat the michael burry 13f filings as a record of past decisions, not a signal for today.
For other managers who still file every quarter, compare this page with the superinvestor directory, the Berkshire Hathaway 13F playbook and the hedge fund 13F filings guide. Gemral Edge Pro members get the full cross-manager 13F screens and filing alerts; Crypto Pattern Scanner VIP adds technical pattern scans for the same tickers.