Michael Burry’s Scion Asset Management filed its Q1 2025 13F on May 15, 2025, revealing a dramatic portfolio shift. The fund increased its disclosed holdings value from $77.4 million in Q4 2024 to $199.2 million in Q1 2025, while reducing the number of total positions from 13 to 7. All previous equity positions were fully exited and replaced with a focused portfolio dominated by put options against large-cap tech and Chinese internet stocks.

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Scion Asset Management Snapshot – Q1 2025

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Total Portfolio Value: $199.23 million
Number of Holdings: 7 (down from 13 in Q4 2024)
Filing Date: May 15, 2025
Form Type: 13F-HR

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Michael Burry's Scion Asset Management Portfolio Value by Quarter

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• Q4 2024:
  • Value: $77,435,000
  • Holdings: 13
  • Date Filed: February 14, 2025
• Q1 2025:
  • Value: $199,225,000
  • Holdings: 7
  • Date Filed: May 15, 2025

Portfolio Growth (QoQ): +157.3%

Michael Burry's Scion Asset Management New Positions – Q1 2025

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Scion initiated the following put options as new positions in Q1 2025:

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• Nvidia (NVDA) – 900,000 put contracts | $97.54 million
• Alibaba (BABA) – 200,000 put contracts | $26.45 million
• PDD Holdings (PDD) – 200,000 put contracts | $23.67 million
• JD.com (JD) – 400,000 put contracts | $16.45 million
• Trip.com Group (TCOM) – 200,000 put contracts | $12.72 million
• Baidu Inc (BIDU) – 100,000 put contracts | $9.20 million
• Estée Lauder (EL) – 200,000 shares (equity) | $13.20 million

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Up from 100,000 shares in Q4 2024 (previously valued at $7.5 million)

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Michael Burry's Scion Asset Management Fully Exited Positions

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Scion exited all 13 prior holdings from Q4 2024, including:

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• Alibaba (BABA) – 150,000 shares
• JD.com (JD) – 300,000 shares
• Baidu (BIDU) – 125,000 shares
• PDD Holdings (PDD) – 75,000 shares
• V.F. Corp (VFC) – 200,000 shares
• Molina Healthcare (MOH) – 25,000 shares
• Oscar Health (OSCR) – 200,000 shares
• Magnachip Semiconductor (MAGN) – 200,000 shares
• American Coastal Insurance (UIHC) – 146,100 shares
• Canada Goose Holdings (GOOS) – 24,838 shares
• HCA Healthcare (HCA) – 15,000 shares
• Bruker Corp (BRKR) – 75,000 shares

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Each of these was completely eliminated by Q1 2025.

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