Michael Burry - Scion Asset Management
As of Q3 2025, Michael Burry reported 4 long-equity positions worth $68.14M in aggregate.
It also disclosed $1.1B of put notional and $214.38M of call notional. Notional is the contracts’ face value, not the premium paid, so it is reported separately from the equity above — see the Options section below.
Copy-investor backtest
- Latest quarter
- +5.19%
- 1-year
- +5.19%
- 3-year
- +71.86%
- 5-year
- +133.91%
- 3-year vs S&P 500
- +19.37%
- 5-year vs S&P 500
- +81.02%
- 5-year top 5
- +245.19%
Return from mechanically copying the disclosed 13F equity portfolio after each filing and rebalancing at the next. The vs S&P 500 figures subtract SPY over that manager's own rebalance dates, so both sides cover the same days; both are price return, excluding dividends. Method & limitations.
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Live quotes available for 15 of 21 rows. Rows without a quote are marked unavailable.
| 1 | EL | LAUDER ESTEE COS INC | 21.55% | Reduce -25.0% | 150,000 | $12.12M | $80.80 | |
| 2 | LULU | LULULEMON ATHLETICA INC | 21.12% | New | 50,000 | $11.88M | $237.58 | |
| 3 | BRKR | BRUKER CORP | 18.31% | New | 250,000 | $10.3M | $41.20 | |
| 4 | REGN | REGENERON PHARMACEUTICALS | 14.00% | New | 15,000 | $7.88M | $525.00 | |
| 5 | MELI | MERCADOLIBRE INC | 13.94% | New | 3,000 | $7.84M | $2613.63 | |
| 6 | UNH | UNITEDHEALTH GROUP INC | 11.09% | New | 20,000 | $6.24M | $311.97 |
Options positions
Put = right to sell at strike (a bearish bet). Call = right to buy at strike (bullish via leverage). The notional column shows the underlying market value reported to the SEC, not the option premium paid - these don't add to the long-equity % portfolio above.
| 1 | UNH | UNITEDHEALTH GROUP INCCOM | CALL | New | 350,000 | $109.19M |
| 2 | REGN | REGENERON PHARMACEUTICALSCOM | CALL | New | 200,000 | $105M |
| 3 | LULU | LULULEMON ATHLETICA INCCOM | CALL | New | 400,000 | $95.03M |
| 4 | META | META PLATFORMS INCCL A | CALL | New | 100,000 | $73.81M |
| 5 | EL | LAUDER ESTEE COS INCCL A | CALL | New | 500,000 | $40.4M |
| 6 | JD | JD.COM INCSPON ADS CL A | CALL | New | 1,000,000 | $32.64M |
| 7 | BABA | ALIBABA GROUP HLDG LTDSPONSORED ADS | CALL | New | 250,000 | $28.35M |
| 8 | ASML | ASML HOLDING N VN Y REGISTRY SHS | CALL | New | 25,000 | $20.03M |
| 9 | VFC | V F CORPCOM | CALL | New | 1,500,000 | $17.63M |
| 15 | TCOM | TRIP COM GROUP LTDADS | PUT | Sold | 0 | $0 |
| 14 | PDD | PDD HOLDINGS INCSPONSORED ADS | PUT | Sold | 0 | $0 |
| 13 | NVDA | NVIDIA CORPORATIONCOM | PUT | Sold | 0 | $0 |
| 12 | JD | JD.COM INCSPON ADS CL A | PUT | Sold | 0 | $0 |
| 11 | BIDU | BAIDU INCSPON ADR REP A | PUT | Sold | 0 | $0 |
| 10 | BABA | ALIBABA GROUP HLDG LTDSPONSORED ADS | PUT | Sold | 0 | $0 |