Michael Burry’s Scion Asset Management revealed a major portfolio shift in its Q2 2025 13F filing, opening multiple new positions while exiting many from the previous quarter. The firm significantly increased exposure to healthcare, discretionary, and tech names through both equity and options. The fund also closed out of some bearish put positions in several big Chinese tech stocks and also Nvidia. You can view his full filing here.
- New Equity Positions: Initiated a $11.8 million stake in LuluLemon (LULU) and $6.2 million stake in UnitedHealth (UNH).
- New Call Options: Added large call option positions also in Lululemon and UnitedHealth. He did the same with a new stake in both Regeneron Pharmaceuticals stock and call options. The filing shows Regeneron stock holdings worth around $7.8 million and a sizable call option position as well.
- New Call Options: Opened call option positions in Estee Lauder (EL), Meta (META), Alibaba (BABA), and another few companies as well.
- Exited Put Options: He sold out of all the put options he previously held in his portfolio. Notably, this includes Alibaba (BABA) which he has seemingly changed his sentiment on. He also closed out of put option postions he held in Nvidia (NVDA) and Baidu (BIDU).
- Exited Holdings: Fully sold out of all his previous equity positions other than Estee Lauder (EL). He still holds a position in the cosmetics company worth about $12 million.
Relevant Companies:
- NVDA – Closed out of a large short he held through put options.
- UNH – Holds $6.2M in stock and a large call option position as well.
- LULU – $11.8M equity stake and also a large call option position.
Editor’s Note: This is a developing story. This article may be updated as more details become available.
