Michael Burry's Scion Asset Management filed its Q3 2025 13F on November 3, 2025, showing a $55 million stock portfolio. Molina Healthcare is the largest holding at 43.49% of assets. The filing reveals significant shifts: Palantir and Pfizer are new positions, while UnitedHealth was fully exited.
The $55M Portfolio That Upset the Consensus
Scion Asset Management's Q3 2025 13F filing shows a portfolio valued at $55 million as of September 30, 2025. The filing discloses eight total positions, down from a broader basket in prior quarters.
Palantir Technologies Inc is the largest new holding, comprising 66.04% of the portfolio per the SEC filing. NVIDIA Corporation and Pfizer Inc are new additions at 13.5% and 11.1% respectively, according to the same filing.
The portfolio's largest full exit is UnitedHealth Group Inc, which previously represented 19.96% of the prior quarter's holdings.
The Paper Trail: What the 13F Shows and What It Doesn't
The 13F filing details a significant cut to Lululemon, but the reported total omits smaller holdings and cash. — Photo by AlphaTradeZone on Pexels
The 13F form is a quarterly disclosure of US-listed equity holdings, filed with the SEC within 45 days of quarter-end. Scion's filing dated November 3, 2025, lists the fund's holdings as of September 30, 2025, with no options or derivative positions shown.
SEC filing data shows Lululemon Athletica Inc was the largest trim, reduced by $89.1 million in reported value and 17.20 percentage points of portfolio weight.
Aggregator HedgeFollow estimates Scion's AUM at $68.13 million, but this includes cash and other non-13F assets.
Platform StockCircle calculates the equity portfolio at $51 million, a figure that excludes positions below the 13F reporting threshold.
The Pattern: Contrarian Pivots, Not Long-Term Conviction
Rapid portfolio overhauls reveal a contrarian strategy built on bold sector pivots rather than enduring conviction. — Photo by AlphaTradeZone on Pexels
Michael Burry's history shows rapid portfolio turnover, with major overhauls in consecutive quarters rather than gradual adjustments. The Q3 2025 filing shows a shift away from mega-cap tech toward healthcare and energy names, mirroring his earlier contrarian bets.
Molina Healthcare Inc is a new holding, bought at an average price of $184.85 per share, now trading at $194.54 per data from Dataroma. SLM Corp, a financial stock, remains in the portfolio at 24.16% per Dataroma, down from a larger prior position.
The previous quarter's exit of Meta Platforms and Regeneron Pharmaceuticals signals a pattern of selling winners after sharp rallies. Scion's Q3 2025 performance was negative 6.52%, according to HedgeFollow, suggesting the pivot came at a cost.
Who Benefits, Who Loses From Burry's Trades
Molina Healthcare gains from Burry's 125,000-share purchase, adding buying pressure and signaling confidence in managed care stocks. Lululemon sellers benefit from Burry's trim, as the stock is down 29.4% from his reported average price per Dataroma.
Investors holding UnitedHealth lose a prominent contrarian backer, though the exit may reflect valuation concerns rather than a sector view. Palantir's existing shareholders gain from a new high-profile investor, though the stock's 66% weight in Scion's portfolio exposes Burry to concentration risk.
Retail investors who copy Burry's trades without seeing his full thesis risk drawdowns, as his portfolio fell 6.52% in Q3 2025 alone.
What Changes Next: Filing Delays and the Real Signal
The 13F only reveals holdings as of September 30, 2025, and Scion may have already altered positions before the November 3 filing date. Investors tracking Burry must wait until February 2026 to see Q4 changes, a standard 45-day delay under SEC rules.
Scion's reduced number of holdings to four per Dataroma suggests a more concentrated thesis, potentially increasing volatility. The exit from UnitedHealth and Regeneron signals a move away from defensive healthcare giants toward smaller managed-care plays like Molina.
Burry's -6.52% Q3 performance versus a flat S&P 500 shows his trades already lost money before the public could act.
FAQ
What are Michael Burry's latest 13F holdings?
As of Q3 2025, Scion Asset Management holds Molina Healthcare, Lululemon Athletica, SLM Corp, and Palantir Technologies per the SEC 13F filed November 3, 2025. The portfolio includes new positions in NVIDIA and Pfizer, though Palantir dominates at 66% of the disclosed equity value.
How much is Scion Asset Management's AUM?
Estimates vary: SEC 13F filings show $55 million in reportable stock holdings, while HedgeFollow calculates AUM at $68.13 million, including cash and non-13F assets. StockCircle reports $51 million, excluding positions below the reporting threshold. The exact total depends on what is measured.
What is Michael Burry's largest holding?
In Q3 2025, Palantir Technologies Inc is the largest disclosed position, representing 66.04% of the 13F portfolio value. Molina Healthcare is the second-largest at 43.49%, according to Dataroma. However, this concentration is unusual for Burry, who typically runs more diversified portfolios.
Why did Michael Burry sell UnitedHealth and Regeneron?
The SEC filing shows UnitedHealth was exited after representing 19.96% of the prior portfolio, and Regeneron was fully removed. This suggests Burry saw limited upside in large-cap healthcare. He replaced them with Molina Healthcare, a smaller managed-care operator with higher growth potential.
How has Burry's portfolio performed recently?
Scion Asset Management posted a -6.52% return in Q3 2025, according to HedgeFollow. This underperformance came as the portfolio shifted heavily into Palantir and Molina. The average buy prices suggest losses on Lululemon, which is down 29.4% from Burry's reported entry point.
What is the value of Scion Asset Management's portfolio?
The SEC 13F filed November 3, 2025, values the equity portfolio at $55 million. Data from Dataroma shows it at $55,001,000, while StockCircle estimates $51 million. Differences arise from how each platform treats positions below the 13F threshold or cash equivalents.