Michael Burry's (Scion) Trades and Holdings in Q2 2025

Breaking down the stocks Michael Burry (Scion) bought, sold, and held in Q2 2025, including their holdings at the end of the quarter. All data sourced from Scion's 13F filed on August 14, 2025.

Who is Scion?

Scion Asset Management is the investment firm founded by Dr. Michael Burry, who gained fame for his prescient bet against the U.S. housing market portrayed in the book and film The Big Short. Following his successful prediction of the 2008 financial crisis, Burry has maintained a flexible, contrarian investment approach focused on identifying deeply mispriced assets across equities, debt, and derivatives. Scion employs both long and short positions, taking concentrated stakes based on Burry's uniquely independent research and macroeconomic perspectives, often focusing on overlooked or misunderstood opportunities regardless of market consensus.

Scionasset.com
Wikipedia on Michael Burry
Q2 '25 13F filed with SEC

Portfolio Changes in Q2 2025

New positions

Scion established eight new positions during Q2 2025, with the largest being UnitedHealth (UNH), Regeneron (REGN), and Lululemon (LULU) representing the most significant new investments. Other notable new additions include Meta (META), ASML (ASML), VF (VFC), Bruker (BRKR), and MercadoLibre (MELI), showing diversification across healthcare, technology, consumer discretionary, and e-commerce sectors.

Bought

Scion significantly increased its stakes in three existing positions: JD.com (JD) was expanded from 400,000 to 1,000,000 shares, Estée Lauder (EL) was increased from 200,000 to 500,000 shares, and Alibaba (BABA) saw a more modest increase from 200,000 to 250,000 shares, demonstrating continued confidence in these Chinese e-commerce and luxury consumer companies.

Sold

Scion completely liquidated four positions during the quarter, most notably exiting its entire 900,000 share position in Nvidia (NVDA), along with fully selling out of Chinese technology stocks PDD Holdings (PDD), Trip.com (TCOM), and Baidu (BIDU), suggesting a strategic shift away from certain technology and Chinese internet companies.

New Investments in Q2 2025

UnitedHealth UNH

Michael Burry bought $109.19B of UnitedHealth in Q2 2025. UnitedHealth continues to demonstrate strong top-line growth with $111.6 billion in Q2 2025 revenue, representing a robust 12.9% year-over-year increase, though profitability has deteriorated significantly due to escalating medical cost trends that have outpaced pricing adjustments. The company faced substantial margin compression with earnings from operations declining 43% quarter-over-quarter from $9.1 billion to $5.2 billion, while the medical care ratio expanded to 89.4%, reflecting increased utilization and unit cost pressures. Management reestablished 2025 guidance after suspending it in May, signaling confidence in operational improvements while acknowledging the need for disciplined cost management to restore historical performance levels.

• Q2 2025 EPS declined 17.9% to $3.76 despite record revenue growth.
• Net margin compressed from 5.7% in Q1 to 3.1% in Q2 2025.
• Medical care ratio increased 430 basis points year-over-year to 89.4%.

Regeneron REGN

Michael Burry bought $105B of Regeneron in Q2 2025. Regeneron delivered solid Q2 2025 results with 4% revenue growth to $3.68 billion, driven by strong performance from key franchises EYLEA HD and Dupixent. The company is experiencing significant momentum with multiple recent FDA approvals, including Lynozyfic for multiple myeloma and two new Dupixent indications for bullous pemphigoid and chronic spontaneous urticaria, expanding its addressable market. Management expressed confidence in both near-term and long-term growth prospects, supported by a robust pipeline and continued investment in R&D.

• Revenue increased 4% to $3.68 billion in Q2 2025 versus the prior year quarter.
• R&D spending rose 18.5% to $1.42 billion in Q2 2025, reflecting continued pipeline investment.
• Dupixent now has 8 distinct FDA-approved indications following recent approvals for bullous pemphigoid and chronic spontaneous urticaria.

Lululemon LULU

Michael Burry bought $95.03B of Lululemon in Q2 2025. Lululemon has experienced significant headwinds in 2025, with shares declining approximately 50% year-to-date amid concerns over slowing North American growth and increased competition in the athleisure category. The company's core North American market has shown signs of maturation, with Americas revenue growing only 4% year-over-year in constant currency last quarter, a stark deceleration from the doubling of revenue between 2020-2023. Despite these challenges, the company maintains strong international growth momentum and management is aggressively repurchasing shares at what appears to be historically attractive valuations.

• Stock has declined approximately 50% in 2025 and over 60% from all-time highs.
• North American revenue growth has decelerated to 4% year-over-year in the most recent quarter.
• Analysts predict Q2 2025 EPS of $2.87, representing an 8.9% year-over-year decline.

Meta META

Michael Burry bought $73.81B of Meta in Q2 2025. Meta delivered exceptional Q2 2025 results with revenue growing 22% year-over-year to $47.5 billion and net income surging 36% to $18.3 billion, demonstrating the company's strong monetization capabilities across its platform ecosystem. The company's operating margin expanded significantly to 43% from 38% in the prior year, reflecting improved operational efficiency while maintaining robust user engagement with Family daily active people growing 6% to 3.48 billion. Meta's stock gained 9% in after-hours trading following the earnings beat, with management providing optimistic Q3 2025 revenue guidance of $47.5-50.5 billion, indicating continued momentum in the business.

• Diluted earnings per share increased 38% year-over-year to $7.14 in Q2 2025.
• Operating margin expanded 500 basis points to 43% compared to 38% in Q2 2024.
• Revenue growth accelerated to 22% year-over-year in Q2 2025, beating analyst expectations.

ASML ASML

Michael Burry bought $20.03B of ASML in Q2 2025. ASML delivered strong Q2 2025 results with €7.7 billion in net sales and €2.3 billion net income, though showing slight sequential decline from Q1 with EPS dropping to €5.90 from €6.00. The company's forward momentum remains robust with net bookings surging 41% quarter-over-quarter to €5.5 billion, driven by strong EUV demand of €2.3 billion as AI continues fueling semiconductor growth. Management expects 15% full-year revenue growth in 2025 and projects a massive €44-60 billion revenue opportunity by 2030 with gross margins expanding to 56-60%.

• Net bookings increased 40.8% quarter-over-quarter from €3.9 billion to €5.5 billion.
• EPS declined 1.7% sequentially from €6.00 to €5.90 while gross margin compressed to 53.7%.
• Company expects 15% full-year 2025 revenue growth with 2030 revenue opportunity of €44-60 billion.

VF VFC

Michael Burry bought $17.62B of VF in Q2 2025. VF Corporation demonstrated sequential improvement in Q2 FY25 with revenue declining 6% year-over-year to $2.8 billion, marking a significant improvement from Q1's 10% decline, while gross margins expanded 120 basis points to 52.2% driven by inventory optimization and operational efficiencies. The company successfully completed the Supreme divestiture for $1.475 billion in net proceeds, enabling substantial debt reduction and positioning for improved financial flexibility. Despite ongoing brand challenges, particularly with Vans down 11% and Timberland down 3%, the company is executing its turnaround strategy with cost savings on track to reach $300 million by fiscal year-end.

• Revenue decline improved from 10% in Q1 to 6% in Q2, with Vans showing recovery from 21% decline to 11% decline.
• Gross margin expanded 120 basis points to 52.2% while adjusted EPS declined modestly from $0.63 to $0.60.
• Net debt reduced by approximately $446 million to $5.7 billion with additional $1.475 billion from Supreme sale proceeds.

Bruker BRKR

Michael Burry bought $10.3B of Bruker in Q2 2025. Bruker Corporation has experienced a challenging period with declining financial performance, as evidenced by their Q2 2025 results showing revenue decline and significant earnings pressure. The company reported $797.4 million in Q2 2025 revenues, down from the prior year, while facing headwinds from organic revenue decline and margin compression. Management has responded with an aggressive cost-cutting initiative targeting $100-120 million in annual savings by FY2026, though the stock has faced pressure with analysts cutting estimates multiple times and projecting continued revenue declines through 2025.

• Q2 2025 revenue declined 0.4% year-over-year to $797.4 million with organic revenue falling 7.0%.
• Non-GAAP EPS dropped 38.5% year-over-year to $0.32 in Q2 2025.
• Gross margins eroded by 270 basis points to 48.6% with analysts projecting 15-19% revenue decline for full-year 2025.

MercadoLibre MELI

Michael Burry bought $7.84B of MercadoLibre in Q2 2025. MercadoLibre delivered exceptional Q2 2025 results with revenue surging 34% YoY to $6.8 billion and record operating income of $825 million, demonstrating the company's dominant position in Latin American e-commerce and fintech. The company's dual-engine growth strategy continues to fire on all cylinders, with e-commerce GMV reaching $15.3 billion and Mercado Pago's credit portfolio expanding dramatically to $9.3 billion. The recent upgrade to investment grade (BBB-) by S&P Global marks a significant milestone that should lower borrowing costs and attract institutional capital, positioning MercadoLibre for continued expansion across Latin America.

• Revenue growth accelerated to 34% YoY in Q2 2025, beating consensus estimates by $224.83 million.
• Mercado Pago's credit portfolio exploded 91% YoY while monthly active users grew 30% YoY to 68 million.
• Operating income margin improved with 14% YoY growth to $825 million despite EPS missing consensus by $1.70.

Holdings at the end of Q2 2025

Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.