Michael Burry's Trades and Holdings in Q3 2025

Breaking down the stocks Michael Burry (Scion) bought, sold, and held in Q3 2025, including their holdings at the end of the quarter. All data sourced from Scion's 13F filed on November 03, 2025.

Who are Michael Burry and 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
Q3 '25 13F filed with SEC

Holdings in Q3 2025

Current Investment Strategy

Scion Asset Management executed a dramatic portfolio overhaul in Q3 2025, with 79.5% of its $1.38 billion holdings concentrated in put options against AI darlings Palantir Technologies ($912 million) and Nvidia ($187 million), representing one of the most concentrated contrarian positions in modern investing history. The firm exited all previous quarter positions and added call options in Pfizer and Halliburton, while maintaining smaller equity stakes in Molina Healthcare, Lululemon Athletica, SLM Corp, and Bruker, signaling a defensive pivot toward skepticism of extended AI valuations and traditional value in healthcare and energy sectors.

New Investments

Palantir PLTR

Michael Burry bought $912.1M of Palantir in Q3 2025. Palantir delivered a strong Q3 2025 beat with 104% revenue growth, prompting management to raise full-year guidance to $4.396-$4.400 billion. This performance reflects accelerating enterprise demand for the company's AI-driven analytics and intelligence platforms. The guidance raise signals management confidence in sustaining growth momentum into 2026.

• Q3 2025 revenue grew 104% year-over-year, demonstrating continued acceleration in company growth.
• Full-year 2025 revenue guidance raised to $4.396-$4.400 billion, reflecting strong underlying business momentum.
• Enterprise customer expansion driving $4.4 billion+ revenue run-rate, positioning company within top tier of data analytics software providers.

Nvidia NVDA

Michael Burry bought $186.58M of Nvidia in Q3 2025. NVIDIA has delivered exceptional performance driven by Blackwell platform adoption and AI infrastructure buildout, though sequential revenue growth has moderated from 17% to 6% as it laps historic growth rates. Data center revenue continues to drive results with 56% year-over-year growth in the most recent quarter, though gross margin compression signals potential pricing pressure and higher product mix costs. The company maintains strong fundamentals with record Gaming and Automotive segments, positioning it favorably within the AI infrastructure ecosystem despite near-term sequential growth deceleration.

• Revenue grew 33% sequentially from $35.1 billion in Q3 FY2025 to $46.7 billion in Q2 FY2026.
• Data Center segment expanded 56% year-over-year, representing the primary growth driver amid Blackwell platform adoption.
• Gross margin declined 220 basis points sequentially from 74.6% to 72.4%, reflecting higher product costs and mix shift.

Pfizer PFE

Michael Burry bought $152.88M of Pfizer in Q3 2025. Pfizer delivered $16.7 billion in Q3 2025 revenue, driven by meaningful growth from recent launches and demonstrating disciplined operational execution across its portfolio. The company raised and narrowed its full-year 2025 Adjusted EPS guidance, signaling strong confidence in continued business momentum and improved productivity. New pivotal results in the oncology pipeline underscore compelling growth opportunities and strengthen Pfizer's strategic position in high-value therapeutic areas.

• Q3 2025 revenue reached $16.7 billion with meaningful growth contributions from recent product launches.
• Full-year 2025 Adjusted EPS guidance raised and narrowed, reflecting enhanced commercial execution and operational productivity.

Halliburton HAL

Michael Burry bought $61.5M of Halliburton in Q3 2025. Halliburton delivered a strong Q3 2025 with adjusted EPS of $0.58, beating analyst expectations by 16%, and revenue of $5.6 billion exceeding forecasts, driving the stock up 9.2% post-earnings. While sequential metrics improved with operating margins holding steady at 13% and free cash flow reaching $276 million, year-over-year performance reflects market headwinds with adjusted EPS down 20% from $0.73 and margins compressed 200 basis points. Management's strategic cost restructuring program targeting $100 million in quarterly savings and investments in differentiated technologies such as Zeus Electric fleets position the company to navigate near-term market challenges while maintaining shareholder returns through $250 million in Q3 repurchases.

• Adjusted EPS beat forecasts by 16% at $0.58, with revenue exceeding expectations by 3.9% at $5.6 billion.
• Free cash flow of $276 million supported $250 million in share repurchases while maintaining cost discipline.
• Year-over-year adjusted EPS declined 20% as operating margins compressed 200 basis points to 13% amid market softness.

Molina Healthcare MOH

Michael Burry bought $23.92M of Molina Healthcare in Q3 2025. Q3 2025 revenue of $11.5 billion beat consensus by 5.3%, but adjusted EPS of $1.84 missed estimates by 52.94%, triggering an 18-20% stock decline in after-hours trading. The earnings miss reflects elevated medical costs across behavioral health, pharmacy, and long-term services, with the consolidated medical care ratio rising to 92.6% from 89.2% year-over-year. Management slashed full-year 2025 EPS guidance by 26.3% to $14, indicating ongoing profitability pressures despite strong revenue growth.

• Adjusted EPS fell 72% year-over-year to $1.84, missing consensus by 52.94%.
• Revenue grew 11% year-over-year to $11.5 billion, beating consensus by 5.3%.
• Full-year 2025 EPS guidance reduced 26.3% from $19 to $14.

SLM SLM

Michael Burry bought $13.29M of SLM in Q3 2025. Sallie Mae delivered a significant turnaround in Q3 2025, posting $132 million in net income and $0.63 EPS compared to a loss of $0.23 per share in Q3 2024, though results missed the Zacks Consensus estimate of $0.84 due to higher-than-expected expenses. The company demonstrated strong credit quality improvements with net charge-offs declining to 1.95% from 2.08% and provisions for credit losses down 33.8% year-over-year, supported by 9% growth in private education loans outstanding and 6% loan origination growth. However, non-interest expenses increased 4.9% year-over-year, partially offsetting gains from a 3.8% rise in net interest income and an expanded net interest margin of 5.18%, up 18 basis points.

• Quarterly EPS rebounded from -$0.23 loss to $0.63 profit year-over-year, though trailing analyst expectations by 25%.
• Net interest margin expanded 18 basis points to 5.18% while provision for credit losses fell 33.8%, reflecting improving credit fundamentals.
• Private education loan originations grew 6% with loans outstanding up 9% year-over-year, driving full-year guidance of $3.20-$3.30 EPS.

Added, Trimmed, and Exited

Added

Scion did not add to any existing positions during Q3 2025.
What it means: The absence of additions to existing holdings, combined with six entirely new positions and nine complete exits, signals a dramatic portfolio reset rather than incremental adjustment. This suggests Michael Burry is executing a significant strategic pivot in his investment thesis.

Trimmed

Scion dramatically reduced its Lululemon (LULU) position by 75%, cutting from 400,000 to 100,000 shares, representing an 81.3% decline in position value from $95.0M to $17.8M.
What it means: This substantial trim suggests Burry has significantly lost conviction in Lululemon's turnaround narrative or business trajectory while maintaining a token position. The retention of 25% of shares indicates he may be keeping optionality on a potential recovery rather than complete capitulation, but the dramatic reduction clearly signals deteriorating confidence in the athletic apparel retailer's near-term prospects.

Exited

Scion completely liquidated nine positions totaling approximately $434.5M, including major healthcare holdings UnitedHealth (UNH) at $109.2M and Regeneron (REGN) at $105M, technology giant Meta (META) at $73.8M, beauty conglomerate Estée Lauder (EL) at $40.4M, Chinese e-commerce companies JD.com (JD) at $32.6M and Alibaba (BABA) at $28.4M, semiconductor equipment maker ASML at $20M, apparel company VF (VFC) at $17.6M, and Latin American e-commerce leader MercadoLibre (MELI) at $7.8M.
What it means: This wholesale portfolio clearance represents a striking macro repositioning, with Burry exiting entire sectors including managed care, Chinese equities, consumer discretionary, and semiconductor capital equipment. The simultaneous exit from both traditional healthcare (UnitedHealth, Regeneron) and big tech (Meta), combined with new bearish put positions on AI highfliers Palantir and Nvidia, suggests Burry is positioning for multiple compression in expensive growth sectors while pivoting toward value opportunities in energy services (Halliburton) and traditional pharmaceuticals (Pfizer). The abandonment of Chinese exposure entirely may reflect escalating geopolitical risk concerns or fundamental growth deceleration worries.

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.