# Scion Asset Management (Michael Burry): 13F portfolio, Q3 2025

Michael Burry's investment firm, Saratoga.

Source: SEC Form 13F filed 2025-11-03 for the quarter ended 2025-09-30: https://www.sec.gov/Archives/edgar/data/1649339/000164933925000007/0001649339-25-000007-index.htm
Values are as the manager reported them in the filing, not current market prices.
Page: https://valuepeg.com/managers/scion-asset-management
Updated: 2025-11-03 · Next filing due by 2026-02-14

## Summary
- Reported value: $68.1M (Q2 2025: $56.3M)
- Positions: 4 (Q2 2025: 6)
- Top 10 holdings: 100.0% of the portfolio
- This quarter: 3 new, 1 added to, 0 trimmed, 5 sold out

## What Burry did in Q3 2025
Scion Asset Management opened new positions in Molina Healthcare, Slm and Bruker. It raised its stake in lululemon athletica by 100%. It sold out of 5 positions, among them Estee Lauder Companies, Bruker and Regeneron Pharmaceuticals. Molina Healthcare is now the largest holding, at 35.1% of the portfolio.

## Biggest buys
- Molina Healthcare (MOH): New
- Slm (SLM): New
- Bruker (BRKRP): New
- lululemon athletica (LULU): +100%

## Biggest sells
- Estee Lauder Companies (EL): Sold out
- Bruker (BRKR): Sold out
- Regeneron Pharmaceuticals (REGN): Sold out
- Mercadolibre (MELI): Sold out
- Unitedhealth Group (UNH): Sold out

## Top 4 holdings
| # | Company | Ticker | % of portfolio | Reported value | Change vs Q2 2025 | Held since |
|---|---|---|---|---|---|---|
| 1 | Molina Healthcare | MOH | 35.1% | $23.9M | New | Q3 2024 or earlier |
| 2 | lululemon athletica | LULU | 26.1% | $17.8M | +100% | Q2 2025 |
| 3 | Slm | SLM | 19.5% | $13.3M | New | Q3 2025 |
| 4 | Bruker | BRKRP | 19.3% | $13.1M | New | Q3 2025 |

## Other value investors
- Semper Augustus: https://valuepeg.com/managers/semper-augustus
- Sound Shore Management: https://valuepeg.com/managers/sound-shore-management
- Southeastern Asset Management (Longleaf): https://valuepeg.com/managers/southeastern-asset-management
- Starboard Value: https://valuepeg.com/managers/starboard-value
- TCI Fund Management: https://valuepeg.com/managers/tci-fund-management

## About this data
- **What is a 13F?** A quarterly report to the SEC in which an investment manager with over $100 million in US-listed stocks lists what it holds.
- **How current is it?** Managers file up to 45 days after each quarter ends, so the holdings may have changed since.
- **Whose figures are these?** The values are as the manager reported them in the filing, not today's prices. The SEC lets a manager keep some positions confidential for a time, and those are not in the filing.
- **What does it leave out?** Short positions, cash, bonds and most holdings outside US markets. Options are left out here too.

Not investment advice.