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.

New positions: Scion initiated stakes in The Estée Lauder Companies Inc. (EL) with 100,000 shares worth $7.5M, PDD Holdings Inc. (PDD) with 75,000 shares worth $7.3M, HCA Healthcare, Inc. (HCA) with 15,000 shares worth $4.5M, Bruker Corporation (BRKR) with 75,000 shares worth $4.4M, V.F. Corporation (VFC) with 200,000 shares worth $4.3M, Magnera Corp. (MAGN) with 200,000 shares worth $3.6M, Oscar Health, Inc. (OSCR) with 200,000 shares worth $2.7M, and Canada Goose Holdings Inc. (GOOS) with 24,838 shares worth $249K.

Bought: Scion increased positions in United Insurance Holdings Corp. (UIHC) by 46,100 shares to 146,100 shares total and Baidu, Inc. (BIDU) by 41,700 shares to 125,000 shares total.

Sold: Scion completely liquidated positions in Shift4 Payments, Inc. (FOUR), Olaplex Holdings, Inc. (OLPX), and The RealReal, Inc. (REAL), while reducing stakes in JD.com, Inc. (JD) by 200,000 shares to 300,000 shares, Alibaba Group Holding Limited (BABA) by 50,000 shares to 150,000 shares, and Molina Healthcare, Inc. (MOH) by 5,000 shares to 25,000 shares.

Website: www.scionasset.com

Wikipedia: en.wikipedia.org/wiki/Michael_Burry

Ticker Company Weight Shares Value Q4 Return
BABA Alibaba Group Holding Limited 16.4% ▼ Trimmed $12,718,500 - 40.07%
BIDU Baidu, Inc. 13.6% ▲ Added $10,538,750 + 20.16%
JD JD.com, Inc. 13.4% ▼ Trimmed $10,401,000 - 47.99%
EL The Estée Lauder Companies Inc. 9.7% ▲ New $7,498,000
MOH Molina Healthcare, Inc. 9.4% ▼ Trimmed $7,276,250 - 29.61%
PDD PDD Holdings Inc. 9.4% ▲ New $7,274,250
HCA HCA Healthcare, Inc. 5.8% ▲ New $4,502,250
BRKR Bruker Corporation 5.7% ▲ New $4,396,500
VFC V.F. Corporation 5.5% ▲ New $4,292,000
MAGN Magnera Corp. 4.7% ▲ New $3,634,000
OSCR Oscar Health, Inc. 3.5% ▲ New $2,688,000
UIHC United Insurance Holdings Corp. 2.5% ▲ Added $1,966,506 + 74.49%
GOOS Canada Goose Holdings Inc. 0.3% ▲ New $249,125
FOUR Shift4 Payments, Inc. 0.0% ▼ Liquidated $0
OLPX Olaplex Holdings, Inc. 0.0% ▼ Liquidated $0
REAL The RealReal, Inc. 0.0% ▼ Liquidated $0

New Positions

The Estée Lauder Companies Inc. EL

Michael Burry bought 100,000 shares of The Estée Lauder Companies Inc. in Q4 2024. The Estée Lauder Companies Inc. has faced significant challenges over the past 12 months, with net sales declining 2% in FY2024 and 10% YoY decline in Q3 2025. Performance has been impacted by soft consumer sentiment in China and challenges in global travel retail, though partial offsets came from double-digit growth in Clinique makeup and EMEA/Latin America markets. Recent leadership changes and dividend cuts create uncertainty, though strategic focus on premium skincare innovations shows potential for recovery.

  • Q3 2025 net sales decreased 10% to $3.6B, continuing a trend from 4% decline in Q1 2025 and 6% decline in Q2 2025.
  • Adjusted diluted EPS fell 25% to $2.59 in FY2024, with Q3 2025 showing $0.62 adjusted EPS (29% decline YoY).
  • Dividend reduced to align with payout ratios amid leadership transition to new CEO Stéphane de La Faverie effective January 2025.

PDD Holdings Inc. PDD

Michael Burry bought 75,000 shares of PDD Holdings Inc. in Q4 2024. PDD Holdings Inc. delivered strong financial performance over the past year, with 59% YoY revenue growth to RMB393.8 billion in FY2024 and 24% Q4 revenue growth driven by ecosystem investments. Despite beating EPS estimates by 1.6% (20.15 RMB vs 19.84 forecast), shares dipped 3.44% post-earnings due to a 3.95% revenue miss against expectations. The company maintains robust fundamentals with RMB331.6 billion in cash reserves and a P/E ratio of 10.24, positioning it for sustainable growth despite near-term market volatility.

  • 59% YoY revenue growth in FY2024, reaching RMB393.8 billion.
  • 20.15 RMB Q4 EPS beat estimates by 1.6% despite revenue shortfall.
  • RMB331.6 billion cash position supports aggressive R&D and global expansion.

HCA Healthcare, Inc. HCA

Michael Burry bought 15,000 shares of HCA Healthcare, Inc. in Q4 2024. HCA Healthcare, Inc. has demonstrated strong financial performance over the past 12 months, with Q1 2025 revenues reaching $18.3 billion, a 5.7% increase year-over-year, driven by growing demand for healthcare services. The company repurchased $2.5 billion worth of shares in Q1 2025, signaling confidence in its valuation, while maintaining a robust 586% return on equity. Analysts project a $381 average price target, suggesting upside potential from current levels.

  • Revenue increased 5.7% YoY in Q1 2025 ($18.3B vs $17.3B).
  • Achieved 586% return on equity in 2024, highlighting capital efficiency.
  • Repurchased 7.8 million shares ($2.5B) in Q1 2025 at average price of $353.

Bruker Corporation BRKR

Michael Burry bought 75,000 shares of Bruker Corporation in Q4 2024. Bruker Corporation (BRKR) has demonstrated strong financial performance over the last 12 months, driven by strategic acquisitions and organic growth. The company reported a 14.6% year-over-year revenue increase in Q4 2024, reaching $979.6 million, with a 15.8% constant-currency growth rate. Analysts project continued momentum, with FY 2025 non-GAAP EPS guidance of $2.67–$2.72, reflecting an 11–13% increase over 2024.

  • Q4 2024 operating margin held steady at 18.1% despite M&A integration costs and foreign exchange headwinds.
  • Stock price rose ~12% from April 30, 2024 ($40.06) to May 5, 2025 ($40.73), outperforming broader market indices.
  • Maintains a 6-month revenue backlog and 0.99 book-to-bill ratio, signaling sustained demand across key markets.

V.F. Corporation VFC

Michael Burry bought 200,000 shares of V.F. Corporation in Q4 2024. V.F. Corporation (VFC) has faced challenges over the past year, with its stock declining 1.41% on May 14, 2025, closing at $14.74. The company is executing a turnaround strategy, including cost-cutting measures targeting $300 million in savings by FY25 end and reducing net debt by $446 million year-over-year to $5.7 billion. Recent quarterly results show sequential improvement, with inventory levels down 13% and progress on operational restructuring.

  • Inventories decreased by 13% year-over-year in Q2'FY25.
  • Targeting $300 million in cost savings by the end of FY25.
  • Net debt reduced to $5.7 billion, down $446 million YoY.

Magnera Corp. MAGN

Michael Burry bought 200,000 shares of Magnera Corp. in Q4 2024. Magnera Corp. has faced significant challenges over the past 12 months, with recent earnings misses and lowered guidance pressuring its stock price. Despite revenue growth in Q1 2025, Q2 results fell short of expectations, leading to a 16.61% stock decline. The company remains focused on post-merger integration and cost optimization, but near-term headwinds threaten short-term valuation recovery.

  • $824 million net sales in Q2 2025 missed estimates by $54 million, with EPS of -1.15 sharply below projections.
  • Adjusted EBITDA grew 27% YoY in Q1 2025 to $84 million, but full-year guidance was revised downward.
  • Stock price dropped 16.61% post-Q2 results, now trading near $14.75 with a 59.47% upside potential to analyst targets.

Oscar Health, Inc. OSCR

Michael Burry bought 200,000 shares of Oscar Health, Inc. in Q4 2024. Oscar Health, Inc. has demonstrated strong financial performance over the past 12 months, with 2024 revenue growing 56.5% year-over-year to $9.2 billion and achieving its first-ever profitability in both Adjusted EBITDA and net income. The company continued this momentum into Q1 2025 with 42% revenue growth to $3.0 billion and net income increasing 55% year-over-year to $275.3 million. Operational efficiencies, membership growth, and improved cost management have driven sustained profitability and positioned Oscar as a leader in healthcare technology.

  • SG&A expense ratio improved 520 bps year-over-year to 19.1% in 2024, with further improvement to 15.8% in Q1 2025.
  • Medical Loss Ratio (MLR) of 75.4% in Q1 2025, showing effective claims cost management despite membership growth.
  • Adjusted EBITDA reached $328.8 million in Q1 2025, up 50% from $219.3 million in Q1 2024.

Canada Goose Holdings Inc. GOOS

Michael Burry bought 24,838 shares of Canada Goose Holdings Inc. in Q4 2024. Canada Goose Holdings Inc. reported mixed results over the last 12 months, with Q3 fiscal 2025 revenue declining 2.2% year-over-year to $607.9M (constant currency), while net income rose to $139.7M ($1.42 per diluted share). The company demonstrated brand resilience through its Snow Goose collection launch, driving record media attention and improved retail execution despite macroeconomic challenges. Recent momentum sets up potential reacceleration as management focuses on operational efficiency ahead of its May 21 earnings call.

  • Q3 gross profit increased 0.5% to $452.0M despite revenue contraction.
  • Adjusted EBIT margin remained strong at 33.8% in Q3 FY2025.
  • Scheduled Q4/fiscal 2025 earnings announcement on May 21, 2025 (pre-market).