We break down the stocks Michael Burry (Scion Asset Management) bought, sold, and held in Q1 2025, including their holdings at the end of the quarter. All data sourced from Scion Asset Management's 13F filed on May 15, 2025.
Who are Michael Burry and Scion Asset Management?
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
Portfolio Changes in Q1 2025
New Positions
Scion initiated substantial new positions in NVIDIA Corporation (NVDA) with 900,000 shares valued at $97.5 million and Trip.com Group Limited (TCOM) with 200,000 shares worth $12.7 million.
Bought
The investment manager significantly increased holdings in Chinese tech companies, adding 125,000 shares to PDD Holdings Inc. (PDD), 100,000 shares to JD.com, Inc. (JD), and 50,000 shares to Alibaba Group Holding Limited (BABA), while also doubling its position in The Estée Lauder Companies Inc. (EL) by adding 100,000 shares.
Sold
Scion trimmed its position in Baidu, Inc. (BIDU) by 25,000 shares and completely liquidated eight positions including Molina Healthcare, Inc. (MOH), HCA Healthcare, Inc. (HCA), Bruker Corporation (BRKR), V.F. Corporation (VFC), Magnera Corp. (MAGN), Oscar Health, Inc. (OSCR), United Insurance Holdings Corp. (UIHC), and Canada Goose Holdings Inc. (GOOS).
New Investments in Q1 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| NVDA | NVIDIA Corporation | 49.0% | NEW | $97,542,000 |
| TCOM | Trip.com Group Limited | 6.4% | NEW | $12,716,000 |
NVIDIA Corporation NVDA
Michael Burry bought 900,000 shares of NVIDIA Corporation in Q1 2025. NVIDIA Corporation has demonstrated strong earnings growth of 130% in fiscal 2025 despite recent stock volatility, with shares declining 7.8% over the last six months before rebounding 17.37% in the past month. While the stock trades near recent valuation lows with a forward P/E of 29, analysts project upside potential driven by AI leadership and upcoming catalysts. Recent trade war developments and AI demand have positioned NVIDIA as a key beneficiary in semiconductor markets.
- Forward P/E ratio declined 25.6% from 39 to 29 since last year.
- Analysts project 43.5% earnings growth in FY2026 followed by 26.8% in 2027.
- Shares gained 17.37% in the past month amid trade war de-escalation news.
Trip.com Group Limited TCOM
Michael Burry bought 200,000 shares of Trip.com Group Limited in Q1 2025. Trip.com Group Limited has demonstrated strong financial performance over the past 12 months, with $7.4B in revenue and $2.37B in net income, reflecting a robust 32% net profit margin. The stock trades at an 18.3x P/E ratio with analysts maintaining a Strong Buy rating and a 16.12% upside to their price target. Recent momentum includes a 52-week range of $38.23-$77.18, supported by improving travel demand and operational efficiency.
- EPS grew to $3.40 (TTM), with a 19.51 P/E ratio positioned below industry averages for online travel agencies.
- Shares gained ~62% over the last year, outperforming broader market indices despite a low beta of 0.08.
- Upcoming Q1 2025 earnings on May 19, 2025 expected to highlight continued recovery in international travel bookings.
Holdings at the end of Q1 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| NVDA | NVIDIA Corporation | 49.0% | New | $97,542,000 |
| BABA | Alibaba Group Holding Limited | 13.3% | Bought | $26,446,000 |
| PDD | PDD Holdings Inc. | 11.9% | Bought | $23,670,000 |
| JD | JD.com, Inc. | 8.3% | Bought | $16,448,000 |
| EL | The Estée Lauder Companies Inc. | 6.6% | Bought | $13,200,000 |
| TCOM | Trip.com Group Limited | 6.4% | New | $12,716,000 |
| BIDU | Baidu, Inc. | 4.6% | Sold | $9,203,000 |
| MOH | Molina Healthcare, Inc. | 0.0% | Sold Out | $0 |
| HCA | HCA Healthcare, Inc. | 0.0% | Sold Out | $0 |
| BRKR | Bruker Corporation | 0.0% | Sold Out | $0 |
| VFC | V.F. Corporation | 0.0% | Sold Out | $0 |
| MAGN | Magnera Corp. | 0.0% | Sold Out | $0 |
| OSCR | Oscar Health, Inc. | 0.0% | Sold Out | $0 |
| UIHC | United Insurance Holdings Corp. | 0.0% | Sold Out | $0 |
| GOOS | Canada Goose Holdings Inc. | 0.0% | Sold Out | $0 |
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