We break down the stocks Michael Burry (Scion) bought, sold, and held in Q2 2024, including their holdings at the end of the quarter. All data sourced from Scion's 13F filed on August 14, 2024.
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
Portfolio Changes in Q2 2024
New positions
Scion established five new positions in Q2 2024, with the largest being Shift4 Payments (FOUR) at $7.3 million and Molina Healthcare (MOH) also at $7.3 million, followed by Hudson Pacific Properties (HPP) at $5.5 million, Olaplex (OLPX) at $1.5 million, and BioAtla (BCAB) at $0.9 million.
Bought
Scion increased its stakes in two Chinese technology companies, adding 35,000 shares to its Baidu (BIDU) position for a 54% gain and 30,000 shares to its Alibaba (BABA) holding for a 23% return.
Sold
Scion made significant reductions across its portfolio, completely liquidating eleven positions including HCA Healthcare (HCA), Citigroup (C), Sprott Physical Gold (PHYS), Block (SQ), and Cigna (CI), while also trimming its RealReal (REAL) position by 412,692 shares and reducing JD.com (JD) by 110,000 shares.
New Investments in Q2 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| FOUR | Shift4 Payments | 32.6% | NEW | $7.33M |
| MOH | Molina Healthcare | 32.4% | NEW | $7.29M |
| HPP | Hudson Pacific Properties | 24.4% | NEW | $5.5M |
| OLPX | Olaplex | 6.8% | NEW | $1.53M |
| BCAB | BioAtla | 3.9% | NEW | $868.52K |
Shift4 Payments FOUR
Michael Burry bought $7.33M of Shift4 Payments in Q2 2024. Shift4 Payments (FOUR) delivered strong Q1 2025 results with 50.7% EPS surprise and 40% YoY revenue growth, though net income declined 31.6%. The stock surged 11.4% post-earnings despite being down 23.2% YTD, driven by raised full-year guidance and $45B payment volume (+35% YoY). The company demonstrates operational strength with 46% adjusted EBITDA margins and strategic growth initiatives in new markets.
- Q1 EPS of $1.07 beat estimates by 50.7% (vs. $0.71 expected).
- Gross revenue less network fees grew 40% YoY to $369M, exceeding expectations by 6.9%.
- Raised 2025 guidance: 23-28% revenue growth and 24-28% EBITDA growth despite net income declining to $19.5M (-31.6%).
Molina Healthcare MOH
Michael Burry bought $7.29M of Molina Healthcare in Q2 2024. Molina Healthcare (MOH) demonstrated strong performance in Q1 2025 with $11.15 billion revenue (+12.2% YoY) and $6.08 EPS (+6% YoY), beating estimates by $0.11 EPS and $320 million revenue. While medical cost pressures pushed Medicaid's Medical Care Ratio to 90.3%, strategic contract wins in Illinois and Nevada position the company for sustained growth. The stock rose 3.38% post-earnings, reflecting confidence in its dual-eligible expansion and marketplace membership gains.
- Q1 2025 EPS of $6.08 beat estimates by 1.8% ($0.11).
- Revenue surged 12.2% YoY to $11.15 billion, $320 million above consensus.
- 3.38% stock price increase post-earnings with 89.2% medical care ratio (+0.7pp YoY).
Hudson Pacific Properties HPP
Michael Burry bought $5.5M of Hudson Pacific Properties in Q2 2024. Hudson Pacific Properties (HPP) demonstrated strong leasing momentum in Q1 2025 with 630,000 square feet of signed leases – its best quarterly performance in nearly three years – while maintaining $839 million in liquidity. Despite a net loss of $74.7 million, the company reported stabilized fundamentals with a growing pipeline of 2.1 million square feet of potential deals. Recent venture capital inflows targeting West Coast AI companies and potential government support for studio operations position HPP to capitalize on emerging tech and media demand.
- 630,000 sq ft of Q1 2025 leasing represents 300%+ growth from pandemic-era quarterly averages.
- $475 million CMBS financing completed in March 2025 strengthened balance sheet liquidity to $839 million.
- Office lease expirations projected to drop to sector-low levels starting H2 2025, reducing vacancy risk.
Olaplex OLPX
Michael Burry bought $1.53M of Olaplex in Q2 2024. Olaplex (OLPX) reported mixed Q1 2025 results with $97.0 million in revenue (-1.9% YoY), surpassing estimates by 3.4%, while net income plummeted 93.5% to $0.5 million. Performance varied by channel: Specialty Retail grew 12.0% while Professional and DTC channels declined. Recent leadership emphasizes their transformative Bonds and Beyond strategy to navigate market dynamics, though margin compression and international softness pose challenges.
- 69.5% gross margin in Q1 (down 260 bps YoY) reflects increased product costs and promotional activity.
- Adjusted EBITDA declined 27.7% to $25.7 million as operating expenses rose to 58.9% of net sales.
- Maintains strong liquidity with $580.9 million cash position, though down slightly from 2024 year-end.
BioAtla BCAB
Michael Burry bought $868.52K of BioAtla in Q2 2024. BioAtla reported a narrowed net loss of $15.3 million in Q1 2025 compared to $23.2 million in Q1 2024, driven by reduced R&D and G&A expenses. Despite beating EPS expectations by $0.13, the stock fell 8.19% post-earnings amid competitive pressures. Recent clinical data shows promise with a 100% disease control rate and 45% objective response rate in key trials, positioning the company for potential value inflection points in 2026.
- Q1 2025 EPS of -$0.26 surpassed analyst estimates by $0.13.
- Cash reserves of $32.4 million provide runway through 1H 2026 clinical milestones.
- Phase 2 trials demonstrate 27% complete response rate in refractory HPV+ head/neck cancer patients.
Holdings at the end of Q2 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| BABA | Alibaba | 21.3% | Added (+24%) | $11.16M |
| FOUR | Shift4 Payments | 14.0% | NEW | $7.33M |
| MOH | Molina Healthcare | 13.9% | NEW | $7.29M |
| BIDU | Baidu | 12.4% | Added (+88%) | $6.49M |
| JD | JD.com | 12.3% | Trimmed (-31%) | $6.46M |
| HPP | Hudson Pacific Properties | 10.5% | NEW | $5.5M |
| REAL | RealReal | 6.1% | Trimmed (-29%) | $3.19M |
| UIHC | American Coastal Insurance | 5.1% | $2.66M | |
| OLPX | Olaplex | 2.9% | NEW | $1.53M |
| BCAB | BioAtla | 1.7% | NEW | $868.52K |
| HCA | HCA Healthcare | 0.0% | Exited | $0 |
| C | Citigroup | 0.0% | Exited | $0 |
| PHYS | Sprott Physical Gold | 0.0% | Exited | $0 |
| SQ | Block | 0.0% | Exited | $0 |
| CI | Cigna | 0.0% | Exited | $0 |
| AAP | Advance Auto Parts | 0.0% | Exited | $0 |
| BP | BP | 0.0% | Exited | $0 |
| VTLE | Vital Energy | 0.0% | Exited | $0 |
| SBLK | Star Bulk Carriers | 0.0% | Exited | $0 |
| FSLR | First Solar | 0.0% | Exited | $0 |
| SB | Safe Bulkers | 0.0% | Exited | $0 |
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