Michael Burry's Trades and Holdingsin Q4 2024

We break down the stocks Michael Burry (Scion Asset Management) bought, sold, and held in Q4 2024, including their holdings at the end of the quarter. All data sourced from Scion Asset Management's 13F filed on February 14, 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

Portfolio Changes in Q4 2024

New positions

Scion established eight new positions in Q4 2024, with the largest being Estée Lauder (EL) at 100,000 shares worth $7.5 million and PDD Holdings (PDD) at 75,000 shares worth $7.3 million, followed by healthcare play HCA Healthcare (HCA) at $4.5 million, scientific instruments company Bruker (BRKR) at $4.4 million, apparel company VF (VFC) at $4.3 million, Magnera (MAGN) at $3.6 million, health insurer Oscar Health (OSCR) at $2.7 million, and a small position in Canada Goose (GOOS) worth $249,000.

Bought

Scion added to two existing positions during the quarter, increasing its stake in American Coastal Insurance (UIHC) by 46,100 shares and Baidu (BIDU) by 41,700 shares, with the latter generating a solid 20.2% return on the addition.

Sold

Scion completely liquidated three positions, exiting Shift4 Payments (FOUR) worth $13.3 million, Olaplex (OLPX) worth $2.4 million, and RealReal (REAL) worth $1.6 million, while also trimming Chinese e-commerce holdings by reducing JD.com (JD) by 200,000 shares and Alibaba (BABA) by 50,000 shares, and cutting its Molina Healthcare (MOH) position by 5,000 shares.

New Investments in Q4 2024

Estée Lauder EL

Michael Burry bought $7.5M of Estée Lauder in Q4 2024. Estée Lauder faced significant challenges in its fiscal 2025 first and third quarters, with net sales declining 4% in Q1 and 10% in Q3, driven by macroeconomic pressures in Mainland China and Asia travel retail. Despite organic sales declines, Q3 showed modest improvements in strategic markets like the U.S. and Japan, with the company reporting mid single-digit organic net sales growth online. Leadership changes and a $159 million talcum powder litigation settlement added uncertainty, though new CEO Stéphane de La Faverie’s 'Beauty Reimagined' strategy aims to stabilize growth by fiscal 2026.

• Q3 operating margin fell to 8.6% from 13.5% YoY, reflecting pricing pressures and restructuring costs.
• $221 million in restructuring charges year-to-date to optimize supply chains and reduce overhead.
• Adjusted diluted EPS rose to $0.14 in Q1 despite net loss per share of $0.43, highlighting cost discipline.

PDD Holdings PDD

Michael Burry bought $7.27M of PDD Holdings in Q4 2024. PDD Holdings has shown strong institutional interest ahead of its Q1 2025 earnings report, with Mirae Asset Global Investments increasing its stake by 9,469% ($4.65 billion). Analysts project 11% year-over-year OMS revenue growth and non-GAAP net profit of up to 28 billion yuan, driven by GMV expansion outpacing the industry average. The stock, trading at $119.24, faces potential volatility post-earnings with Morgan Stanley outlining scenarios ranging from a 5-15% upside to a >10% decline.

• EPS is projected to increase by 25% year-over-year in Q1 2025, supported by robust online marketing services growth.
• P/E ratio remains 30% below sector average, indicating undervaluation despite recent institutional buying.
• Shares have gained 18% over the past six months, with analysts forecasting a breakout above 2025 highs of $133.34 post-earnings.

HCA Healthcare HCA

Michael Burry bought $4.5M of HCA Healthcare in Q4 2024. HCA Healthcare reported strong Q1 2025 results with revenues increasing 5.7% year-over-year to $18.32 billion and net income rising to $1.61 billion. The company reaffirmed its full-year 2025 guidance, citing sustained demand for healthcare services and strategic network investments. Despite beating earnings estimates with $6.45 EPS (11.6% above expectations), shares declined 3.66% post-earnings amid broader market concerns.

• Q1 2025 revenue grew 5.7% YoY to $18.32B, driven by increased care demand and expanded capacity.
• EPS of $6.45 surpassed estimates by 11.6%, despite Q1 2024 results including $0.57/share from facility sales.
• Stock fell 3.66% post-earnings despite strong results, reflecting investor concerns about surgical volume trends and policy uncertainties.

Bruker BRKR

Michael Burry bought $4.4M of Bruker in Q4 2024. Bruker Corporation reported 11.0% year-over-year revenue growth to $801.4 million in Q1 2025, surpassing estimates, though GAAP EPS fell to $0.11 (down 68.6% YoY) due to tariff impacts and strategic investments. The BSI segment drove performance with 5.1% organic growth, while BEST segment revenue declined by high teens. Updated full-year guidance projects $3.48-$3.55 billion revenue and non-GAAP EPS of $2.40-$2.48, reflecting cautious optimism amid macroeconomic headwinds.

• Q1 2025 revenue of $801.4M (+11.0% YoY) beat estimates by 4.8%.
• GAAP EPS fell to $0.11 from $0.35 YoY, missing estimates by 21.4%.
• FY2025 revenue guidance raised to $3.48-$3.55B (prior: $3.42-$3.50B).

VF VFC

Michael Burry bought $4.29M of VF in Q4 2024. VF Corporation (VFC) reported declining performance in Q1 FY25 with revenue down 9% YoY to $1.9 billion and adjusted loss per share widening to $(0.33) from $(0.15). While inventory management improved (-24% YoY) and net debt decreased by $587 million, persistent brand weakness drove results - Vans® (-21%), Timberland® (-10%), and Dickies® (-15%) all saw double-digit declines. The company maintained its dividend ($0.09/share) and reiterated FY25 free cash flow guidance, suggesting liquidity stability despite operational challenges.

• Q1 FY25 gross margin contracted 80 basis points to 52.0% due to foreign currency headwinds and unfavorable product mix.
• VF returned $35 million to shareholders via dividends in Q1 while reducing inventory levels by 24% year-over-year.
• Adjusted operating margin fell 360 basis points to (4.0%) as revenue declines outpaced cost-cutting efforts.

Magnera MAGN

Michael Burry bought $3.63M of Magnera in Q4 2024. Magnera reported 2% year-over-year revenue growth to $702 million in Q1 2025, with adjusted EBITDA increasing 8% to $84 million driven by operational improvements. The company gained market share (6.45% MRQ vs 3.90% prior year) but shares declined 25% since February 2025 earnings, reflecting investor concerns about post-merger integration costs. While showing core business strength, Magnera recorded a $261 million net loss over trailing twelve months and faces currency headwinds, though management emphasizes free cash flow generation for deleveraging.

• Q1 2025 revenue of $702M (+2% YoY) with 8% adjusted EBITDA growth to $84M.
• Market share increased 65% from 3.90% (2024) to 6.45% (Q1 2025) in core segments.
• Stock declined 25% since February earnings despite analyst price target of $16 (+34% upside).

Oscar Health OSCR

Michael Burry bought $2.69M of Oscar Health in Q4 2024. Oscar Health (OSCR) reported strong Q1 2025 results with revenue surging 42% YoY to $3.05 billion and EPS of $0.92 beating estimates by 13.6%. The company reaffirmed its 2025 guidance, reflecting confidence in sustained growth driven by a 41% increase in membership to 2 million. Stock price jumped 15.57% premarket, signaling investor optimism amid improved operational efficiency and market expansion.

• Revenue grew 42% year-over-year to $3.05 billion, with EPS of $0.92 surpassing estimates by 13.6%.
• Membership increased 41% to 2 million, driven by strategic focus on technology and individual insurance markets.
• Medical loss ratio improved to 75.4%, while SG&A expense ratio decreased to 15.8% due to cost efficiencies.

Canada Goose GOOS

Michael Burry bought $249.12K of Canada Goose in Q4 2024. Canada Goose showed mixed performance over the last two quarters, with Q4 fiscal 2025 revenue rising 7% to $384.6M and Q1 2025 growth slowing to 4% ($88.1M). Strong Asia Pacific demand and operational efficiencies supported growth, while strategic initiatives including the appointment of Creative Director Haider Ackermann aim to drive brand innovation. The company’s focus on retail execution and product evolution positions it for long-term growth despite near-term variability.

• Q1 2025 revenue increased 4% year-over-year to $88.1 million, driven by robust Asia Pacific demand.
• Q4 2024 revenue grew 7% to $384.6 million with adjusted EBIT of $59.7 million, reflecting improved margins.
• Reported net income of $27.7 million in Q4 2024, underscoring profitability gains from operational discipline.

Holdings at the end of Q4 2024

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