The Big Short’s Michael Burry buys five new stocks

In the second quarter of 2025, Michael Burry’s Scion Asset Management added five new stocks to its portfolio while trimming its position in one other.

These changes were disclosed in Scion’s 13F filing with the United States Securities and Exchange Commission, a compulsory report for investment firms overseeing more than $100 million (R1.76 billion) in assets.

Burry, an American investor and hedge fund manager, is best known for his prescient and highly lucrative bet against the United States subprime mortgage market ahead of the 2008 financial crisis.

Born in San Jose, California, in 1971, he earned a degree in Economics from the University of California, Los Angeles, before pursuing a Doctor of Medicine at Vanderbilt University School of Medicine.

After completing a neurology residency, Burry pivoted to finance, managing his own investments before founding Scion Asset Management in 2000, a hedge fund with a strong focus on value investing.

His deep analysis of the housing market’s underlying vulnerabilities enabled him to foresee and profit from the subprime mortgage collapse.

This feat was chronicled in Michael Lewis’s book The Big Short and later portrayed in the Oscar-winning film starring Christian Bale, Steve Carell, Ryan Gosling, and Brad Pitt.

Burry’s investment philosophy centres on identifying undervalued companies and taking contrarian positions. He often targets stocks overlooked or avoided by mainstream investors, relying on thorough research and a willingness to hold long-term.

Today, analysts and investors watch his trades closely due to his track record for making bold, high-conviction calls.

Since 2023, Burry has significantly reduced his holdings. Scion’s portfolio currently consists of only six companies with a value of $56.25 million (R988.82 million).

Scion Asset Management share portfolio

During the second quarter of 2025, Burry reduced his stake in the skincare, makeup, and fragrance brand Estée Lauder by 25%.

He also bought stakes in five new companies: Lululemon, Bruker, Regeneron Pharmaceuticals, Mercadolibre, and UnitedHealth Group.

Notably, Warren Buffett’s Berkshire Hathaway also bought a stake in the insurance company UnitedHealth during the quarter.

Burry made no other adjustments to the portfolio during Q2 2025. This is significant, given that the portfolio has been very active over the last few years.

For example, during Q1 2025, Scion sold 12 stocks and bought one. In the first quarter of 2024, the company bought and sold 30 companies.

The table below shows Scion Asset Management’s share portfolio on 30 June 2025.