Michael Burry - Scion Asset Management Investment Strategy & Portfolio Analysis

How Scion Asset Management allocates capital, manages risk, and constructs its portfolio — based on SEC 13F filings.

As of Mar 31, 2026, Michael Burry's Scion Asset Management portfolio reflects a highly concentrated, high-conviction, thematic, opportunistic approach across 3 reported 13F positions. Portfolio returns are primarily driven by a small set of high-conviction positions such as Molina Healthcare Inc, lululemon athletica inc., and SLM, with the top five holdings accounting for approximately 100% of total exposure and Molina Healthcare Inc alone contributing ~43%. Economic outcomes are highly concentrated in a narrow set of healthcare and consumer cyclical companies names. Exposure to high-growth and technology-oriented segments remains limited relative to peers, with performance instead anchored in durable, cash-generating businesses across healthcare, consumer discretionary, and financials. The portfolio shows elevated turnover, consistent with an actively managed, high-conviction trading approach. Distinctive traits include Active Trader, Highly Concentrated, Economically Concentrated.

Investment Style

Value, growth, quality, and behavioral classification from latest 13F holdings.

Highly Concentrated High Conviction Thematic Opportunistic

Primary type: Thematic Opportunist

Traits: Active Trader, Highly Concentrated, Economically Concentrated, Sector-Tilted

Turnover profile

Active

Holding horizon

Short-Term

Portfolio Construction

Concentration and position sizing in the latest filing.

Portfolio construction is highly concentrated: top three names represent 100.0% of assets, top five 100.0%, and the largest single position is 43.5%.

Top 3 weight

100.0%

Top 5 weight

100.0%

Top 10 weight

100.0%

Largest position

43.5%

Top holdings: Molina Healthcare Inc, lululemon athletica inc., SLM Corporation — view full holdings

Sector Preferences

Where capital is allocated by sector.

Capital is tilted toward Healthcare and Consumer Cyclical, with 3 sectors represented in the latest filing.

Leading sectors: Healthcare, Consumer Cyclical, Financial Services

View full sector allocation

Risk Framework

Concentration, diversification, and turnover tolerance.

This investor accepts high single-name risk (largest position 43.5%, top ten 100.0%) and low economic diversification (HHI 0.03). Turnover tolerance maps to a active profile.

Largest position

43.5%

Top 10 weight

100.0%

Max sector

43.5%

Diversification

Low

Strategy Evolution

How the strategy changed between the two most recent filing periods.

Jun 30, 2025 → Sep 30, 2025

  • Position count decreased from 6 to 3 (-3 names).
  • Top-five concentration rose from 88.9% to 100.0%.
  • Largest holding changed from Estee Lauder Companies, Inc. (T to Molina Healthcare Inc.
  • Quarter-over-quarter portfolio weight turnover: 78.9%.

For trade-level changes, see the Activity page. View activity.

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