Michael Burry’s Top 5 Positions Represent 73.22% Of The Total Portfolio
Sunday, September 14, 2025 · Johnny Hopkins
In the most recent quarter, Michael Burry’s Scion Asset Management reported a portfolio valued at $578.34 million, with the top five holdings accounting for 73.22% of total assets. The portfolio remains highly concentrated, reflecting Burry’s conviction-driven approach. Below is a detailed look at each of the top 5 positions, including shares held, value, portfolio weight, and commentary.
UnitedHealth Group (UNH) – 18.88%
Burry’s largest holding is UnitedHealth, worth $109.2M across 350,000 call options. The position highlights a bullish outlook on managed care, where scale and pricing power offer resilience against cost pressures. Using calls indicates a levered bet on upside, potentially tied to stability in U.S. healthcare policy and long-term demand.
Regeneron Pharmaceuticals (REGN) – 18.16%
Regeneron comes in close behind at $105.0M of 200,000 call options. The biotech’s leadership in immunology and ophthalmology makes it a robust cash generator, with Eylea and pipeline developments supporting future growth. The size of this allocation reinforces Burry’s tilt toward healthcare as a central theme.
Lululemon Athletica (LULU) – 16.43%
Burry committed $95.0M via 400,000 call options to Lululemon. The bet reflects confidence that premium consumer spending will hold up despite macro uncertainty. Lululemon’s strong brand, high margins, and international expansion continue to appeal as a long-term growth story.
Meta Platforms (META) – 12.76%
Meta represents $73.8M of the portfolio through 100,000 call options. While the company faces regulatory scrutiny and high spending on Reality Labs, it remains a dominant cash flow machine. Burry’s move suggests opportunism, with upside linked to AI-powered advertising and sustained user engagement across its platforms.
Estee Lauder (EL) – 6.99%
At $40.4M worth of call options, Estee Lauder rounds out the top five. Despite recent weakness tied to slower China sales and travel retail headwinds, Burry sees potential for recovery. The position implies confidence that the luxury beauty market will rebound, offering substantial upside from depressed levels.
Conclusion
Burry’s top five holdings dominate nearly three-quarters of the portfolio, concentrated in healthcare (UNH, REGN), consumer brands (LULU, EL), and big tech (META). His use of call options underscores a strategy built on asymmetric upside and high-conviction positioning, consistent with his contrarian style.