Michael Burry's Portfolio: His Final 13F and Why He Walked Away
If you came here for Michael Burry's latest stock picks, there's a catch: he doesn't file anymore. The investor who called the 2008 housing crash wound down his fund, Scion Asset Management, in late 2025 and deregistered with the SEC. His last quarterly filing is frozen in time — and it was one of the most contrarian he ever made.
Scion is closed — here's what happened
On October 27, 2025, Burry told his investors he was shutting the fund down. His read on value, he wrote, "is not now, and has not been for some time, in sync with the markets," and he said he would return their capital by year end. About two weeks later, on November 10, SEC records show Scion's investment-adviser registration was terminated. He hasn't filed anything since.
This wasn't a blowup. Burry walked away on his own terms after running Scion Asset Management for more than a decade, and his parting move was to bet against what he saw as a bubble. Some reports suggest he may keep investing his own money through a family office, but Scion as a registered firm is finished.
His last 13F was a bet against AI, not a stock portfolio
A lot of sites still list Burry's "portfolio" as a few stocks — Molina, Lululemon, Sallie Mae. That's misleading. His final 13F, for the quarter that ended September 30, 2025, reported about $1.38 billion across just eight positions, and roughly 80% of that was two put options: a $912 million position against Palantir and a $187 million one against Nvidia. He was betting against the two poster children of the AI trade.
The actual long stock was small — around $68 million, or 5% of the filing — split between Molina Healthcare, Lululemon, Sallie Mae, and a Bruker preferred, with bullish call options on Pfizer and Halliburton on top. And the headline number flatters him: a 13F lists options at their notional value, not the premium actually paid, so the real money at risk was a fraction of $1.38 billion.
For the record, here is the whole filing by reported value: Palantir puts ($912M, 66%), Nvidia puts ($187M, 14%), Pfizer calls ($153M, 11%), Halliburton calls ($62M, 4%), then the small long book — Molina ($24M), Lululemon ($18M), Sallie Mae ($13M), and Bruker preferred ($13M).
Why 13F never really captured Burry
Burry was always an awkward fit for 13F tracking. The filing only covers long U.S. stock and options positions on the last day of the quarter — it leaves out short sales entirely, and it misses the kind of trade he's most famous for. His 2008 bet against subprime mortgages was made with credit default swaps, which never show up on a 13F at all.
His recent filings are easy to misread for the same reason. Because options are listed at notional value, one big put can dwarf everything else and make him look like he's wagering billions when the premium at stake is far smaller. Read only the long stock and you'd have missed the whole point of his last filing — that he was short the AI trade.
Where to read Michael Burry now
A few days after closing Scion, Burry started a paid newsletter on Substack called Cassandra Unchained. It runs $39 a month, or $379 a year, and lays out his argument that the AI boom is a bubble, usually through the lens of past manias. It's where he publishes his thinking now that the quarterly filings have stopped — the link is under "Keep exploring" below.
Investors you can still track
Burry's data has gone quiet, but plenty of value and contrarian investors still file every quarter. If it was his deep-value side you followed, Seth Klarman and Mohnish Pabrai are cut from similar cloth. You can browse everyone we track from the home page, or see who made the biggest moves last quarter on the Moves page.