Michael Burry – Portfolio Update – Q1 2025
Michael Burry, the investor who famously predicted the 2008 housing crash and runs Scion Asset Management, has made a dramatic shift in his portfolio strategy for Q1 2025. Known for his contrarian bets and sharp macro calls, Burry has exited nearly all of his long positions—retaining just one—and initiated a series of aggressive put options, including against stocks he previously held. In short, Burry is back to doing what made him famous: shorting. Here’s a breakdown of his latest positioning:
Source: SEC Filings
Estée Lauder ($EL) – A Double Down Bet
As of Q1 2025, Estée Lauder ($EL) is the only stock holding in Michael Burry’s portfolio. After initiating a 100,000-share position in Q4 2024, Burry doubled down this quarter—adding another 100,000 shares and bringing his total stake to 200,000 shares.
Estée Lauder, founded in 1946, owns a portfolio of globally recognized beauty brands including Clinique, La Mer, and MAC. The company operates in over 150 countries but has seen its stock plunge more than 80% from its $355 peak, driven by a multi-year decline in earnings. Net income has fallen from $2.41 billion in 2022 to just $400 million in 2024.
Much of the downturn has been attributed to weakening demand in Asia, particularly China, where local luxury and skincare brands have taken market share post-COVID. Despite these challenges, Burry’s position signals a contrarian bet on a potential rebound in the company’s fundamentals.
Put Options on $NVDA
As part of his broader exit from long positions, Burry initiated several put options—his largest being against Nvidia ($NVDA). Scion Asset Management disclosed 900,000 put contracts valued at approximately $98 million. Nvidia has become a symbol of AI-driven market optimism, but some analysts have raised concerns about its valuation. Burry may be betting that much of the AI growth narrative is already priced in, making the stock susceptible to a pullback if AI adoption slows or if competitive pressures mount.
From Bullish to Bearish: Burry Turns on Chinese Tech
Michael Burry has been active in Chinese tech stocks since late 2023, building positions in names like Alibaba ($BABA) and JD.com ($JD) starting in Q3 2023, and later adding Baidu ($BIDU) and PDD Holdings ($PDD). Over the past few quarters, he adjusted these holdings—sometimes trimming, sometimes hedging with put options. But in Q1 2025, Burry made a decisive shift.
He completely exited his long positions in Chinese tech stocks and initiated new put option positions on all four companies he previously owned. According to the latest 13F filing, his Chinese bearish bets now include:
- Alibaba ($BABA PUT) – 200,000 contracts valued at $26.4M
- PDD Holdings ($PDD PUT) – 200,000 contracts valued at $23.7M
- JD.com ($JD PUT) – 400,000 contracts valued at $16.4M
- Baidu ($BIDU PUT) – 100,000 contracts valued at $9.2M
In total, Burry holds over $75 million in put options across these four major Chinese tech names—marking his strongest bearish stance yet on the sector.
Other Liquidated Holdings
In addition to his exit from Chinese tech stocks, Burry fully liquidated the rest of his portfolio in Q1 2025. Notably, he sold off his stake in Molina Healthcare ($MOH), which accounted for over 10% of his portfolio in Q4 2024. Other positions that were closed include HCA Healthcare ($HCA), Bruker Corporation ($BRKR), and several smaller holdings. With the exception of Estée Lauder ($EL), Burry is now completely out of long equity positions—underscoring the sharp pivot in his investment strategy this quarter.
Did Burry Predict the Crash—Again?
It’s important to note that this 13F filing represents a snapshot of Michael Burry’s portfolio as of March 31, 2025. This means his exits and new put positions occurred prior to the “Liberation Day” tariff announcements by President Trump and the sharp market selloff that followed. Whether Burry held onto those bearish positions and profited from the post-announcement downturn remains to be seen and will be revealed in the next quarterly filing. In the meantime, investors are closely watching his every move.
This article is for informational purposes only and is neither investment advice nor a solicitation to buy or sell securities. All investment involves inherent risks, including the total loss of principal, and past performance is not a guarantee of future results. Always conduct thorough research or consult with a financial expert before making any investment decisions. BBAE has no position in any investment mentioned.
