Michael Burry – Portfolio Update – Q2 2025
Michael Burry, the investor who famously predicted the 2008 housing crash and heads Scion Asset Management, has once again made a dramatic shift in his portfolio strategy for Q2 2025. In Q1, Burry held just one long position in $EL and six put positions, primarily targeting Chinese tech stocks. In the latest update, he has completely reversed course—closing his put positions and opening call positions on some of the very companies he previously bet against. This article breaks down all of Burry’s moves this quarter.
Source: SEC Filings
Estée Lauder ($EL) – Reduced
In Q1 2025, Estée Lauder ($EL) stood as the sole stock holding in Michael Burry’s portfolio. After initiating a 100,000-share position in Q4 2024, he doubled it the following quarter to 200,000 shares. In Q2, Burry trimmed the position for the first time, selling 50,000 shares—a 25% reduction—though $EL remains his largest common stock holding.
Founded in 1946, Estée Lauder owns a portfolio of globally recognized beauty brands, including Clinique, La Mer, and MAC, and operates in more than 150 countries. The company’s stock has plunged over 80% from its $355 peak, as earnings have declined for multiple years. Net income fell from $2.41 billion in 2022 to just $400 million in 2024, driven largely by weakening demand in Asia—especially China, where local luxury and skincare brands have gained market share post-COVID. Despite these headwinds, Burry’s stake reflects a contrarian bet on a recovery in the company’s fundamentals.
New Long Positions
Burry also initiated several new long positions in Q2 2025, including Lululemon Athletica ($LULU) with 50,000 shares, Brookdale Senior Living ($BRKR) with 250,000 shares, Regeneron Pharmaceuticals ($REGN) with 15,000 shares, MercadoLibre ($MELI) with 3,000 shares, and UnitedHealth Group ($UNH) with 20,000 shares. The $UNH position is particularly notable given the insurer’s turbulent run over the past few quarters, marked by rising medical costs, regulatory scrutiny, and weaker-than-expected earnings that pressured its share price. These new stakes suggest Burry is diversifying beyond his earlier focus on consumer and Chinese tech plays, while selectively targeting companies he sees as undervalued or poised for a rebound.
From Bearish to Bullish on Chinese Tech Again?
Burry has been actively trading Chinese tech stocks since late 2023, beginning with positions in Alibaba ($BABA) and JD.com ($JD) in Q3 2023, later adding Baidu ($BIDU) and PDD Holdings ($PDD). Over the following quarters, he frequently adjusted these holdings—trimming positions at times and hedging with put options.
In Q1 2025, Burry made a decisive turn, exiting all long positions in these names and opening put options against all four companies he had previously owned. Yet in his most recent filing, he reversed course once again—closing his put positions and taking the bullish side on select names. He now holds $28 million worth of call options on $BABA and $32.6 million on $JD, while closing out his $BIDU and $PDD puts without establishing new long or call positions. As of Q2 2025, Burry’s Chinese tech exposure is concentrated in just two companies.
Other Call Positions
Beyond his Chinese tech bets, Burry opened several other large call option positions in Q2 2025. His biggest is on UnitedHealth Group ($UNH) with 350,000 call contracts—worth about $109.2 million—which comes in addition to the 20,000 common shares he already holds long. Other notable new calls include Regeneron Pharmaceuticals ($REGN) at 200,000 contracts ($105 million), Lululemon Athletica ($LULU) at 400,000 contracts ($95 million), Meta Platforms ($META) at 100,000 contracts ($73.8 million), and Estée Lauder ($EL) at 500,000 contracts ($40.4 million). He also added calls on ASML Holding ($ASML) and VF Corp ($VFC), as well as the aforementioned $JD and $BABA positions. Together, these call positions represent a significant bullish tilt in Burry’s portfolio for the quarter.
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.
