The timeline
Here is how the story ran in November 2025.
| Date | Event | Source |
|---|---|---|
| Nov 3, 2025 | Scion files its Q3 2025 13F (period ending Sept 30, 2025) | >SEC EDGAR |
| Nov 10, 2025 | SEC adviser records list Scion's registration as "terminated" effective this date | >Sherwood News |
| Nov 13, 2025 | Deregistration is reported. Scion had $154.93 million in regulatory assets as of March 2025 | >Sherwood News, >Bloomberg |
| Nov 18, 2025 | Burry says he is still active in markets | >Bloomberg |
Reuters reported that deregistering "would imply the fund is not required to file reports with the regulator or any state" (>Reuters via Yahoo Finance). Burry posted on X, "On to much better things Nov 25th." Speaking to Bloomberg on November 18, he called Scion's last run "essentially a friends and family fund" that he did not market (>Bloomberg).
As of this writing, EDGAR lists no Scion filing after the November 3 13F.
The final 13F, line by line
These are the eight lines from the information table, pulled from the filing itself. "Reported value" is what Scion put on the form. The percentage column is our own arithmetic: each line divided by the $1,381.2 million total.
| Holding | Type | Shares or underlying shares | Reported value | Share of total |
|---|---|---|---|---|
| Palantir (PLTR) | Put options | 5,000,000 | $912.1M | 66.0% |
| Nvidia (NVDA) | Put options | 1,000,000 | $186.6M | 13.5% |
| Pfizer (PFE) | Call options | 6,000,000 | $152.9M | 11.1% |
| Halliburton (HAL) | Call options | 2,500,000 | $61.5M | 4.5% |
| Molina Healthcare (MOH) | Common stock | 125,000 | $23.9M | 1.7% |
| Lululemon (LULU) | Common stock | 100,000 | $17.8M | 1.3% |
| SLM Corp (SLM) | Common stock | 480,054 | $13.3M | 1.0% |
| Bruker (BRKR) | 6.375% Series A preferred | 48,334 | $13.1M | 1.0% |
Source: >Scion 13F-HR information table, SEC EDGAR.
Grouped by type, the math looks like this:
- Puts: $912.1M + $186.6M = $1,098.7M, or 79.5% of the reported total.
- Calls: $152.9M + $61.5M = $214.4M, or 15.5%.
- Stock and preferred: $68.1M, or 4.9%.
Only about one dollar in twenty of the reported total sat in plain shares.
Why the headline number overstates the bet
The $912 million Palantir figure made headlines. It was never the amount of money Burry had at risk.
A 13F reports options by the value of the underlying shares. Sherwood explains that each put contract covers 100 shares, and the form requires the notional value of those shares (>Sherwood News). Burry later said on X that his actual Palantir exposure was about $9.2 million, roughly one-hundredth of the reported figure. Reuters reported his description: about 50,000 puts giving the right to sell Palantir at $50 a share in 2027 (>Reuters via Yahoo Finance).
The filing agrees on size. It lists 5,000,000 underlying shares. At 100 shares per contract, that is 50,000 contracts.
Here is the lesson for anyone reading a 13F. When a fund holds options, the dollar column shows how big the bet looks. It does not show the premium paid, the strike or the expiry.
What the filing cannot tell you
A 13F is a snapshot of one day, September 30, 2025, filed 34 days later. It leaves a lot out.
- Trades after the quarter ended. Anything Burry did in October 2025 or later is invisible.
- Short stock positions. The SEC tells filers not to include short positions on Form 13F (>SEC 13F FAQ).
- Options he wrote. Filers report puts and calls they hold, and they are told not to report options they write (>SEC 13F FAQ).
- Strikes, expiries and cost. The form does not ask for them.
Burry also turned his book over quickly. Reuters noted that Scion ended 2024 holding American Coastal, Bruker, Canada Goose, HCA Healthcare, Magnera, Molina Healthcare, Oscar Health and VF Corp, and exited those positions during 2025 (>Reuters via Yahoo Finance). Bruker (as a preferred) and Molina show up again in the Q3 filing, so the lineup changed from quarter to quarter.
Why the Burry book is now frozen
Every 13F tracker, Loomi.Ai included, works from filings. Scion's last one covers September 30, 2025. With no new 13F coming, there is nothing to update from.
So the Burry portfolio in Loomi.Ai's Hedge Fund Legends is frozen at the last filing. It shows what Scion reported for Q3 2025. It does not show what Burry holds today, and it won't change unless Scion or a successor firm files again.
That is still useful. The final filing is a clear record of how a well-known skeptic was positioned going into late 2025: large put positions on two AI leaders, plus smaller call positions on Pfizer and Halliburton. It should be read as history. It is not a live feed.
How to use it on the Loomi.Ai Desk
Hedge Fund Legends is part of the Loomi.Ai Desk membership, listed on the pricing page as "Backtest Lab + Hedge Fund Legends." The plan card describes it as "Top 7 Hedge Fund Portfolios to clone." The Desk costs $8/mo intro, then $20/mo.
Loomi's own guidance on Legends is direct: "Legends organizes disclosed fund holdings. Check the filing date and reporting period before comparing them with your own watchlist; a reported portfolio is not a live view of a fund's trades."
A sensible workflow for the Burry book:
- Read the date first. The period is September 30, 2025. Treat every line as a historical record.
- Separate options from shares. Most of the dollars were option notional, so position size on the form is not dollars at risk.
- Use it as a research prompt. If a name like Pfizer or Halliburton interests you, check its current trend, options activity and dealer gamma on the Desk before forming a view of your own.
- Compare with Legends that still file. The other books update each quarter, so they can show how active funds changed their positions after Burry stopped filing.
Put the research to work on your Desk
Explore the tools behind the research, compare the available access, or open your Desk if you already have an account.
FAQ
Does Michael Burry still file 13Fs? No. Scion's registration was terminated effective November 10, 2025, and EDGAR shows no Scion 13F after the one filed November 3, 2025.
What was in Michael Burry's last 13F? Eight positions worth a reported $1.38 billion: puts on Palantir and Nvidia, calls on Pfizer and Halliburton, and small stakes in Molina, Lululemon, SLM and a Bruker preferred.
Did Burry really bet $912 million against Palantir? No. That is the notional value of 5 million underlying shares. Burry said his actual exposure was about $9.2 million.
Where can I see Burry's current holdings? There is no public source for them. After Scion stopped filing, the September 30, 2025 filing is the last disclosed snapshot.
Loomi.Ai provides educational market research, not financial advice. Fund holdings shown are historical disclosures, and you are responsible for your own trading decisions.
Sources
- >Scion Asset Management 13F-HR, period 9/30/2025, filed 11/3/2025, SEC EDGAR
- >Michael Burry de-registers his hedge fund, Scion Asset Management, Sherwood News
- >Michael Burry of 'Big Short' fame deregisters Scion Asset Management, Reuters via Yahoo Finance
- >Michael Burry's Scion Fund Is Deregistered, SEC Filing Shows, Bloomberg
- >Michael Burry Says He's 'Active in Markets' After Scion Is Deregistered, Bloomberg
- >Frequently Asked Questions About Form 13F, SEC