According to filings disclosed by the U.S. Securities and Exchange Commission (SEC), Michael Burry, the hedge fund manager who inspired the Hollywood film "The Big Short," submitted his second quarter 2025 U.S. stock holdings report (13F) for his Scion Asset Management through June 30, 2025.

According to statistics, Scion's total holdings value reached approximately $580 million in the second quarter, compared to $199 million in the previous quarter, representing a 191.5% quarter-over-quarter increase. The asset management company added 14 new positions, increased holdings in 0 stocks, reduced 1 position, and completely exited 6 positions during the second quarter. The top ten holdings accounted for 92.37% of Scion's total portfolio value.

Among the top ten heavy positions, UnitedHealth call options (UNH.US, CALL) ranked first, representing a new position established by the fund in the second quarter with a market value of $190 million. Additionally, the company purchased $6 million worth of UnitedHealth stock. Notably, Burry's bullish stance on UnitedHealth mirrors the recent actions of Warren Buffett's Berkshire Hathaway, which has also significantly increased its holdings in this healthcare company this year.

This strategy is particularly noteworthy due to its timing and scale. According to data, UnitedHealth stock is currently trading near its five-year lows, down 57.4% from its 52-week high of $630.73. These holdings suggest that both Burry and Berkshire Hathaway are optimistic about the industry's recovery prospects, especially as Medicare Advantage plan rates for 2026 are expected to exceed actual levels, while UnitedHealth's competitive advantage position remains solid despite recent setbacks.

UnitedHealth's long position marks a significant shift in Burry's typically "bearish" investment strategy. The "Big Short" investor appears to be seeking value in this battered but high-quality company, anticipating a stock price recovery following UnitedHealth's turbulent period.

From a position change perspective, Scion's top five purchases in the second quarter were: UnitedHealth call options (UNH.US, CALL), Regeneron Pharmaceuticals call options (REGN.US, CALL), Lululemon call options (LULU.US, CALL), Meta call options (META.US, CALL), and Estée Lauder call options (EL.US, CALL). These purchased call options also represent major holdings for the fund.

The top five sales were: NVIDIA put options (NVDA.US, PUT), Alibaba put options (BABA.US, PUT), PDD Holdings put options (PDD.US, PUT), JD.com put options (JD.US, PUT), and Trip.com put options (TCOM.US, PUT).

In terms of individual stocks, Scion newly purchased Lululemon, UnitedHealth, Regeneron Pharmaceuticals, Bruker (BRKR.US), and other consumer and healthcare companies. The fund also reduced its Estée Lauder holdings from 200,000 shares to 150,000 shares. The fund currently holds 50,000 shares of Lululemon, 15,000 shares of Regeneron Pharmaceuticals, 20,000 shares of UnitedHealth, and 250,000 shares of Bruker. Additionally, it newly purchased 3,000 shares of MercadoLibre (MELI.US).

Overall, Scion adopted a more optimistic stance toward companies across different industries and regions in the second quarter. Previously, the company had shorted Chinese companies due to the Trump administration's consideration of imposing tariffs. Burry's second quarter portfolio forms a stark contrast to his first quarter strategy of shorting Chinese ADRs, when Trump announced high tariffs on goods imported from China. Moreover, popular Chinese tech stocks began an upward trajectory after plummeting due to tariff news at the beginning of the second quarter, showing strong gains throughout the quarter.

In addition to selling the aforementioned Chinese stock put options, Scion also purchased call options on Alibaba and JD.com. The fund also bought call options on Dutch semiconductor supplier ASML (ASML.US) and other U.S. companies such as Meta (META.US) and VF Corporation (VFC.US).

After Trump announced the "Liberation Day" tariff policy on April 8, the S&P 500 index once fell to its lowest point in nearly a year, before U.S. stocks rebounded. In June, both the S&P 500 and Nasdaq indices hit new closing highs, ending what was the best-performing quarter of the past year as hopes for trade agreements and possible rate cuts eased investor uncertainty. Both indices achieved double-digit gains by the end of the second quarter. The S&P 500 index rose 10.57% during this period, while the Nasdaq index gained 17.75%.

Notably, regulatory filings show that Burry reduced the number of companies in his investment portfolio by approximately half to seven companies in the first quarter. Scion cleared almost all stocks in the first quarter of 2025, retaining only Estée Lauder stock while establishing put option positions on NVIDIA and several Chinese tech companies.

Burry's portfolio adjustments align with the rally from the April tariff volatility to current market highs. As global trade policies and central bank decisions influence investor sentiment, this tilt toward more growth-oriented sectors indicates renewed investor appetite for risk and bets on continued economic accommodation.