Scion Asset Management, LLC

Background

Michael Burry built his public reputation by identifying and betting against the US housing market before the 2008 financial crisis — a trade documented extensively in Michael Lewis's The Big Short. His vehicle, Scion Asset Management, LLC, operates as a small, concentrated fund rooted in deep value analysis and contrarian positioning. Burry is known for taking views that sit well outside consensus, including periodic short positions and willingness to hold biotech, distressed, or unloved names that larger institutions avoid. Over the trailing twelve months, Scion has posted a +30.4% return with +12.7% alpha over the S&P 500 — a meaningful outperformance, though investors should note that Scion's concentrated, idiosyncratic approach produces significant dispersion around that mean across cycles.

Current Portfolio Signal

Scion's 98-position book carries more breadth than its reputation for concentration might suggest, but the top of the portfolio remains meaningfully weighted. Spotify (SPOT) leads at 5.1%, followed closely by Insmed (INSM) at 5.0% and Verona Pharma (VRNA) at 4.0% — giving biotech and healthcare unusual prominence. The next tier clusters tightly: Nvidia (NVDA), SanDisk (SNDK), GE Vernova (GEV), and Microsoft (MSFT) each sit at 3.5%, while Carvana (CVNA) holds 3.4%. What distinguishes this book from…