Michael Burry, the investor who rose to fame for predicting the 2008 subprime mortgage crisis, continues to attract the spotlight every quarter when his firm, Scion Asset Management, files its holdings. His latest portfolio disclosure, as of June 30, 2025, shows assets under management (AUM) of approximately $578 million. The allocation reveals a distinct strategy, with heavy reliance on call options rather than direct equity positions, pointing toward a more aggressive stance. Burry’s portfolio spans healthcare, consumer discretionary, technology, and Chinese e-commerce, suggesting a mix of defensive positioning and bold speculative bets.

Quantitative Breakdown: Where the Money Is

The single largest holding is in UnitedHealth Group, represented through call options valued at $109 million, making up 18.9% of the portfolio. Close behind is Regeneron Pharmaceuticals, also via call options, with $105 million or 18.2% of the portfolio. The third-largest holding is Lululemon Athletica, another call option, valued at $95 million or 16.4%. Together, these three positions make up more than half of the entire portfolio.

The next significant allocations include Meta Platforms at $74 million (12.8%), Estee Lauder at $40 million (6.9%), JD.com at $33 million (5.6%), Alibaba at $28 million (4.9%), ASML at $20 million (3.5%), and VF Corporation at $18 million (3.1%). The category marked “Other” accounts for $56 million, or 9.9% of the total. The concentration of the top few holdings illustrates Burry’s conviction-driven approach, while the prevalence of call options demonstrates his willingness to embrace leverage and higher risk.

Healthcare and Biotech: The Backbone of the Portfolio

The most striking feature of the portfolio is its overweight exposure to healthcare. UnitedHealth Group and Regeneron together represent more than 37% of the total. UnitedHealth, the largest health insurance provider in the U.S., has been a consistent performer, benefiting from steady revenue growth, scale advantages, and resilience in both favorable and adverse macroeconomic conditions. For Burry, investing in UnitedHealth through options underscores his view that the stock has more room to climb despite already trading near record highs.

Regeneron Pharmaceuticals, on the other hand, offers a growth story driven by innovation. The biotech firm has a strong pipeline of treatments, including therapies for eye disease, cancer, and rare genetic disorders. Biotech is inherently volatile, but Burry’s sizable call option exposure suggests confidence in the company’s ability to deliver breakthroughs that could significantly boost shareholder value. The combination of a stable healthcare giant and a high-growth biotech firm provides both security and upside potential, creating a dual anchor for the portfolio.

Consumer Discretionary: Betting Big on Lululemon

Perhaps the most surprising element in the portfolio is the massive bet on Lululemon Athletica, accounting for 16.4% of AUM. Lululemon has evolved from a yoga apparel company into a global leader in athleisure and lifestyle products. It commands strong brand loyalty and continues to expand internationally.

For an investor like Burry, who is often associated with financial and industrial plays, such a large exposure to a consumer discretionary name is unusual. By using call options, he is expressing conviction that Lululemon’s growth trajectory will accelerate. The position reflects optimism in high-end consumer spending, particularly in North America, despite broader concerns about slowing discretionary demand in the global economy. Burry may be signaling that the premium consumer segment remains resilient even amid economic uncertainty.

Technology and Internet: Meta, JD.com, and Alibaba

Technology is another central theme in Burry’s portfolio. The largest exposure in this sector is to Meta Platforms, with call options worth $74 million. Meta remains a dominant force in digital advertising through Facebook, Instagram, and WhatsApp, while simultaneously pushing into artificial intelligence and metaverse technologies. Despite skepticism surrounding the metaverse, investors have rewarded Meta for its renewed efficiency and strong revenue rebound. Burry’s bet suggests he believes the upside is far from exhausted.

Alongside Meta, Burry has positions in JD.com and Alibaba, both through call options. These investments highlight his interest in Chinese e-commerce despite recent challenges, including regulatory crackdowns and geopolitical tensions. JD.com and Alibaba have seen valuations compressed in recent years, making them potential rebound candidates if China’s economy stabilizes and regulatory pressures ease. This exposure adds both diversification and risk, as it ties a portion of his portfolio to the uncertain trajectory of China’s markets.

Advanced Technology and Industrials: ASML and VF Corporation

In addition to consumer and internet names, Burry has exposure to industrial technology through ASML, the Dutch semiconductor equipment leader. ASML is indispensable to the global chip supply chain, providing the lithography machines necessary for advanced chip production. As demand for AI, cloud computing, and high-performance processors surges, ASML remains well positioned to benefit. The 3.5% allocation suggests Burry views it as a strategic necessity, even if not a core holding.

Meanwhile, VF Corporation, the parent company of brands like The North Face and Vans, represents a smaller 3.1% position. VF has struggled in recent years with declining sales and brand repositioning efforts. For Burry, this may represent a contrarian value play, an attempt to capture upside if the company successfully executes a turnaround strategy. Compared to other holdings, it carries higher uncertainty but also potential for outsized gains.

Heavy Use of Call Options: A Risk-Reward Balancing Act

The most notable characteristic of Burry’s 2025 portfolio is the overwhelming reliance on call options. This strategy provides leverage, allowing him to control large positions with relatively less capital, magnifying potential upside. However, it also introduces heightened risk, as options can expire worthless if the stock does not exceed the strike price.

This approach suggests Burry is not merely aiming for steady compounding but is positioning for outsized gains in a relatively short timeframe. It reflects a conviction that markets, or at least specific companies, are poised for significant appreciation. Such aggressive positioning contrasts with his image as a cautious, contrarian investor, though it also fits his reputation for making bold, unconventional bets when he sees mispricing in markets.

Contrasts Between Stability and Speculation

The portfolio embodies a dual nature. On one hand, it includes defensive, stable picks like UnitedHealth and Regeneron, which anchor the portfolio with reliable sectors. On the other hand, speculative bets on Lululemon, Meta, and Chinese tech stocks introduce volatility and growth potential. This balance allows for participation in long-term secular trends while still capturing potential short-term bursts of appreciation.

The interplay between healthcare and consumer tech highlights Burry’s willingness to diverge from traditional sector allocations. It also signals his belief that both necessity-driven sectors like healthcare and aspirational consumer sectors like lifestyle apparel can thrive simultaneously in the current environment.

Strategic Analysis: What Is Burry Signaling?

Strategically, Burry’s portfolio reveals three primary themes. First, healthcare remains a cornerstone, providing stability and long-term demand irrespective of the economic cycle. Second, premium consumer discretionary spending continues to attract capital, with Lululemon serving as a major proxy for resilient high-end consumption. Third, technology, both U.S.-based and Chinese, reflects Burry’s conviction in digital transformation, AI, and e-commerce growth.

The dominance of call options as the investment vehicle signals a conviction that markets are set to move sharply upward, or at least that these specific companies are undervalued relative to their growth prospects. It also suggests that Burry is willing to embrace volatility, aiming for asymmetric risk-reward profiles rather than steady, incremental gains.

Conclusion and Outlook

Michael Burry’s 2025 portfolio is a fascinating combination of healthcare giants, high-growth consumer names, and transformative technology players, with a clear bias toward call options. The concentration in just a handful of companies, representing more than half of total AUM, reflects conviction-based investing. While this strategy exposes him to higher levels of risk, it also positions him to reap substantial rewards if his bets prove correct.

As always with Burry, the portfolio serves not only as a reflection of his market views but also as a signal watched closely by investors worldwide. Whether his aggressive stance pays off will depend on the resilience of healthcare, the strength of consumer spending, the performance of tech leaders, and the stabilization of China’s economy. One thing is certain: Burry remains as bold and unconventional in 2025 as he was when he made his famous housing market bet nearly two decades ago.