1. A sharp shift from bearish tech bets to heavy exposure in healthcare
2. Strong positioning in premium consumer brands and selective tech plays
3. Ongoing skepticism toward Chinese equities despite portfolio realignment

Michael Burry, the famed investor known for predicting the subprime mortgage crisis, has once again reshaped his portfolio in dramatic fashion. After entering 2025 with aggressive bearish bets on technology—most notably a massive NVIDIA put and short positions against Chinese giants like Alibaba, JD.com, and PDD—Burry’s portfolio for the second quarter of 2025 looks entirely different. The focus has shifted toward healthcare, supported by optimistic positions in premium consumer brands and a cautious re-entry into select technology names.

Healthcare Takes Center Stage

The most striking aspect of Burry’s portfolio is his heavy allocation to healthcare. He holds call options on UnitedHealth Group valued at $109 million, making up 18.9% of his total assets, alongside a nearly identical exposure to Regeneron Pharmaceuticals, worth $105 million or 18.2% of the portfolio. Together, these positions represent over one-third of his holdings, underscoring a strong conviction that healthcare will continue to deliver steady demand even in a volatile economic environment.

Consumer and Lifestyle Bets

Beyond healthcare, Burry has embraced consumer resilience through high-end lifestyle and beauty brands. Lululemon Athletica stands out with a $95 million call option position, representing 16.4% of the portfolio. Similarly, Estée Lauder accounts for $40 million (about 7%), pointing to Burry’s confidence in premium consumer segments that are less sensitive to cyclical downturns. These positions suggest he is betting on enduring brand strength and sustained consumer demand at the top end of the market.

A Cautious Return to Technology

Despite moving away from aggressive tech shorts, Burry hasn’t abandoned the sector entirely. Meta Platforms now makes up 12.8% of his holdings with a $74 million call option position. This could be interpreted as a vote of confidence in the recovery of digital advertising and Meta’s strategic investments in artificial intelligence. Meanwhile, semiconductor leader ASML has a more modest presence, with a $20 million allocation (3.5% of the portfolio), reflecting a measured stance toward the European chip sector.

Lingering Skepticism on China

Even as his portfolio has turned bullish elsewhere, Burry remains wary of China. His $28 million position in Alibaba (about 4.9%) and $33 million in JD.com (7%) continue to reflect caution over the country’s sluggish consumer market and regulatory overhang. In effect, his pivot is not absolute—it leaves intact a significant layer of skepticism toward Chinese equities.

Reading the Strategy Behind the Pivot

This repositioning signals a fundamental shift in approach. Instead of relying on defensive shorts and hedging, Burry is pursuing growth opportunities through sectors he deems resilient. The focus on healthcare and premium consumer goods may be a calculated response to slowing U.S. growth and consumer weakness in lower-income brackets. His selective return to tech, albeit smaller, hints at opportunism—taking advantage of pullbacks in valuations after the rallies of 2023–2024.

Big Picture Takeaway

With an overall $578 million portfolio, Burry’s latest moves reflect more than just tactical adjustments—they showcase a full reorientation. From betting on a tech collapse to leaning heavily into healthcare and high-end consumer demand, the shift is striking. The real question now is whether this represents a long-term conviction in healthcare’s structural strength, or a shorter-term maneuver to capitalize on shifting market dynamics.