In this article, we will look at Michael Burry’s top portfolio holdings.
Michael Burry’s name is synonymous with contrarian investing strategies, being one of the few investors who bet against the housing market and profiting from the subprime mortgage crisis between 2007 and 2010. His stance on the real estate market in 2008 made the American investor and hedge fund manager famous enough to make it in the 2015 film “The Big Short,” where he was portrayed by Christian Bale.
Over the years, Burry, who established a renowned and well-regarded California-based hedge fund Scion Asset Management, LLC in 2013, often made headlines for his recession warnings and market crash “predictions”. However, with warnings about economic downturns fizzling out, Burry’s reputation as both an expert and hedge fund manager was often at stake.
But even though some of his recession warnings have not played out as predicted, Burry remains one of the market geniuses whose moves investors value and follow as explained in our recent survey of Michael Burry’s portfolio in 2024.
His firm has achieved a return of over 160% over the past decade, outperforming the S&P 500 during that time, according to Ticker Nerd.
READ ALSO: Michael Burry Stock Portfolio: Top 8 Stock Picks and 10 Cheapest Stocks Insiders Are Buying Recently
Scion Asset Management manages hedge funds with discretionary assets under management of $196,206,549 (as of March 2024). In its fourth quarter SEC 13F filing on February 14, Burry’s firm disclosed a total of 13 security holdings with a portfolio value of $77,435,131 and a top 10 holdings concentration of 93.62%.
Burry wrapped up 2024 being cautiously optimistic regarding long-term prospects in terms of China’s online retail market, given ongoing regulatory and macroeconomic uncertainties in the Asian country. In the quarter ending December 31, he cut the stake in two of his top three investments in Chinese technology before the January release of DeepSeek’s latest AI models which turned tech space on its head starting a massive rally in the country’s stock market. Apart from that, it appears Burry is looking to capitalize on the growing demand for healthcare services and advanced analytical technologies, while also focusing on consumer discretionary taking positions in apparel, cosmetics, and luxury goods industries.
Michael Burry of Scion Asset Management
Our Methodology
To make the list of Michael Burry’s top portfolio holdings we reviewed Scion Asset Management’s fourth-quarter 2024 portfolio and ranked the list according to the hedge fund’s stake value in each firm. If there was an overlap, we prioritized the holding that was worth more money. We have also assessed the number of shares acquired by Scion Asset and hedge fund sentiment toward each stock from Insider Monkey’s database of hedge investor letters.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373% since May 2014, beating its benchmark by 218 percentage points (see more details here).
That said, please see if there are overlaps between our compilation of famous investor’s top 10 stock picks heading into 2025 wrapped up in October and a new list of Michael Burry’s top 10 portfolio holdings.
10. Magnera Corp
Portion of portfolio: 4.69%
Value of holdings: $3,634,000
Magnera Corp (NYSE: MAGN) is a spinoff and merger of Berry Global’s Health & Hygiene and Nonwovens & Films business and the former Glatfelter Corporation, formerly GLT, completed in November 2024. The company manufactures and supplies papers and engineered materials. Serving customers globally, the combined business offers a range of products such as components for absorbent hygiene products, protective apparel, wipes, specialty building and construction products, and products serving the food and beverage industry.
Burry opened a position in Magnera in the fourth quarter buying 200,000 of the company’s shares.
Magnera’s first quarter 2025 inaugural earnings report, published in February, showed net sales of $702 million, representing a 2% year-over-year, including revenue from the merger. Revenue growth is one of the indicators of the company’s ability to expand its customer base and increase sales. Adjusted EBITDA came in positive at $84 million, up 8% over the same period. The company, with a market cap of $702.33 million reported net debt to adjusted EBITDA of 4x and net debt of $1.78 billion, in line with expectations, according to Seeking Alpha.
Kristopher Rymer from Safe Harbor Stocks who also purchased a position in Magnera said in his analysis of the company’s financial report that the management anticipates robust organic growth in its infrastructure and hard surface disinfecting categories. To mitigate cost inflation, management is carrying out pricing adjustments.
Magnera Corp’s stock price stood at $19.84 at the market close on March 11. Year-to-date, the company’s stock gained 9.19% in value.
9. VF Corp
Portion of portfolio: 5.54%
Value of holdings: $4,292,000
VF Corp (NYSE: VFC) is an apparel, footwear and accessories company. The company boasts the Active, Outdoor and Work sectors, offering its products primarily through mass merchants, department stores, independently operated partner stores, national retailers, specialty shops and direct-to-consumer channels. Additionally, 15% of its products are sourced from China. Its brands include The North Face, Vans, JanSport, Timberland and Kipling, to name a few.
Burry initiated its investment in the Denver, Colorado-headquartered VF Corp in the fourth quarter purchasing 200,000 of its shares.
The company’s revenue in the third quarter of fiscal 2025 increased by 2% over the previous year’s quarter to $2.8 billion, beating analyst estimates of $2.75 billion, according to data compiled by LSEG. The third quarter marked the firm’s fourth consecutive quarter of growth. VF Corp bounced back from the demand challenges and losses that impacted the company until early 2024. Part of V.F. Corporation’s strategy is prioritization of its Vans brand as well as reduction of costs by $300 million by the end of fiscal 2025 alongside the sale of non-core assets such as Supreme brand.
In its fourth quarter 2024 investor letter Curreen Capital said V.F. Corp is trading at an attractive upside-to-downside ratio, suggesting potential for significant future growth, given its strong brands, improved management, and solid business fundamentals.
As part of its broader financial strategy, VF Corp announced the redemption of all its outstanding 2.400% Senior Notes due in 2025.
With a market capitalization of $6.751 billion, VFC traded at $17.33 after the market close on March 11, according to Yahoo Finance. Year-to-date, the stock lost 19.25% in value, earning a place on the list of Michael Burry’s top portfolio holdings.
8. Bruker Corp
Portion of portfolio: 5.67%
Value of holdings: $4,396,500
Bruker Corp (NASDAQ: BRKR) is an American manufacturer of scientific instruments for molecular and materials research, as well as for industrial and applied analysis.
Burry opened a position in Bruker in the fourth quarter purchasing 75,000 of its shares.
The current market capitalization of Bruker is $6.912 billion, according to Yahoo Finance. The company recently reported adjusted earnings per share of $0.76 for the fourth quarter of 2024, above the analyst consensus of $0.74. Quarterly revenue totaled $979.6 million, up 14.6% year-over-year and exceeding estimates of $962.38 million. In 2025, Bruker expects to hit between $3.47 billion and $3.54 billion in revenue, representing growth of 3% to 5% year-over-year, according to Bruker’s SEC filing.
Bruker alongside Magnetic Ventures, individual investors, Josef Feldman, John Maraganore, Hans Bishop and John Evans provided Terrain Biosciences, Inc. with $9 million in a round of funding dated February 12.
On February 27, the company introduced the X4 POSEIDON, a new benchtop 3D X-ray microscope (XRM) system, expected to deliver high-resolution imaging capabilities comparable to those of larger, floor-standing systems.
Year-to-date Bruker’s stock has lost 22.28% of its value and has traded at $45.56 on March 11, after the market close.
7. Hca Healthcare Inc.
Portion of portfolio: 5.81%
Value of holdings: $4,502,250
Hca Healthcare Inc. (NYSE: HCA) is a provider of healthcare services. Headquartered in Nashville, Tennesee, the company is the largest non-governmental operator of acute care hospitals in the United States. It operates 190 hospitals and approximately 2,400 ambulatory sites of care, across 20 states and the United Kingdom.
Burry initiated its investment in HCA Healthcare in the fourth quarter purchasing 15,000 of its shares and making it one of his top portfolio holdings.
In January, the company reported fourth-quarter fiscal 2024 earnings per share of $6.22, exceeding expectations of $6.13. HCA Healthcare’s fourth-quarter revenue increased by 5.7% year-over-year reaching $18.3 billion. Net income totaled $1.4 billion, or $5.63 per diluted share, compared to $1.607 billion, or $5.93 per diluted share, in the fourth quarter of 2023. Adjusted EBITDA came in positive at $3.712 billion, up from a $3.618 billion adjusted EBITDA gain in the prior year’s quarter.
Two major hurricanes in 2024, which impacted facilities in North Carolina, Georgia and Florida, caused a financial hit of roughly $200 million or $0.60 per diluted share. Despite this, the company, with a market capitalization of $80.351 billion, showed strong performance overall, according to the company’s earnings report.
Hca Healthcare has declared a quarterly cash dividend of $0.72 per share, which will be distributed to shareholders who own the company’s common stock as of March 17, 2025.
Year-to-date the company’s stock gained 7.8% in its value, closing at $323.55 per share on March 11.
6. PDD Holdings Inc.
Portion of portfolio: 9.39%
Value of holdings: $7,274,250
PDD Holdings Inc. (NASDAQ: PDD), formerly known as Pinduoduo Inc., is a multinational e-commerce group that owns and operates a range of businesses such as Pinduoduo, a popular Chinese online store with a focus on farming products and the online marketplace Temu.
Burry took an initial stake in PDD in the fourth quarter, a rival of Alibaba in China’s e-commerce sector, by acquiring 75,000 of its shares.
China’s second-largest e-commerce player has a market capitalization of $163.8 billion with a potential to reach a market cap of $248 billion by 2029. PDD captures over 20% of the market share with its Consumer-to-Manufacturer (C2M) model and has virtually no debt and a strong return on invested capital (ROIC), according to a bullish thesis on Substack by Favona Hathaway.
Additionally, the company has been reporting strong financial results, achieving compound annual growth rates (CAGR) of 53% in total revenue, 50% in gross profit, 140% in operating income and 133% in net income since 2021. Third quarter 2024 revenue increased 44% year-over-year to $14.2 billion. Net income grew 60.8% over the same period.
An offshoot of Pinduoduo, Temu, founded in 2022 has rapidly grown over the years to become a major player in global e-commerce, operating in more than 50 countries worldwide. PDD Holdings stock has gained over 30% in its value year-to-date and is on an upward trajectory following U.S. President Donald Trump’s decision to reverse his decision to eliminate the de minimis loophole under which packages from China with a value at under $800 to be processed without customs duties or tariffs. In the meantime, the European Commission has suggested tougher customs inspections and the introduction of a new handling fee to control the influx of low-cost Chinese parcels into Europe.
Here’s what GreenWood Investors said about PDD Holdings, a newcomer to the list of Michael Burry’s top portfolio holdings, as their key investment in their Q4 2024 investor letter:
“As PDD Holdings looks set to create a second Amazon with its international site Temu, we are highly attracted to the opportunity. Sales are growing 4x faster than Amazon’s, yet shares are priced at less than a quarter of the Amazon earnings multiple. PDD is a perfect example of why we want to look outside of the “Big Ten” companies that are nearly a third of global market indices.”
Year-to-date the company’s stock gained 24.99% in its value, closing at $117.98 per share on March 11.
5. Molina Healthcare Inc.
Portion of portfolio: 9.39%
Value of holdings: $7,276,250
Molina Healthcare, Inc. (NYSE: MOH), is a provider of affordable healthcare with a focus on low-income populations via Medicaid, Medicare and Marketplace programs as well as state insurance marketplaces.
Burry cut its holdings of Molina by 17% sequentially to 25,000 of its shares.
Molina’s fourth quarter results fell short of both the company’s and analysts’ projections, primarily due to greater-than-expected care usage among its members. Total operating expenses grew by 7.6% year over year to $8.7 billion. However, the company’s Healthcare premium revenues totaled $8.4 billion, up by 5.6% year over year. Net income totaled $255 million, up 6.3% over the same period. Total membership declined 5% year-over-year to roughly 5.5 million as of December 31, 2023.
Molina stock saw a post-earnings announcement drift on February 5. After the market close on March 11, the stock traded at $324.81 per share. Year-to-date the company’s stock has gained 11.6% in value. Molina has a market capitalization of $18.027 billion.
Molina, which remains one of Michael Burry’s top portfolio holdings continues its focus on a growth strategy including organic growth, winning new state contracts and acquisitions, with ConnectiCare purchase being the most recent, effective February 1, 2025. The management expects Molina to meet its target of $42 billion in premium revenues for 2025 and $46 billion in 2026. The company plans to issue $500 million in senior notes due in 2033, with the proceeds going toward general business operations.
Cantor Fitzgerald’s reiterated its Overweight rating on Molina stock with a price target of $356 suggesting confidence in the company’s market position as it navigates the complexities of state-level healthcare regulations, according to Investing.com.
Truist cut the firm’s price target to $340 from $370 on Molina stock while keeping a Buy rating, according to MarketScreener.
4. The Estée Lauder Companies Inc.
Portion of portfolio: 9.68%
Value of holdings: $7,498,000
The Estée Lauder Companies Inc (NYSE: EL) is an American multinational cosmetics company boasting a diverse portfolio of prestige brands sold in over 150 countries and territories. The company produces, markets and sells quality skin care, makeup, fragrance and hair care products.
Burry opened a new position in the company in the fourth quarter buying 100,000 of its shares.
The Estée Lauder’s share was trading at $69.6 after the market close on March 11, with the stock price impacted by the global geopolitical uncertainty and slowdowns in Mainland China and the company’s Asia travel retail sectors.
That said, net sales were down 6% year-over-year to $4 billion in the second quarter of fiscal 2025. Non-GAAP results, excluding non-cash charges, also showed a decline, with a drop in margin and adjusted diluted earnings per share of $0.62. Operating losses totaled $580 million, primarily due to goodwill and impairment charges related to the Too Faced and Tom Ford brands.
However, The Estée Lauder, another newcomer to the list of Michael Burry’s top portfolio holdings achieved a gross margin expansion of 310 basis points, which reflects improved pricing power and progress in its restructuring efforts. The company’s PRGP (Profit Recovery and Growth Plan), focuses on driving sales growth, achieving a strong double-digit operating margin, and managing external challenges including potential tariff increases. To that end The Estée Lauder launched Beauty Reimagined, as an acceleration of a strategy reset.
In its third-quarter 2024 investor letter, an investment management company Appleseed Fund mentioned The Estée Lauder, which has a market capitalization of $25.036 billion.
“Appleseed Fund added four new names to the portfolio in the past six months: The Estée Lauder Companies Inc., Willis Lease Finance, Diana Shipping and Gravity. Estée Lauder is one of the world’s largest producers of cosmetics products, and valuation has become very attractive as this premier beauty company is suffering from a post-COVID-19 hangover.”
3. JD.Com Inc
Portion of portfolio: 13.43%
Value of holdings: $10,401,000
JD.Com Inc (NASDAQ: JD) is one of the largest retailers business-to-consumer (B2C) online retailers in China in terms of revenue and transaction volume, a member of the NASDAQ100 and a Fortune Global 500 company. Headquartered in Beijing, the Chinese e-commerce company and one of Michael Burry’s top portfolio holdings is a major competitor to Alibaba-run Tmall.
Burry rolled back on his investment in Jd.Com in the fourth quarter decreasing its stake by 40% quarter-over-quarter to 300,000 shares, according to 13F regulatory filings on February 14. With the broader Chinese stock market recovering, the stock is up year-to-date nearly 19% trading at $40.75 after the market close on March 11.
JD.Com’s fourth quarter revenues reported on March 6 increased by 13.4% year-over-year to RMB347.0 billion ($47.5 billion), beating estimates as a results of positive consumption trends. Ian Su Shan, the company’s CFO said this trend is seen across multiple categories and revenue streams, attributing it to positive macro consumption trends and JD’s expanding market share. Operating margin was 2.4% for the same period, compared to 0.7% for the fourth quarter of 2023.
JD.com, with a market capitalization of $63.066 billion wrapped up January by proposing acquisition of remaining Dada Nexus Limited shares at $2 per American depositary share, or 50 cents per ordinary share e. The non-binding proposal to take the Chinese online retail business private follows JD.com disclosing a 63% stake in Dada Nexus after acquiring Walmart’s 9.3% interest in the company last year. In February the company also opted to venture into the country’s food delivery business recently announcing its plan to start registering catering merchants on its courier system.
2. Baidu Inc
Portion of portfolio: 13.6%
Value of holdings: $10,538,750
Baidu Inc (NASDAQ: BIDU) a Chinese provider of online marketing and cloud services through an internet platform, saw a 2% year-over-year drop in fourth-quarter revenue to RMB34.12 billion (US$4.7 billion), exceeding analyst expectations of RMB33.32 billion (US$4.61 billion).
Burry maintained its existing position in one of its top portfolio holdings in the fourth quarter at 125,000 shares, according to a recent quarterly filing with the Securities and Exchange Commission.
While economic pressures in the country took a toll on the company’s online marketing revenues which decreased by 7% to RMB17.9 billion yuan (US$2.48 billion, Baidu’s Cloud AI business saw a rising demand for AI solutions resulting in a 26% revenue increase to RMB7.1 billion (US$983 million). On February 18, Citi analyst Alicia Yap maintained a “Buy” rating on the stock with an associated price target of $139.
Benchmark analyst Fawne Jiang reaffirmed a “Buy” rating on the stock (NASDAQ: BIDU) with a steady $130.00 price target, while Bernstein analysts maintained a Market Perform rating on the stock, increasing the price target from $87.00 to $108.00, according to Investing.com.
The stock of the Beijing-based Chinese internet search giant traded at $94.47 per share after the market close on March 11, gaining 12.4% since the beginning of the year. Over the past 12 months, Baidu shares declined 6.73%. The company has a market capitalization of $33.308 billion.
As the AI race in China intensifies CEO Robin Li believes investing in cloud infrastructure is important as developing models that outsmart the competition requires greater computational power., according to Ruters.
That said, Ernie Bot, the company’s AI chatbot with premium features, will be available for free for mobile and desktop users starting April 1. The company plans to launch a next-gen AI model by June, making it open-source, like all of DeepSeek’s models.
On February 25, Baidu has reached an agreement with Joyy Inc. to acquire its video entertainment live streaming business in mainland China – YY Live – for a total purchase price of roughly $2.1 billion in cash.
1. Alibaba Group Holding Ltd.
Portion of portfolio: 16.42%
Value of holdings: $12,718,500
Overall, Alibaba Group Holding Limited (NYSE: BABA) remains first among Michael Burry’s top portfolio holdings. Alibaba is a multinational technology company providing online and mobile marketplaces in retail and wholesale trade.
The company’s platforms, such as Taobao and Tmall, serve millions of customers daily, while Alibaba.com and AliExpress boast a presence in more than 190 countries and regions. Alibaba Cloud, Alibaba’s cloud computing division, is one of the largest in the world, providing scalable IT solutions to businesses. Over the next three years, it plans to invest $53 billion into cloud computing and artificial intelligence. The company also has interests in digital media, logistics and fintech.
Burry reduced its stake in the Chinese tech giant sequentially by 25% between the third and fourth quarters to 150,000 shares, according to a quarterly filing with the Securities and Exchange Commission Scion Asset. However, year-over-year, the ‘Big Short’ investor doubled down interest in Alibaba from 75,000 in the fourth quarter of 2023.
The Chinese titan, which has a market capitalization of roughly $330.238 billion, reported fourth-quarter fiscal 2024 results with revenue reaching RMB280.2 billion (US$38.6 billion), up 8% year-over-year. Customer management revenue at Taobao and Tmall Group increased by 9% to RMB100.8 billion over the same period. Cloud revenue increased 13% to RMB31.7 billion, driven by AI-related products. Net income increased 333% to RMB46.4 billion.
Alibaba made headlines in 2023 venturing into AI with the launch of its own ChatGPT-style product Tongyi Qianwen. A new version of the company’s Qwen 2.5 artificial intelligence model was released in January on the heels of a meteoric rise of Chinese AI startup DeepSeek, according to Reuters.
Alibaba shares traded at $139.02 after the market close on March 11. While Alibaba stock lost over 54% of its value from a late 2020 peak, year-to-date the share price gained over 65% year-to-date.
While we acknowledge the potential of BABA as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than BABA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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