Scion Asset Management, LLC

Scion Asset Management, LLC is an SEC-registered hedge fund headquartered in Saratoga, California, founded and managed by Dr. Michael Burry, one of the most celebrated and closely-followed contrarian investors of the modern era. The firm files quarterly 13F disclosures with the Securities and Exchange Commission under CIK #0001649339, providing transparency into its concentrated, thesis-driven public equity positions. Dr. Burry gained worldwide fame through his prescient bet against the subprime mortgage market prior to the 2008 financial crisis—a trade that earned extraordinary returns for his investors and was later immortalized in Michael Lewis's bestselling book "The Big Short" and its Academy Award-winning film adaptation. After closing his original Scion Capital fund in 2008, Burry returned to active investment management through Scion Asset Management, applying his distinctive deep value, contrarian investment philosophy to public equity markets. The firm operates with minimal public presence, with Dr. Burry's periodic social media activity on Twitter/X generating substantial market attention and media coverage. The 13F filings are among the most scrutinized in the investment community, as investors seek insight into Burry's macroeconomic views and security selection.

Scion Asset Management, LLC employs a deep value, contrarian investment philosophy characterized by concentrated positioning, thesis-driven security selection, and willingness to adopt unconventional market views. The 13F Portfolio Composition reveals an opportunistic allocation approach with highly variable sector exposure that shifts dramatically based on Dr. Burry's evolving macroeconomic thesis and identification of extreme valuation dislocations. Unlike sector-specialist or style-constrained mandates, Scion's portfolio reflects idiosyncratic analysis that may concentrate in Technology, Healthcare, Financials, Consumer sectors, or commodity-related equities depending on prevailing opportunities. The investment approach emphasizes identifying securities trading at significant discounts to intrinsic value—often in unloved, misunderstood, or temporarily distressed situations where market pessimism has created asymmetric risk-reward profiles. Dr. Burry's background as a trained physician and self-taught investor informs a research-intensive, independent analytical approach that frequently diverges from consensus market opinion. The high turnover observable in sequential 13F filings reflects the tactical nature of the strategy, with positions established and exited as valuation theses reach fruition or evolving analysis suggests superior opportunities elsewhere.

Scion Asset Management, LLC presents as a high-profile contrarian hedge fund managed by one of the investment industry's most recognized figures, with documented concentrated equity exposure reflecting thesis-driven, deep value investment principles. The firm's 13F filing history under CIK #0001649339 enables analysis of its Historical Track Record through portfolio replication methodologies, assessing how the contrarian approach has performed across varying market environments since the fund's reestablishment. The Alpha Generation vs S&P 500 metric provides insight into whether the concentrated, unconventional positioning has delivered excess returns relative to passive broad market exposure. Examination of Sector Allocation History reveals the dramatic positioning shifts characteristic of the opportunistic mandate, potentially identifying timing patterns around macroeconomic regime transitions. The Sharpe Ratio illuminates risk-adjusted efficiency, evaluating whether the elevated volatility inherent in concentrated contrarian investing has been compensated by commensurate returns. The intense public interest in Dr. Burry's positions creates unique analytical opportunities, as quarterly 13F disclosures generate substantial market commentary and subsequent price reactions in disclosed holdings. A key diagnostic question emerges: How does Scion Asset Management's contrarian, thesis-driven approach perform during periods of sustained market momentum when consensus positioning continues to outperform, and does the concentrated structure amplify drawdowns during extended periods before contrarian theses reach resolution?

The concentrated, contrarian mandate at Scion Asset Management, LLC produces a high-volatility risk profile reflecting the firm's conviction-driven positioning and willingness to embrace uncomfortable market views. The Volatility Profile significantly exceeds broad market indices given the concentrated portfolio construction, dramatic sector shifts between quarters, and exposure to out-of-favor securities that may experience substantial price swings. The Max Drawdown Depth metric warrants careful examination, as contrarian positions may experience extended periods of underperformance before thesis realization. Dr. Burry's investment philosophy explicitly accepts interim mark-to-market losses in pursuit of long-term value realization, requiring investors with appropriate time horizons and volatility tolerance. The high turnover introduces execution risk and potential tax consequences for taxable investors. The firm's fame and the intense scrutiny of its 13F filings create unique dynamics, as market participants may anticipate or react to disclosed positions. However, the track record demonstrated during the 2008 financial crisis illustrates the potential for exceptional returns when contrarian theses prove correct. The single-manager structure concentrates key-person risk around Dr. Burry's investment acumen and continued management engagement.