Scion Asset Management

Michael Burry's Scion Asset Management is the personal hedge fund of the trader who became famous for the 2007-2008 subprime mortgage short (chronicled in Michael Lewis's 'The Big Short'). The fund runs a high-turnover macro/contrarian book - positions often rotate quarter-to-quarter, the disclosed size is modest (~$200M as of recent filings versus the much larger book Burry ran pre-2017 when he closed his original fund to outside capital), and the trading style is opportunistic rather than thematic.

Recent quarters have been dominated by China-internet exposure (Alibaba, JD, Baidu, Pinduoduo) - the contrarian bet that Chinese consumer-tech ADRs are mispriced after the 2021-2023 regulatory crackdown. Burry also rotates aggressively into and out of mega-cap tech (occasional GOOGL, NVDA probes) and is known for opportunistic put-option positions disclosed at notional values that overstate the actual dollar risk (the 13F discloses option notional, not premium). The book includes a small Berkshire B-share position as defensive ballast.

For retail traders, Scion's 13F is informative as a contrarian-rotation snapshot but unreliable as a trade-following signal - Burry's positions turn over fast enough that by the time the 13F is filed (45 days after period end), the actual exposure may have changed materially. The China-internet basket is the most consistent thematic exposure across recent filings and the cleanest signal of Burry's current macro thesis.