Scion Asset Management · Michael Burry
Latest 13F holdings with ERM3 risk decomposition — how much of the portfolio's return is market beta versus genuine stock-picking, and where the residual risk concentrates.
- Reported AUM
- $1.4B
- Holdings
- 6
- Top-10 weight
- 100%
- As of
- 2025-09-30
- Filed
- 2025-12-14
Return attribution — beta or stock-picking?
Sum of monthly ERM3 attribution over the trailing 12 months (2024-10-31 → 2025-09-30), modeled subset of holdings. Roughly 92% of the gross return was idiosyncratic — most of the return came from factor exposure, not stock selection.
Gross
+15.7%
Market
+17.7%
Sector
+11.7%
Subsector
-0.1%
Stock-specific
-14.5%
Top holdings
6 reported positions; top 6 shown. “Stock-specific” is the share of each position's variance not explained by market, sector, or subsector factors.
| # | Holding | Weight | Value | Stock-specific |
|---|---|---|---|---|
| 1 | PLTR | 67.3% | $912M | 60% |
| 2 | NVDA | 13.8% | $187M | 46% |
| 3 | PFE | 11.3% | $153M | 64% |
| 4 | HAL | 4.5% | $62M | 37% |
| 5 | MOH | 1.8% | $24M | 73% |
| 6 | LULU | 1.3% | $18M | 78% |
86% of reported AUM is in the ERM3 model universe; attribution and risk shares cover that subset. Source: SEC Form 13F-HR, filed 2025-12-14.
Interrogate this portfolio
Ask the AI risk analyst what changed last quarter, where the concentration risk sits, or how your portfolio overlaps with Michael Burry's.