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. Stock selection (residual return) detracted about 120% of the gross return over this window — the factor legs carried the book.
Gross
+15.0%
Market
+17.3%
Sector
+11.8%
Subsector
-0.2%
Stock selection
-18.1%
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 | 55% |
| 2 | NVDA | 13.8% | $187M | 47% |
| 3 | PFE | 11.3% | $153M | 68% |
| 4 | HAL | 4.5% | $62M | 36% |
| 5 | MOH | 1.8% | $24M | 75% |
| 6 | LULU | 1.3% | $18M | 73% |
100% 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
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