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
- 7
- Top-10 weight
- 100%
- As of
- 2025-09-30
- Filed
- 2025-11-03
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 87% of the gross return over this window — the factor legs carried the book.
Gross
+18.7%
Market
+19.0%
Sector
+10.7%
Subsector
+0.1%
Stock selection
-16.3%
Top holdings
7 reported positions; top 7 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 | PLTRPalantir Technologies Inc. Class A | 66.7% | $912M | 59% |
| 2 | NVDANVIDIA Corporation | 13.6% | $187M | 47% |
| 3 | PFEPfizer Inc. | 11.2% | $153M | 65% |
| 4 | HALHalliburton Company | 4.5% | $62M | 40% |
| 5 | MOHMolina Healthcare, Inc. | 1.7% | $24M | 80% |
| 6 | LULUlululemon athletica inc. | 1.3% | $18M | 73% |
| 7 | SLMSLM Corp | 1.0% | $13M | 79% |
100% of reported AUM is in the ERM3 model universe; attribution and risk shares cover that subset. Source: SEC Form 13F-HR, filed 2025-11-03.
How concentrated is this book?
Quarter-end concentration across 32 filings from 2015-12-31 to 2025-09-30, with the latest filing set against this manager's own median.
- Effective N
- 2.1
- median 5.7
- Top 5 weight
- —
- no median
- Top 10 weight
- 100.0%
- median 100.0%
- Weight HHI
- —
- no median
Effective N is inverse-Herfindahl breadth, not a holding count: it falls well below the number of positions when one name dominates, which is the case worth seeing. This book held 7 positions at 2025-09-30.
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.