Michael Burry's Final 13F: Analyzing MOH, SLM, and Bruker Before Scion Closed
Michael Burry's final 13F reveals a concentrated bet on healthcare and finance before he shuttered Scion Asset Management in November 2025.
Why Michael Burry matters
Burry gained notoriety for his $700 million profit during the 2008 subprime mortgage crisis, a feat documented in The Big Short. His investment style relies on deep-value analysis, often targeting companies with misunderstood balance sheets or systemic risks.
While his 2021 short against Tesla (TSLA) resulted in losses, his early identification of inflationary trends solidified his reputation as a macro-contrarian. His recent transition to the Substack newsletter Cassandra Unchained suggests a shift away from institutional management toward direct commentary on private credit and tech accounting.
New buys
The final portfolio reflected a shift toward defensive sectors, specifically managed care and student lending. The concentration levels indicate that Burry maintained his preference for high-conviction, idiosyncratic bets rather than broad market exposure.
The following positions represented the core of his final SEC-regulated portfolio as of Q3 2025.
- Molina Healthcare (MOH): 35.1% of portfolio; a major bet on the managed care sector.
- SLM Corp (SLM): 19.5% of portfolio; a significant position in the student loan market.
- Bruker Corp (BRUKER): 19.3% of portfolio; a play on scientific instruments and diagnostics.
What Michael Burry sold
Burry did not just trim positions; he liquidated the entire Scion Asset Management portfolio in November 2025. The termination of his SEC registration signaled a total exit from the public hedge fund space.
Burry cited a fundamental misalignment between his value-based philosophy and current market price trends as the primary driver for returning capital to investors.
- All public equity positions were liquidated in Q4 2025.
- SEC registration was formally terminated in November 2025.
- Capital was returned to investors following the closure of the fund.
Read-through for retail
Retail investors should note that Burry's final picks focused on companies with specific regulatory or demographic tailwinds. His exit from the market serves as a reminder of his long-standing skepticism regarding current AI-driven valuations.
His recent commentary warns that tech firms are masking declining cash flows through aggressive depreciation schedules. Investors should monitor these sectors for potential volatility as the broader market adjusts to higher interest rate environments.
- Molina Healthcare (MOH): Monitor for changes in Medicaid reimbursement rates which remain a key risk factor.
- SLM Corp (SLM): Watch for shifts in federal student loan policy that could impact private lending volumes.
- Bruker Corp (BRUKER): Track R&D spending in the life sciences sector as a proxy for long-term growth.
- AI Sector: Burry maintains a bearish outlook, comparing current valuations to the 2000 dot-com bubble.