NEW YORK (Reuters) -Michael Burry's Scion Asset Management ended the first quarter more bullish on companies across different sectors and geographies, a securities filing showed on Thursday, after betting against Chinese companies previously as the Trump administration considered imposing tariffs. Burry, known as the "Big Short" investor for his prescient calls ahead of the 2008 U.S. housing market crash, placed bets that benefit from a rise in share prices. The call options convey the right to buy shares at a set price in the future. The investor bought call options on Chinese companies Alibaba and JD.com, Dutch semiconductor supplier ASML Holding and on some U.S. names, such as cosmetics company Estee Lauder, Lululemon Athletica, Meta Platforms, Regeneron Pharmaceuticals, UnitedHealth Group, and VF Corp.

Scion's portfolio also included long-only positions in Bruker Corp, Estee Lauder, Lululemon, Regeneron, and UnitedHealth. Burry's second-quarter portfolio contrasts with bets against Alibaba, Baidu, JD.com and PDD Holdings in the first quarter, ahead of Trump's announcement of high levies on goods imported from China. The securities filing does not indicate Burry's current holdings. After the S&P 500 dipped to its lowest point in almost a year on April 8 following Trump's "Liberation Day" tariff announcement, U.S. stocks recovered. Both the S&P 500 and the Nasdaq reached record closing highs in June, capping their best quarter in over a year as hopes for trade deals and possible rate cuts eased investor uncertainty. Both indexes ended the quarter with double-digit gains. The S&P 500 gained 10.57% during the period, and the Nasdaq rose 17.75%. (Reporting by Carolina Mandl, in New York Editing by Rod Nickel)

By Carolina Mandl

© Reuters - 2025

'Big Short' investor Burry turned more bullish on second quarter

Michael Burry’s Scion Asset Management shifted to a more bullish stance in the second quarter after a bearish run in the first quarter. The firm bought call options on Chinese firms Alibaba and JD.com, Dutch semiconductor maker ASML Holding, and several U.S. names such as Estee Lauder, Lululemon, Meta Platforms, Regeneron, UnitedHealth and VF Corp. It also held long‑only positions in Bruker, Estee Lauder, Lululemon, Regeneron and UnitedHealth. Earlier in the year Burry had shorted Alibaba, Baidu, JD.com and PDD Holdings amid Trump’s tariff threat. The S&P 500 fell to a near‑year low on April 8 after the tariff announcement but recovered, with the S&P 500 up 10.57% and the Nasdaq up 17.75% for the quarter.