For information and research only. Not investment advice.
13F filings13F is partial
Scion
Michael Burry
Performance
Assuming an initial $100,000 · Benchmark: S&P 500
Hypothetical
Replication modeTop 5Top 10>1%
YTD1Y5Y8YAll
CompoundFixed
Gains are reinvested — principal and returns grow together.
Backtest through 2026-07-28
After filingAt quarter endBenchmark · S&P 500
After filing — buys the holdings only once the filing is public — about 45 days after the quarter ends. The path someone could actually have taken.
At quarter end — pretends the same holdings were bought on the last day of the quarter, before anyone could have known them. Not possible in reality — shown dashed for comparison only.
Benchmark — S&P 500 (SPY) total return over the same window — what doing nothing but holding the market would earn.
Hypothetical backtest — not a real trading record. Simulated on public data from 2016-02: each position is bought only after the filing became public (using no information unavailable at the time), with trading costs deducted, on a total-return basis. Past performance does not predict future results.
All metrics below are computed on the After-filing curve.
Return?
21.3%
Compound annual return over the sample.
Risk?
41.3%
How much returns swing (annualized stdev); lower is steadier.
Return vs risk?
0.67
Return ÷ volatility; higher is better.
Beat SPX?
+5.5%
Annualized gain over the S&P.
Excess?
+13.6%
The strategy's own annual excess, apart from the market.
Significance?
t=1.16 · moderate
t-value: how solid the excess is — higher is more reliable.
Max DD?
−60.0%
Largest peak-to-trough fall.
Leverage?
0.87×
How many times it rises and falls together with the market.
Longest recovery?
53 mo
Longest wait from a peak back to a new high.
About
Michael Burry
Burry's Scion is contrarian deep value. He is widely known for his heavy bet shorting subprime mortgages before the 2008 financial crisis (one of the figures portrayed in The Big Short). His reported portfolio tends to be small and concentrated with rapid turnover, and he often expresses views through options, so it calls for particular care in interpretation. This is a contrarian deep-value style; investors interested in the space can track its filings over time.
Holdings & changes
Replication modeTop 5Top 10>1%
Current holdingsPosition changes
2025-Q3 filing · filed 2025-11-03
>1% · filed weights
Others 19.3%
Ticker
Name
Weight
vs last filing
MOH
Molina Healthcare, Inc.
35.1%
New
LULU
lululemon athletica inc.
26.1%
+5.0 ▲
SLM
SLM Corporation
19.5%
New
Risk
13F is partial — Burry's filings are often dominated by put options/shorts, in a small and fast-turning book; the 13F notional is easy to misread.
The replication is built from public filings: ~45-day lag, US long stock positions only; replication returns are not the fund’s real returns, and the manager may have traded since.
Past / backtested performance does not predict the future. Masterfolio is an information service / publisher, not an investment adviser.