Introduction

Legendary investor Michael Burry – famous for The Big Short – revealed a bold mix of holdings in his Scion Asset Management portfolio at the end of 2024. Burry’s Q4 2024 13F filing listed 13 stock positions worth about $77 million, featuring a heavy dose of Chinese tech giants alongside fresh bets in healthcare and beaten-down consumer brands. Fast forward to early April 2025, and those stocks have seen a variety of outcomes. Some rallied sharply with improving market trends, while others lagged amid lingering economic challenges. In this article, we’ll break down each holding’s performance and explore why Burry might have added or kept these stocks, all against the backdrop of the broader market and economy in early 2025.

Burry’s Q4 2024 Portfolio at a Glance

Burry entered 2025 with a concentrated portfolio of 13 stocks. His top holdings were dominated by Chinese internet companies (Alibaba, JD.com, Baidu, and a new stake in Pinduoduo) alongside U.S. healthcare and consumer names. 

Table: Michael Burry’s Scion Asset Management Q4 2024 stock holdings and their price performance in Q1 2025. Percent changes are from the end of Q4 2024 to early April 2025.

As shown, Burry’s winners early in 2025 were led by his Chinese tech bets – Alibaba, JD.com, Baidu, and Pinduoduo all notched solid gains. Defensive healthcare plays like HCA and Molina Healthcare also rose nicely. On the flip side, some of his new consumer retail bets (Estée Lauder, VF Corp, Canada Goose) fell further in Q1 2025, as did Bruker (a science tools company) and American Coastal Insurance. We’ll dive into each group next, examining what happened and why Burry might have invested in them.

China Tech Comeback: Alibaba, JD.com, Baidu, Pinduoduo

Four of Burry’s top six holdings are Chinese tech giants, signaling his conviction in a rebound for China’s internet sector. At the end of 2024, Alibaba (BABA) was Scion’s largest position (over 16% of the portfolio). Even after Burry trimmed his Alibaba stake by 25% in Q4, the e-commerce behemoth remained a core holding. This proved timely: Alibaba’s U.S.-listed shares jumped from around $85 at New Year’s to about $132 by early April (+56%). The stock surged on signs that China’s economy was reaccelerating and optimism around Alibaba’s restructuring. In fact, Alibaba began spinning off and streamlining businesses in 2023, a move that continued to unlock value. By March 2025, Alibaba even unveiled a new AI product, exciting investors about its participation in the “white-hot” AI race. Burry likely held on because he saw Alibaba as fundamentally undervalued – a dominant platform with improving prospects after years of regulatory crackdowns. His partial sell in Q4 was probably just risk management, “locking in gains or reducing exposure amid regulatory headwinds” while still betting on Alibaba’s long-term strength.

Burry’s portfolio also kept sizable stakes in JD.com (JD) and Baidu (BIDU), two other Chinese tech leaders. He did cut JD.com (a major online retailer known for its nationwide logistics network) by about 40% in Q4, but with 300,000 shares left, JD remained a top-three holding. JD’s stock climbed roughly 19% in the first quarter of 2025. Investors grew hopeful that cost cuts and a focus on profitability at JD would pay off, and a broader rally in Chinese equities lifted all boats. Baidu, often dubbed the Google of China, saw a smaller rise (~9% by early April). Still, Burry’s steady confidence in Baidu reflects his belief in the company’s AI capabilities and innovation – Baidu has been investing heavily in AI (e.g. its ERNIE chatbot and autonomous driving tech). By holding 125,000 Baidu ADRs, Burry signaled he views Baidu as a long-term winner in search and AI, even if 2024’s recovery was modest.

One new addition in Q4 was Pinduoduo (PDD), a fast-growing Chinese e-commerce platform known for its bargain deals and social shopping model. Burry bought 75,000 shares of PDD (about 9.4% of the portfolio). This position partly offset his trims in Alibaba and JD.com, indicating he still wanted plenty of exposure to China’s online retail boom. Pinduoduo’s stock didn’t disappoint – it jumped ~26% in Q1 2025. The company had strong momentum thanks to rapid user growth and expanding overseas sales (its Temu app was making waves globally). Burry’s bet here underscores a classic contrarian theme: Chinese tech stocks were heavily out of favor in 2022, but by late 2024 he saw value and rotated among them. As one analysis noted, “Burry’s addition of Pinduoduo underscores continued interest in Chinese e-commerce… suggesting Burry still sees upside in China’s online retail sector”. In short, he was positioning for a China comeback, and early 2025 vindicated that stance as these stocks rallied with improving sentiment in China’s markets.

Healthcare and Insurance: Defensive Plays with a Twist
Another clear theme in Burry’s Q4 portfolio is a tilt toward healthcare and insurance, typically defensive areas that can hold up in a shaky economy. His fund’s second-largest U.S. holding was Molina Healthcare (MOH) at about 9% of the portfolio. Molina is a managed healthcare insurer specializing in Medicaid and Medicare plans. Burry slightly trimmed Molina in Q4 (sold ~5,000 shares), potentially to free up cash for new buys. Even so, he retained most of it, likely because Molina offers stable, government-backed revenues – a solid buffer if consumer spending or the broader market falters. Molina’s stock rose about 12% in Q1 2025. The company was executing well, and its focus on essential health services made it relatively resilient amid economic uncertainties. Burry’s continued holding suggests he values Molina’s defensive “focus on government-sponsored health plans”, which provides stability when balancing risk against more volatile bets.

To complement Molina, Burry added two new health positions in Q4: HCA Healthcare (HCA) and Oscar Health (OSCR). HCA is one of America’s largest hospital chains. Burry bought 15,000 shares (~5.8% of the portfolio), a move that “strengthens the portfolio’s defensive characteristics”. Hospitals tend to see steady patient volumes regardless of economic cycles, and HCA in particular has been growing earnings. By early 2025, HCA’s stock was up about 15% from Burry’s report date, buoyed by strong results – people were returning for surgeries and hospital visits that had been deferred, and healthcare labor pressures were easing. In uncertain times, HCA’s reliable cash flows were attractive. Burry’s purchase shows he anticipated ongoing demand for healthcare services “even in uncertain economic conditions”– a classic defensive play.

Oscar Health, on the other hand, is a smaller, more unconventional pick. Oscar is a tech-driven health insurance startup focused on digital tools and affordable plans. Burry’s fund bought 200,000 shares (a ~3.5% position)when Oscar’s stock was around $13. This was somewhat contrarian – Oscar had been beaten down after IPO hype, but Burry likely noticed that by late 2024 Oscar finally turned a profit and insiders were buying shares. Early 2025 brought more good news: Oscar achieved profitability milestones and the stock actually jumped above $15 by March, though it settled near $13 again by April (roughly flat overall). Burry’s interest here aligns with his eye for underappreciated value. This “broadens the portfolio’s exposure to health insurance, focusing on technology-driven solutions”, as one analysis put it. In other words, he’s betting Oscar can disrupt insurance with a modern approach now that it’s financially on sounder footing. It’s a small, speculative stake for Burry, but one that could pay off if Oscar’s growth continues.

Outside of health care, Burry also bet on insurance in another way – through American Coastal Insurance Corp (ACIC). This Florida-based insurer (about 2.5% of the portfolio)underwrites property insurance for condos and homeowners associations, mostly in hurricane-prone regions. It’s a niche financial stock that Burry actually increased by 46% in Q4, showing rising conviction. Why would he load up on a Florida insurer? Likely because the Florida insurance market underwent reforms to stabilize it (after years of storm losses and insurer bankruptcies), and premium rates have been climbing, which can benefit surviving insurers like ACIC. By early 2025, American Coastal’s stock was down a bit (~–14%), as no major catalyst hit in Q1 (hurricane season is later in the year). But Burry’s thesis may be longer-term: with fewer competitors and higher premiums, ACIC could see outsized profits in the future. As observers noted, Burry’s added stake “may reflect renewed confidence in property and casualty insurers or a view that current valuations present a compelling risk-reward”. In plain terms, he likely sees ACIC as undervalued in a tough industry that’s now improving. This is a classic Burry move – diving into a troubled sector (Florida insurance) after the worst has passed, scooping up a survivor at a cheap price.

Together, Molina, HCA, Oscar, and American Coastal show Burry’s defensive tilt. He seemed to be preparing for a potentially rough economy by owning businesses that can weather storms (sometimes literally, in ACIC’s case). These choices also balance the higher-growth, higher-volatility tech stocks in his portfolio. By early 2025, healthcare and insurance stocks in general were relatively stable performers, which likely helped offset some of Burry’s weaker bets in consumer sectors.

Consumer Brands: Contrarian Bets on a Rebound

In Q4 2024, Burry made a notable pivot into consumer-facing stocks – but not the high-flying kind. True to his contrarian style, he scooped up shares of beaten-down retail and consumer brand companies that many investors had soured on. The idea: these well-known brands had fallen on hard times in 2023, so Burry saw a value opportunity if their fortunes improved.

One major new holding was The Estée Lauder Companies (EL). Estée Lauder is a global cosmetics and skincare powerhouse, but its stock had a rough 2023 (demand from Chinese tourists and duty-free shops plunged during the pandemic, hurting sales). Burry bought 100,000 shares (~9.7% of the portfolio)around $75. By early April 2025, EL shares were around $68, roughly 9% lower. The hoped-for rebound in China travel retail was slow to materialize, and Estée Lauder’s earnings in early 2025 remained under pressure. So this position was underwater so far. Why would Burry invest in a falling cosmetics stock? Likely because Estée Lauder’s fundamentals – strong brands like La Mer and MAC and a history of solid profits – could reassert themselves once the temporary headwinds pass. Burry’s buy signals a “pivot toward consumer-facing companies with strong brand equity”. In other words, he wagered that Estée Lauder’s luxury beauty franchise would eventually bounce back as economies normalize and travel picks up. It’s a patience play; as a long-term investor, Burry can wait out a few weak quarters if he believes in the company’s franchise value. Early 2025 performance was disappointing, but any positive news on China’s tourism or a new hit product line could turn this around.

Burry made a similar contrarian bet with V.F. Corporation (VFC) – which owns apparel brands like Vans, The North Face, and Timberland. VFC’s stock was beaten down to the low $20s by late 2024 after the company stumbled (Vans sales were sliding, and the company had cut its dividend deeply). Burry snapped up 200,000 shares (~5.5% of the portfolio). This was effectively a turnaround bet on a once-great apparel company. Through Q1 2025, VFC shares unfortunately kept sinking (down ~25% to about $16). High interest rates and cautious consumers were still weighing on retail apparel makers, and VFC had significant debt to manage. However, Burry’s purchase “suggests optimism about brand loyalty and the potential recovery of retail demand, particularly in apparel and outdoor segments”. He likely expects that new management or strategic changes (VFC brought in new leadership in late 2023) will revive growth at brands like Vans, and that the market is overly pessimistic after a bad year. Such deep value plays can take time; Burry is known for his patience. If inflation eases and consumer spending improves later in 2025, companies like VFC could see better days – that’s the scenario Burry is positioning for, even if the stock hasn’t turned the corner yet.

A smaller consumer stock Burry bought was Canada Goose (GOOS), a luxury coat and apparel maker known for its high-end parkas. This was a tiny 0.3% position (about 24,838 shares)– essentially a toe-hold investment. Goose’s stock had been chilled by weak demand and high inventory in 2023, falling into the $10 range. Burry’s modest purchase hints he saw a potential catalyst (perhaps a revival in luxury spending or successful expansion into new products). Through early 2025, the stock slipped to ~$8 (–20%), so Burry’s timing hasn’t paid off yet. Still, his “small but strategic bet on luxury outerwear”implies he hasn’t completely lost faith in the high-end consumer. Maybe he figures that a company with a strong brand and niche (expensive winter coats) could rebound if wealthy shoppers start splurging again, or if Goose finds success in diversifying its products. Given the tiny size, this was a low-risk trial position for Burry – he can add more later if he sees progress, or cut it with minimal damage if the thesis breaks.

It’s worth noting that as Burry rotated into these established consumer brands, he exited some of his riskier retail plays. In Q4 he completely sold out of The RealReal (REAL), a struggling luxury resale platform, and Olaplex (OLPX), a haircare products company. Both stocks had been Wall Street darlings that crashed in 2022–2023 (RealReal faced heavy losses and Olaplex saw sales plunge amid competition). Burry likely realized those speculative bets weren’t panning out, and he preferred to redeploy capital into bigger, more proven companies like Estée Lauder or VF Corp that were simply out of favor. Similarly, he dumped Shift4 Payments (FOUR) – a fintech payments processor – which had been a sizable holding earlier. Burry completely exited Shift4 in Q4 (it had been ~17% of his portfolio the prior quarter). This exit locked in gains, as Shift4’s stock had rallied in 2024. It also fit a pattern: moving away from highly valued tech/fintech names into safer or cheaper areas. In essence, Burry rotated from “growth at any price” stories into value stories. The consumer brands he picked were bruised, but not broken – and his investment thesis banks on an eventual consumer spending recovery. As of early 2025, that recovery was uneven at best, which explains the underperformance of EL, VFC, and GOOS so far. Burry appears willing to wait for the tide to turn.

Diversifying with Industry and Science: Bruker and Magnera

Not all of Burry’s bets fall neatly into the China, healthcare, or consumer buckets. Two positions stand out as unique, more opportunistic plays: Bruker Corporation and Magnera Corporation.

Bruker (BRKR) is a U.S. company specializing in scientific instruments and laboratory equipment – think advanced microscopes, mass spectrometers, and diagnostic tools used in biotech research. This is a bit off the beaten path for Burry, but he bought 75,000 shares in Q4 (about 5.7% of the portfolio). Bruker’s stock was around $58 at year-end, having fallen from highs as investors worried about lower research spending. Burry’s thesis could be that global R&D spending is on the rise, and Bruker, as a leader in niche instruments, stands to benefit. His inclusion of Bruker “highlights interest in the life sciences and diagnostic equipment space”, likely anticipating growing demand for advanced analytical technologies. In other words, as governments, pharma companies, and academia increase research budgets (for everything from new medicines to materials science), Bruker could see sales tailwinds. However, in the first few months of 2025, Bruker’s stock actually dropped further (down ~31% to around $40). The company reported weaker short-term earnings – profits had declined year-over-year – and some investors were impatient. Burry, with his longer view, probably isn’t fazed by one soft quarter. If anything, he might see the additional dip as vindication that the stock was indeed oversold when he bought it. For now, Bruker is a drag on the portfolio’s performance, but it represents a classic value play: a fundamentally strong business in a specialized field that hit a rough patch, which Burry believes it can overcome as macro conditions (like funding for science) improve.

Magnera (MAGN) is perhaps the most unusual name in the portfolio. It’s a newly listed company (it began trading in November 2024) that many investors haven’t heard of. Magnera was formed from a merger/spinoff in the materials industry – it has been described as the world’s largest nonwovens manufacturer, producing specialty papers and fabrics used in things like tea bags, filtration, and hygiene products. Burry bought 200,000 shares (~4.7% of the portfolio)at around $18.17 each. By early April, the stock was still hovering around ~$18 (essentially flat), as the market was still price-discovering this new entity. Burry’s stake in Magnera signals his willingness to explore off-the-radar opportunities. One commentary noted that Magnera “signals Burry’s hunt for emerging or undervalued prospects” beyond the usual big names. This is a classic special situation: a new company born from a corporate carve-out, which might have been mispriced initially due to low awareness or forced selling by index funds. Magnera’s business – providing essential materials – could generate steady cash flow, and if it was undervalued relative to peers, that would attract Burry’s interest. Essentially, Burry might see Magnera as a hidden gem where a little patience could yield nice returns once the market realizes its value. It doesn’t hurt that materials and industrial stocks can also act defensively if inflation stays elevated (they can pass on costs). There’s limited public info on Magnera’s performance so far, but Burry’s early involvement suggests he did his homework on this niche company’s fundamentals. It’s a small but telling part of his portfolio that shows the breadth of his value search – from giant Alibabas to tiny Magneras.

The Big Picture: Early 2025 Market Trends and Burry’s Strategy

Stepping back, what do Michael Burry’s Q4 moves and the Q1 2025 outcomes say about the broader stock market and economy in early 2025? In many ways, Burry’s portfolio is a microcosm of the cross-currents investors were navigating:

• Rotation to Value and Defense: After a huge tech rally in 2023, the end of 2024 and early 2025 saw investors becoming more selective. With interest rates at their highest in years, expensive growth stocks started to lose some luster, and money began rotating into more defensive, value-oriented areas. Burry was ahead of this curve – he trimmed high-fliers like JD and exited fintech, while beefing up on healthcare, insurance, and consumer staples. This mirrored a broader sentiment that “a rotation out of riskier, pricier stocks like Nvidia and into defensive stocks” was likely. Indeed, by spring 2025, many market participants were favoring steady earners over speculative plays, as recession warnings grew louder. Burry’s moves into hospitals and insurers position him well if that rotation continues.
• Interest Rates and Inflation: The economic backdrop of early 2025 was shaped by the Federal Reserve’s battle with inflation. After aggressive rate hikes in 2022–2023, the Fed had brought inflation down from its peak, but prices were still rising a bit faster than the 2% target. As of April 2025, interest rates remained elevated (the Fed’s policy rate was around multi-year highs, and borrowing costs for businesses and consumers were up). This environment punishes highly leveraged companies and those that rely on cheap capital – which might explain why Burry avoided big-growth tech and instead chose companies like Molina and HCA (solid cash generators) or Alibaba (cash-rich). High rates also hurt consumer spending on discretionary goods (which could be partly why his retail stocks were slow to rebound). On the flip side, insurers like American Coastal can actually benefit from higher interest rates because they earn more on their investment portfolios. Burry’s mix seems to account for these dynamics: he wasn’t loading up on anything that needed low rates to thrive. In fact, his Q4 2024 adjustments suggest he was bracing for prolonged high rates or even an economic slowdown – hence the defensive tilt.
• Economic Outlook (Recession or Resilience?): A big question entering 2025 was whether the U.S. economy would slip into a recession or manage a “soft landing.” By early April, no recession had hit yet – unemployment was somewhat low, and growth, while slower, was still positive. However, there were signs of cooling: consumer spending had moderated and certain economists (long-time bears) insisted a downturn was imminent. Burry has historically been on the pessimistic side (famously warning of market bubbles). His Q4 portfolio aligns with a cautious outlook: he didn’t position for a rip-roaring bull market; he positioned for safety and selective contrarian upside. If the economy were to contract in mid-2025, his hospitals, insurers, and discount e-commerce plays could hold up relatively well. At the same time, Burry didn’t flee equities entirely – he clearly saw pockets of opportunity (China tech, special situations) where returns could be had regardless of a U.S. slowdown. This balanced approach reflects the mixed data of early 2025: not boom times, but not doom either. Companies serving basic needs (healthcare) or those priced so low they had their own catalysts (Chinese stocks after a government crackdown) were his focus.
• Geopolitics and Global Factors: Another layer is the global context. Burry’s hefty China bets show he was willing to look past U.S.-China geopolitical tensions in order to capitalize on China’s economic reopening. 2024 was a year China’s government rolled out stimulus and eased tech regulations to revive growth. By early 2025, that seemed to be working, as evidenced by the stock pops in Alibaba and JD. However, investing in Chinese firms wasn’t without risk – U.S.-China relations remained strained, and talk of tech export bans or tariffs (especially with a new U.S. administration in 2025) created headline risk. For instance, there were concerns about new tariffs dubbed a potential “Trumpcession” if trade wars reignited. Burry mitigated this China risk by not over-concentrating: even combined, his China stocks were roughly half the portfolio, and he balanced them with U.S. plays. Meanwhile, other geopolitical issues like the war in Ukraine and volatility in energy prices were in the background. Burry had no direct oil/gas plays, but any surge in energy or inflation from geopolitical conflict would reinforce his preference for defensive stocks. Essentially, his portfolio was set up to handle turbulence – whether from politics or economics – by focusing on companies that either have a margin of safety (value stocks) or a non-cyclical demand base.
• Overall Market Trends: As of April 2025, the stock market was mixed. The S&P 500 index had seen choppy trading in Q1. It rallied in January on hopes that the Fed might be done raising rates, but then stalled as inflation data came in mixed and some earnings reports disappointed. By early April, many major indexes were not far from where they started the year. In fact, one report noted that by March some gains had been “virtually erased” amid persistent economic worries. This lackluster overall market masked big divergences: certain sectors (like large-cap tech) were weak after huge 2023 runs, whereas sectors that lagged before (like international stocks, including China, and some industrials) were doing better. Burry’s portfolio benefited from that divergence – his China and value names saw upside while the frothy names he avoided (like Tesla or meme stocks) struggled. His strategy seems in sync with the idea of “taking shelter” in quality or value segments of the market until clarity improves.

In summary, the early 2025 backdrop was one of cautious optimism tinged with uncertainty. Inflation was lower than the prior year but not vanquished, interest rates were high but possibly peaking, and the stock market was searching for direction as investors debated if a recession was around the corner or not. Michael Burry’s portfolio choices reflect these mixed signals. He didn’t make an all-in macro bet; instead, he built a portfolio that could perform in multiple scenarios: If the market roars ahead, his severely undervalued picks could jump (and indeed, some like Alibaba did). If the market languishes or drops, his defensive holdings can cushion the fall. It’s a classic example of diversification Burry-style – not by holding dozens of stocks, but by selecting a handful that each have their own compelling story and downside protection.

Conclusion

By April 2025, Michael Burry’s Q4 2024 stock picks were a story of contrasts. His faith in a Chinese tech revival was rewarded with strong gains in Alibaba, JD.com, and Pinduoduo, validating his contrarian timing. His move into healthcare and insurance provided stability and modest growth, aligning with an environment where safe havens were in favor. Meanwhile, his contrarian retail bets like Estée Lauder and VF Corp tested his patience, as those stocks have yet to turn the corner – but Burry likely anticipated it might take time. Ultimately, Burry’s portfolio reflects a carefully calibrated outlook: wary of market excesses, yet opportunistic where he sees fundamental value. It also highlights how macro factors – from interest rates to geopolitics – can influence a savvy investor’s choices. High rates and inflation concerns nudged Burry toward resilient business models, while China’s reopening drew him to its internet sector’s upswing.

For casual investors, there are a few takeaways from analyzing Burry’s moves. First, diversification doesn’t just mean owning many stocks – it means owning different kinds of stocks. Burry balanced regions (U.S. and China) and industries (tech vs. healthcare vs. consumer) to hedge against various risks. Second, being a contrarian isn’t about blind pessimism; it’s about finding diamonds in the rough. Burry bought quality names that were down in price, not just anything that had fallen. And finally, Burry’s Q4 2024 adjustments show the importance of adapting to the macro landscape. As the economy and market regime changed, he pivoted – trimming winners, cutting losers, and reinforcing positions that fit the new reality.

As of early April 2025, Michael Burry’s scorecard is mixed but leaning positive, thanks in large part to his bold China bets and steady hands like HCA and Molina. The broader market’s direction for 2025 remains uncertain, but if inflation continues to ease and no severe recession arrives, some of Burry’s laggards (cosmetics, apparel) could well become the next rebound stories. Regardless, Burry appears content to stick to his convictions. His portfolio is a reminder that successful investing often requires looking past current gloom to see future potential – and having the fortitude to go against the crowd when the evidence is on your side. In the dynamic market of 2025, that approach has certainly made Burry’s moves worth watching