Is it possible for a manager to pivot an entire equity portfolio in a single quarter? According to the September 30, 2025, 13F filing for Scion Asset Management, Michael Burry opted for a nearly complete overhaul, reporting a total portfolio value of $1,381,198,076 spread across just seven distinct holdings.

The dominance of PLTR The most striking figure in the current disclosure is the $912,100,000 stake in PALANTIR TECHNOLOGIES INC-A (PLTR). This single position accounts for 66.03687160073919% of the entire portfolio, marking a definitive shift toward a heavily concentrated bet on data analytics. As a "New Position," the size of this allocation suggests a high level of conviction that dominates the weight of the other six holdings combined.

Heavy allocation into NVDA and PFE The second largest holding is NVIDIA Corp (NVDA), which takes up 13.508562112998485% of the portfolio with a valuation of $186,580,000. Like the primary position in software, this is a "New Position" initiated during this filing period. Following this, the portfolio includes Pfizer Inc (PFE) at a value of $152,880,000. This stake represents 11.068651387261271% of the total equity exposure and is also recorded as a "New Position" for the fund.

Why did HAL show up as a new position? HALLIBURTON CO (HAL) appears as a "New Position" with a value of $61,500,000. This investment represents 4.452656072191053% of the total portfolio value. By establishing this position, the fund has introduced significant exposure to the energy services sector, a departure from the tech-heavy lean of the top three holdings.

Assessing the remaining exposures MOLINA HEALTHCARE INC (MOH) entered the portfolio as a "New Position" worth $23,920,000. This holding commands 1.7318298088912192% of the total capital. Meanwhile, SLM CORP (SLM) also appears as a "New Position" with a value of $13,287,895, accounting for 0.9620557131445063% of the portfolio. These two smaller stakes show the fund maintaining a diverse set of specific industry bets outside of its dominant technology and pharma positions.

For investors interested in tracking these market moves, the contrast between the massive weight of the top holdings and these smaller, sub-2% allocations highlights a barbell-style approach to concentration.

The solitary reduction in LULU LULULEMON ATHLETICA INC (LULU) is the only holding in this filing not labeled as a "New Position." Instead, the $17,793,000 stake is flagged as "Decreased." At 1.288229422642202% of the total portfolio, this represents the smallest holding in the book aside from SLM CORP. The decision to trim this position while initiating six others underscores a strategy that prioritizes rapid entry into new sectors over the maintenance of prior long-term ideas.

With only seven holdings total, the portfolio is highly concentrated compared to institutional funds that hold hundreds of names. The sheer scale of the PLTR position—well over $900 million—suggests that the manager is not merely diversifying assets, but is instead making an aggressive move into a single equity story. The inclusion of healthcare through PFE and MOH, alongside the cyclical exposure of HAL, provides a structural balance to the tech-heavy top of the file, even if those positions are significantly smaller in relative percentage terms.

Every action in this filing reflects a total transition. Between the $186.58 million in NVDA and the $152.88 million in PFE, the capital deployment during the third quarter of 2025 was immense. The portfolio count remains lean, keeping the strategy focused on a specific set of high-conviction tickers rather than a broad market tracking strategy. Tracking how these seven names evolve in future quarters will be necessary to determine if this concentration is a tactical trade or a long-term shift in the firm’s philosophy.

This 13F is not investment advice and is based on a filing that is delayed by design.