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Scion Asset Management LLC

Last Updated: 12/3/2020

Scion Asset Management LLC is a Limited Liability Company that started in 2013 and is primarily owned and controlled by Michael J. Burry.

Dr. Burry is notably portrayed by actor Christian Bale in the biographical drama The Big Short (which is itself based on a book by bestselling author Michael Lewis), in which he correctly forecasted the collapse of the subprime housing market and the subsequent destruction of wealth during the Great Recession of 2007-2009. Burry's previous fund, Scion Capital, recorded returns of 489.34% (net of fees and expenses) between it's inception in November of 2000 until June of 2008, according to a profile Micheal Lewis had done in 2010.

Burry's investing methodology is value oriented, with his previous fund partially seeded by the likes of Joel Greenblatt of Gotham. More recently, he has expounded on the bubble in passive investing and water scarcity.

Scion Asset Management LLC operates out of an office in Saratoga, California. Based on the Form ADV filed on 2020-03-27 00:00:00, the investment firm is comprised of 5 employees, only 1 of whom performs investment advisory functions.

Fact Sheet

      Name: Scion Asset Management LLC
      CRD No: 167772
      Filing Recorded: 2020-03-27 00:00:00
      Year of Origin: 2013
      Employees: 5
      Clients: 6
      AUM: 386,906,493
      Management Fee: 2 Percent
      Performance Fee: 20 Percent
      Client Type: Pooled Investment Vehicles, Insurance Companies
      Assets Traded: Exchange-Traded Equity Securities, Derivatives


Investment Strategy

According to the brochure submitted to IAPD, Scions investment strategy is as follows:

The SMA and the Master and Value Funds seek long-term capital appreciation and will invest, primarily, in equity, debt, and derivative instruments globally.

The Asia Fund seeks long-term capital appreciation. It intends to pursue that objective by investing, primarily, in publicly traded securities of companies that are organized in and/or focus their business on and/or are traded in Japan and, to a lesser extent, South Korea and Hong Kong (together, the “Focus Countries”). In Japan, the Asia Fund intends to invest primarily in small-and micro-cap companies. It may also invest in securities of companies that are traded in, or whose businesses emphasize, other countries, primarily in Asia.

Methods of Analysis

In addition, Scions methods of analysis include:

Scion plans to pursue Clients’ investment objectives primarily through fundamental research in pursuit of undervalued and/or misunderstood investment situations in the global theater. This fundamental research may take into account technical, macroeconomic, and other tactical approaches to the ever-changing securities marketplace. Investment in individual equities based on Scion’s fundamental, value-oriented analysis will often be a principal emphasis. However, at times investment theses may be based on macro trends and opportunities as much as individual value analysis. Scion may use both traditional and proprietary analysis and techniques to identify attractive short selling opportunities, largely for securities that Scion believes are overvalued and/or facing technical factors that Scion believes ought to depress the securities’ prices. Scion is not required to engage in short selling or to use any techniques for hedging purposes

In addition to equities, Clients may invest and trade in any kind of instrument, including corporate debt securities, convertible securities, exchange traded funds, government securities, options, warrants, equity swaps, credit default swaps, and derivatives of other types (subject to certain specified guidelines for the SMA). While not a primary focus, the SMA, Master Fund and Value Fund may invest in instruments that are subject to restrictions on resale or for which there is no ready public market.

Top 10 Holdings from Form 13F

Reporting Period: 09/30/2020

Issuer Share Value(1000s) Put/Call
ALPHABET INC 40,000 58,784 Call
CVS HEALTH CORP 462,100 26,987 Call
GAMESTOP CORP NEW 1,703,400 17,375
PFIZER INC 416,600 15,289 Call
GOLDMAN SACHS GROUP INC 73,600 14,791 Call
FACEBOOK INC 50,000 13,095
FACEBOOK INC 45,000 11,786 Call
DISCOVERY INC 500,000 10,885
UNITI GROUP INC 1,000,000 10,535
WESTERN DIGITAL CORP. 270,000 9,869 Call

Historical 13F Filings

EdgeGiant has compiled all 13F filings since Q2 2013 for your convenience. You can view historical portfolio position forScion Asset Management LLCin our 13F section HERE.

To get the comprehensive list of holdings that fall under 13F regulatory guidelines, check out our write up on how to access and use 13Fs in your personal investment decisions.

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Historical Portfolio Holdings for Scion Asset Management LLC