This chart highlights a dramatic pivot in Michael Burry’s options portfolio within just one quarter.
- Q1 2025: Heavy PUT positions against NVIDIA (49%) and Chinese tech names like Alibaba, JD, PDD, Baidu, Trip.com — a clear bearish stance.
- Q2 2025: Full rotation into CALL positions on U.S. healthcare (UnitedHealth, Regeneron), consumer discretionary (Lululemon, Estée Lauder, V.F. Corp), and mega‑cap tech (Meta, ASML). Notably, Alibaba and JD flipped from PUTs to CALLs, signaling a reversal in outlook.
Takeaway: Burry didn’t just rebalance — he reversed his playbook. From betting against growth and China in Q1 to betting on healthcare strength and consumer resilience in Q2, this is one of his sharpest tactical shifts in years.
Analysis:
- Healthcare conviction: UNH + REGN = 37% of Q2 portfolio.
- Consumer tilt: LULU, EL, VFC together = ~26%.
- China re‑entry: BABA and JD flipped from bearish to bullish exposure.
- Risk posture: Q1 was defensive/hedged, Q2 is offensive/conviction‑driven.
