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THE FINANCEBASE List yours

Guide

How to Read Michael Burry’s SEC 13F Filing and Track Institutional Stock Holdings

By TheFinanceBase Team 10 min read

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Michael Burry’s Scion Asset Management 13F is a dated snapshot, not a live list of stocks he owns. To read it correctly, find Scion’s filing in SEC EDGAR by name or CIK 0001649339, confirm the quarter-end date and report type, then read the XML Information Table for each issuer, CUSIP, share count, value, discretion code and PUT/CALL flag. Track those fields from one quarter to the next and describe changes as reported differences—not confirmed trades or current positions.

What a Form 13F actually tells you

The Securities and Exchange Commission requires an institutional investment manager to file Form 13F when it exercises investment discretion over at least $100 million in securities on the Section 13(f) list. Investment discretion means the manager can decide which securities to buy or sell, even when another party executes the orders.

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Form 13F is filed once for each calendar quarter and is generally due within 45 days after the quarter ends. Investor.gov summarizes the rule this way: “Form 13F is required to be filed within 45 days of the end of a calendar quarter.” The report therefore describes holdings at a past quarter-end, while the public sees them weeks later.

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The filing covers only securities on the SEC’s Official List of Section 13(f) Securities. That list primarily contains exchange-traded U.S. stocks, exchange-traded funds, closed-end investment-company shares, certain convertible debt, warrants and listed equity options. Open-end mutual funds and assets outside the official list are not included. A missing security can therefore mean it is not reportable rather than that the manager has no exposure.

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The SEC describes a 13F as one EDGAR document with three parts: the Cover Page, the Summary Page and the Information Table, which is constructed in XML format. The cover page identifies the manager and reporting period; the summary page provides totals; and the information table supplies the row-by-row positions needed for analysis.

Why the filing cannot answer “What does Burry own today?”

  • It is delayed until after the quarter closes and the filing is submitted.
  • It excludes non-13(f) assets, including many private investments and open-end mutual funds.
  • It does not disclose short positions.
  • It does not provide every derivative term, such as an option’s strike or expiration.
  • It cannot show why a position was opened, hedged or closed after quarter-end.

Use wording such as “Scion reported” or “the filing showed” together with the period ended date. Avoid stating that Burry currently owns a security unless you have separate, current evidence.

Find Scion Asset Management’s filing in EDGAR

1. Search by the legal name or CIK

In SEC EDGAR, search for Scion Asset Management, LLC or enter CIK 0001649339. Investor.gov recommends using a money manager’s name in the Company Name field and filtering Latest Filings by form type 13F when monitoring an institution.

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2. Check the period ended and filing date

Do not identify a filing solely by the date you found it. Record both the report period ended (the quarter-end snapshot) and the SEC filing date (when the information became public). Keep a third date in your own notes: when you retrieved or analyzed the document. This prevents a September 30 holding from being described as if it were current on the November filing date.

The December 31, 2024 Scion filing identifies Scion Asset Management, LLC, Form 13F file number 028-17276, CIK 0001649339, and Michael J. Burry as chief executive officer and signer. The report was signed on February 14, 2025.

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3. Identify the report type before reading positions

Look at the cover page for the exact form:

Report label What it means for your analysis
13F-HR A holdings report listing the manager’s reportable securities.
13F-NT A notice indicating that another manager’s holdings report contains the reportable positions for the manager named in the notice.
Combination report A filing that combines a holdings report with notice information for related managers or accounts.
Amended report A corrected or supplemented filing that should be evaluated against the original submission.

A 13F-NT is not evidence that the manager had zero holdings. Link the notice to the named manager’s holdings report before drawing conclusions. Also check for an amendment before treating a position as added or removed.

4. Open the Information Table XML

The human-readable pages are useful for orientation, but the XML Information Table is the authoritative place to capture each row. Preserve the issuer name, class, CUSIP, shares or principal amount, reported value, investment-discretion code and any PUT/CALL indicator. Save the filing’s accession number and source reference in your tracker so another reader can reproduce the snapshot.

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How to read the cover, summary and information table

Cover Page

The cover page establishes who filed, the CIK, the form type, the report period and the person who signed. It also helps you distinguish an original filing from an amendment and a holdings report from a notice. Treat these fields as identity and timing controls before you interpret any security row.

Summary Page

The summary page gives the number of information-table entries and the aggregate reported value. Use that total as a check against your own imported rows. If your spreadsheet does not reconcile to the summary, look for an amendment, a notice relationship, a duplicated row or a parsing error before calculating portfolio weights.

Information Table columns

Column How to interpret it Common mistake
Issuer name and class Names the company or fund and identifies the security class, such as common stock or another share class. Combining two classes under one ticker and hiding a real change in ownership.
CUSIP Identifies the security and distinguishes similarly named issuers or share classes. Matching rows by company name alone, especially after a corporate action.
Shares or principal amount For stock, the reported share count; for debt or other instruments, the stated principal amount. For listed options, it represents the underlying shares controlled by the contracts. Reading an option’s underlying-share count as the number of option contracts.
Value Fair-market value as of the quarter end, shown in the units required by the form. Treating it as today’s market value or as cash invested.
Investment discretion SOLE, DEFINED or OTHER shows how discretion is allocated among managers. Assuming every row is managed solely by the named individual.
PUT/CALL Flags a listed equity option and identifies its type. A blank field generally indicates a non-option row. Ignoring the flag and comparing an option row directly with common-stock shares.

Reported value is a quarter-end measurement, not a live quote. A row with a high value may reflect the value assigned to the underlying shares of an option position rather than the premium paid for the contracts.

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Interpreting Scion’s option rows

Option rows require more care than ordinary stock rows. The SEC uses the underlying security’s CUSIP and displays the option type separately with a PUT or CALL indicator. The shares field represents the underlying shares controlled by the contracts, and the reported value is tied to those underlying shares in the filing’s valuation convention.

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What a PUT flag does and does not prove

A PUT flag can be consistent with a long put position, but the 13F alone does not establish whether the puts were bought, sold, used as a hedge or paired with another trade. It also does not reveal the strike price, expiration date, premium, contract count in the form’s economic sense or the maximum loss. You need independent option-contract data to determine those terms.

Why reported value can dwarf the premium

A later dated analysis of Scion’s September 30, 2025 filing reported eight positions totaling about $1.38 billion: puts on Palantir and Nvidia, calls on Pfizer and Halliburton, and common-stock holdings in Molina Healthcare, Lululemon, SLM Corp and Bruker. The list is useful as an illustration of how to parse rows, but each figure should be checked against the SEC XML for the relevant filing.

That analysis described a Palantir put row valued at about $912.1 million while reporting approximately $9.2 million as the premium Burry said he paid. Those figures measure different things. The first is the filing’s reported value associated with the underlying shares; the second is a premium. Do not call the reported 13F value the cash invested or the amount at risk without contract-level evidence.

What Scion’s reported totals show for a specific quarter

The official Scion filing for the period ended December 31, 2024 lists 13 information-table entries and a total reported value of $77,435,131. Michael J. Burry signed that filing as CEO on February 14, 2025. These numbers describe that quarter-end snapshot only.

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Item What the December 31, 2024 filing establishes
Manager Scion Asset Management, LLC
CIK 0001649339
Form 13F file number 028-17276
Information-table entries 13
Total reported value $77,435,131 at the quarter end, in the filing’s stated valuation units
Signer Michael J. Burry, chief executive officer
Signature date February 14, 2025

Do not merge this total with the later September 30, 2025 illustration. Different quarter ends, option mixes and valuation levels make a direct comparison meaningful only after you have captured both filings’ rows and dates.

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Build a quarter-by-quarter institutional holdings tracker

Create one normalized row per issuer, class and quarter

Use one row for each issuer-and-class combination in each filing. Keep option rows separate from common-stock rows even when they share a CUSIP, because the PUT/CALL field changes their economic meaning.

Field Purpose
Manager name and CIK Identifies the reporting institution and prevents name collisions.
Period ended Defines the quarter-end snapshot.
Filing date Shows when the public received the data.
Accession number Provides a stable EDGAR reference for the submission.
Issuer and class Separates companies and share classes.
CUSIP Supports consistent matching across quarters.
Shares or principal amount Captures the reported quantity.
Reported value Captures quarter-end fair-market value in the form’s units.
PUT/CALL Identifies the option type when present.
Discretion code Records SOLE, DEFINED or OTHER.
Amendment status Shows whether the row came from an original or amended report.
Source reference Stores the exact filing and XML location used.

Match consecutive quarters by CUSIP and class

Compare the same CUSIP and security class across adjacent quarter-end snapshots. Label the result as an addition, deletion, increase or decrease in reported holdings. Those labels describe filing-to-filing differences; they do not prove an order was executed on a particular day.

  1. Import the new Information Table without overwriting the prior quarter.
  2. Normalize issuer names and match rows using CUSIP, class and PUT/CALL status.
  3. Compare shares or principal amount and reported value separately.
  4. Flag a row that disappears, then check for an amendment or related notice before calling it a sale.
  5. Calculate portfolio weight as the row’s reported value divided by the filing’s total reported value, keeping the same quarter-end denominator for every row in that snapshot.
  6. Store the quarter end, filing date and retrieval date beside every calculation.

Extend the method to other managers

For broader institutional research, repeat the workflow for each manager’s CIK. Normalize by CUSIP where possible, retain the security class and option flag, and inspect notice reports before concluding that a manager has no reportable holdings. The SEC’s Official List of Section 13(f) Securities is updated quarterly, so check the applicable version when analyzing a new period.

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Compare holdings without inferring intent

A useful comparison stays tied to observable filing data. Use these axes:

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  • Quarter-end reported value: compare values only when the period ends are clear.
  • Share count and direction: show the reported quantity and whether it rose or fell.
  • Security class and option type: distinguish common stock, another class, a PUT and a CALL.
  • Portfolio weight: divide by that filing’s own total, not by a later quarter’s total.
  • Filing lag: show the time between quarter end and public filing so readers understand how stale the snapshot may be.
  • Direct stock versus option exposure: explain when a notional-style option value can make a position look larger than the premium paid.

These measures support statements such as “Scion reported a larger position at the next quarter end.” They do not support claims about Burry’s conviction, target price, trade date or investment rationale.

Limits, edge cases and responsible wording

A 13F is not a complete portfolio

Private holdings, many non-listed instruments, open-end mutual funds and securities outside the Section 13(f) list can be absent. Short positions are not disclosed. A 13F therefore cannot be used to calculate an institution’s net exposure or to reconstruct every position in a strategy.

Quarter-end data can change after the filing

The manager may buy, sell, exercise or hedge after the report period and before publication. Even on the filing date, the displayed values refer to the earlier quarter end. State both dates whenever you cite a position.

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Notices and amendments can alter the apparent picture

A notice may rely on another manager’s holdings report, while an amended filing can correct an earlier row. Review the linked holdings report and the amendment history before treating a missing or changed row as an investment decision.

Do not overread option economics

The filing does not establish strike, expiration, premium, whether the option was long or short, or whether it was part of a spread. A PUT or CALL label is context, not a complete trade description.

A practical reading checklist

  • Search EDGAR for Scion Asset Management, LLC or CIK 0001649339.
  • Confirm the period ended date, filing date, form type and amendment status.
  • Determine whether the submission is a 13F-HR, 13F-NT or combination report.
  • Open the XML Information Table rather than relying only on a summary headline.
  • Capture issuer, class, CUSIP, shares or principal amount, value, discretion and PUT/CALL status.
  • Reconcile the row total to the Summary Page.
  • Keep quarter-end, filing and retrieval dates in your tracker.
  • Compare the same CUSIP and class across quarters.
  • Describe changes as reported differences, not confirmed executions.
  • For options, separate reported underlying value from premium and other contract economics.
  • Use “Scion reported” with the relevant period end instead of claiming a current holding.

Read this way, a Scion 13F becomes a reproducible historical dataset: precise about what was reported, cautious about what remains unknown, and useful for comparing institutional snapshots without mistaking delayed disclosure for a live portfolio.

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