What if you had copied Scion Asset Management?
Michael Burry
This record ended in February 2026, when the fund stopped filing. It is shown here but not ranked.
The verdict
Copying Scion Asset Management's 13F filings from Feb 2020 until Feb 2026 would have turned $10,000 into $106,048, more than the S&P 500 did.
The S&P 500 turned the same $10,000 into $22,094 over the same days. The copy returned +48.3% a year against +14.2% for the S&P 500, 34 points a year ahead. Its worst fall was 76.5%, from Jan 27, 2021 to Feb 19, 2021. The S&P 500's worst fall over the test was 33.7%.
Copied Feb 18, 2020 to Feb 13, 2026 · SEC 13F filings and daily closes
What $10,000 became
- Copying Scion Asset Management$106,048
- S&P 500$22,094
- Bought their first portfolio and never traded$93,506
If you had bought their first portfolio and never traded, you would have ended at $93,506, so following every move earned $12,542 more. The test stops on Feb 13, 2026, when the fund stopped filing, so there was nothing left to follow.
- $10,000 copied
- $106,048
- +960.5%, +48.3% a year
- In the S&P 500
- $22,094
- +120.9%, +14.2% a year
- No trading
- $93,506
- Bought their first portfolio and never traded
- Worst fall
- −76.5%
- Jan 27, 2021 to Feb 19, 2021
- Trades
- 263
- 133 buys, 130 sales over 25 filings; about 264% of the copy traded a year
The moves that made the most
- ELEstee Lauder Companies+$30,995
Held from Feb 2025 to Nov 2025, the stock up 30%
- GMEGamestop+$17,563
Held from Feb 2020 to Feb 2021, the stock up 1,032%
- BABAAlibaba+$7,830
Held from Feb 2023 to May 2025, the stock up 30%
- FOURShift4 Payments+$5,176
Held from Aug 2024 to Feb 2025, the stock up 53%
- GEOGeo Group+$5,035
Held from Feb 2021 to Nov 2023
- OVVOvintiv+$4,243
Held from Aug 2021 to Aug 2023, the stock up 133%
The moves that cost the most
- MOHMolina Healthcare−$5,801
Held from Aug 2024 until the record ended in Feb 2026, the stock down 16%
- SLM−$2,924
Held from Nov 2025 until the record ended in Feb 2026, the stock down 11%
- VFCVF−$1,984
Held from Feb 2025 to May 2025, the stock down 43%
- COHRCoherent−$1,650
Held from Feb 2023 to Aug 2023
- MAGNMagnera−$1,619
Held from Feb 2025 to May 2025, the stock down 42%
Held from Feb 2022 to May 2022, the stock down 12%
Year by year
| Year | Copy | S&P 500 | Gap, pts |
|---|---|---|---|
| 2020from Feb 2020 | +118.5% | +13.1% | +105.4 |
| 2021 | +95.3% | +28.7% | +66.6 |
| 2022 | +37.8% | −18.2% | +55.9 |
| 2023 | −3.2% | +26.2% | −29.4 |
| 2024 | +23.5% | +24.9% | −1.4 |
| 2025 | +82.4% | +17.7% | +64.7 |
| 2026to Feb 2026 | −17.2% | 0.0% | −17.2 |
A historical test on paper, before costs and taxes. It trades at the close of the first trading day after each filing comes out, up to 45 days after the quarter, and skips delisted companies, which flatters it.