ERO Copper

Michael Burry's complete holdings, per his Substack

Top tier:

• MercadoLibre $Mercadolibre(MELI.US) [Long, 12%]

• Deckers $Deckers Outdoor(DECK.US) [Long]

Second tier (9% each):

• Molina Healthcare $Molina Healthcare(MOH.US) [Long]

• Temple & Webster $TPW [Long]

Third tier (undisclosed %):

• JD $JD.com(JD.US) [Long]

• Birkenstock $Birkenstock(BIRK.US) [Long]

• Adobe $Adobe(ADBE.US) [Long]

• HCA Healthcare $HCA Healthcare(HCA.US) [Long]

• Fiserv $Fiserv, Inc.(FISV.US) [Long]

• Build-A-Bear Workshop $Build A Bear(BBW.US) [Long]

• Veeva Systems $Veeva Systems -CL(VEEV.US) [Long]

• Freddie Mac $Freddie Mac(FMCC.US) [Long]

• PayPal $Paypal(PYPL.US) [Long]

• QXO $QXO(QXO.US) [Long]

• Ero Copper $ERO Copper(ERO.US) [Long]

• BYD $BYDFF [Long]

Call options:

• JD $JD.com(JD.US) [Call, 2029]

• Zoetis $Zoetis(ZTS.US) [Call, 2029]

• Sprouts Farmers Market $Sprouts Farmers(SFM.US) [Call, 2028]

Put book (bearish, largest to smallest):

• Nasdaq 100 $NDX [Put, Sept 2027]

• Palantir $Palantir Tech(PLTR.US) [Put, Sept 2027]

• Nvidia $NVIDIA(NVDA.US) [Put, Sept 2027]

• Semiconductor ETF $SOXX [Put, Sept 2027]

• Oracle $Oracle(ORCL.US) [Put, Dec 2027]

• Caterpillar $Caterpillar(CAT.US) [Put, Dec 2027]

• Micron $Micron Tech(MU.US) [Put, June 2027]

• Nebius $Nebius(NBIS.US) [Put, June 2027]

• MetLife $MetLife(MET.US) [Put, 2029]

Full exits:

• Lululemon $Lululemon(LULU.US) [Long] - Swapped for Deckers

• Fannie Mae $Federal National Mortgage Association(FNMA.US) [Long] - Entirety into Freddie Mac

• Flutter $Flutter ENT(FLUT.US) [Long] - Rotated into Lululemon

• Zoetis $Zoetis(ZTS.US) [Long] - Stock swapped for 2029 calls

• Sprouts Farmers $Sprouts Farmers(SFM.US) [Long] - swapped 2028 calls

• Palantir $Palantir Tech(PLTR.US) [Short] - Rolled into Sept 2027 puts

• CoreWeave $Coreweave(CRWV.US) [Short] - Covered, no puts yet

• $Micron Tech(MU.US), $Nebius(NBIS.US), $NVIDIA(NVDA.US), $Oracle(ORCL.US), $Caterpillar(CAT.US), $SOXX [Short] - All covered, replaced with puts

Summary: Burry's book almost entirely puts instead of shorts on the AI basket he's been bearish on. He's "moving timelines up" on when he expects the bubble to burst, and he's using tax-loss season to swap LULU→DECK and FNMA→FMCC while buying into names like Ero Copper, QXO, and BYD outside the AI trade

Breaking: Michael Burry has disclosed his updated positions

He:

• Bought Ero Copper $ERO Copper(ERO.US)

• Bought QXO $QXO(QXO.US)

• Added to Temple & Webster $TPW

• Added to Sprouts Farmers Market $Sprouts Farmers(SFM.US)

• Added to Zoetis $Zoetis(ZTS.US)

On his short book, Burry said: "I did not know any better. Neither shorts covered nor puts sold"