Scion Asset Management discloses massive put options on Palantir ($912M) and Nvidia ($187M), adds Pfizer calls in Q3 2025

Scion Asset Management executed a major restructuring of its portfolio during the quarter ending September 30, 2025, dominated by large new option positions. The fund initiated massive put option positions in Palantir Technologies (PLTR) valued at $912.10 million (66.0% of the $1.38 billion reported portfolio) and Nvidia (NVDA) valued at $186.58 million (13.5% of the portfolio). Together, these two put positions comprise nearly 80% of reported 13F exposure.

On the bullish derivative side, Scion opened new call option holdings in Pfizer (PFE) valued at $152.88 million (11.1%) and Halliburton (HAL) at $61.50 million (4.5%). In turn, the manager fully exited several large call option positions from the prior quarter, most notably UnitedHealth Group ($109.19 million prior value), Regeneron Pharmaceuticals ($105.00 million), Lululemon Athletica ($95.03 million), and Meta Platforms ($73.81 million), as well as call positions in JD.com ($32.64 million) and Alibaba ($28.35 million).

Among direct equity and fixed-income investments, Scion initiated new stakes in Molina Healthcare (MOH) at $23.92 million (1.7%), SLM Corp (SLM) at $13.29 million (1.0%), and Bruker Corp debt at $13.14 million (1.0%), while increasing its common stock holding in Lululemon Athletica by 100% to $17.79 million. Direct equity holdings in Estée Lauder, Bruker, Regeneron, MercadoLibre, and UnitedHealth Group were completely eliminated.

Position changes