As of the first quarter 2001 letter, Burry's Scion Capital fund was biased toward smaller capitalization stocks.

True: Scion Capital's Q1 2001 investor letter or its portfolio data from that time show the fund's holdings were tilted toward smaller-capitalization stocks. Mostly true: a small-cap tilt is shown, with a minor qualification (for example a modest tilt, or one measured slightly differently). Mixed: the portfolio was split roughly evenly across market-cap sizes, so a bias is debatable. Mostly false: there was only a marginal small-cap element and the portfolio was mainly mid- or large-cap. False: the portfolio at that time was clearly dominated by large-cap stocks. Because this is the subject's own description of its portfolio, the letter's own holdings disclosures count as evidence.

Set before the research began.

1. E1 Burry Scion1q2001 Scribd (third-party host of Scion Value Fund investor letter) · 3 April 2001 Own record

   “The bulk of the opportunities remain in undervalued, smaller, more illiquid situations that often represent average or slightly above-average businesses”

2. E2 Burry Scion1q2001 Scribd (host of Scion Value Fund Q1 2001 investor letter) · 3 April 2001 Own record

   “The bulk of the opportunities remain in undervalued, smaller, more illiquid situations that often represent average or slightly above-average businesses”

3. E3 Scion-Capital-Letters.pdf Scribd (compilation of Scion Capital letters) · 3 April 2001 Own record

   “I will not label this Fund a “small cap” fand, for this”

4. E4 A Series of Scion Funds, LLC Annual Letter Scion Capital, ... Scion Capital, LLC (letters compiled in a PDF hosted by investorkurs.no) · 2 October 2001 Own record

   “The logical reason for this is that the more liquid, larger capitalization stocks had remained stubbornly overvalued since inception of the Fund.”

5. E5 Michael Burry: Focus on Bargains and not Stock Market Valuations | Saber Capital Management Saber Capital Management · 11 May 2015

   “Burry gained success as a stock picker who preferred bargains over market darlings, but he became famous when Michael Lewis wrote a book about the famous subprime trade.”

Apart from one independent commentary [E8] that does not address market capitalization, the evidence is Scion's own letters. In the Q1 2001 letter (E2, E4), the fund says most of its opportunities were in "undervalued, smaller, more illiquid situations." The same letter (E5) says it will not call the fund a "small cap" fund, and a later letter (E7) says larger stocks had stayed overvalued. These quotes describe the fund's approach in general terms; none gives holdings or market-cap figures that would show the portfolio's actual tilt, and the independent source (E8) says nothing about market cap.