The Scion Value Fund does not generally offer portfolio transparency to its members.

True: Scion Value Fund's offering documents or investor communications from around July 2001 state that the fund generally does not disclose its portfolio holdings to members, or describe a matching practice. Mostly true: the fund's policy was limited transparency with minor exceptions (for example, occasional disclosure of selected positions in letters), so the general statement still holds. Mixed: transparency practices varied substantially, with regular partial disclosure. Mostly false: the fund regularly disclosed much of its portfolio, and non-transparency applied only narrowly. False: the fund's documents from that time show it routinely gave members full portfolio transparency.

Set before the research began.

1. E1 A Series Of Michael Burry's Scion Value Fund Annual Letters HedgeFundAlpha · 8 January 2001 Own record

   “Hence, the Fund’s individual portfolio positions may not be revealed except at the discretion of the manager.”

2. E2 Scion-Capital-Letters.pdf Scribd (user upload of Scion Capital letters) · 2 October 2001 Own record

   “Rather, the Fund fell because I simply chose several key stocks that declined in price during the quarter.”

E1 is a copy of a Scion Value Fund investor letter from around this period. It states that the fund's individual portfolio positions "may not be revealed except at the discretion of the manager," which matches the claim that the fund does not generally offer portfolio transparency. E2, a later letter, explains a quarterly decline by referring to "several key stocks" without naming them, which fits a practice of limited disclosure. Both sources are the fund's own investor letters, and the resolution criteria name these as an acceptable basis.