Chou Associates Management’s Nokia NOK Stock Holding History

Chou Associates Management’s Portfolio NOK Stock Details NOK Fund Activity

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2018 Q3	–	Sell	-650,000	Closed	-$3.74M	–	27
2018 Q2	$3.74M	Sell	650,000 -200,000	-24%	-$1.18M	1.42%	13
2018 Q1	$4.65M	Hold	850,000	–	–	1.96%	12
2017 Q4	$3.96M	Hold	850,000	–	–	1.69%	11
2017 Q3	$5.08M	Sell	850,000 -400,000	-32%	-$2.49M	1.78%	16
2017 Q2	$7.73M	Sell	1,250,000 -1,500,000	-55%	-$9M	2.39%	14
2017 Q1	$14.9M	Sell	2,750,000 -1,000,000	-27%	-$5.03M	4.95%	9
2016 Q4	$18M	Hold	3,750,000	–	–	5.77%	7
2016 Q3	$21.7M	Hold	3,750,000	–	–	8.03%	5
2016 Q2	$21.3M	Hold	3,750,000	–	–	8.14%	5
2016 Q1	$22.2M	Hold	3,750,000	–	–	7.2%	5
2015 Q4	$26.3K	Hold	3,750,000	–	–	5.64%	5
2015 Q3	$25.4M	Sell	3,750,000 -1,250,000	-25%	-$8.22M	8.73%	3
2015 Q2	$25.7M	Hold	5,000,000	–	–	7.85%	4
2015 Q1	$37.9M	Hold	5,000,000	–	–	9.95%	3
2014 Q4	$39.3M	Hold	5,000,000	–	–	10.29%	3
2014 Q3	$47.5M	Hold	5,000,000	–	–	12.02%	3
2014 Q2	$40.4M	Hold	5,000,000	–	–	11.07%	3
2014 Q1	$36.7M	Hold	5,000,000	–	–	10.15%	4
2013 Q4	$40.5M	Buy	5,000,000 +4,500,000	+900%	+$33.8M	11.51%	3
2013 Q3	$32.5M	Sell	500,000 -4,500,000	-90%	-$21.2M	1.8%	8
2013 Q2	$18.7M	Buy	+5,000,000	New	+$17.6M	5.04%	9

Other funds holding NOK

Franklin Resources San Mateo, California $408B AUM 30.18% 1-Year Est. Return

AllianceBernstein Nashville, Tennessee $309B AUM 23.92% 1-Year Est. Return

LCS

Levin Capital Strategies New York $1.32B AUM 28.11% 1-Year Est. Return

Mackenzie Financial Toronto Ontario, Ontario, Canada $83.3B AUM 31.19% 1-Year Est. Return

Folketrygdfondet Oslo Norway, Norway $5.64B AUM 47.16% 1-Year Est. Return

Ariel Investments Chicago, Illinois $8.93B AUM 29.58% 1-Year Est. Return

Wellington Management Group Boston, Massachusetts $535B AUM 26.23% 1-Year Est. Return

Russell Investments Group London, United Kingdom $93.1B AUM 28.26% 1-Year Est. Return

Arrowstreet Capital Boston, Massachusetts $185B AUM 39.58% 1-Year Est. Return

BIP

Brandes Investment Partners La Jolla, California $14.1B AUM 25.52% 1-Year Est. Return

Chou Associates Management's NOK Position: Q3 2018 in Review

Chou Associates Management sold out of Nokia (NOK) in Q3 2018, closing a stake of 650,000 shares — an estimated $3.74M sold.

Chou Associates Management first reported a position in NOK in Q2 2013 and held it in 21 quarters. The position peaked at $47.5M in Q3 2014. 377 funds tracked by Wall St. Rank hold NOK as of Q3 2018.

Chou Associates Management reported no remaining Nokia position as of Q3 2018 after selling out during the quarter.
Chou Associates Management sold 650,000 Nokia shares in Q3 2018, an estimated $3.74M.
Chou Associates Management first reported a position in Nokia in Q2 2013 and held it in 21 quarters.
Chou Associates Management's Nokia position peaked at $47.5M in Q3 2014.
377 funds tracked by Wall St. Rank held Nokia as of Q3 2018.

Based on Chou Associates Management's 13F filing for Q3 2018, filed 13 Nov 2018.