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CAM

Chou Associates Management Portfolio holdings

AUM $210M
1-Year Est. Return 15.42%
This Fund
S&P 500
This Quarter Est. Return
+9.57%
1 Year Est. Return
+15.42%
3 Year Est. Return
+71.66%
5 Year Est. Return
+124.52%
10 Year Est. Return
+681.17%
AUM
$352M
AUM Growth
-$1.46B
Cap. Flow
-$728M
Cap. Flow %
-206.62%
Top 10 Hldgs %
88.94%
Holding
28
New
2
Increased
3
Reduced
2
Closed
5

Top Buys

Rank Stock Value
1
NOK icon
Nokia
NOK
+$33.8M
2
BB icon
BlackBerry
BB
+$2.43M
3
RFP
Resolute Forest Products Inc.
RFP
+$1.47M
4
GSK icon
GSK
GSK
+$934K
5
AZN icon
AstraZeneca
AZN
+$706K

Top Sells

Rank Stock Value
1
DELL
DELL INC
DELL
+$34.4M
2
AGN
Allergan plc
AGN
+$6.46M
3
BBBY
Bed Bath & Beyond
BBBY
+$3.02M
4
RSH
RADIOSHACK CORP
RSH
+$2.71M
5
VATE icon
INNOVATE Corp
VATE
+$1.53M

Sector Composition

Rank Sector Weight
1 Financials 28.66%
2 Consumer Discretionary 16.43%
3 Technology 12.79%
4 Healthcare 8.29%
5 Communication Services 1.27%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
DELL
26
DELISTED
DELL INC
DELL
– –
-2,500,000
Closed -$34.4M
1
2

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Chou Associates Management's Q4 2013 Portfolio in Review

As of Q4 2013, Chou Associates Management held 28 positions worth $352M, down 81% from $1.81B the previous quarter. Its ten largest holdings account for 89% of the portfolio.

Chou Associates Management withdrew a net $728M in Q4 2013, closing 5 positions and reducing 2 holdings. Its most notable exit was DELL INC, an estimated $34.4M position sold in full.

By sector, the portfolio is most concentrated in Financials at 29% of assets, up from 5.2% a quarter earlier, followed by Consumer Discretionary and Technology.

Against the trend, Chou Associates Management opened a new position in GSK worth $478K.

  • Chou Associates Management's largest Q4 2013 buy was GSK: 14,400 shares worth $478K.
  • Chou Associates Management added most to Nokia in Q4 2013, an estimated $33.8M increase.
  • Chou Associates Management's biggest Q4 2013 reduction was Allergan plc, cutting an estimated $6.46M.
  • Chou Associates Management fully exited DELL INC in Q4 2013, selling an estimated $34.4M.
  • Chou Associates Management's ten largest holdings make up 89% of its $352M portfolio in Q4 2013.
  • Chou Associates Management opened 2 new positions and closed 5 in Q4 2013.
  • Chou Associates Management's portfolio value fell 81% quarter-over-quarter to $352M.

Based on Chou Associates Management's 13F filing for Q4 2013, filed 11 Feb 2014.