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Chou Associates Management Portfolio holdings

AUM $210M
1-Year Est. Return 15.42%
This Fund
S&P 500
This Quarter Est. Return
-15.46%
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
$308M
AUM Growth
+$308M
Cap. Flow
+$45.7M
Cap. Flow %
14.83%
Top 10 Hldgs %
77.07%
Holding
25
New
1
Increased
2
Reduced
1
Closed
–

Top Buys

Rank Stock Value
1
BHC icon
Bausch Health
BHC
+$72.2M
2
SHLD
Sears Holding Corporation
SHLD
+$2.3M
3
RFP
Resolute Forest Products Inc.
RFP
+$1.08M

Top Sells

Rank Stock Value
1
BRK.A icon
Berkshire Hathaway Class A
BRK.A
+$29.9M

Sector Composition

Rank Sector Weight
1 Financials 22.91%
2 Healthcare 14.06%
3 Consumer Discretionary 11.56%
4 Technology 8.6%
5 Industrials 7.34%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BRK.A icon
1
Berkshire Hathaway Class A
BRK.A
$1.1T
$32.1M 10.41%
150
-150
-50% -$29.9M
RFP
2
DELISTED
Resolute Forest Products Inc.
RFP
$27.1M 8.78%
4,904,752
+199,843
+4% +$1.08M
BHC icon
3
Bausch Health
BHC
$2.58B
$25.7M 8.35%
+976,843
New +$72.2M
NOK icon
4
Nokia
NOK
$51B
$22.2M 7.2%
3,750,000
– –
ASCMA
5
DELISTED
Ascent Capital Group, Inc. Series A
ASCMA
$21.2M 6.87%
340,000
– –
JPM.WS
6
DELISTED
JPMorgan Chase
JPM.WS
$20M 6.48%
1,126,347
– –
C icon
7
Citigroup
C
$222B
$17.1M 5.56%
410,000
– –
SNY icon
8
Sanofi
SNY
$103B
$16.5M 5.35%
410,000
– –
SHLD
9
DELISTED
Sears Holding Corporation
SHLD
$15.8M 5.13%
1,031,610
+135,522
+15% +$2.3M
WFC.WS
10
DELISTED
Wells Fargo & Company Ws
WFC.WS
$15.6M 5.08%
997,500
– –
GS icon
11
Goldman Sachs
GS
$300B
$11.8M 3.83%
75,000
– –
MBI icon
12
MBIA
MBI
$261M
$9.58M 3.11%
1,080,797
– –
SHOS
13
DELISTED
Sears Hometown and Outlet Stores, Inc.
SHOS
$8.5M 2.76%
1,322,209
– –
BBBY
14
Bed Bath & Beyond
BBBY
$481M
$8.38M 2.72%
775,003
– –
BB icon
15
BlackBerry
BB
$4.98B
$4.3M 1.4%
529,040
– –
BAC.WS.A
16
DELISTED
Bank Of America Corporation Ws A
BAC.WS.A
$3.26M 1.06%
836,825
– –
SRSC
17
DELISTED
SEARS Canada Inc.
SRSC
$2.17M 0.71%
775,149
– –
RYAAY icon
18
Ryanair
RYAAY
$30.4B
$1.42M 0.46%
41,438
– –
PKX icon
19
POSCO
PKX
$16.1B
$995K 0.32%
21,000
– –
AZN icon
20
AstraZeneca
AZN
$263B
$730K 0.24%
6,500
– –
CYD icon
21
China Yuchai International
CYD
$1.77B
$724K 0.24%
73,364
– –
GSK icon
22
GSK
GSK
$104B
$366K 0.12%
14,400
– –
BP icon
23
BP
BP
$116B
$302K 0.1%
11,885
– –

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WI
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UAH
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PCP
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Chou Associates Management's Q1 2016 Portfolio in Review

As of Q1 2016, Chou Associates Management held 25 positions worth $308M, up 65,872% from $467K the previous quarter. Its ten largest holdings account for 77% of the portfolio.

Chou Associates Management deployed $45.7M of net new capital in Q1 2016, opening 1 new position and adding to 2 existing holdings. Its largest new stake was Bausch Health: 976,843 shares worth $25.7M.

By sector, the portfolio is most concentrated in Financials at 23% of assets, up from 22% a quarter earlier, followed by Healthcare and Consumer Discretionary.

On the sell side, the largest reduction was Berkshire Hathaway Class A, an estimated $29.9M trimmed.

  • Chou Associates Management's largest Q1 2016 buy was Bausch Health: 976,843 shares worth $25.7M.
  • Chou Associates Management added most to Sears Holding Corporation in Q1 2016, an estimated $2.3M increase.
  • Chou Associates Management's biggest Q1 2016 reduction was Berkshire Hathaway Class A, cutting an estimated $29.9M.
  • Chou Associates Management's ten largest holdings make up 77% of its $308M portfolio in Q1 2016.
  • Chou Associates Management opened 1 new position and closed 0 in Q1 2016.
  • Chou Associates Management's portfolio value rose 65,872% quarter-over-quarter to $308M.

Based on Chou Associates Management's 13F filing for Q1 2016, filed 13 May 2016.