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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
+30.87%
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
$234M
AUM Growth
-$52.4M
Cap. Flow
-$101M
Cap. Flow %
-43.03%
Top 10 Hldgs %
87.38%
Holding
25
New
–
Increased
–
Reduced
9
Closed
1

Top Buys

No buys this quarter

Top Sells

Rank Stock Value
1
BHC icon
Bausch Health
BHC
+$46.1M
2
BBBY
Bed Bath & Beyond
BBBY
+$13.5M
3
JPM.WS
JPMorgan Chase
JPM.WS
+$12M
4
TEVA icon
Teva Pharmaceuticals
TEVA
+$7.37M
5
ENDP
Endo International plc
ENDP
+$6.51M

Sector Composition

Rank Sector Weight
1 Financials 37.33%
2 Healthcare 9.25%
3 Technology 4.22%
4 Consumer Discretionary 4.14%
5 Industrials 1.71%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
RFP
1
DELISTED
Resolute Forest Products Inc.
RFP
$50.8M 21.73%
4,596,832
-366,591
-7% -$2.97M
BRK.A icon
2
Berkshire Hathaway Class A
BRK.A
$1.1T
$44.6M 19.09%
150
– –
WFC.WS
3
DELISTED
Wells Fargo & Company Ws
WFC.WS
$27.5M 11.78%
997,500
– –
GS icon
4
Goldman Sachs
GS
$300B
$19.1M 8.17%
75,000
– –
SNY icon
5
Sanofi
SNY
$103B
$17.6M 7.54%
410,000
– –
C icon
6
Citigroup
C
$222B
$15.6M 6.68%
210,000
– –
JPM.WS
7
DELISTED
JPMorgan Chase
JPM.WS
$11.1M 4.74%
166,977
-199,370
-54% -$12M
MBI icon
8
MBIA
MBI
$261M
$7.91M 3.38%
1,080,797
– –
BB icon
9
BlackBerry
BB
$4.98B
$5.91M 2.53%
529,040
– –
SHLD
10
DELISTED
Sears Holding Corporation
SHLD
$4.05M 1.73%
1,131,610
– –
NOK icon
11
Nokia
NOK
$51B
$3.96M 1.69%
850,000
– –
ASCMA
12
DELISTED
Ascent Capital Group, Inc. Series A
ASCMA
$3.52M 1.5%
306,000
– –
SHOS
13
DELISTED
Sears Hometown and Outlet Stores, Inc.
SHOS
$3.44M 1.47%
1,322,209
– –
BHC icon
14
Bausch Health
BHC
$2.58B
$3.1M 1.32%
148,992
-2,904,851
-95% -$46.1M
SD icon
15
SandRidge Energy
SD
$514M
$2.86M 1.22%
135,903
-20,720
-13% -$386K
BAC.WS.A
16
DELISTED
Bank Of America Corporation Ws A
BAC.WS.A
$2.63M 1.12%
149,476
-287,349
-66% -$4.45M
CYD icon
17
China Yuchai International
CYD
$1.77B
$1.76M 0.75%
73,364
– –
PKX icon
18
POSCO
PKX
$16.1B
$1.64M 0.7%
21,000
– –
ENDP
19
DELISTED
Endo International plc
ENDP
$620K 0.27%
80,000
-870,000
-92% -$6.51M
RYAAY icon
20
Ryanair
RYAAY
$30.4B
$477K 0.2%
11,438
-30,000
-72% -$1.34M
BBBY
21
Bed Bath & Beyond
BBBY
$481M
$425K 0.18%
8,851
-372,680
-98% -$13.5M
TEVA icon
22
Teva Pharmaceuticals
TEVA
$40.8B
$284K 0.12%
15,000
-490,000
-97% -$7.37M
CBI
23
DELISTED
Chicago Bridge & Iron Nv
CBI
– –
-67,446
Closed -$1.13M

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ESC
Eurizon SLJ Capital London $210M AUM
FSA
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WI
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UAH
United Airlines Holdings Chicago, Illinois $211M AUM
UI
Unconventional Investor Portsmouth, New Hampshire $211M AUM 14.16% 1-Year Est. Return
PCP
P2 Capital Partners New York $210M AUM 1.23% 1-Year Est. Return
RWRC
R.W. Roge & Company Bohemia, New York $210M AUM 18.75% 1-Year Est. Return
GHP
Great Hill Partners Boston, Massachusetts $210M AUM 134.81% 1-Year Est. Return

Chou Associates Management's Q4 2017 Portfolio in Review

As of Q4 2017, Chou Associates Management held 25 positions worth $234M, down 18% from $286M the previous quarter. Its ten largest holdings account for 87% of the portfolio.

Chou Associates Management withdrew a net $101M in Q4 2017, closing 1 position and reducing 9 holdings. Its most notable exit was Chicago Bridge & Iron Nv, an estimated $1.13M position sold in full.

By sector, the portfolio is most concentrated in Financials at 37% of assets, up from 29% a quarter earlier, followed by Healthcare and Technology.

  • Chou Associates Management's biggest Q4 2017 reduction was Bausch Health, cutting an estimated $46.1M.
  • Chou Associates Management fully exited Chicago Bridge & Iron Nv in Q4 2017, selling an estimated $1.13M.
  • Chou Associates Management's ten largest holdings make up 87% of its $234M portfolio in Q4 2017.
  • Chou Associates Management opened 0 new positions and closed 1 in Q4 2017.
  • Chou Associates Management's portfolio value fell 18% quarter-over-quarter to $234M.

Based on Chou Associates Management's 13F filing for Q4 2017, filed 14 Feb 2018.