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CAM

Chou Associates Management Portfolio holdings

AUM $217M
1-Year Est. Return 23.58%
This Fund
S&P 500
This Quarter Est. Return
+15.9%
1 Year Est. Return
+23.58%
3 Year Est. Return
+66.36%
5 Year Est. Return
+125.96%
10 Year Est. Return
+766.48%
AUM
$298M
AUM Growth
+$33.8M
Cap. Flow
-$17.6M
Cap. Flow %
-5.91%
Top 10 Hldgs %
83.59%
Holding
30
New
4
Increased
1
Reduced
7
Closed
5

Top Buys

Rank Stock Value
1
WFC icon
Wells Fargo
WFC
+$24.8M
2
JPM icon
JPMorgan Chase
JPM
+$12.4M
3
BAC icon
Bank of America
BAC
+$2.84M

Top Sells

Rank Stock Value
1
WFC.WS
Wells Fargo & Company Ws
WFC.WS
+$22M
2
JPM.WS
JPMorgan Chase
JPM.WS
+$10.6M
3
GS icon
Goldman Sachs
GS
+$5.82M
4
C icon
Citigroup
C
+$5.66M
5
NOK icon
Nokia
NOK
+$3.74M

Sector Composition

Rank Sector Weight
1 Financials 39.2%
2 Healthcare 28.09%
3 Materials 20.36%
4 Miscellaneous 7.21%
5 Technology 2.01%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
RFP
1
DELISTED
Resolute Forest Products Inc.
RFP
$59.2M 19.89%
4,571,960
– –
BRK.A icon
2
Berkshire Hathaway Class A
BRK.A
$1.1T
$48M 16.12%
150
– –
BHC icon
3
Bausch Health
BHC
$2.12B
$42.3M 14.22%
1,648,992
– –
WFC icon
4
Wells Fargo
WFC
$271B
$22.8M 7.67%
+434,542
New +$24.8M
SNY icon
5
Sanofi
SNY
$102B
$16.1M 5.4%
360,000
-50,000
-12% -$2.14M
ENDP
6
DELISTED
Endo International plc
ENDP
$14.8M 4.98%
880,000
– –
JPM icon
7
JPMorgan Chase
JPM
$937B
$12.3M 4.14%
+109,275
New +$12.4M
ENDP
8
CALL
DELISTED
Endo International plc
ENDP
$11.8M 3.96%
+700,000
New +$9.94M
GS icon
9
Goldman Sachs
GS
$284B
$11.2M 3.77%
50,000
-25,000
-33% -$5.82M
MBI icon
10
MBIA
MBI
$230M
$10.2M 3.44%
958,097
-122,700
-11% -$1.26M
DVA icon
11
DaVita
DVA
$12.2B
$10.1M 3.39%
140,743
– –
C icon
12
Citigroup
C
$228B
$9.33M 3.13%
130,000
-80,000
-38% -$5.66M
RFP
13
CALL
DELISTED
Resolute Forest Products Inc.
RFP
$7.12M 2.39%
550,000
+400,000
+267% +$5M
BB icon
14
BlackBerry
BB
$4.57B
$5.99M 2.01%
529,040
– –
SHOS
15
DELISTED
Sears Hometown and Outlet Stores, Inc.
SHOS
$3.74M 1.26%
1,311,960
-10,249
-0.8% -$26.7K
BAC icon
16
Bank of America
BAC
$416B
$2.75M 0.92%
+93,376
New +$2.84M
SAVE
17
DELISTED
Spirit Airlines, Inc.
SAVE
$2.35M 0.79%
50,000
– –
PKX icon
18
POSCO
PKX
$18.5B
$1.39M 0.47%
21,000
– –
CYD icon
19
China Yuchai International
CYD
$1.27B
$1.27M 0.43%
73,364
– –
ALGT icon
20
Allegiant Air
ALGT
$2.14B
$547K 0.18%
4,317
– –
SHLD
21
DELISTED
Sears Holding Corporation
SHLD
$489K 0.16%
505,381
-626,229
-55% -$1.04M
ASCMA
22
DELISTED
Ascent Capital Group, Inc. Series A
ASCMA
$474K 0.16%
268,000
-38,000
-12% -$97.7K
RYAAY icon
23
Ryanair
RYAAY
$26.9B
$439K 0.15%
11,438
– –
TEVA icon
24
Teva Pharmaceutical Industries Limited
TEVA
$45.8B
$323K 0.11%
15,000
– –
NXH
25
Neighborhood Intelligence Inc
NXH
$329M
– –
-8,851
Closed -$224K
1
2

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Chou Associates Management's Q3 2018 Portfolio in Review

As of Q3 2018, Chou Associates Management held 30 positions worth $298M, up 13% from $264M the previous quarter. Its ten largest holdings account for 84% of the portfolio.

Chou Associates Management withdrew a net $17.6M in Q3 2018, closing 5 positions and reducing 7 holdings. Its most notable exit was Wells Fargo & Company Ws, an estimated $22M position sold in full.

By sector, the portfolio is most concentrated in Financials at 39% of assets, up from 31% a quarter earlier, followed by Healthcare and Materials.

Against the trend, Chou Associates Management opened a new position in Wells Fargo worth $22.8M.

  • Chou Associates Management's largest Q3 2018 buy was Wells Fargo: 434,542 shares worth $22.8M.
  • Chou Associates Management's biggest Q3 2018 reduction was Goldman Sachs, cutting an estimated $5.82M.
  • Chou Associates Management fully exited Wells Fargo & Company Ws in Q3 2018, selling an estimated $22M.
  • Chou Associates Management's ten largest holdings make up 84% of its $298M portfolio in Q3 2018.
  • Chou Associates Management opened 4 new positions and closed 5 in Q3 2018.
  • Chou Associates Management's portfolio value rose 13% quarter-over-quarter to $298M.

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