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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
+8.84%
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
$70.7M
AUM Growth
-$68.9M
(-49%)
Cap. Flow
-$75.5M
Cap. Flow
% of AUM
-106.76%
Top 10 Holdings %
Top 10 Hldgs %
94.58%
Holding
24
New
4
Increased
2
Reduced
2
Closed
6
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
HTZWW
Hertz Global Holdings Warrants
HTZWW
|
+$5.68M |
| 2 |
Ally Financial
ALLY
|
+$4.14M |
| 3 |
Synchrony
SYF
|
+$1.99M |
| 4 |
Liberty Global Class A
LBTYA
|
+$1.54M |
| 5 |
CIXX
CI Financial Corp.
CIXX
|
+$290K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
RFP
Resolute Forest Products Inc.
RFP
|
+$36.1M |
| 2 |
Berkshire Hathaway Class A
BRK.A
|
+$8.98M |
| 3 |
JPMorgan Chase
JPM
|
+$2.54M |
| 4 |
Goldman Sachs
GS
|
+$2.08M |
| 5 |
POSCO
PKX
|
+$769K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 69.95% |
| 2 | Healthcare | 6.35% |
| 3 | Consumer Discretionary | 3.18% |
| 4 | Communication Services | 2.59% |
| 5 | Technology | 1.44% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Berkshire Hathaway Class A
BRK.A
$1.1T
| $37.5M | 53.01% |
80
-20
| -20% | -$8.98M |
|
|
RFP
2
DELISTED
Resolute Forest Products Inc.
RFP
| $5.64M | 7.98% |
261,460
-1,725,000
| -87% | -$36.1M |
|
|
HTZWW
3
Hertz Global Holdings Warrants
HTZWW
$66M
| $5.53M | 7.82% |
741,583
+644,274
| +662% | +$5.68M |
|
4
Bausch Health
BHC
$2.58B
| $4.49M | 6.35% |
715,000
| – | – |
|
|
5
Ally Financial
ALLY
$13.2B
| $3.81M | 5.38% |
+155,686
| New | +$4.14M |
|
6
Citigroup
C
$222B
| $2.61M | 3.69% |
57,695
| – | – |
|
7
MBIA
MBI
$261M
| $2.56M | 3.62% |
199,530
| – | – |
|
|
8
Synchrony
SYF
$24.7B
| $1.91M | 2.69% |
+58,000
| New | +$1.99M |
|
|
9
Liberty Global Class A
LBTYA
$3.62B
| $1.83M | 2.59% |
96,823
+84,823
| +707% | +$1.54M |
|
10
BlackBerry
BB
$4.98B
| $1.02M | 1.44% |
312,900
| – | – |
|
11
Wells Fargo
WFC
$261B
| $807K | 1.14% |
19,542
| – | – |
|
|
BBBY
12
Bed Bath & Beyond
BBBY
$481M
| $744K | 1.05% |
42,246
| – | – |
|
13
Magna International
MGA
$18.7B
| $562K | 0.79% |
10,000
| – | – |
|
14
China Yuchai International
CYD
$1.77B
| $519K | 0.73% |
73,364
| – | – |
|
15
Stellantis
STLA
$21.7B
| $426K | 0.6% |
30,000
| – | – |
|
16
Ryanair
RYAAY
$30.4B
| $342K | 0.48% |
11,438
| – | – |
|
|
CIXX
17
DELISTED
CI Financial Corp.
CIXX
| $286K | 0.4% |
+28,700
| New | +$290K |
|
18
Methanex
MEOH
$4.3B
| $151K | 0.21% |
+4,000
| New | +$147K |
|
|
19
CALL
Bausch Health
BHC
$2.58B
| – | – |
-600,000
| Closed | -$4.13M |
|
|
20
Goldman Sachs
GS
$300B
| – | – |
-7,100
| Closed | -$2.08M |
|
|
21
JPMorgan Chase
JPM
$935B
| – | – |
-24,275
| Closed | -$2.54M |
|
|
22
POSCO
PKX
$16.1B
| – | – |
-21,000
| Closed | -$769K |
|
23
Kartoon Studios
TOON
$35.2M
| – | – |
-34,130
| Closed | -$205K |
|
|
RFP
24
CALL
DELISTED
Resolute Forest Products Inc.
RFP
| – | – |
-1,725,000
| Closed | -$34.5M |
|
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Chou Associates Management's Q4 2022 Portfolio in Review
As of Q4 2022, Chou Associates Management held 24 positions worth $70.7M, down 49% from $140M the previous quarter. Its ten largest holdings account for 95% of the portfolio.
Chou Associates Management withdrew a net $75.5M in Q4 2022, closing 6 positions and reducing 2 holdings. Its most notable exit was JPMorgan Chase, an estimated $2.54M position sold in full.
By sector, the portfolio is most concentrated in Financials at 70% of assets, up from 36% a quarter earlier, followed by Healthcare and Consumer Discretionary.
Against the trend, Chou Associates Management opened a new position in Ally Financial worth $3.81M.
- Chou Associates Management's largest Q4 2022 buy was Ally Financial: 155,686 shares worth $3.81M.
- Chou Associates Management added most to Hertz Global Holdings Warrants in Q4 2022, an estimated $5.68M increase.
- Chou Associates Management's biggest Q4 2022 reduction was Resolute Forest Products Inc., cutting an estimated $36.1M.
- Chou Associates Management fully exited JPMorgan Chase in Q4 2022, selling an estimated $2.54M.
- Chou Associates Management's ten largest holdings make up 95% of its $70.7M portfolio in Q4 2022.
- Chou Associates Management opened 4 new positions and closed 6 in Q4 2022.
- Chou Associates Management's portfolio value fell 49% quarter-over-quarter to $70.7M.
Based on Chou Associates Management's 13F filing for Q4 2022, filed 14 Feb 2023.