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FC

Francis Chou Chou Associates Management

AUM $217M
1-Year Est. Return 23.58%
 

Francis Chou is the founder of Chou Associates Management and a Canadian value investor known for deep-value and special-situation securities. His funds have historically owned a mix of equities and distressed or complex instruments when prices offered a margin of safety. Chou’s annual reports are read for candid discussion of mistakes, opportunities, and long-term results.

This Fund
S&P 500
This Quarter Est. Return
+7%
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
$217M
AUM Growth
+$6.33M
Cap. Flow
-$1.12M
Cap. Flow %
-0.52%
Top 10 Hldgs %
82.59%
Holding
31
New
1
Increased
–
Reduced
1
Closed
–

Top Buys

Rank Stock Value
1
VTS icon
Vitesse Energy
VTS
+$22.9K

Top Sells

Rank Stock Value
1
AAPL icon
Apple
AAPL
+$1.14M

Sector Composition

Rank Sector Weight
1 Financials 58.56%
2 Communication Services 17.4%
3 Consumer Discretionary 8.22%
4 Energy 7.29%
5 Technology 5.61%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ATKR icon
26
Atkore
ATKR
$3.16B
$639K 0.29%
8,400
– –
HPQ icon
27
HP
HPQ
$27.2B
$581K 0.27%
26,500
– –
IMO icon
28
Imperial Oil
IMO
$66.8B
$561K 0.26%
5,000
– –
LPX icon
29
Louisiana-Pacific
LPX
$5.12B
$463K 0.21%
5,886
– –
RYAAY icon
30
Ryanair
RYAAY
$28.9B
$384K 0.18%
5,937
– –
VTS icon
31
Vitesse Energy
VTS
$720M
$20.4K 0.01%
+1,293
New +$22.9K
1
2

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Francis Chou's Q2 2026 Portfolio in Review

As of Q2 2026, Francis Chou held 31 positions worth $217M, up 3% from $210M the previous quarter. Its ten largest holdings account for 83% of the portfolio.

Trading was light in Q2 2026: portfolio turnover was 3.2%. Francis Chou opened 1 new position and made no exits, leaving the 31-position portfolio largely intact.

By sector, the portfolio is most concentrated in Financials at 59% of assets, up from 56% a quarter earlier, followed by Communication Services and Consumer Discretionary.

  • Francis Chou's largest Q2 2026 buy was Vitesse Energy: 1,293 shares worth $20.4K.
  • Francis Chou's biggest Q2 2026 reduction was Apple, cutting an estimated $1.14M.
  • Francis Chou's ten largest holdings make up 83% of its $217M portfolio in Q2 2026.
  • Francis Chou opened 1 new position and closed 0 in Q2 2026.
  • Francis Chou's portfolio value rose 3% quarter-over-quarter to $217M.

Based on Chou Associates Management's 13F filing for Q2 2026, filed 12 Aug 2026.