Francis Chou Chou Associates Management
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.
Top Buys
Top Sells
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 57.86% |
| 2 | Communication Services | 16.64% |
| 3 | Energy | 8.47% |
| 4 | Consumer Discretionary | 7.53% |
| 5 | Technology | 6.68% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
26
Moody's
MCO
$87.6B
| $681K | 0.32% |
1,500
| – | – |
2024 Q2
9 quarters
|
|
27
Magna International
MGA
$16B
| $637K | 0.3% |
10,000
| – | – |
2018 Q4
31 quarters
|
|
28
Imperial Oil
IMO
$60.7B
| $615K | 0.29% |
5,000
| – | – |
2024 Q1
10 quarters
|
|
29
Louisiana-Pacific
LPX
$5.3B
| $380K | 0.18% |
5,886
| – | – |
2024 Q2
9 quarters
|
|
30
Ryanair
RYAAY
$29.9B
| $327K | 0.15% |
5,937
| – | – |
2013 Q2
53 quarters
|
|
31
Vitesse Energy
VTS
$650M
| $21.6K | 0.01% |
1,293
| – | – |
2026 Q2
1 quarter
|
|
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Francis Chou's Q3 2026 Portfolio in Review
As of Q3 2026, Francis Chou held 31 positions worth $212M, down 2.2% from $217M the previous quarter. Its ten largest holdings account for 83% of the portfolio.
Trading was light in Q3 2026: portfolio turnover was 0%. Francis Chou opened no new positions and made no exits, leaving the 31-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 58% of assets, down from 59% a quarter earlier, followed by Communication Services and Energy.
- Francis Chou's ten largest holdings make up 83% of its $212M portfolio in Q3 2026.
- Francis Chou opened 0 new positions and closed 0 in Q3 2026.
- Francis Chou's portfolio value fell 2.2% quarter-over-quarter to $212M.
Based on Chou Associates Management's 13F filing for Q3 2026, filed 12 Nov 2026.