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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
+11.36%
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
$264M
AUM Growth
+$26.6M
Cap. Flow
+$7.4M
Cap. Flow %
2.8%
Top 10 Hldgs %
86.06%
Holding
27
New
4
Increased
–
Reduced
2
Closed
1

Top Buys

Rank Stock Value
1
DVA icon
DaVita
DVA
+$9.4M
2
SAVE
Spirit Airlines, Inc.
SAVE
+$1.85M
3
ALGT icon
Allegiant Air
ALGT
+$666K

Top Sells

Rank Stock Value
1
SD icon
SandRidge Energy
SD
+$1.97M
2
NOK icon
Nokia
NOK
+$1.18M
3
RFP
Resolute Forest Products Inc.
RFP
+$250K

Sector Composition

Rank Sector Weight
1 Financials 31.33%
2 Healthcare 27.73%
3 Materials 18.53%
4 Technology 3.35%
5 Consumer Discretionary 2.76%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SD icon
26
SandRidge Energy
SD
$532M
– –
-135,903
Closed -$1.97M
1
2

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Francis Chou's Q2 2018 Portfolio in Review

As of Q2 2018, Francis Chou held 27 positions worth $264M, up 11% from $237M the previous quarter. Its ten largest holdings account for 86% of the portfolio.

Francis Chou's Q2 2018 filing shows 4 new, 2 reduced and 1 closed positions. Its largest new stake was DaVita: 140,743 shares worth $9.77M. The largest sale was SandRidge Energy, an estimated $1.97M.

By sector, the portfolio is most concentrated in Financials at 31% of assets, down from 37% a quarter earlier, followed by Healthcare and Materials.

  • Francis Chou's largest Q2 2018 buy was DaVita: 140,743 shares worth $9.77M.
  • Francis Chou's biggest Q2 2018 reduction was Nokia, cutting an estimated $1.18M.
  • Francis Chou fully exited SandRidge Energy in Q2 2018, selling an estimated $1.97M.
  • Francis Chou's ten largest holdings make up 86% of its $264M portfolio in Q2 2018.
  • Francis Chou opened 4 new positions and closed 1 in Q2 2018.
  • Francis Chou's portfolio value rose 11% quarter-over-quarter to $264M.

Based on Chou Associates Management's 13F filing for Q2 2018, filed 14 Aug 2018.