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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
+4.38%
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
$160M
AUM Growth
+$19.6M
Cap. Flow
+$13.8M
Cap. Flow %
8.64%
Top 10 Hldgs %
82.91%
Holding
34
New
3
Increased
–
Reduced
2
Closed
1

Top Buys

Rank Stock Value
1
OXY icon
Occidental Petroleum
OXY
+$11.4M
2
OXY.WS icon
Occidental Petroleum Corp Warrants
OXY.WS
+$2.39M
3
SIRI icon
SiriusXM
SIRI
+$736K

Top Sells

Rank Stock Value
1
LSXMK
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
+$627K
2
HTZWW
Hertz Global Holdings Warrants
HTZWW
+$122K
3
RYAAY icon
Ryanair
RYAAY
+$43

Sector Composition

Rank Sector Weight
1 Financials 64.88%
2 Communication Services 10.59%
3 Energy 6.7%
4 Technology 6.42%
5 Consumer Discretionary 5.36%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HTZWW
26
Hertz Global Holdings Warrants
HTZWW
$93.8M
$421K 0.26%
192,111
-50,106
-21% -$122K
MGA icon
27
Magna International
MGA
$19.5B
$410K 0.26%
10,000
– –
BABA icon
28
Alibaba
BABA
$286B
$361K 0.23%
3,400
– –
IMO icon
29
Imperial Oil
IMO
$66.8B
$352K 0.22%
5,000
– –
RYAAY icon
30
Ryanair
RYAAY
$28.9B
$268K 0.17%
5,937
-1
-0% -$43
MEOH icon
31
Methanex
MEOH
$4.65B
$165K 0.1%
4,000
– –
CACC icon
32
Credit Acceptance
CACC
$6.24B
$116K 0.07%
262
– –
VTS icon
33
Vitesse Energy
VTS
$720M
$31.1K 0.02%
1,293
– –
LSXMK
34
DELISTED
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
– –
-28,282
Closed -$627K
1
2

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Francis Chou's Q3 2024 Portfolio in Review

As of Q3 2024, Francis Chou held 34 positions worth $160M, up 14% from $140M the previous quarter. Its ten largest holdings account for 83% of the portfolio.

Francis Chou deployed $13.8M of net new capital in Q3 2024, opening 3 new positions. Its largest new stake was Occidental Petroleum: 200,000 shares worth $10.3M.

By sector, the portfolio is most concentrated in Financials at 65% of assets, down from 68% a quarter earlier, followed by Communication Services and Energy.

On the sell side, the largest reduction was Hertz Global Holdings Warrants, an estimated $122K trimmed.

  • Francis Chou's largest Q3 2024 buy was Occidental Petroleum: 200,000 shares worth $10.3M.
  • Francis Chou's biggest Q3 2024 reduction was Hertz Global Holdings Warrants, cutting an estimated $122K.
  • Francis Chou fully exited Liberty Media Corporation Series C Liberty SiriusXM Common Stock in Q3 2024, selling an estimated $627K.
  • Francis Chou's ten largest holdings make up 83% of its $160M portfolio in Q3 2024.
  • Francis Chou opened 3 new positions and closed 1 in Q3 2024.
  • Francis Chou's portfolio value rose 14% quarter-over-quarter to $160M.

Based on Chou Associates Management's 13F filing for Q3 2024, filed 8 Nov 2024.