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
| Rank | Stock | Value |
|---|---|---|
| 1 |
Synchrony
SYF
|
+$1.38M |
| 2 |
SNRE
Sunrise Communications AG American Depositary Shares representing Class A shares
SNRE
|
+$110K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Occidental Petroleum
OXY
|
+$10.3M |
| 2 |
Navient
NAVI
|
+$4.12M |
| 3 |
Berkshire Hathaway Class A
BRK.A
|
+$2.77M |
| 4 |
Occidental Petroleum Corp Warrants
OXY.WS
|
+$1.95M |
| 5 |
Liberty Global Class A
LBTYA
|
+$1.83M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 70.54% |
| 2 | Communication Services | 11.06% |
| 3 | Technology | 7.51% |
| 4 | Consumer Discretionary | 5.28% |
| 5 | Industrials | 3.06% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Ryanair
RYAAY
$28.9B
| $259K | 0.18% |
5,937
| – | – |
|
27
Methanex
MEOH
$4.65B
| $200K | 0.14% |
4,000
| – | – |
|
|
28
Liberty Global Class A
LBTYA
$3.63B
| $153K | 0.1% |
12,000
-109,823
| -90% | -$1.83M |
|
29
Credit Acceptance
CACC
$6.24B
| $123K | 0.08% |
262
| – | – |
|
|
SNRE
30
DELISTED
Sunrise Communications AG American Depositary Shares representing Class A shares
SNRE
| $103K | 0.07% |
+2,400
| New | +$110K |
|
31
Vitesse Energy
VTS
$720M
| $32.3K | 0.02% |
1,293
| – | – |
|
|
HTZWW
32
Hertz Global Holdings Warrants
HTZWW
$93.8M
| – | – |
-192,111
| Closed | -$420K |
|
|
33
Navient
NAVI
$886M
| – | – |
-264,245
| Closed | -$4.12M |
|
|
34
Occidental Petroleum
OXY
$61.3B
| – | – |
-200,000
| Closed | -$10.3M |
|
Similar funds
Francis Chou's Q4 2024 Portfolio in Review
As of Q4 2024, Francis Chou held 34 positions worth $147M, down 8.1% from $160M the previous quarter. Its ten largest holdings account for 88% of the portfolio.
Francis Chou withdrew a net $20.2M in Q4 2024, closing 4 positions and reducing 3 holdings. Its most notable exit was Occidental Petroleum, an estimated $10.3M position sold in full.
By sector, the portfolio is most concentrated in Financials at 71% of assets, up from 65% a quarter earlier, followed by Communication Services and Technology.
Against the trend, Francis Chou opened a new position in Sunrise Communications AG American Depositary Shares representing Class A shares worth $103K.
- Francis Chou's largest Q4 2024 buy was Sunrise Communications AG American Depositary Shares representing Class A shares: 2,400 shares worth $103K.
- Francis Chou added most to Synchrony in Q4 2024, an estimated $1.38M increase.
- Francis Chou's biggest Q4 2024 reduction was Berkshire Hathaway Class A, cutting an estimated $2.77M.
- Francis Chou fully exited Occidental Petroleum in Q4 2024, selling an estimated $10.3M.
- Francis Chou's ten largest holdings make up 88% of its $147M portfolio in Q4 2024.
- Francis Chou opened 1 new position and closed 4 in Q4 2024.
- Francis Chou's portfolio value fell 8.1% quarter-over-quarter to $147M.
Based on Chou Associates Management's 13F filing for Q4 2024, filed 13 Feb 2025.