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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
+6.17%
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
$202M
AUM Growth
-$6.19M
Cap. Flow
-$14.6M
Cap. Flow %
-7.23%
Top 10 Hldgs %
87.19%
Holding
31
New
–
Increased
–
Reduced
4
Closed
3

Top Buys

No buys this quarter

Top Sells

Rank Stock Value
1
SIRI icon
SiriusXM
SIRI
+$6.3M
2
GOOG icon
Alphabet (Google) Class C
GOOG
+$2.86M
3
C icon
Citigroup
C
+$2.6M
4
MCO icon
Moody's
MCO
+$2.15M
5
LEA icon
Lear
LEA
+$402K

Sector Composition

Rank Sector Weight
1 Financials 56.71%
2 Communication Services 15.33%
3 Consumer Discretionary 13.35%
4 Energy 6.61%
5 Technology 5.93%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
RYAAY icon
26
Ryanair
RYAAY
$28.9B
$429K 0.21%
5,937
– –
VTS icon
27
Vitesse Energy
VTS
$720M
$24.9K 0.01%
1,293
– –
HTZWW
28
Hertz Global Holdings Warrants
HTZWW
$93.8M
– –
0
– –
CACC icon
29
Credit Acceptance
CACC
$6.24B
– –
-262
Closed -$122K
LEA icon
30
Lear
LEA
$8.56B
– –
-4,000
Closed -$402K
SNRE
31
DELISTED
Sunrise Communications AG American Depositary Shares representing Class A shares
SNRE
– –
-2,400
Closed -$141K
1
2

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Francis Chou's Q4 2025 Portfolio in Review

As of Q4 2025, Francis Chou held 31 positions worth $202M, down 3% from $208M the previous quarter. Its ten largest holdings account for 87% of the portfolio.

Francis Chou withdrew a net $14.6M in Q4 2025, closing 3 positions and reducing 4 holdings. Its most notable exit was Lear, an estimated $402K position sold in full.

By sector, the portfolio is most concentrated in Financials at 57% of assets, up from 55% a quarter earlier, followed by Communication Services and Consumer Discretionary.

  • Francis Chou's biggest Q4 2025 reduction was SiriusXM, cutting an estimated $6.3M.
  • Francis Chou fully exited Lear in Q4 2025, selling an estimated $402K.
  • Francis Chou's ten largest holdings make up 87% of its $202M portfolio in Q4 2025.
  • Francis Chou opened 0 new positions and closed 3 in Q4 2025.
  • Francis Chou's portfolio value fell 3% quarter-over-quarter to $202M.

Based on Chou Associates Management's 13F filing for Q4 2025, filed 13 Feb 2026.