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 |
RFP
Resolute Forest Products Inc.
RFP
|
+$55.7M |
| 2 |
Berkshire Hathaway Class A
BRK.A
|
+$49.5M |
| 3 |
SHLD
Sears Holding Corporation
SHLD
|
+$34.1M |
| 4 |
DELL
DELL INC
DELL
|
+$33.9M |
| 5 |
NXH
Neighborhood Intelligence Inc
NXH
|
+$24.2M |
Top Sells
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 25.88% |
| 2 | Consumer Discretionary | 16.82% |
| 3 | Materials | 13.3% |
| 4 | Healthcare | 12% |
| 5 | Technology | 5.65% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Berkshire Hathaway Class A
BRK.A
$1.06T
| $50.6M | 13.64% |
+300
| New | +$49.5M |
|
|
RFP
2
DELISTED
Resolute Forest Products Inc.
RFP
| $49.3M | 13.3% |
+3,745,350
| New | +$55.7M |
|
|
DELL
3
DELISTED
DELL INC
DELL
| $33.4M | 9% |
+2,500,000
| New | +$33.9M |
|
|
NXH
4
Neighborhood Intelligence Inc
NXH
$396M
| $30.6M | 8.26% |
+1,446,431
| New | +$24.2M |
|
|
SHLD
5
DELISTED
Sears Holding Corporation
SHLD
| $28.8M | 7.76% |
+905,850
| New | +$34.1M |
|
|
AGN
6
DELISTED
Allergan plc
AGN
| $23.4M | 6.31% |
+185,400
| New | +$21M |
|
7
Sanofi
SNY
$110B
| $21.1M | 5.69% |
+410,000
| New | +$21.8M |
|
8
Citigroup
C
$221B
| $19.7M | 5.3% |
+410,000
| New | +$19.7M |
|
9
Nokia
NOK
$57B
| $18.7M | 5.04% |
+5,000,000
| New | +$17.6M |
|
|
JPM.WS
10
DELISTED
JPMorgan Chase
JPM.WS
| $17.6M | 4.74% |
+1,126,347
| New | +$16.5M |
|
11
MBIA
MBI
$250M
| $14.4M | 3.88% |
+1,080,797
| New | +$13.6M |
|
|
WFC.WS
12
DELISTED
Wells Fargo & Company Ws
WFC.WS
| $13.6M | 3.68% |
+997,500
| New | +$12.8M |
|
13
Goldman Sachs
GS
$303B
| $11.3M | 3.06% |
+75,000
| New | +$11.4M |
|
14
INNOVATE Corp
VATE
$107M
| $5.38M | 1.45% |
+45,102
| New | +$5.36M |
|
|
BAC.WS.A
15
DELISTED
Bank Of America Corporation Ws A
BAC.WS.A
| $4.57M | 1.23% |
+836,825
| New | +$4.68M |
|
16
Chunghwa Telecom
CHT
$33.7B
| $4.24M | 1.14% |
+132,088
| New | +$4.2M |
|
|
FON
17
DELISTED
SPRINT CORP FON COM
FON
| $2.97M | 0.8% |
+423,200
| New | +$2.97M |
|
|
RSH
18
DELISTED
RADIOSHACK CORP
RSH
| $2.51M | 0.68% |
+794,071
| New | +$2.74M |
|
19
BlackBerry
BB
$4.71B
| $1.94M | 0.52% |
+185,000
| New | +$2.68M |
|
20
Ryanair
RYAAY
$28.9B
| $1.39M | 0.38% |
+65,812
| New | +$1.25M |
|
21
China Yuchai International
CYD
$1.5B
| $450K | 0.12% |
+25,537
| New | +$406K |
|
22
BP
BP
$115B
| $417K | 0.11% |
+12,225
| New | +$426K |
|
23
UTStarcom
UTSI
$22.3M
| $302K | 0.08% |
+28,407
| New | +$315K |
|
24
Vodafone
VOD
$36.9B
| $287K | 0.08% |
+9,810
| New | +$293K |
|
Similar funds
Francis Chou's Q2 2013 Portfolio in Review
Q2 2013 is the first quarter with a 13F filing on record for Francis Chou, which disclosed 27 positions worth $371M. Its ten largest holdings account for 79% of the portfolio.
Its largest position is Resolute Forest Products Inc.: 3,745,350 shares worth $49.3M.
By sector, the portfolio is most concentrated in Financials at 26% of assets, followed by Consumer Discretionary and Materials.
- Francis Chou's largest Q2 2013 buy was Resolute Forest Products Inc.: 3,745,350 shares worth $49.3M.
- Francis Chou's ten largest holdings make up 79% of its $371M portfolio in Q2 2013.
- Francis Chou disclosed 27 positions in Q2 2013, its first 13F filing on record.
Based on Chou Associates Management's 13F filing for Q2 2013, filed 14 Aug 2013.