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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
+2.63%
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
$1.81B
AUM Growth
+$1.44B
Cap. Flow
+$449M
Cap. Flow %
24.85%
Top 10 Hldgs %
94.2%
Holding
28
New
2
Increased
2
Reduced
4
Closed
1

Top Buys

Rank Stock Value
1
SHLD
Sears Holding Corporation
SHLD
+$5.63M
2
RFP
Resolute Forest Products Inc.
RFP
+$5.27M
3
S
Sprint Corporation
S
+$729K

Top Sells

Rank Stock Value
1
NOK icon
Nokia
NOK
+$21.2M
2
AGN
Allergan plc
AGN
+$14.5M
3
NXH
Neighborhood Intelligence, Inc. Common Stock
NXH
+$11.8M
4
FON
SPRINT CORP FON COM
FON
+$2.97M
5
RYAAY icon
Ryanair
RYAAY
+$506K

Sector Composition

Rank Sector Weight
1 Financials 5.2%
2 Consumer Discretionary 3.97%
3 Materials 3.02%
4 Technology 1.9%
5 Healthcare 1.76%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
RFP
1
DELISTED
Resolute Forest Products Inc.
RFP
$54.6M 3.02%
4,127,259
+381,909
+10% +$5.27M
BRK.A icon
2
Berkshire Hathaway Class A
BRK.A
$1.06T
$51.1M 2.83%
300
– –
SHLD
3
DELISTED
Sears Holding Corporation
SHLD
$47.9M 2.65%
1,064,611
+158,761
+18% +$5.63M
DELL
4
DELISTED
DELL INC
DELL
$34.4M 1.9%
2,500,000
– –
NOK icon
5
Nokia
NOK
$57B
$32.5M 1.8%
500,000
-4,500,000
-90% -$21.2M
SNY icon
6
Sanofi
SNY
$110B
$20.8M 1.15%
410,000
– –
NXH
7
Neighborhood Intelligence, Inc. Common Stock
NXH
$396M
$20.6M 1.14%
924,341
-522,090
-36% -$11.8M
C icon
8
Citigroup
C
$221B
$19.9M 1.1%
410,000
– –
JPM.WS
9
DELISTED
JPMorgan Chase
JPM.WS
$18.9M 1.04%
1,126,347
– –
WFC.WS
10
DELISTED
Wells Fargo & Company Ws
WFC.WS
$14M 0.77%
997,500
– –
GS icon
11
Goldman Sachs
GS
$303B
$11.9M 0.66%
75,000
– –
MBI icon
12
MBIA
MBI
$250M
$11.1M 0.61%
1,080,797
– –
AGN
13
DELISTED
Allergan plc
AGN
$11M 0.61%
76,705
-108,695
-59% -$14.5M
BAC.WS.A
14
DELISTED
Bank Of America Corporation Ws A
BAC.WS.A
$5.1M 0.28%
836,825
– –
CHT icon
15
Chunghwa Telecom
CHT
$33.7B
$4.17M 0.23%
132,088
– –
RSH
16
DELISTED
RADIOSHACK CORP
RSH
$2.71M 0.15%
794,071
– –
VATE icon
17
INNOVATE Corp
VATE
$107M
$1.53M 0.08%
45,102
– –
BB icon
18
BlackBerry
BB
$4.71B
$1.46M 0.08%
185,000
– –
RYAAY icon
19
Ryanair
RYAAY
$28.9B
$846K 0.05%
41,437
-24,375
-37% -$506K
S
20
DELISTED
Sprint Corporation
S
$688K 0.04%
+110,770
New +$729K
CYD icon
21
China Yuchai International
CYD
$1.5B
$607K 0.03%
25,537
– –
BP icon
22
BP
BP
$115B
$420K 0.02%
12,225
– –
VOD icon
23
Vodafone
VOD
$36.9B
$352K 0.02%
9,810
– –
UTSI icon
24
UTStarcom
UTSI
$22.3M
$312K 0.02%
28,407
– –
FON
25
DELISTED
SPRINT CORP FON COM
FON
– –
-423,200
Closed -$2.97M

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Francis Chou's Q3 2013 Portfolio in Review

As of Q3 2013, Francis Chou held 28 positions worth $1.81B, up 387% from $371M the previous quarter. Its ten largest holdings account for 94% of the portfolio.

Francis Chou deployed $449M of net new capital in Q3 2013, opening 2 new positions and adding to 2 existing holdings. Its largest new stake was Sprint Corporation: 110,770 shares worth $688K.

By sector, the portfolio is most concentrated in Financials at 5.2% of assets, down from 26% a quarter earlier, followed by Consumer Discretionary and Materials.

On the sell side, the largest reduction was Nokia, an estimated $21.2M trimmed.

  • Francis Chou's largest Q3 2013 buy was Sprint Corporation: 110,770 shares worth $688K.
  • Francis Chou added most to Sears Holding Corporation in Q3 2013, an estimated $5.63M increase.
  • Francis Chou's biggest Q3 2013 reduction was Nokia, cutting an estimated $21.2M.
  • Francis Chou fully exited SPRINT CORP FON COM in Q3 2013, selling an estimated $2.97M.
  • Francis Chou's ten largest holdings make up 94% of its $1.81B portfolio in Q3 2013.
  • Francis Chou opened 2 new positions and closed 1 in Q3 2013.
  • Francis Chou's portfolio value rose 387% quarter-over-quarter to $1.81B.

Based on Chou Associates Management's 13F filing for Q3 2013, filed 14 Nov 2013.