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 |
Nokia
NOK
|
+$33.8M |
| 2 |
BlackBerry
BB
|
+$2.43M |
| 3 |
RFP
Resolute Forest Products Inc.
RFP
|
+$1.47M |
| 4 |
GSK
GSK
|
+$934K |
| 5 |
AstraZeneca
AZN
|
+$706K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
DELL
DELL INC
DELL
|
+$34.4M |
| 2 |
AGN
Allergan plc
AGN
|
+$6.46M |
| 3 |
NXH
Neighborhood Intelligence, Inc. Common Stock
NXH
|
+$3.02M |
| 4 |
RSH
RADIOSHACK CORP
RSH
|
+$2.71M |
| 5 |
INNOVATE Corp
VATE
|
+$1.53M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 28.66% |
| 2 | Materials | 19.23% |
| 3 | Consumer Discretionary | 16.43% |
| 4 | Technology | 12.79% |
| 5 | Healthcare | 8.29% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
RFP
1
DELISTED
Resolute Forest Products Inc.
RFP
| $67.7M | 19.23% |
4,227,259
+100,000
| +2% | +$1.47M |
|
2
Berkshire Hathaway Class A
BRK.A
$1.06T
| $53.4M | 15.15% |
300
| – | – |
|
|
3
Nokia
NOK
$57B
| $40.5M | 11.51% |
5,000,000
+4,500,000
| +900% | +$33.8M |
|
|
SHLD
4
DELISTED
Sears Holding Corporation
SHLD
| $39.4M | 11.19% |
1,064,611
| – | – |
|
5
Sanofi
SNY
$110B
| $22M | 6.24% |
410,000
| – | – |
|
|
JPM.WS
6
DELISTED
JPMorgan Chase
JPM.WS
| $21.8M | 6.2% |
1,126,347
| – | – |
|
7
Citigroup
C
$221B
| $21.4M | 6.07% |
410,000
| – | – |
|
|
NXH
8
Neighborhood Intelligence, Inc. Common Stock
NXH
$396M
| $17.9M | 5.09% |
775,003
-149,338
| -16% | -$3.02M |
|
|
WFC.WS
9
DELISTED
Wells Fargo & Company Ws
WFC.WS
| $15.8M | 4.48% |
997,500
| – | – |
|
10
Goldman Sachs
GS
$303B
| $13.3M | 3.77% |
75,000
| – | – |
|
11
MBIA
MBI
$250M
| $12.9M | 3.66% |
1,080,797
| – | – |
|
|
AGN
12
DELISTED
Allergan plc
AGN
| $5.95M | 1.69% |
35,400
-41,305
| -54% | -$6.46M |
|
|
BAC.WS.A
13
DELISTED
Bank Of America Corporation Ws A
BAC.WS.A
| $5.41M | 1.54% |
836,825
| – | – |
|
|
14
BlackBerry
BB
$4.71B
| $4.18M | 1.19% |
529,040
+344,040
| +186% | +$2.43M |
|
15
Chunghwa Telecom
CHT
$33.7B
| $4.09M | 1.16% |
132,088
| – | – |
|
16
Ryanair
RYAAY
$28.9B
| $798K | 0.23% |
41,437
| – | – |
|
|
17
AstraZeneca
AZN
$257B
| $766K | 0.22% |
+13,000
| New | +$706K |
|
18
China Yuchai International
CYD
$1.5B
| $533K | 0.15% |
25,537
| – | – |
|
19
BP
BP
$115B
| $486K | 0.14% |
12,225
| – | – |
|
|
20
GSK
GSK
$105B
| $478K | 0.14% |
+14,400
| New | +$934K |
|
21
Vodafone
VOD
$36.9B
| $393K | 0.11% |
9,810
| – | – |
|
22
UTStarcom
UTSI
$22.3M
| $315K | 0.09% |
28,407
| – | – |
|
|
23
INNOVATE Corp
VATE
$107M
| – | – |
-45,102
| Closed | -$1.53M |
|
|
S
24
DELISTED
Sprint Corporation
S
| – | – |
-110,770
| Closed | -$688K |
|
|
RSH
25
DELISTED
RADIOSHACK CORP
RSH
| – | – |
-794,071
| Closed | -$2.71M |
|
Similar funds
Francis Chou's Q4 2013 Portfolio in Review
As of Q4 2013, Francis Chou held 28 positions worth $352M, down 81% from $1.81B the previous quarter. Its ten largest holdings account for 89% of the portfolio.
Francis Chou withdrew a net $728M in Q4 2013, closing 5 positions and reducing 2 holdings. Its most notable exit was DELL INC, an estimated $34.4M position sold in full.
By sector, the portfolio is most concentrated in Financials at 29% of assets, up from 5.2% a quarter earlier, followed by Materials and Consumer Discretionary.
Against the trend, Francis Chou opened a new position in GSK worth $478K.
- Francis Chou's largest Q4 2013 buy was GSK: 14,400 shares worth $478K.
- Francis Chou added most to Nokia in Q4 2013, an estimated $33.8M increase.
- Francis Chou's biggest Q4 2013 reduction was Allergan plc, cutting an estimated $6.46M.
- Francis Chou fully exited DELL INC in Q4 2013, selling an estimated $34.4M.
- Francis Chou's ten largest holdings make up 89% of its $352M portfolio in Q4 2013.
- Francis Chou opened 2 new positions and closed 5 in Q4 2013.
- Francis Chou's portfolio value fell 81% quarter-over-quarter to $352M.
Based on Chou Associates Management's 13F filing for Q4 2013, filed 11 Feb 2014.