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 |
Verizon
VZ
|
+$124K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
RFP
Resolute Forest Products Inc.
RFP
|
+$2.11M |
| 2 |
Vodafone
VOD
|
+$168K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 28.52% |
| 2 | Materials | 22.87% |
| 3 | Consumer Discretionary | 13.93% |
| 4 | Technology | 11.42% |
| 5 | Healthcare | 8.31% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
RFP
1
DELISTED
Resolute Forest Products Inc.
RFP
| $82.7M | 22.87% |
4,117,259
-110,000
| -3% | -$2.11M |
|
2
Berkshire Hathaway Class A
BRK.A
$1.06T
| $56.2M | 15.54% |
300
| – | – |
|
|
SHLD
3
DELISTED
Sears Holding Corporation
SHLD
| $38.4M | 10.61% |
1,064,611
| – | – |
|
4
Nokia
NOK
$57B
| $36.7M | 10.15% |
5,000,000
| – | – |
|
|
JPM.WS
5
DELISTED
JPMorgan Chase
JPM.WS
| $22.8M | 6.29% |
1,126,347
| – | – |
|
6
Sanofi
SNY
$110B
| $21.4M | 5.93% |
410,000
| – | – |
|
7
Citigroup
C
$221B
| $19.5M | 5.4% |
410,000
| – | – |
|
|
WFC.WS
8
DELISTED
Wells Fargo & Company Ws
WFC.WS
| $18.6M | 5.14% |
997,500
| – | – |
|
9
MBIA
MBI
$250M
| $15.1M | 4.18% |
1,080,797
| – | – |
|
10
Goldman Sachs
GS
$303B
| $12.3M | 3.4% |
75,000
| – | – |
|
|
NXH
11
Neighborhood Intelligence, Inc. Common Stock
NXH
$396M
| $11.5M | 3.17% |
775,003
| – | – |
|
|
AGN
12
DELISTED
Allergan plc
AGN
| $7.29M | 2.01% |
35,400
| – | – |
|
|
BAC.WS.A
13
DELISTED
Bank Of America Corporation Ws A
BAC.WS.A
| $6.88M | 1.9% |
836,825
| – | – |
|
14
BlackBerry
BB
$4.71B
| $4.28M | 1.18% |
529,040
| – | – |
|
15
Chunghwa Telecom
CHT
$33.7B
| $4.05M | 1.12% |
132,088
| – | – |
|
16
Ryanair
RYAAY
$28.9B
| $1M | 0.28% |
41,437
| – | – |
|
17
AstraZeneca
AZN
$257B
| $840K | 0.23% |
13,000
| – | – |
|
18
China Yuchai International
CYD
$1.5B
| $541K | 0.15% |
25,537
| – | – |
|
19
GSK
GSK
$105B
| $484K | 0.13% |
14,400
| – | – |
|
20
BP
BP
$115B
| $481K | 0.13% |
12,225
| – | – |
|
21
UTStarcom
UTSI
$22.3M
| $309K | 0.09% |
28,407
| – | – |
|
|
22
Vodafone
VOD
$36.9B
| $201K | 0.06% |
5,454
-4,356
| -44% | -$168K |
|
|
23
Verizon
VZ
$205B
| $125K | 0.03% |
+2,630
| New | +$124K |
|
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Francis Chou's Q1 2014 Portfolio in Review
As of Q1 2014, Francis Chou held 23 positions worth $362M, up 2.7% from $352M the previous quarter. Its ten largest holdings account for 90% of the portfolio.
Trading was light in Q1 2014: portfolio turnover was 4.3%. Francis Chou opened 1 new position and made no exits, leaving the 23-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 29% of assets, down from 29% a quarter earlier, followed by Materials and Consumer Discretionary.
- Francis Chou's largest Q1 2014 buy was Verizon: 2,630 shares worth $125K.
- Francis Chou's biggest Q1 2014 reduction was Resolute Forest Products Inc., cutting an estimated $2.11M.
- Francis Chou's ten largest holdings make up 90% of its $362M portfolio in Q1 2014.
- Francis Chou opened 1 new position and closed 0 in Q1 2014.
- Francis Chou's portfolio value rose 2.7% quarter-over-quarter to $362M.
Based on Chou Associates Management's 13F filing for Q1 2014, filed 14 May 2014.