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 |
SHOS
Sears Hometown and Outlet Stores, Inc.
SHOS
|
+$16.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Lands' End
LE
|
+$3.33M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 36.86% |
| 2 | Materials | 18.31% |
| 3 | Consumer Discretionary | 14.38% |
| 4 | Technology | 13.46% |
| 5 | Healthcare | 7.2% |
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Francis Chou's Q3 2014 Portfolio in Review
As of Q3 2014, Francis Chou held 25 positions worth $395M, up 8.2% from $365M the previous quarter. Its ten largest holdings account for 86% of the portfolio.
Francis Chou deployed $16.2M of net new capital in Q3 2014, opening 2 new positions. Its largest new stake was Sears Hometown and Outlet Stores, Inc.: 890,170 shares worth $15.5M.
By sector, the portfolio is most concentrated in Financials at 37% of assets, up from 36% a quarter earlier, followed by Materials and Consumer Discretionary.
On the sell side, the largest reduction was Lands' End, an estimated $3.33M trimmed.
- Francis Chou's largest Q3 2014 buy was Sears Hometown and Outlet Stores, Inc.: 890,170 shares worth $15.5M.
- Francis Chou's biggest Q3 2014 reduction was Lands' End, cutting an estimated $3.33M.
- Francis Chou's ten largest holdings make up 86% of its $395M portfolio in Q3 2014.
- Francis Chou opened 2 new positions and closed 0 in Q3 2014.
- Francis Chou's portfolio value rose 8.2% quarter-over-quarter to $395M.
Based on Chou Associates Management's 13F filing for Q3 2014, filed 12 Nov 2014.