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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
+7.44%
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
$382M
AUM Growth
-$12.5M
Cap. Flow
+$5.98M
Cap. Flow %
1.57%
Top 10 Hldgs %
85.36%
Holding
28
New
3
Increased
2
Reduced
2
Closed
5

Top Buys

Rank Stock Value
1
JPM.WS
JPMorgan Chase
JPM.WS
+$22M
2
SRSC
SEARS Canada Inc.
SRSC
+$7.38M
3
SHOS
Sears Hometown and Outlet Stores, Inc.
SHOS
+$5.98M
4
CBI
Chicago Bridge & Iron Nv
CBI
+$3.32M
5
SHLD
Sears Holding Corporation
SHLD
+$1.09M

Top Sells

Rank Stock Value
1
JPM icon
JPMorgan Chase
JPM
+$25.4M
2
LE icon
Lands' End
LE
+$7M
3
RFP
Resolute Forest Products Inc.
RFP
+$629K
4
UTSI icon
UTStarcom
UTSI
+$390K
5
VOD icon
Vodafone
VOD
+$201K

Sector Composition

Rank Sector Weight
1 Financials 30.07%
2 Materials 18.81%
3 Consumer Discretionary 18.06%
4 Technology 11.81%
5 Healthcare 5.24%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
RFP
1
DELISTED
Resolute Forest Products Inc.
RFP
$71.9M 18.81%
4,081,218
-36,041
-0.9% -$629K
BRK.A icon
2
Berkshire Hathaway Class A
BRK.A
$1.06T
$67.8M 17.75%
300
– –
NOK icon
3
Nokia
NOK
$57B
$39.3M 10.29%
5,000,000
– –
SHLD
4
DELISTED
Sears Holding Corporation
SHLD
$29.6M 7.74%
896,088
+33,357
+4% +$1.09M
JPM.WS
5
DELISTED
JPMorgan Chase
JPM.WS
$23.4M 6.13%
+1,126,347
New +$22M
C icon
6
Citigroup
C
$221B
$22.2M 5.81%
410,000
– –
WFC.WS
7
DELISTED
Wells Fargo & Company Ws
WFC.WS
$21.3M 5.58%
997,500
– –
SNY icon
8
Sanofi
SNY
$110B
$18.7M 4.9%
410,000
– –
SHOS
9
DELISTED
Sears Hometown and Outlet Stores, Inc.
SHOS
$17.4M 4.55%
1,322,209
+432,039
+49% +$5.98M
GS icon
10
Goldman Sachs
GS
$303B
$14.5M 3.81%
75,000
– –
NXH
11
Neighborhood Intelligence, Inc. Common Stock
NXH
$396M
$14.1M 3.7%
775,003
– –
MBI icon
12
MBIA
MBI
$250M
$10.3M 2.71%
1,080,797
– –
SRSC
13
DELISTED
SEARS Canada Inc.
SRSC
$7.47M 1.96%
+775,149
New +$7.38M
BAC.WS.A
14
DELISTED
Bank Of America Corporation Ws A
BAC.WS.A
$5.89M 1.54%
836,825
– –
BB icon
15
BlackBerry
BB
$4.71B
$5.81M 1.52%
529,040
– –
CHT icon
16
Chunghwa Telecom
CHT
$33.7B
$3.89M 1.02%
132,088
– –
CBI
17
DELISTED
Chicago Bridge & Iron Nv
CBI
$2.83M 0.74%
+67,446
New +$3.32M
RYAAY icon
18
Ryanair
RYAAY
$28.9B
$1.21M 0.32%
41,437
– –
AZN icon
19
AstraZeneca
AZN
$257B
$923K 0.24%
13,000
– –
CYD icon
20
China Yuchai International
CYD
$1.5B
$458K 0.12%
25,537
– –
GSK icon
21
GSK
GSK
$105B
$386K 0.1%
14,400
– –
BP icon
22
BP
BP
$115B
$381K 0.1%
12,052
-173
-1% -$5.81K
JPM icon
23
JPMorgan Chase
JPM
$935B
– –
-1,126,347
Closed -$25.4M
LE icon
24
Lands' End
LE
$375M
– –
-151,696
Closed -$7M
UTSI icon
25
UTStarcom
UTSI
$22.3M
– –
-28,407
Closed -$390K
1
2

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Francis Chou's Q4 2014 Portfolio in Review

As of Q4 2014, Francis Chou held 28 positions worth $382M, down 3.2% from $395M the previous quarter. Its ten largest holdings account for 85% of the portfolio.

Francis Chou's Q4 2014 filing shows 3 new, 2 increased, 2 reduced and 5 closed positions. Its largest new stake was JPMorgan Chase: 1,126,347 shares worth $23.4M. The largest sale was JPMorgan Chase, an estimated $25.4M.

By sector, the portfolio is most concentrated in Financials at 30% of assets, down from 37% a quarter earlier, followed by Materials and Consumer Discretionary.

  • Francis Chou's largest Q4 2014 buy was JPMorgan Chase: 1,126,347 shares worth $23.4M.
  • Francis Chou added most to Sears Hometown and Outlet Stores, Inc. in Q4 2014, an estimated $5.98M increase.
  • Francis Chou's biggest Q4 2014 reduction was Resolute Forest Products Inc., cutting an estimated $629K.
  • Francis Chou fully exited JPMorgan Chase in Q4 2014, selling an estimated $25.4M.
  • Francis Chou's ten largest holdings make up 85% of its $382M portfolio in Q4 2014.
  • Francis Chou opened 3 new positions and closed 5 in Q4 2014.
  • Francis Chou's portfolio value fell 3.2% quarter-over-quarter to $382M.

Based on Chou Associates Management's 13F filing for Q4 2014, filed 13 Feb 2015.