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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
-12.6%
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
$291M
AUM Growth
-$35.8M
Cap. Flow
+$62K
Cap. Flow %
0.02%
Top 10 Hldgs %
83.73%
Holding
25
New
2
Increased
3
Reduced
2
Closed
1

Top Buys

Rank Stock Value
1
ASCMA
Ascent Capital Group, Inc. Series A
ASCMA
+$5.91M
2
RFP
Resolute Forest Products Inc.
RFP
+$1.94M
3
PKX icon
POSCO
PKX
+$859K
4
CYD icon
China Yuchai International
CYD
+$698K

Top Sells

Rank Stock Value
1
NOK icon
Nokia
NOK
+$8.22M
2
CBI
Chicago Bridge & Iron Nv
CBI
+$3.37M
3
AZN icon
AstraZeneca
AZN
+$428K

Sector Composition

Rank Sector Weight
1 Financials 33.84%
2 Consumer Discretionary 16.07%
3 Materials 12.47%
4 Technology 9.85%
5 Healthcare 7.09%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BRK.A icon
1
Berkshire Hathaway Class A
BRK.A
$1.06T
$58.6M 20.12%
300
– –
RFP
2
DELISTED
Resolute Forest Products Inc.
RFP
$35.6M 12.22%
4,281,218
+200,000
+5% +$1.94M
NOK icon
3
Nokia
NOK
$57B
$25.4M 8.73%
3,750,000
-1,250,000
-25% -$8.22M
JPM.WS
4
DELISTED
JPMorgan Chase
JPM.WS
$22.4M 7.7%
1,126,347
– –
C icon
5
Citigroup
C
$221B
$20.3M 6.99%
410,000
– –
SHLD
6
DELISTED
Sears Holding Corporation
SHLD
$20.3M 6.96%
896,088
– –
SNY icon
7
Sanofi
SNY
$110B
$19.5M 6.69%
410,000
– –
WFC.WS
8
DELISTED
Wells Fargo & Company Ws
WFC.WS
$18.1M 6.2%
997,500
– –
GS icon
9
Goldman Sachs
GS
$303B
$13M 4.48%
75,000
– –
SHOS
10
DELISTED
Sears Hometown and Outlet Stores, Inc.
SHOS
$10.6M 3.64%
1,322,209
– –
NXH
11
Neighborhood Intelligence, Inc. Common Stock
NXH
$396M
$9.99M 3.43%
775,003
– –
ASCMA
12
DELISTED
Ascent Capital Group, Inc. Series A
ASCMA
$8.67M 2.98%
316,591
+176,591
+126% +$5.91M
MBI icon
13
MBIA
MBI
$250M
$6.57M 2.26%
1,080,797
– –
SRSC
14
DELISTED
SEARS Canada Inc.
SRSC
$5.05M 1.73%
775,149
– –
BAC.WS.A
15
DELISTED
Bank Of America Corporation Ws A
BAC.WS.A
$4.8M 1.65%
836,825
– –
BB icon
16
BlackBerry
BB
$4.71B
$3.23M 1.11%
529,040
– –
RYAAY icon
17
Ryanair
RYAAY
$28.9B
$1.33M 0.46%
41,437
– –
CYD icon
18
China Yuchai International
CYD
$1.5B
$908K 0.31%
73,364
+47,827
+187% +$698K
AZN icon
19
AstraZeneca
AZN
$257B
$822K 0.28%
6,500
-6,500
-50% -$428K
PKX icon
20
POSCO
PKX
$17.3B
$736K 0.25%
+21,000
New +$859K
GSK icon
21
GSK
GSK
$105B
$344K 0.12%
14,400
– –
BP icon
22
BP
BP
$115B
$306K 0.11%
11,885
– –
CBI
23
DELISTED
Chicago Bridge & Iron Nv
CBI
– –
-67,446
Closed -$3.37M

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Francis Chou's Q3 2015 Portfolio in Review

As of Q3 2015, Francis Chou held 25 positions worth $291M, down 11% from $327M the previous quarter. Its ten largest holdings account for 84% of the portfolio.

Francis Chou's Q3 2015 filing shows 2 new, 3 increased, 2 reduced and 1 closed positions. Its largest new stake was POSCO: 21,000 shares worth $736K. The largest sale was Nokia, an estimated $8.22M.

By sector, the portfolio is most concentrated in Financials at 34% of assets, up from 32% a quarter earlier, followed by Consumer Discretionary and Materials.

  • Francis Chou's largest Q3 2015 buy was POSCO: 21,000 shares worth $736K.
  • Francis Chou added most to Ascent Capital Group, Inc. Series A in Q3 2015, an estimated $5.91M increase.
  • Francis Chou's biggest Q3 2015 reduction was Nokia, cutting an estimated $8.22M.
  • Francis Chou fully exited Chicago Bridge & Iron Nv in Q3 2015, selling an estimated $3.37M.
  • Francis Chou's ten largest holdings make up 84% of its $291M portfolio in Q3 2015.
  • Francis Chou opened 2 new positions and closed 1 in Q3 2015.
  • Francis Chou's portfolio value fell 11% quarter-over-quarter to $291M.

Based on Chou Associates Management's 13F filing for Q3 2015, filed 4 Nov 2015.