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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
+24.28%
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
$313M
AUM Growth
+$42.5M
Cap. Flow
+$1.19M
Cap. Flow %
0.38%
Top 10 Hldgs %
80.35%
Holding
29
New
1
Increased
2
Reduced
2
Closed
1

Top Buys

Rank Stock Value
1
BHC icon
Bausch Health
BHC
+$9.43M
2
SD icon
SandRidge Energy
SD
+$1.13M
3
RFP
Resolute Forest Products Inc.
RFP
+$267K

Top Sells

Rank Stock Value
1
SHLD
Sears Holding Corporation
SHLD
+$3.42M
2
ASCMA
Ascent Capital Group, Inc. Series A
ASCMA
+$672K
3
BP icon
BP
BP
+$352K

Sector Composition

Rank Sector Weight
1 Financials 28.94%
2 Healthcare 14.74%
3 Consumer Discretionary 9.35%
4 Materials 8.84%
5 Technology 6.93%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
JPM.WS
1
DELISTED
JPMorgan Chase
JPM.WS
$49.9M 15.94%
1,126,347
– –
BRK.A icon
2
Berkshire Hathaway Class A
BRK.A
$1.06T
$36.6M 11.71%
150
– –
BHC icon
3
Bausch Health
BHC
$2.41B
$28.5M 9.1%
1,960,843
+514,000
+36% +$9.43M
RFP
4
DELISTED
Resolute Forest Products Inc.
RFP
$26.6M 8.49%
4,963,423
+58,671
+1% +$267K
C icon
5
Citigroup
C
$221B
$24.4M 7.79%
410,000
– –
WFC.WS
6
DELISTED
Wells Fargo & Company Ws
WFC.WS
$21.3M 6.8%
997,500
– –
NOK icon
7
Nokia
NOK
$57B
$18M 5.77%
3,750,000
– –
GS icon
8
Goldman Sachs
GS
$303B
$18M 5.74%
75,000
– –
SNY icon
9
Sanofi
SNY
$110B
$16.6M 5.3%
410,000
– –
MBI icon
10
MBIA
MBI
$250M
$11.6M 3.7%
1,080,797
– –
SHLD
11
DELISTED
Sears Holding Corporation
SHLD
$10.5M 3.36%
1,131,610
-300,000
-21% -$3.42M
NXH
12
Neighborhood Intelligence, Inc. Common Stock
NXH
$396M
$10.2M 3.26%
775,003
– –
BAC.WS.A
13
DELISTED
Bank Of America Corporation Ws A
BAC.WS.A
$8.33M 2.66%
836,825
– –
SHOS
14
DELISTED
Sears Hometown and Outlet Stores, Inc.
SHOS
$6.21M 1.99%
1,322,209
– –
ASCMA
15
DELISTED
Ascent Capital Group, Inc. Series A
ASCMA
$4.98M 1.59%
306,000
-34,000
-10% -$672K
BB icon
16
BlackBerry
BB
$4.71B
$3.64M 1.16%
529,040
– –
CBI
17
DELISTED
Chicago Bridge & Iron Nv
CBI
$2.14M 0.68%
67,446
– –
RYAAY icon
18
Ryanair
RYAAY
$28.9B
$1.38M 0.44%
41,438
– –
SRSC
19
DELISTED
SEARS Canada Inc.
SRSC
$1.3M 0.42%
775,149
– –
SD icon
20
SandRidge Energy
SD
$532M
$1.14M 0.36%
+48,240
New +$1.13M
PKX icon
21
POSCO
PKX
$17.3B
$1.1M 0.35%
21,000
– –
CYD icon
22
China Yuchai International
CYD
$1.5B
$1.01M 0.32%
73,364
– –
AZN icon
23
AstraZeneca
AZN
$257B
$711K 0.23%
6,500
– –
GSK icon
24
GSK
GSK
$105B
$347K 0.11%
14,400
– –
GM.WS.B
25
DELISTED
General Motors Company
GM.WS.B
$223K 0.07%
13,019
– –
1
2

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Francis Chou's Q4 2016 Portfolio in Review

As of Q4 2016, Francis Chou held 29 positions worth $313M, up 16% from $270M the previous quarter. Its ten largest holdings account for 80% of the portfolio.

Francis Chou's Q4 2016 filing shows 1 new, 2 increased, 2 reduced and 1 closed positions. Its largest new stake was SandRidge Energy: 48,240 shares worth $1.14M. The largest sale was Sears Holding Corporation, an estimated $3.42M.

By sector, the portfolio is most concentrated in Financials at 29% of assets, up from 27% a quarter earlier, followed by Healthcare and Consumer Discretionary.

  • Francis Chou's largest Q4 2016 buy was SandRidge Energy: 48,240 shares worth $1.14M.
  • Francis Chou added most to Bausch Health in Q4 2016, an estimated $9.43M increase.
  • Francis Chou's biggest Q4 2016 reduction was Sears Holding Corporation, cutting an estimated $3.42M.
  • Francis Chou fully exited BP in Q4 2016, selling an estimated $352K.
  • Francis Chou's ten largest holdings make up 80% of its $313M portfolio in Q4 2016.
  • Francis Chou opened 1 new position and closed 1 in Q4 2016.
  • Francis Chou's portfolio value rose 16% quarter-over-quarter to $313M.

Based on Chou Associates Management's 13F filing for Q4 2016, filed 14 Feb 2017.