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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
+10.29%
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
$324M
AUM Growth
+$22.4M
Cap. Flow
-$2.66M
Cap. Flow %
-0.82%
Top 10 Hldgs %
77.79%
Holding
27
New
–
Increased
2
Reduced
2
Closed
–

Top Buys

Rank Stock Value
1
TEVA icon
Teva Pharmaceuticals
TEVA
+$8.98M
2
BHC icon
Bausch Health
BHC
+$8.39M

Top Sells

Rank Stock Value
1
NOK icon
Nokia
NOK
+$9M
2
C icon
Citigroup
C
+$6.13M

Sector Composition

Rank Sector Weight
1 Healthcare 30.96%
2 Financials 26.59%
3 Consumer Discretionary 7.73%
4 Materials 7.18%
5 Technology 4.03%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BHC icon
1
Bausch Health
BHC
$2.41B
$53M 16.38%
3,053,843
+700,000
+30% +$8.39M
BRK.A icon
2
Berkshire Hathaway Class A
BRK.A
$1.06T
$38.3M 11.84%
150
– –
JPM.WS
3
DELISTED
JPMorgan Chase
JPM.WS
$31.6M 9.76%
626,347
– –
WFC.WS
4
DELISTED
Wells Fargo & Company Ws
WFC.WS
$22.2M 6.87%
997,500
– –
RFP
5
DELISTED
Resolute Forest Products Inc.
RFP
$21.9M 6.77%
4,963,423
– –
C icon
6
Citigroup
C
$221B
$20.8M 6.43%
310,000
-100,000
-24% -$6.13M
SNY icon
7
Sanofi
SNY
$110B
$19.7M 6.09%
410,000
– –
TEVA icon
8
Teva Pharmaceuticals
TEVA
$43.5B
$16.8M 5.2%
505,000
+290,000
+135% +$8.98M
GS icon
9
Goldman Sachs
GS
$303B
$16.7M 5.16%
75,000
– –
ENDP
10
DELISTED
Endo International plc
ENDP
$10.7M 3.29%
950,000
– –
MBI icon
11
MBIA
MBI
$250M
$10.2M 3.16%
1,080,797
– –
SHLD
12
DELISTED
Sears Holding Corporation
SHLD
$10.1M 3.11%
1,131,610
– –
NXH
13
Neighborhood Intelligence, Inc. Common Stock
NXH
$396M
$9.53M 2.94%
775,003
– –
NOK icon
14
Nokia
NOK
$57B
$7.73M 2.39%
1,250,000
-1,500,000
-55% -$9M
BAC.WS.A
15
DELISTED
Bank Of America Corporation Ws A
BAC.WS.A
$6.49M 2%
536,825
– –
BB icon
16
BlackBerry
BB
$4.71B
$5.31M 1.64%
529,040
– –
ASCMA
17
DELISTED
Ascent Capital Group, Inc. Series A
ASCMA
$4.72M 1.46%
306,000
– –
SHOS
18
DELISTED
Sears Hometown and Outlet Stores, Inc.
SHOS
$3.58M 1.11%
1,322,209
– –
SD icon
19
SandRidge Energy
SD
$532M
$2.71M 0.84%
156,623
– –
RYAAY icon
20
Ryanair
RYAAY
$28.9B
$1.79M 0.55%
41,438
– –
CYD icon
21
China Yuchai International
CYD
$1.5B
$1.34M 0.41%
73,364
– –
CBI
22
DELISTED
Chicago Bridge & Iron Nv
CBI
$1.34M 0.41%
67,446
– –
PKX icon
23
POSCO
PKX
$17.3B
$1.32M 0.41%
21,000
– –
SRSC
24
DELISTED
SEARS Canada Inc.
SRSC
$529K 0.16%
775,149
– –
GM.WS.B
25
DELISTED
General Motors Company
GM.WS.B
$226K 0.07%
13,019
– –

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Francis Chou's Q2 2017 Portfolio in Review

As of Q2 2017, Francis Chou held 27 positions worth $324M, up 7.4% from $301M the previous quarter. Its ten largest holdings account for 78% of the portfolio.

Trading was light in Q2 2017: portfolio turnover was 0%. Francis Chou opened no new positions and made no exits, leaving the 27-position portfolio largely intact.

By sector, the portfolio is most concentrated in Healthcare at 31% of assets, up from 21% a quarter earlier, followed by Financials and Consumer Discretionary.

  • Francis Chou added most to Teva Pharmaceuticals in Q2 2017, an estimated $8.98M increase.
  • Francis Chou's biggest Q2 2017 reduction was Nokia, cutting an estimated $9M.
  • Francis Chou's ten largest holdings make up 78% of its $324M portfolio in Q2 2017.
  • Francis Chou opened 0 new positions and closed 0 in Q2 2017.
  • Francis Chou's portfolio value rose 7.4% quarter-over-quarter to $324M.

Based on Chou Associates Management's 13F filing for Q2 2017, filed 15 Aug 2017.