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
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
JPM.WS
JPMorgan Chase
JPM.WS
|
+$13.2M |
| 2 |
Citigroup
C
|
+$6.83M |
| 3 |
NXH
Neighborhood Intelligence, Inc. Common Stock
NXH
|
+$5.94M |
| 4 |
Nokia
NOK
|
+$2.49M |
| 5 |
BAC.WS.A
Bank Of America Corporation Ws A
BAC.WS.A
|
+$1.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 29.24% |
| 2 | Healthcare | 28.37% |
| 3 | Materials | 9.27% |
| 4 | Consumer Discretionary | 7.61% |
| 5 | Technology | 3.84% |
Similar funds
Francis Chou's Q3 2017 Portfolio in Review
As of Q3 2017, Francis Chou held 27 positions worth $286M, down 12% from $324M the previous quarter. Its ten largest holdings account for 78% of the portfolio.
Francis Chou withdrew a net $35.5M in Q3 2017, closing 2 positions and reducing 5 holdings. Its most notable exit was SEARS Canada Inc., an estimated $529K position sold in full.
By sector, the portfolio is most concentrated in Financials at 29% of assets, up from 27% a quarter earlier, followed by Healthcare and Materials.
- Francis Chou's biggest Q3 2017 reduction was JPMorgan Chase, cutting an estimated $13.2M.
- Francis Chou fully exited SEARS Canada Inc. in Q3 2017, selling an estimated $529K.
- Francis Chou's ten largest holdings make up 78% of its $286M portfolio in Q3 2017.
- Francis Chou opened 0 new positions and closed 2 in Q3 2017.
- Francis Chou's portfolio value fell 12% quarter-over-quarter to $286M.
Based on Chou Associates Management's 13F filing for Q3 2017, filed 14 Nov 2017.