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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
+30.87%
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
$234M
AUM Growth
-$52.4M
Cap. Flow
-$101M
Cap. Flow %
-43.03%
Top 10 Hldgs %
87.38%
Holding
25
New
–
Increased
–
Reduced
9
Closed
1

Top Buys

No buys this quarter

Top Sells

Rank Stock Value
1
BHC icon
Bausch Health
BHC
+$46.1M
2
NXH
Neighborhood Intelligence, Inc. Common Stock
NXH
+$13.5M
3
JPM.WS
JPMorgan Chase
JPM.WS
+$12M
4
TEVA icon
Teva Pharmaceuticals
TEVA
+$7.37M
5
ENDP
Endo International plc
ENDP
+$6.51M

Sector Composition

Rank Sector Weight
1 Financials 37.33%
2 Materials 22.43%
3 Healthcare 9.25%
4 Technology 4.22%
5 Consumer Discretionary 4.14%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
RFP
1
DELISTED
Resolute Forest Products Inc.
RFP
$50.8M 21.73%
4,596,832
-366,591
-7% -$2.97M
BRK.A icon
2
Berkshire Hathaway Class A
BRK.A
$1.06T
$44.6M 19.09%
150
– –
WFC.WS
3
DELISTED
Wells Fargo & Company Ws
WFC.WS
$27.5M 11.78%
997,500
– –
GS icon
4
Goldman Sachs
GS
$303B
$19.1M 8.17%
75,000
– –
SNY icon
5
Sanofi
SNY
$110B
$17.6M 7.54%
410,000
– –
C icon
6
Citigroup
C
$221B
$15.6M 6.68%
210,000
– –
JPM.WS
7
DELISTED
JPMorgan Chase
JPM.WS
$11.1M 4.74%
166,977
-199,370
-54% -$12M
MBI icon
8
MBIA
MBI
$250M
$7.91M 3.38%
1,080,797
– –
BB icon
9
BlackBerry
BB
$4.71B
$5.91M 2.53%
529,040
– –
SHLD
10
DELISTED
Sears Holding Corporation
SHLD
$4.05M 1.73%
1,131,610
– –
NOK icon
11
Nokia
NOK
$57B
$3.96M 1.69%
850,000
– –
ASCMA
12
DELISTED
Ascent Capital Group, Inc. Series A
ASCMA
$3.52M 1.5%
306,000
– –
SHOS
13
DELISTED
Sears Hometown and Outlet Stores, Inc.
SHOS
$3.44M 1.47%
1,322,209
– –
BHC icon
14
Bausch Health
BHC
$2.41B
$3.1M 1.32%
148,992
-2,904,851
-95% -$46.1M
SD icon
15
SandRidge Energy
SD
$532M
$2.86M 1.22%
135,903
-20,720
-13% -$386K
BAC.WS.A
16
DELISTED
Bank Of America Corporation Ws A
BAC.WS.A
$2.63M 1.12%
149,476
-287,349
-66% -$4.45M
CYD icon
17
China Yuchai International
CYD
$1.5B
$1.76M 0.75%
73,364
– –
PKX icon
18
POSCO
PKX
$17.3B
$1.64M 0.7%
21,000
– –
ENDP
19
DELISTED
Endo International plc
ENDP
$620K 0.27%
80,000
-870,000
-92% -$6.51M
RYAAY icon
20
Ryanair
RYAAY
$28.9B
$477K 0.2%
11,438
-30,000
-72% -$1.34M
NXH
21
Neighborhood Intelligence, Inc. Common Stock
NXH
$396M
$425K 0.18%
8,851
-372,680
-98% -$13.5M
TEVA icon
22
Teva Pharmaceuticals
TEVA
$43.5B
$284K 0.12%
15,000
-490,000
-97% -$7.37M
CBI
23
DELISTED
Chicago Bridge & Iron Nv
CBI
– –
-67,446
Closed -$1.13M

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Francis Chou's Q4 2017 Portfolio in Review

As of Q4 2017, Francis Chou held 25 positions worth $234M, down 18% from $286M the previous quarter. Its ten largest holdings account for 87% of the portfolio.

Francis Chou withdrew a net $101M in Q4 2017, closing 1 position and reducing 9 holdings. Its most notable exit was Chicago Bridge & Iron Nv, an estimated $1.13M position sold in full.

By sector, the portfolio is most concentrated in Financials at 37% of assets, up from 29% a quarter earlier, followed by Materials and Healthcare.

  • Francis Chou's biggest Q4 2017 reduction was Bausch Health, cutting an estimated $46.1M.
  • Francis Chou fully exited Chicago Bridge & Iron Nv in Q4 2017, selling an estimated $1.13M.
  • Francis Chou's ten largest holdings make up 87% of its $234M portfolio in Q4 2017.
  • Francis Chou opened 0 new positions and closed 1 in Q4 2017.
  • Francis Chou's portfolio value fell 18% quarter-over-quarter to $234M.

Based on Chou Associates Management's 13F filing for Q4 2017, filed 14 Feb 2018.