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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
-20.11%
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
$223M
AUM Growth
-$75M
Cap. Flow
-$3.31M
Cap. Flow %
-1.49%
Top 10 Hldgs %
84%
Holding
28
New
3
Increased
–
Reduced
5
Closed
–

Top Buys

Rank Stock Value
1
MGA icon
Magna International
MGA
+$969K
2
STLA icon
Stellantis
STLA
+$483K

Top Sells

Rank Stock Value
1
SNY icon
Sanofi
SNY
+$2.73M
2
SHLD
Sears Holding Corporation
SHLD
+$222K
3
ASCMA
Ascent Capital Group, Inc. Series A
ASCMA
+$115K
4
MBI icon
MBIA
MBI
+$53K
5
SHOS
Sears Hometown and Outlet Stores, Inc.
SHOS
+$23.8K

Sector Composition

Rank Sector Weight
1 Financials 46.02%
2 Healthcare 25.72%
3 Materials 16.8%
4 Consumer Discretionary 2.27%
5 Technology 1.69%
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
$45.9M 20.61%
150
– –
RFP
2
DELISTED
Resolute Forest Products Inc.
RFP
$36.3M 16.28%
4,571,960
– –
BHC icon
3
Bausch Health
BHC
$2.41B
$30.5M 13.67%
1,648,992
– –
WFC icon
4
Wells Fargo
WFC
$254B
$20M 8.99%
434,542
– –
SNY icon
5
Sanofi
SNY
$110B
$12.9M 5.81%
298,000
-62,000
-17% -$2.73M
JPM icon
6
JPMorgan Chase
JPM
$935B
$10.7M 4.79%
109,275
– –
MBI icon
7
MBIA
MBI
$250M
$8.5M 3.82%
952,531
-5,566
-0.6% -$53K
GS icon
8
Goldman Sachs
GS
$303B
$8.35M 3.75%
50,000
– –
DVA icon
9
DaVita
DVA
$11.1B
$7.24M 3.25%
140,743
– –
C icon
10
Citigroup
C
$221B
$6.77M 3.04%
130,000
– –
ENDP
11
DELISTED
Endo International plc
ENDP
$6.42M 2.88%
880,000
– –
ENDP
12
CALL
DELISTED
Endo International plc
ENDP
$5.11M 2.29%
700,000
– –
RFP
13
CALL
DELISTED
Resolute Forest Products Inc.
RFP
$4.36M 1.96%
550,000
– –
BB icon
14
BlackBerry
BB
$4.71B
$3.76M 1.69%
529,040
– –
SAVE
15
DELISTED
Spirit Airlines, Inc.
SAVE
$2.9M 1.3%
50,000
– –
SHOS
16
DELISTED
Sears Hometown and Outlet Stores, Inc.
SHOS
$2.77M 1.25%
1,301,960
-10,000
-0.8% -$23.8K
BAC icon
17
Bank of America
BAC
$431B
$2.3M 1.03%
93,376
– –
PKX icon
18
POSCO
PKX
$17.3B
$1.15M 0.52%
21,000
– –
CYD icon
19
China Yuchai International
CYD
$1.5B
$913K 0.41%
73,364
– –
MGA icon
20
Magna International
MGA
$19.5B
$909K 0.41%
+20,000
New +$969K
SHOS
21
CALL
DELISTED
Sears Hometown and Outlet Stores, Inc.
SHOS
$852K 0.38%
+400,000
New +$950K
STLA icon
22
Stellantis
STLA
$20.4B
$434K 0.19%
+30,000
New +$483K
ALGT icon
23
Allegiant Air
ALGT
$2.24B
$433K 0.19%
4,317
– –
RYAAY icon
24
Ryanair
RYAAY
$28.9B
$326K 0.15%
11,438
– –
TEVA icon
25
Teva Pharmaceuticals
TEVA
$43.5B
$231K 0.1%
15,000
– –
1
2

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Francis Chou's Q4 2018 Portfolio in Review

As of Q4 2018, Francis Chou held 28 positions worth $223M, down 25% from $298M the previous quarter. Its ten largest holdings account for 84% of the portfolio.

Francis Chou's Q4 2018 filing shows 3 new and 5 reduced positions. Its largest new stake was Magna International: 20,000 shares worth $909K. The largest sale was Sanofi, an estimated $2.73M.

By sector, the portfolio is most concentrated in Financials at 46% of assets, up from 39% a quarter earlier, followed by Healthcare and Materials.

  • Francis Chou's largest Q4 2018 buy was Magna International: 20,000 shares worth $909K.
  • Francis Chou's biggest Q4 2018 reduction was Sanofi, cutting an estimated $2.73M.
  • Francis Chou's ten largest holdings make up 84% of its $223M portfolio in Q4 2018.
  • Francis Chou opened 3 new positions and closed 0 in Q4 2018.
  • Francis Chou's portfolio value fell 25% quarter-over-quarter to $223M.

Based on Chou Associates Management's 13F filing for Q4 2018, filed 14 Feb 2019.