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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
+9.66%
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
$236M
AUM Growth
+$12.9M
Cap. Flow
-$7M
Cap. Flow %
-2.97%
Top 10 Hldgs %
84.86%
Holding
28
New
Increased
Reduced
2
Closed
3

Top Buys

No buys this quarter

Sector Composition

Rank Sector Weight
1 Financials 45.43%
2 Healthcare 28.1%
3 Materials 16%
4 Consumer Discretionary 2.23%
5 Technology 1.99%
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
$45.1M 19.16%
150
BHC icon
2
Bausch Health
BHC
$2.41B
$40.4M 17.16%
1,648,992
RFP
3
DELISTED
Resolute Forest Products Inc.
RFP
$36.5M 15.5%
4,571,960
WFC icon
4
Wells Fargo
WFC
$254B
$21.3M 9.05%
434,542
JPM icon
5
JPMorgan Chase
JPM
$935B
$11M 4.67%
109,275
SNY icon
6
Sanofi
SNY
$110B
$11M 4.66%
248,000
-50,000
-17% -$2.14M
GS icon
7
Goldman Sachs
GS
$303B
$9.56M 4.06%
50,000
MBI icon
8
MBIA
MBI
$250M
$9.41M 3.99%
952,531
C icon
9
Citigroup
C
$221B
$8.06M 3.42%
130,000
DVA icon
10
DaVita
DVA
$11.1B
$7.53M 3.2%
140,743
ENDP
11
DELISTED
Endo International plc
ENDP
$7.05M 2.99%
880,000
ENDP
12
CALL
DELISTED
Endo International plc
ENDP
$5.61M 2.38%
700,000
BB icon
13
BlackBerry
BB
$4.71B
$4.69M 1.99%
529,040
RFP
14
CALL
DELISTED
Resolute Forest Products Inc.
RFP
$3.2M 1.36%
400,000
-150,000
-27% -$1.26M
SHOS
15
DELISTED
Sears Hometown and Outlet Stores, Inc.
SHOS
$2.69M 1.14%
1,301,960
SAVE
16
DELISTED
Spirit Airlines, Inc.
SAVE
$2.59M 1.1%
50,000
BAC icon
17
Bank of America
BAC
$431B
$2.55M 1.08%
93,376
PKX icon
18
POSCO
PKX
$17.3B
$1.17M 0.5%
21,000
CYD icon
19
China Yuchai International
CYD
$1.5B
$1.15M 0.49%
73,364
MGA icon
20
Magna International
MGA
$19.5B
$972K 0.41%
20,000
ALGT icon
21
Allegiant Air
ALGT
$2.24B
$547K 0.23%
4,317
STLA icon
22
Stellantis
STLA
$20.4B
$444K 0.19%
30,000
RYAAY icon
23
Ryanair
RYAAY
$28.9B
$342K 0.15%
11,438
TEVA icon
24
Teva Pharmaceuticals
TEVA
$43.5B
$234K 0.1%
15,000
SHOS
25
CALL
DELISTED
Sears Hometown and Outlet Stores, Inc.
SHOS
-400,000
Closed -$852K

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Francis Chou's Q1 2019 Portfolio in Review

As of Q1 2019, Francis Chou held 28 positions worth $236M, up 5.8% from $223M the previous quarter. Its ten largest holdings account for 85% of the portfolio.

Francis Chou's Q1 2019 filing shows 2 reduced and 3 closed positions. The largest sale was Sanofi, an estimated $2.14M.

By sector, the portfolio is most concentrated in Financials at 45% of assets, down from 46% a quarter earlier, followed by Healthcare and Materials.

  • Francis Chou's biggest Q1 2019 reduction was Sanofi, cutting an estimated $2.14M.
  • Francis Chou fully exited Ascent Capital Group, Inc. Series A in Q1 2019, selling an estimated $58K.
  • Francis Chou's ten largest holdings make up 85% of its $236M portfolio in Q1 2019.
  • Francis Chou opened 0 new positions and closed 3 in Q1 2019.
  • Francis Chou's portfolio value rose 5.8% quarter-over-quarter to $236M.

Based on Chou Associates Management's 13F filing for Q1 2019, filed 13 May 2019.