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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
+0.28%
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
$214M
AUM Growth
-$21.8M
Cap. Flow
-$21.8M
Cap. Flow %
-10.21%
Top 10 Hldgs %
90.68%
Holding
26
New
1
Increased
–
Reduced
3
Closed
2

Top Buys

No buys this quarter

Top Sells

Rank Stock Value
1
SNY icon
Sanofi
SNY
+$9.7M
2
DVA icon
DaVita
DVA
+$1.04M
3
SHOS
Sears Hometown and Outlet Stores, Inc.
SHOS
+$11.6K

Sector Composition

Rank Sector Weight
1 Financials 52.09%
2 Healthcare 24.78%
3 Materials 15.91%
4 Consumer Discretionary 2.62%
5 Technology 1.84%
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
$47.8M 22.32%
150
– –
BHC icon
2
Bausch Health
BHC
$2.41B
$41.6M 19.44%
1,648,992
– –
RFP
3
DELISTED
Resolute Forest Products Inc.
RFP
$32.9M 15.39%
4,571,960
– –
WFC icon
4
Wells Fargo
WFC
$254B
$20.6M 9.61%
434,542
– –
JPM icon
5
JPMorgan Chase
JPM
$935B
$12.2M 5.71%
109,275
– –
GS icon
6
Goldman Sachs
GS
$303B
$10.2M 4.78%
50,000
– –
C icon
7
Citigroup
C
$221B
$9.1M 4.26%
130,000
– –
MBI icon
8
MBIA
MBI
$250M
$8.87M 4.15%
952,531
– –
DVA icon
9
DaVita
DVA
$11.1B
$6.79M 3.18%
120,743
-20,000
-14% -$1.04M
BB icon
10
BlackBerry
BB
$4.71B
$3.94M 1.84%
529,040
– –
ENDP
11
DELISTED
Endo International plc
ENDP
$3.63M 1.7%
880,000
– –
SHOS
12
DELISTED
Sears Hometown and Outlet Stores, Inc.
SHOS
$3.09M 1.44%
1,296,960
-5,000
-0.4% -$11.6K
BAC icon
13
Bank of America
BAC
$431B
$2.71M 1.27%
93,376
– –
SAVE
14
DELISTED
Spirit Airlines, Inc.
SAVE
$2.39M 1.12%
50,000
– –
PKX icon
15
POSCO
PKX
$17.3B
$1.11M 0.52%
21,000
– –
CYD icon
16
China Yuchai International
CYD
$1.5B
$1.1M 0.51%
73,364
– –
MGA icon
17
Magna International
MGA
$19.5B
$994K 0.46%
20,000
– –
SNY icon
18
Sanofi
SNY
$110B
$865K 0.4%
20,000
-228,000
-92% -$9.7M
ALGT icon
19
Allegiant Air
ALGT
$2.24B
$619K 0.29%
4,317
– –
STLA icon
20
Stellantis
STLA
$20.4B
$415K 0.19%
30,000
– –
RYAAY icon
21
Ryanair
RYAAY
$28.9B
$293K 0.14%
11,438
– –
SHOS
22
CALL
DELISTED
Sears Hometown and Outlet Stores, Inc.
SHOS
$152K 0.07%
+64,000
New +$149K
TEVA icon
23
Teva Pharmaceuticals
TEVA
$43.5B
$138K 0.06%
15,000
– –
RFP
24
CALL
DELISTED
Resolute Forest Products Inc.
RFP
– –
-400,000
Closed -$3.2M
ENDP
25
CALL
DELISTED
Endo International plc
ENDP
– –
-700,000
Closed -$5.61M

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Francis Chou's Q2 2019 Portfolio in Review

As of Q2 2019, Francis Chou held 26 positions worth $214M, down 9.2% from $236M the previous quarter. Its ten largest holdings account for 91% of the portfolio.

Francis Chou withdrew a net $21.8M in Q2 2019, closing 2 positions and reducing 3 holdings. Its largest reduction was Sanofi, cutting an estimated $9.7M.

By sector, the portfolio is most concentrated in Financials at 52% of assets, up from 45% a quarter earlier, followed by Healthcare and Materials.

  • Francis Chou's biggest Q2 2019 reduction was Sanofi, cutting an estimated $9.7M.
  • Francis Chou's ten largest holdings make up 91% of its $214M portfolio in Q2 2019.
  • Francis Chou opened 1 new position and closed 2 in Q2 2019.
  • Francis Chou's portfolio value fell 9.2% quarter-over-quarter to $214M.

Based on Chou Associates Management's 13F filing for Q2 2019, filed 14 Aug 2019.