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 |
JPMorgan Chase
JPM
|
+$7.35M |
| 2 |
Goldman Sachs
GS
|
+$6.27M |
| 3 |
Wells Fargo
WFC
|
+$4.48M |
| 4 |
Citigroup
C
|
+$4.24M |
| 5 |
SHOS
Sears Hometown and Outlet Stores, Inc.
SHOS
|
+$3.09M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 52.89% |
| 2 | Healthcare | 27.56% |
| 3 | Materials | 13.72% |
| 4 | Technology | 1.69% |
| 5 | Industrials | 1.69% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Berkshire Hathaway Class A
BRK.A
$1.06T
| $46.8M | 28.54% |
150
| – | – |
|
2
Bausch Health
BHC
$2.41B
| $36M | 21.99% |
1,648,992
| – | – |
|
|
RFP
3
DELISTED
Resolute Forest Products Inc.
RFP
| $21.5M | 13.11% |
4,571,960
| – | – |
|
|
4
Wells Fargo
WFC
$254B
| $17.1M | 10.45% |
339,542
-95,000
| -22% | -$4.48M |
|
5
DaVita
DVA
$11.1B
| $6.89M | 4.21% |
120,743
| – | – |
|
6
MBIA
MBI
$250M
| $6.02M | 3.68% |
652,531
-300,000
| -31% | -$2.8M |
|
|
7
JPMorgan Chase
JPM
$935B
| $5.21M | 3.18% |
44,275
-65,000
| -59% | -$7.35M |
|
|
8
Citigroup
C
$221B
| $4.68M | 2.85% |
67,695
-62,305
| -48% | -$4.24M |
|
|
9
Goldman Sachs
GS
$303B
| $4.14M | 2.53% |
20,000
-30,000
| -60% | -$6.27M |
|
10
BlackBerry
BB
$4.71B
| $2.77M | 1.69% |
529,040
| – | – |
|
11
Bank of America
BAC
$431B
| $2.72M | 1.66% |
93,376
| – | – |
|
|
SAVE
12
DELISTED
Spirit Airlines, Inc.
SAVE
| $1.81M | 1.11% |
50,000
| – | – |
|
|
ENDP
13
DELISTED
Endo International plc
ENDP
| $1.22M | 0.74% |
380,000
-500,000
| -57% | -$1.61M |
|
14
Magna International
MGA
$19.5B
| $1.07M | 0.65% |
20,000
| – | – |
|
15
POSCO
PKX
$17.3B
| $990K | 0.6% |
21,000
| – | – |
|
16
China Yuchai International
CYD
$1.5B
| $950K | 0.58% |
73,364
| – | – |
|
17
Sanofi
SNY
$110B
| $927K | 0.57% |
20,000
| – | – |
|
18
Allegiant Air
ALGT
$2.24B
| $646K | 0.39% |
4,317
| – | – |
|
19
Stellantis
STLA
$20.4B
| $388K | 0.24% |
30,000
| – | – |
|
20
Ryanair
RYAAY
$28.9B
| $304K | 0.19% |
11,438
| – | – |
|
21
Teva Pharmaceuticals
TEVA
$43.5B
| $103K | 0.06% |
15,000
| – | – |
|
|
SHOS
22
CALL
DELISTED
Sears Hometown and Outlet Stores, Inc.
SHOS
| – | – |
-64,000
| Closed | -$152K |
|
|
SHOS
23
DELISTED
Sears Hometown and Outlet Stores, Inc.
SHOS
| – | – |
-1,296,960
| Closed | -$3.09M |
|
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Francis Chou's Q3 2019 Portfolio in Review
As of Q3 2019, Francis Chou held 24 positions worth $164M, down 23% from $214M the previous quarter. Its ten largest holdings account for 92% of the portfolio.
Francis Chou withdrew a net $32.4M in Q3 2019, closing 2 positions and reducing 6 holdings. Its most notable exit was Sears Hometown and Outlet Stores, Inc., an estimated $3.09M position sold in full.
By sector, the portfolio is most concentrated in Financials at 53% of assets, up from 52% a quarter earlier, followed by Healthcare and Materials.
- Francis Chou's biggest Q3 2019 reduction was JPMorgan Chase, cutting an estimated $7.35M.
- Francis Chou fully exited Sears Hometown and Outlet Stores, Inc. in Q3 2019, selling an estimated $3.09M.
- Francis Chou's ten largest holdings make up 92% of its $164M portfolio in Q3 2019.
- Francis Chou opened 0 new positions and closed 2 in Q3 2019.
- Francis Chou's portfolio value fell 23% quarter-over-quarter to $164M.
Based on Chou Associates Management's 13F filing for Q3 2019, filed 14 Nov 2019.