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 |
Wells Fargo
WFC
|
+$6.81M |
| 2 |
Bank of America
BAC
|
+$2.1M |
| 3 |
DaVita
DVA
|
+$1.33M |
| 4 |
ENDP
Endo International plc
ENDP
|
+$1.22M |
| 5 |
Bausch Health
BHC
|
+$780K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 49.2% |
| 2 | Healthcare | 32.82% |
| 3 | Materials | 11.67% |
| 4 | Technology | 1.96% |
| 5 | Industrials | 1.82% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Berkshire Hathaway Class A
BRK.A
$1.06T
| $50.9M | 29.33% |
150
| – | – |
|
|
2
Bausch Health
BHC
$2.41B
| $48.4M | 27.89% |
1,618,992
-30,000
| -2% | -$780K |
|
|
RFP
3
DELISTED
Resolute Forest Products Inc.
RFP
| $19.2M | 11.06% |
4,571,960
| – | – |
|
|
4
Wells Fargo
WFC
$254B
| $11.3M | 6.49% |
209,542
-130,000
| -38% | -$6.81M |
|
|
5
DaVita
DVA
$11.1B
| $7.56M | 4.35% |
100,743
-20,000
| -17% | -$1.33M |
|
6
JPMorgan Chase
JPM
$935B
| $6.17M | 3.55% |
44,275
| – | – |
|
7
MBIA
MBI
$250M
| $6.07M | 3.49% |
652,531
| – | – |
|
8
Citigroup
C
$221B
| $5.41M | 3.11% |
67,695
| – | – |
|
9
Goldman Sachs
GS
$303B
| $4.6M | 2.65% |
20,000
| – | – |
|
10
BlackBerry
BB
$4.71B
| $3.4M | 1.96% |
529,040
| – | – |
|
|
SAVE
11
DELISTED
Spirit Airlines, Inc.
SAVE
| $2.02M | 1.16% |
50,000
| – | – |
|
12
Magna International
MGA
$19.5B
| $1.1M | 0.63% |
20,000
| – | – |
|
13
POSCO
PKX
$17.3B
| $1.06M | 0.61% |
21,000
| – | – |
|
14
Sanofi
SNY
$110B
| $1M | 0.58% |
20,000
| – | – |
|
|
15
Bank of America
BAC
$431B
| $999K | 0.58% |
28,376
-65,000
| -70% | -$2.1M |
|
16
China Yuchai International
CYD
$1.5B
| $978K | 0.56% |
73,364
| – | – |
|
17
Allegiant Air
ALGT
$2.24B
| $751K | 0.43% |
4,317
| – | – |
|
18
Stellantis
STLA
$20.4B
| $441K | 0.25% |
30,000
| – | – |
|
19
Ryanair
RYAAY
$28.9B
| $401K | 0.23% |
11,438
| – | – |
|
20
Teva Pharmaceuticals
TEVA
$43.5B
| – | – |
-15,000
| Closed | -$103K |
|
|
ENDP
21
DELISTED
Endo International plc
ENDP
| – | – |
-380,000
| Closed | -$1.22M |
|
Similar funds
Francis Chou's Q4 2019 Portfolio in Review
As of Q4 2019, Francis Chou held 22 positions worth $174M, up 6% from $164M the previous quarter. Its ten largest holdings account for 94% of the portfolio.
Francis Chou withdrew a net $13.9M in Q4 2019, closing 2 positions and reducing 4 holdings. Its most notable exit was Endo International plc, an estimated $1.22M position sold in full.
By sector, the portfolio is most concentrated in Financials at 49% of assets, down from 53% a quarter earlier, followed by Healthcare and Materials.
- Francis Chou's biggest Q4 2019 reduction was Wells Fargo, cutting an estimated $6.81M.
- Francis Chou fully exited Endo International plc in Q4 2019, selling an estimated $1.22M.
- Francis Chou's ten largest holdings make up 94% of its $174M portfolio in Q4 2019.
- Francis Chou opened 0 new positions and closed 2 in Q4 2019.
- Francis Chou's portfolio value rose 6% quarter-over-quarter to $174M.
Based on Chou Associates Management's 13F filing for Q4 2019, filed 4 Mar 2020.