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 |
DaVita
DVA
|
+$5.35M |
| 2 |
Bausch Health
BHC
|
+$1.45M |
| 3 |
JPMorgan Chase
JPM
|
+$1.21M |
| 4 |
Bank of America
BAC
|
+$300K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 60.94% |
| 2 | Healthcare | 27.55% |
| 3 | Materials | 6.45% |
| 4 | Technology | 2.17% |
| 5 | Consumer Discretionary | 1.64% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Berkshire Hathaway Class A
BRK.A
$1.06T
| $40.8M | 40.83% |
150
| – | – |
|
|
2
Bausch Health
BHC
$2.41B
| $24.2M | 24.18% |
1,558,992
-60,000
| -4% | -$1.45M |
|
3
Wells Fargo
WFC
$254B
| $6.01M | 6.02% |
209,542
| – | – |
|
|
RFP
4
DELISTED
Resolute Forest Products Inc.
RFP
| $5.76M | 5.77% |
4,571,960
| – | – |
|
5
MBIA
MBI
$250M
| $4.66M | 4.66% |
652,531
| – | – |
|
6
Goldman Sachs
GS
$303B
| $3.09M | 3.09% |
20,000
| – | – |
|
|
7
JPMorgan Chase
JPM
$935B
| $3.09M | 3.09% |
34,275
-10,000
| -23% | -$1.21M |
|
8
Citigroup
C
$221B
| $2.85M | 2.85% |
67,695
| – | – |
|
|
9
DaVita
DVA
$11.1B
| $2.49M | 2.49% |
32,743
-68,000
| -67% | -$5.35M |
|
10
BlackBerry
BB
$4.71B
| $2.17M | 2.17% |
529,040
| – | – |
|
11
Sanofi
SNY
$110B
| $874K | 0.87% |
20,000
| – | – |
|
12
China Yuchai International
CYD
$1.5B
| $789K | 0.79% |
73,364
| – | – |
|
13
POSCO
PKX
$17.3B
| $686K | 0.69% |
21,000
| – | – |
|
|
SAVE
14
DELISTED
Spirit Airlines, Inc.
SAVE
| $645K | 0.65% |
50,000
| – | – |
|
15
Magna International
MGA
$19.5B
| $638K | 0.64% |
20,000
| – | – |
|
|
16
Bank of America
BAC
$431B
| $390K | 0.39% |
18,376
-10,000
| -35% | -$300K |
|
17
Allegiant Air
ALGT
$2.24B
| $353K | 0.35% |
4,317
| – | – |
|
18
Ryanair
RYAAY
$28.9B
| $243K | 0.24% |
11,438
| – | – |
|
19
Stellantis
STLA
$20.4B
| $216K | 0.22% |
30,000
| – | – |
|
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Francis Chou's Q1 2020 Portfolio in Review
As of Q1 2020, Francis Chou held 19 positions worth $99.9M, down 42% from $174M the previous quarter. Its ten largest holdings account for 95% of the portfolio.
Francis Chou withdrew a net $8.31M in Q1 2020, reducing 4 holdings. Its largest reduction was DaVita, cutting an estimated $5.35M.
By sector, the portfolio is most concentrated in Financials at 61% of assets, up from 49% a quarter earlier, followed by Healthcare and Materials.
- Francis Chou's biggest Q1 2020 reduction was DaVita, cutting an estimated $5.35M.
- Francis Chou's ten largest holdings make up 95% of its $99.9M portfolio in Q1 2020.
- Francis Chou opened 0 new positions and closed 0 in Q1 2020.
- Francis Chou's portfolio value fell 42% quarter-over-quarter to $99.9M.
Based on Chou Associates Management's 13F filing for Q1 2020, filed 22 May 2020.