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 |
Berkshire Hathaway Class A
BRK.A
|
+$13.7M |
| 2 |
Sanofi
SNY
|
+$874K |
| 3 |
DaVita
DVA
|
+$781K |
| 4 |
BlackBerry
BB
|
+$452K |
| 5 |
Bausch Health
BHC
|
+$352K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 50.8% |
| 2 | Healthcare | 31.76% |
| 3 | Materials | 11.06% |
| 4 | Consumer Discretionary | 2.39% |
| 5 | Technology | 2.22% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Bausch Health
BHC
$2.41B
| $27.2M | 29.86% |
1,538,992
-20,000
| -1% | -$352K |
|
|
2
Berkshire Hathaway Class A
BRK.A
$1.06T
| $25.8M | 28.35% |
100
-50
| -33% | -$13.7M |
|
|
RFP
3
DELISTED
Resolute Forest Products Inc.
RFP
| $9.31M | 10.23% |
4,571,960
| – | – |
|
4
Wells Fargo
WFC
$254B
| $5.17M | 5.69% |
209,542
| – | – |
|
5
MBIA
MBI
$250M
| $4.56M | 5.02% |
652,531
| – | – |
|
6
Goldman Sachs
GS
$303B
| $3.81M | 4.19% |
20,000
| – | – |
|
7
Citigroup
C
$221B
| $3.34M | 3.67% |
67,695
| – | – |
|
8
JPMorgan Chase
JPM
$935B
| $3.11M | 3.42% |
34,275
| – | – |
|
|
9
BlackBerry
BB
$4.71B
| $2.02M | 2.22% |
429,040
-100,000
| -19% | -$452K |
|
|
10
DaVita
DVA
$11.1B
| $1.74M | 1.91% |
22,743
-10,000
| -31% | -$781K |
|
11
China Yuchai International
CYD
$1.5B
| $1.02M | 1.12% |
73,364
| – | – |
|
12
Magna International
MGA
$19.5B
| $859K | 0.94% |
20,000
| – | – |
|
|
SAVE
13
DELISTED
Spirit Airlines, Inc.
SAVE
| $859K | 0.94% |
50,000
| – | – |
|
14
POSCO
PKX
$17.3B
| $750K | 0.82% |
21,000
| – | – |
|
15
Allegiant Air
ALGT
$2.24B
| $455K | 0.5% |
4,317
| – | – |
|
16
Bank of America
BAC
$431B
| $421K | 0.46% |
18,376
| – | – |
|
17
Stellantis
STLA
$20.4B
| $296K | 0.33% |
30,000
| – | – |
|
18
Ryanair
RYAAY
$28.9B
| $293K | 0.32% |
11,438
| – | – |
|
|
19
Sanofi
SNY
$110B
| – | – |
-20,000
| Closed | -$874K |
|
Similar funds
Francis Chou's Q2 2020 Portfolio in Review
As of Q2 2020, Francis Chou held 19 positions worth $91M, down 9% from $99.9M the previous quarter. Its ten largest holdings account for 95% of the portfolio.
Francis Chou withdrew a net $16.2M in Q2 2020, closing 1 position and reducing 4 holdings. Its most notable exit was Sanofi, an estimated $874K position sold in full.
By sector, the portfolio is most concentrated in Financials at 51% of assets, down from 61% a quarter earlier, followed by Healthcare and Materials.
- Francis Chou's biggest Q2 2020 reduction was Berkshire Hathaway Class A, cutting an estimated $13.7M.
- Francis Chou fully exited Sanofi in Q2 2020, selling an estimated $874K.
- Francis Chou's ten largest holdings make up 95% of its $91M portfolio in Q2 2020.
- Francis Chou opened 0 new positions and closed 1 in Q2 2020.
- Francis Chou's portfolio value fell 9% quarter-over-quarter to $91M.
Based on Chou Associates Management's 13F filing for Q2 2020, filed 19 Aug 2020.