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
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 49.08% |
| 2 | Healthcare | 24.62% |
| 3 | Materials | 20.33% |
| 4 | Consumer Discretionary | 2.48% |
| 5 | Technology | 1.87% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Berkshire Hathaway Class A
BRK.A
$1.06T
| $30.3M | 30.46% |
100
| – | – |
|
2
Bausch Health
BHC
$2.41B
| $22.6M | 22.77% |
1,538,992
| – | – |
|
|
RFP
3
DELISTED
Resolute Forest Products Inc.
RFP
| $19.4M | 19.5% |
4,571,960
| – | – |
|
4
Wells Fargo
WFC
$254B
| $4.66M | 4.69% |
209,542
| – | – |
|
5
Goldman Sachs
GS
$303B
| $3.8M | 3.83% |
20,000
| – | – |
|
6
MBIA
MBI
$250M
| $3.74M | 3.76% |
652,531
| – | – |
|
7
JPMorgan Chase
JPM
$935B
| $3.12M | 3.14% |
34,275
| – | – |
|
8
Citigroup
C
$221B
| $2.76M | 2.78% |
67,695
| – | – |
|
9
BlackBerry
BB
$4.71B
| $1.86M | 1.87% |
429,040
| – | – |
|
10
DaVita
DVA
$11.1B
| $1.84M | 1.85% |
22,743
| – | – |
|
11
China Yuchai International
CYD
$1.5B
| $1.25M | 1.26% |
73,364
| – | – |
|
12
Magna International
MGA
$19.5B
| $866K | 0.87% |
20,000
| – | – |
|
13
POSCO
PKX
$17.3B
| $832K | 0.84% |
21,000
| – | – |
|
|
SAVE
14
DELISTED
Spirit Airlines, Inc.
SAVE
| $762K | 0.77% |
50,000
| – | – |
|
15
Allegiant Air
ALGT
$2.24B
| $489K | 0.49% |
4,317
| – | – |
|
16
Bank of America
BAC
$431B
| $419K | 0.42% |
18,376
| – | – |
|
17
Ryanair
RYAAY
$28.9B
| $354K | 0.36% |
11,438
| – | – |
|
18
Stellantis
STLA
$20.4B
| $347K | 0.35% |
30,000
| – | – |
|
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Francis Chou's Q3 2020 Portfolio in Review
As of Q3 2020, Francis Chou held 18 positions worth $99.4M, up 9.3% from $91M the previous quarter. Its ten largest holdings account for 95% of the portfolio.
Trading was light in Q3 2020: portfolio turnover was 0%. Francis Chou opened no new positions and made no exits, leaving the 18-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 49% of assets, down from 51% a quarter earlier, followed by Healthcare and Materials.
- Francis Chou's ten largest holdings make up 95% of its $99.4M portfolio in Q3 2020.
- Francis Chou opened 0 new positions and closed 0 in Q3 2020.
- Francis Chou's portfolio value rose 9.3% quarter-over-quarter to $99.4M.
Based on Chou Associates Management's 13F filing for Q3 2020, filed 16 Nov 2020.