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
|
+$1.22M |
| 2 |
SAVE
Spirit Airlines, Inc.
SAVE
|
+$762K |
| 3 |
Allegiant Air
ALGT
|
+$489K |
| 4 |
Goldman Sachs
GS
|
+$445K |
| 5 |
MBIA
MBI
|
+$215K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 43.37% |
| 2 | Healthcare | 24.45% |
| 3 | Materials | 22.93% |
| 4 | Consumer Discretionary | 2.32% |
| 5 | Technology | 2.09% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Berkshire Hathaway Class A
BRK.A
$1.06T
| $34.8M | 25.56% |
100
| – | – |
|
2
Bausch Health
BHC
$2.41B
| $32M | 23.52% |
1,538,992
| – | – |
|
|
RFP
3
DELISTED
Resolute Forest Products Inc.
RFP
| $29.9M | 21.97% |
4,571,960
| – | – |
|
4
Wells Fargo
WFC
$254B
| $6.32M | 4.65% |
209,542
| – | – |
|
|
5
Goldman Sachs
GS
$303B
| $4.75M | 3.49% |
18,000
-2,000
| -10% | -$445K |
|
6
JPMorgan Chase
JPM
$935B
| $4.36M | 3.2% |
34,275
| – | – |
|
7
Citigroup
C
$221B
| $4.17M | 3.07% |
67,695
| – | – |
|
|
8
MBIA
MBI
$250M
| $4.08M | 3% |
619,530
-33,001
| -5% | -$215K |
|
|
RFP
9
CALL
DELISTED
Resolute Forest Products Inc.
RFP
| $3.43M | 2.52% |
+525,000
| New | +$2.86M |
|
10
BlackBerry
BB
$4.71B
| $2.85M | 2.09% |
429,040
| – | – |
|
|
11
CALL
BlackBerry
BB
$4.71B
| $2.65M | 1.95% |
+400,000
| New | +$2.37M |
|
12
Magna International
MGA
$19.5B
| $1.42M | 1.04% |
20,000
| – | – |
|
13
POSCO
PKX
$17.3B
| $1.31M | 0.96% |
21,000
| – | – |
|
|
14
DaVita
DVA
$11.1B
| $1.26M | 0.93% |
10,743
-12,000
| -53% | -$1.22M |
|
15
China Yuchai International
CYD
$1.5B
| $1.2M | 0.88% |
73,364
| – | – |
|
16
Bank of America
BAC
$431B
| $557K | 0.41% |
18,376
| – | – |
|
17
Stellantis
STLA
$20.4B
| $543K | 0.4% |
30,000
| – | – |
|
18
Ryanair
RYAAY
$28.9B
| $503K | 0.37% |
11,438
| – | – |
|
|
19
Allegiant Air
ALGT
$2.24B
| – | – |
-4,317
| Closed | -$489K |
|
|
SAVE
20
DELISTED
Spirit Airlines, Inc.
SAVE
| – | – |
-50,000
| Closed | -$762K |
|
Similar funds
Francis Chou's Q4 2020 Portfolio in Review
As of Q4 2020, Francis Chou held 20 positions worth $136M, up 37% from $99.4M the previous quarter. Its ten largest holdings account for 93% of the portfolio.
Francis Chou's Q4 2020 filing shows 2 new, 3 reduced and 2 closed positions. The largest sale was DaVita, an estimated $1.22M.
By sector, the portfolio is most concentrated in Financials at 43% of assets, down from 49% a quarter earlier, followed by Healthcare and Materials.
- Francis Chou's biggest Q4 2020 reduction was DaVita, cutting an estimated $1.22M.
- Francis Chou fully exited Spirit Airlines, Inc. in Q4 2020, selling an estimated $762K.
- Francis Chou's ten largest holdings make up 93% of its $136M portfolio in Q4 2020.
- Francis Chou opened 2 new positions and closed 2 in Q4 2020.
- Francis Chou's portfolio value rose 37% quarter-over-quarter to $136M.
Based on Chou Associates Management's 13F filing for Q4 2020, filed 16 Feb 2021.