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
| Rank | Stock | Value |
|---|---|---|
| 1 |
Liberty Global Class A
LBTYA
|
+$303K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Wells Fargo
WFC
|
+$1.42M |
| 2 |
Bausch Health
BHC
|
+$1.29M |
| 3 |
DaVita
DVA
|
+$1.26M |
| 4 |
Goldman Sachs
GS
|
+$1.25M |
| 5 |
Bank of America
BAC
|
+$345K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 29.8% |
| 2 | Materials | 23.23% |
| 3 | Healthcare | 21.42% |
| 4 | Consumer Discretionary | 1.55% |
| 5 | Technology | 1.51% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
RFP
1
DELISTED
Resolute Forest Products Inc.
RFP
| $49.9M | 22.54% |
4,559,460
-12,500
| -0.3% | -$111K |
|
|
2
Bausch Health
BHC
$2.41B
| $47.4M | 21.42% |
1,495,000
-43,992
| -3% | -$1.29M |
|
3
Berkshire Hathaway Class A
BRK.A
$1.06T
| $38.5M | 17.41% |
100
| – | – |
|
|
RFP
4
CALL
DELISTED
Resolute Forest Products Inc.
RFP
| $22.7M | 10.26% |
2,075,000
+1,550,000
| +295% | +$13.8M |
|
|
5
CALL
Bausch Health
BHC
$2.41B
| $19M | 8.6% |
+600,000
| New | +$17.6M |
|
|
6
Wells Fargo
WFC
$254B
| $6.62M | 2.99% |
169,542
-40,000
| -19% | -$1.42M |
|
7
MBIA
MBI
$250M
| $5.76M | 2.6% |
599,530
-20,000
| -3% | -$155K |
|
8
JPMorgan Chase
JPM
$935B
| $5.21M | 2.36% |
34,275
| – | – |
|
9
Citigroup
C
$221B
| $4.92M | 2.22% |
67,695
| – | – |
|
|
10
Goldman Sachs
GS
$303B
| $4.58M | 2.07% |
14,000
-4,000
| -22% | -$1.25M |
|
|
11
CALL
MBIA
MBI
$250M
| $3.85M | 1.74% |
+400,000
| New | +$3.1M |
|
12
CALL
BlackBerry
BB
$4.71B
| $3.35M | 1.51% |
400,000
| – | – |
|
|
13
BlackBerry
BB
$4.71B
| $3.35M | 1.51% |
400,000
-29,040
| -7% | -$326K |
|
14
Magna International
MGA
$19.5B
| $1.76M | 0.8% |
20,000
| – | – |
|
15
POSCO
PKX
$17.3B
| $1.51M | 0.68% |
21,000
| – | – |
|
16
China Yuchai International
CYD
$1.5B
| $1.14M | 0.51% |
73,364
| – | – |
|
17
Stellantis
STLA
$20.4B
| $533K | 0.24% |
30,000
| – | – |
|
18
Ryanair
RYAAY
$28.9B
| $526K | 0.24% |
11,438
| – | – |
|
|
19
Bank of America
BAC
$431B
| $324K | 0.15% |
8,376
-10,000
| -54% | -$345K |
|
|
20
Liberty Global Class A
LBTYA
$3.63B
| $308K | 0.14% |
+12,000
| New | +$303K |
|
|
21
DaVita
DVA
$11.1B
| – | – |
-10,743
| Closed | -$1.26M |
|
Similar funds
Francis Chou's Q1 2021 Portfolio in Review
As of Q1 2021, Francis Chou held 21 positions worth $221M, up 63% from $136M the previous quarter. Its ten largest holdings account for 92% of the portfolio.
Francis Chou deployed $28.6M of net new capital in Q1 2021, opening 3 new positions and adding to 1 existing holding. Its largest new stake was Liberty Global Class A: 12,000 shares worth $308K.
By sector, the portfolio is most concentrated in Financials at 30% of assets, down from 43% a quarter earlier, followed by Materials and Healthcare.
On the sell side, the largest reduction was Wells Fargo, an estimated $1.42M trimmed.
- Francis Chou's largest Q1 2021 buy was Liberty Global Class A: 12,000 shares worth $308K.
- Francis Chou's biggest Q1 2021 reduction was Wells Fargo, cutting an estimated $1.42M.
- Francis Chou fully exited DaVita in Q1 2021, selling an estimated $1.26M.
- Francis Chou's ten largest holdings make up 92% of its $221M portfolio in Q1 2021.
- Francis Chou opened 3 new positions and closed 1 in Q1 2021.
- Francis Chou's portfolio value rose 63% quarter-over-quarter to $221M.
Based on Chou Associates Management's 13F filing for Q1 2021, filed 14 May 2021.