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 |
RFP
Resolute Forest Products Inc.
RFP
|
+$8.67M |
| 2 |
Goldman Sachs
GS
|
+$2.47M |
| 3 |
Citigroup
C
|
+$740K |
| 4 |
Bank of America
BAC
|
+$324K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 29.84% |
| 2 | Materials | 21.73% |
| 3 | Healthcare | 19.17% |
| 4 | Technology | 2.14% |
| 5 | Consumer Discretionary | 1.58% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
RFP
1
DELISTED
Resolute Forest Products Inc.
RFP
| $48.1M | 21.02% |
3,940,460
-619,000
| -14% | -$8.67M |
|
2
Bausch Health
BHC
$2.41B
| $43.8M | 19.17% |
1,495,000
| – | – |
|
3
Berkshire Hathaway Class A
BRK.A
$1.06T
| $41.9M | 18.3% |
100
| – | – |
|
|
RFP
4
CALL
DELISTED
Resolute Forest Products Inc.
RFP
| $30.7M | 13.44% |
2,518,500
+443,500
| +21% | +$6.21M |
|
|
5
CALL
Bausch Health
BHC
$2.41B
| $17.6M | 7.69% |
600,000
| – | – |
|
6
Wells Fargo
WFC
$254B
| $7.68M | 3.36% |
169,542
| – | – |
|
7
MBIA
MBI
$250M
| $6.59M | 2.88% |
599,530
| – | – |
|
8
JPMorgan Chase
JPM
$935B
| $5.33M | 2.33% |
34,275
| – | – |
|
9
CALL
BlackBerry
BB
$4.71B
| $4.89M | 2.14% |
400,000
| – | – |
|
|
10
BlackBerry
BB
$4.71B
| $4.89M | 2.14% |
400,000
| – | – |
|
|
11
CALL
MBIA
MBI
$250M
| $4.4M | 1.92% |
400,000
| – | – |
|
|
12
Citigroup
C
$221B
| $4.08M | 1.78% |
57,695
-10,000
| -15% | -$740K |
|
|
13
Goldman Sachs
GS
$303B
| $2.69M | 1.18% |
7,100
-6,900
| -49% | -$2.47M |
|
14
Magna International
MGA
$19.5B
| $1.85M | 0.81% |
20,000
| – | – |
|
15
POSCO
PKX
$17.3B
| $1.61M | 0.7% |
21,000
| – | – |
|
16
China Yuchai International
CYD
$1.5B
| $1.18M | 0.51% |
73,364
| – | – |
|
17
Stellantis
STLA
$20.4B
| $591K | 0.26% |
30,000
| – | – |
|
18
Ryanair
RYAAY
$28.9B
| $495K | 0.22% |
11,438
| – | – |
|
19
Liberty Global Class A
LBTYA
$3.63B
| $326K | 0.14% |
12,000
| – | – |
|
|
20
Bank of America
BAC
$431B
| – | – |
-8,376
| Closed | -$324K |
|
Similar funds
Francis Chou's Q2 2021 Portfolio in Review
As of Q2 2021, Francis Chou held 20 positions worth $229M, up 3.3% from $221M the previous quarter. Its ten largest holdings account for 92% of the portfolio.
Francis Chou's Q2 2021 filing shows 1 increased, 3 reduced and 1 closed positions. The largest sale was Resolute Forest Products Inc., an estimated $8.67M.
By sector, the portfolio is most concentrated in Financials at 30% of assets, up from 30% a quarter earlier, followed by Materials and Healthcare.
- Francis Chou's biggest Q2 2021 reduction was Resolute Forest Products Inc., cutting an estimated $8.67M.
- Francis Chou fully exited Bank of America in Q2 2021, selling an estimated $324K.
- Francis Chou's ten largest holdings make up 92% of its $229M portfolio in Q2 2021.
- Francis Chou opened 0 new positions and closed 1 in Q2 2021.
- Francis Chou's portfolio value rose 3.3% quarter-over-quarter to $229M.
Based on Chou Associates Management's 13F filing for Q2 2021, filed 13 Aug 2021.