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
|
+$7.5M |
| 2 |
BlackBerry
BB
|
+$179K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 33.35% |
| 2 | Healthcare | 20.11% |
| 3 | Materials | 19.66% |
| 4 | Technology | 1.8% |
| 5 | Consumer Discretionary | 1.48% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Bausch Health
BHC
$2.41B
| $41.6M | 20.11% |
1,495,000
| – | – |
|
2
Berkshire Hathaway Class A
BRK.A
$1.06T
| $41.1M | 19.87% |
100
| – | – |
|
|
RFP
3
DELISTED
Resolute Forest Products Inc.
RFP
| $39.3M | 18.96% |
3,299,460
-641,000
| -16% | -$7.5M |
|
|
RFP
4
CALL
DELISTED
Resolute Forest Products Inc.
RFP
| $22.4M | 10.84% |
1,886,000
-632,500
| -25% | -$7.4M |
|
|
5
CALL
Bausch Health
BHC
$2.41B
| $16.7M | 8.07% |
600,000
| – | – |
|
6
Wells Fargo
WFC
$254B
| $7.87M | 3.8% |
169,542
| – | – |
|
7
MBIA
MBI
$250M
| $7.7M | 3.72% |
599,530
| – | – |
|
8
JPMorgan Chase
JPM
$935B
| $5.61M | 2.71% |
34,275
| – | – |
|
|
9
CALL
MBIA
MBI
$250M
| $5.14M | 2.48% |
400,000
| – | – |
|
10
Citigroup
C
$221B
| $4.05M | 1.96% |
57,695
| – | – |
|
|
11
BlackBerry
BB
$4.71B
| $3.73M | 1.8% |
382,900
-17,100
| -4% | -$179K |
|
|
12
CALL
BlackBerry
BB
$4.71B
| $3.73M | 1.8% |
382,600
-17,400
| -4% | -$182K |
|
13
Goldman Sachs
GS
$303B
| $2.68M | 1.3% |
7,100
| – | – |
|
14
Magna International
MGA
$19.5B
| $1.5M | 0.73% |
20,000
| – | – |
|
15
POSCO
PKX
$17.3B
| $1.45M | 0.7% |
21,000
| – | – |
|
16
China Yuchai International
CYD
$1.5B
| $997K | 0.48% |
73,364
| – | – |
|
17
Stellantis
STLA
$20.4B
| $573K | 0.28% |
30,000
| – | – |
|
18
Ryanair
RYAAY
$28.9B
| $504K | 0.24% |
11,438
| – | – |
|
19
Liberty Global Class A
LBTYA
$3.63B
| $358K | 0.17% |
12,000
| – | – |
|
Similar funds
Francis Chou's Q3 2021 Portfolio in Review
As of Q3 2021, Francis Chou held 19 positions worth $207M, down 9.5% from $229M the previous quarter. Its ten largest holdings account for 93% of the portfolio.
Francis Chou withdrew a net $15.3M in Q3 2021, reducing 4 holdings. Its largest reduction was Resolute Forest Products Inc., cutting an estimated $7.5M.
By sector, the portfolio is most concentrated in Financials at 33% of assets, up from 30% a quarter earlier, followed by Healthcare and Materials.
- Francis Chou's biggest Q3 2021 reduction was Resolute Forest Products Inc., cutting an estimated $7.5M.
- Francis Chou's ten largest holdings make up 93% of its $207M portfolio in Q3 2021.
- Francis Chou opened 0 new positions and closed 0 in Q3 2021.
- Francis Chou's portfolio value fell 9.5% quarter-over-quarter to $207M.
Based on Chou Associates Management's 13F filing for Q3 2021, filed 15 Nov 2021.