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 |
Bausch Health
BHC
|
+$19.5M |
| 2 |
Wells Fargo
WFC
|
+$7.38M |
| 3 |
RFP
Resolute Forest Products Inc.
RFP
|
+$2.56M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 35.12% |
| 2 | Materials | 25.39% |
| 3 | Healthcare | 11.05% |
| 4 | Technology | 1.87% |
| 5 | Consumer Discretionary | 1.72% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
RFP
1
DELISTED
Resolute Forest Products Inc.
RFP
| $47.3M | 24.75% |
3,096,460
-203,000
| -6% | -$2.56M |
|
2
Berkshire Hathaway Class A
BRK.A
$1.06T
| $45.1M | 23.59% |
100
| – | – |
|
|
3
Bausch Health
BHC
$2.41B
| $21.1M | 11.05% |
765,000
-730,000
| -49% | -$19.5M |
|
|
RFP
4
CALL
DELISTED
Resolute Forest Products Inc.
RFP
| $20.2M | 10.59% |
1,325,000
-561,000
| -30% | -$7.08M |
|
|
5
CALL
Bausch Health
BHC
$2.41B
| $16.6M | 8.67% |
600,000
| – | – |
|
6
MBIA
MBI
$250M
| $9.47M | 4.95% |
599,530
| – | – |
|
|
7
CALL
MBIA
MBI
$250M
| $6.32M | 3.31% |
400,000
| – | – |
|
8
JPMorgan Chase
JPM
$935B
| $5.43M | 2.84% |
34,275
| – | – |
|
9
BlackBerry
BB
$4.71B
| $3.58M | 1.87% |
382,900
| – | – |
|
|
10
CALL
BlackBerry
BB
$4.71B
| $3.58M | 1.87% |
382,600
| – | – |
|
11
Citigroup
C
$221B
| $3.48M | 1.82% |
57,695
| – | – |
|
12
Goldman Sachs
GS
$303B
| $2.72M | 1.42% |
7,100
| – | – |
|
13
Magna International
MGA
$19.5B
| $1.62M | 0.85% |
20,000
| – | – |
|
14
POSCO
PKX
$17.3B
| $1.22M | 0.64% |
21,000
| – | – |
|
15
China Yuchai International
CYD
$1.5B
| $1.09M | 0.57% |
73,364
| – | – |
|
|
16
Wells Fargo
WFC
$254B
| $938K | 0.49% |
19,542
-150,000
| -88% | -$7.38M |
|
17
Stellantis
STLA
$20.4B
| $563K | 0.29% |
30,000
| – | – |
|
18
Ryanair
RYAAY
$28.9B
| $468K | 0.24% |
11,438
| – | – |
|
19
Liberty Global Class A
LBTYA
$3.63B
| $333K | 0.17% |
12,000
| – | – |
|
Similar funds
Francis Chou's Q4 2021 Portfolio in Review
As of Q4 2021, Francis Chou held 19 positions worth $191M, down 7.7% from $207M the previous quarter. Its ten largest holdings account for 93% of the portfolio.
Francis Chou withdrew a net $36.6M in Q4 2021, reducing 4 holdings. Its largest reduction was Bausch Health, cutting an estimated $19.5M.
By sector, the portfolio is most concentrated in Financials at 35% of assets, up from 33% a quarter earlier, followed by Materials and Healthcare.
- Francis Chou's biggest Q4 2021 reduction was Bausch Health, cutting an estimated $19.5M.
- Francis Chou's ten largest holdings make up 93% of its $191M portfolio in Q4 2021.
- Francis Chou opened 0 new positions and closed 0 in Q4 2021.
- Francis Chou's portfolio value fell 7.7% quarter-over-quarter to $191M.
Based on Chou Associates Management's 13F filing for Q4 2021, filed 14 Feb 2022.