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 |
JPMorgan Chase
JPM
|
+$1.48M |
| 2 |
POSCO
PKX
|
+$1.22M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 38.2% |
| 2 | Materials | 21.27% |
| 3 | Healthcare | 9.3% |
| 4 | Technology | 1.51% |
| 5 | Consumer Discretionary | 1.4% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Berkshire Hathaway Class A
BRK.A
$1.06T
| $52.9M | 28.14% |
100
| – | – |
|
|
RFP
2
DELISTED
Resolute Forest Products Inc.
RFP
| $40M | 21.27% |
3,096,460
| – | – |
|
|
RFP
3
CALL
DELISTED
Resolute Forest Products Inc.
RFP
| $31.3M | 16.66% |
2,425,000
+1,100,000
| +83% | +$14.8M |
|
4
Bausch Health
BHC
$2.41B
| $17.5M | 9.3% |
765,000
| – | – |
|
|
5
CALL
Bausch Health
BHC
$2.41B
| $13.7M | 7.29% |
600,000
| – | – |
|
6
MBIA
MBI
$250M
| $9.23M | 4.91% |
599,530
| – | – |
|
|
7
CALL
MBIA
MBI
$250M
| $6.16M | 3.28% |
400,000
| – | – |
|
|
8
JPMorgan Chase
JPM
$935B
| $3.31M | 1.76% |
24,275
-10,000
| -29% | -$1.48M |
|
9
Citigroup
C
$221B
| $3.08M | 1.64% |
57,695
| – | – |
|
10
BlackBerry
BB
$4.71B
| $2.84M | 1.51% |
382,900
| – | – |
|
11
Goldman Sachs
GS
$303B
| $2.34M | 1.25% |
7,100
| – | – |
|
|
12
CALL
BlackBerry
BB
$4.71B
| $1.35M | 0.72% |
182,600
-200,000
| -52% | -$1.51M |
|
13
Magna International
MGA
$19.5B
| $1.29M | 0.68% |
20,000
| – | – |
|
14
Wells Fargo
WFC
$254B
| $947K | 0.5% |
19,542
| – | – |
|
15
China Yuchai International
CYD
$1.5B
| $855K | 0.45% |
73,364
| – | – |
|
16
Stellantis
STLA
$20.4B
| $488K | 0.26% |
30,000
| – | – |
|
17
Ryanair
RYAAY
$28.9B
| $399K | 0.21% |
11,438
| – | – |
|
18
Liberty Global Class A
LBTYA
$3.63B
| $306K | 0.16% |
12,000
| – | – |
|
|
19
POSCO
PKX
$17.3B
| – | – |
-21,000
| Closed | -$1.22M |
|
Similar funds
Francis Chou's Q1 2022 Portfolio in Review
As of Q1 2022, Francis Chou held 19 positions worth $188M, down 1.6% from $191M the previous quarter. Its ten largest holdings account for 96% of the portfolio.
Francis Chou deployed $10.6M of net new capital in Q1 2022, adding to 1 existing holding.
By sector, the portfolio is most concentrated in Financials at 38% of assets, up from 35% a quarter earlier, followed by Materials and Healthcare.
On the sell side, the largest reduction was JPMorgan Chase, an estimated $1.48M trimmed.
- Francis Chou's biggest Q1 2022 reduction was JPMorgan Chase, cutting an estimated $1.48M.
- Francis Chou fully exited POSCO in Q1 2022, selling an estimated $1.22M.
- Francis Chou's ten largest holdings make up 96% of its $188M portfolio in Q1 2022.
- Francis Chou opened 0 new positions and closed 1 in Q1 2022.
- Francis Chou's portfolio value fell 1.6% quarter-over-quarter to $188M.
Based on Chou Associates Management's 13F filing for Q1 2022, filed 16 May 2022.