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 |
NXH
Neighborhood Intelligence, Inc. Common Stock
NXH
|
+$1.46M |
| 2 |
POSCO
PKX
|
+$1.16M |
| 3 |
Kartoon Studios
TOON
|
+$261K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
MBIA
MBI
|
+$5.26M |
| 2 |
Bausch Health
BHC
|
+$699K |
| 3 |
Magna International
MGA
|
+$609K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 36.99% |
| 2 | Materials | 28.98% |
| 3 | Healthcare | 4.28% |
| 4 | Consumer Discretionary | 1.91% |
| 5 | Technology | 1.48% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Berkshire Hathaway Class A
BRK.A
$1.06T
| $40.9M | 29.3% |
100
| – | – |
|
|
RFP
2
DELISTED
Resolute Forest Products Inc.
RFP
| $39.5M | 28.31% |
3,096,460
| – | – |
|
|
RFP
3
CALL
DELISTED
Resolute Forest Products Inc.
RFP
| $30.9M | 22.17% |
2,425,000
| – | – |
|
|
4
Bausch Health
BHC
$2.41B
| $5.98M | 4.28% |
715,000
-50,000
| -7% | -$699K |
|
|
5
CALL
Bausch Health
BHC
$2.41B
| $5.02M | 3.59% |
600,000
| – | – |
|
6
JPMorgan Chase
JPM
$935B
| $2.73M | 1.96% |
24,275
| – | – |
|
7
Citigroup
C
$221B
| $2.65M | 1.9% |
57,695
| – | – |
|
|
8
MBIA
MBI
$250M
| $2.46M | 1.77% |
199,530
-400,000
| -67% | -$5.26M |
|
9
Goldman Sachs
GS
$303B
| $2.11M | 1.51% |
7,100
| – | – |
|
10
BlackBerry
BB
$4.71B
| $2.06M | 1.48% |
382,900
| – | – |
|
|
NXH
11
Neighborhood Intelligence, Inc. Common Stock
NXH
$396M
| $1.1M | 0.79% |
+48,423
| New | +$1.46M |
|
|
12
POSCO
PKX
$17.3B
| $935K | 0.67% |
+21,000
| New | +$1.16M |
|
13
Wells Fargo
WFC
$254B
| $765K | 0.55% |
19,542
| – | – |
|
14
China Yuchai International
CYD
$1.5B
| $647K | 0.46% |
73,364
| – | – |
|
|
15
Magna International
MGA
$19.5B
| $549K | 0.39% |
10,000
-10,000
| -50% | -$609K |
|
16
Stellantis
STLA
$20.4B
| $371K | 0.27% |
30,000
| – | – |
|
17
Ryanair
RYAAY
$28.9B
| $308K | 0.22% |
11,438
| – | – |
|
|
18
Kartoon Studios
TOON
$40.1M
| $258K | 0.18% |
+34,130
| New | +$261K |
|
19
Liberty Global Class A
LBTYA
$3.63B
| $253K | 0.18% |
12,000
| – | – |
|
|
20
CALL
BlackBerry
BB
$4.71B
| – | – |
-182,600
| Closed | -$1.35M |
|
|
21
CALL
MBIA
MBI
$250M
| – | – |
-400,000
| Closed | -$6.16M |
|
Similar funds
Francis Chou's Q2 2022 Portfolio in Review
As of Q2 2022, Francis Chou held 21 positions worth $140M, down 26% from $188M the previous quarter. Its ten largest holdings account for 96% of the portfolio.
Francis Chou withdrew a net $11.2M in Q2 2022, closing 2 positions and reducing 3 holdings. Its largest reduction was MBIA, cutting an estimated $5.26M.
By sector, the portfolio is most concentrated in Financials at 37% of assets, down from 38% a quarter earlier, followed by Materials and Healthcare.
Against the trend, Francis Chou opened a new position in Neighborhood Intelligence, Inc. Common Stock worth $1.1M.
- Francis Chou's largest Q2 2022 buy was Neighborhood Intelligence, Inc. Common Stock: 48,423 shares worth $1.1M.
- Francis Chou's biggest Q2 2022 reduction was MBIA, cutting an estimated $5.26M.
- Francis Chou's ten largest holdings make up 96% of its $140M portfolio in Q2 2022.
- Francis Chou opened 3 new positions and closed 2 in Q2 2022.
- Francis Chou's portfolio value fell 26% quarter-over-quarter to $140M.
Based on Chou Associates Management's 13F filing for Q2 2022, filed 15 Aug 2022.