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 |
HTZWW
Hertz Global Holdings Warrants
HTZWW
|
+$1.05M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
RFP
Resolute Forest Products Inc.
RFP
|
+$22.3M |
| 2 |
BlackBerry
BB
|
+$418K |
| 3 |
NXH
Neighborhood Intelligence, Inc. Common Stock
NXH
|
+$155K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 36.02% |
| 2 | Materials | 29% |
| 3 | Healthcare | 3.53% |
| 4 | Consumer Discretionary | 1.65% |
| 5 | Technology | 1.06% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Berkshire Hathaway Class A
BRK.A
$1.06T
| $40.6M | 29.11% |
100
| – | – |
|
|
RFP
2
DELISTED
Resolute Forest Products Inc.
RFP
| $39.7M | 28.45% |
1,986,460
-1,110,000
| -36% | -$22.3M |
|
|
RFP
3
CALL
DELISTED
Resolute Forest Products Inc.
RFP
| $34.5M | 24.71% |
1,725,000
-700,000
| -29% | -$14.1M |
|
4
Bausch Health
BHC
$2.41B
| $4.93M | 3.53% |
715,000
| – | – |
|
|
5
CALL
Bausch Health
BHC
$2.41B
| $4.13M | 2.96% |
600,000
| – | – |
|
6
JPMorgan Chase
JPM
$935B
| $2.54M | 1.82% |
24,275
| – | – |
|
7
Citigroup
C
$221B
| $2.4M | 1.72% |
57,695
| – | – |
|
8
Goldman Sachs
GS
$303B
| $2.08M | 1.49% |
7,100
| – | – |
|
9
MBIA
MBI
$250M
| $1.84M | 1.31% |
199,530
| – | – |
|
|
10
BlackBerry
BB
$4.71B
| $1.48M | 1.06% |
312,900
-70,000
| -18% | -$418K |
|
|
NXH
11
Neighborhood Intelligence, Inc. Common Stock
NXH
$396M
| $935K | 0.67% |
42,246
-6,177
| -13% | -$155K |
|
|
HTZWW
12
Hertz Global Holdings Warrants
HTZWW
$93.8M
| $856K | 0.61% |
+97,309
| New | +$1.05M |
|
13
Wells Fargo
WFC
$254B
| $786K | 0.56% |
19,542
| – | – |
|
14
POSCO
PKX
$17.3B
| $769K | 0.55% |
21,000
| – | – |
|
15
China Yuchai International
CYD
$1.5B
| $535K | 0.38% |
73,364
| – | – |
|
16
Magna International
MGA
$19.5B
| $474K | 0.34% |
10,000
| – | – |
|
17
Stellantis
STLA
$20.4B
| $355K | 0.25% |
30,000
| – | – |
|
18
Ryanair
RYAAY
$28.9B
| $267K | 0.19% |
11,438
| – | – |
|
19
Kartoon Studios
TOON
$40.1M
| $205K | 0.15% |
34,130
| – | – |
|
20
Liberty Global Class A
LBTYA
$3.63B
| $187K | 0.13% |
12,000
| – | – |
|
Similar funds
Francis Chou's Q3 2022 Portfolio in Review
As of Q3 2022, Francis Chou held 20 positions worth $140M, up 0.06% from $140M the previous quarter. Its ten largest holdings account for 96% of the portfolio.
Francis Chou withdrew a net $35.9M in Q3 2022, reducing 4 holdings. Its largest reduction was Resolute Forest Products Inc., cutting an estimated $22.3M.
By sector, the portfolio is most concentrated in Financials at 36% of assets, down from 37% a quarter earlier, followed by Materials and Healthcare.
Against the trend, Francis Chou opened a new position in Hertz Global Holdings Warrants worth $856K.
- Francis Chou's largest Q3 2022 buy was Hertz Global Holdings Warrants: 97,309 shares worth $856K.
- Francis Chou's biggest Q3 2022 reduction was Resolute Forest Products Inc., cutting an estimated $22.3M.
- Francis Chou's ten largest holdings make up 96% of its $140M portfolio in Q3 2022.
- Francis Chou opened 1 new position and closed 0 in Q3 2022.
- Francis Chou's portfolio value rose 0.06% quarter-over-quarter to $140M.
Based on Chou Associates Management's 13F filing for Q3 2022, filed 15 Nov 2022.