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 |
Alibaba
BABA
|
+$298K |
Top Sells
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 73.87% |
| 2 | Healthcare | 7.24% |
| 3 | Consumer Discretionary | 4.3% |
| 4 | Technology | 2.2% |
| 5 | Communication Services | 2.07% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Berkshire Hathaway Class A
BRK.A
$1.06T
| $41.4M | 52.47% |
80
| – | – |
|
|
HTZWW
2
Hertz Global Holdings Warrants
HTZWW
$93.8M
| $7.48M | 9.48% |
741,583
| – | – |
|
3
Bausch Health
BHC
$2.41B
| $5.72M | 7.24% |
715,000
| – | – |
|
4
Ally Financial
ALLY
$13.1B
| $4.21M | 5.33% |
155,686
| – | – |
|
5
Synchrony
SYF
$25.9B
| $4.07M | 5.16% |
120,000
| – | – |
|
6
Navient
NAVI
$886M
| $3.41M | 4.31% |
183,338
| – | – |
|
7
Citigroup
C
$221B
| $2.66M | 3.36% |
57,695
| – | – |
|
8
BlackBerry
BB
$4.71B
| $1.73M | 2.2% |
312,900
| – | – |
|
9
MBIA
MBI
$250M
| $1.72M | 2.18% |
199,530
| – | – |
|
10
Liberty Global Class A
LBTYA
$3.63B
| $1.63M | 2.07% |
96,823
| – | – |
|
|
NXH
11
Neighborhood Intelligence, Inc. Common Stock
NXH
$396M
| $1.25M | 1.58% |
42,246
| – | – |
|
12
Wells Fargo
WFC
$254B
| $834K | 1.06% |
19,542
| – | – |
|
13
China Yuchai International
CYD
$1.5B
| $770K | 0.98% |
73,364
| – | – |
|
14
Magna International
MGA
$19.5B
| $564K | 0.71% |
10,000
| – | – |
|
15
Stellantis
STLA
$20.4B
| $526K | 0.67% |
30,000
| – | – |
|
16
Ryanair
RYAAY
$28.9B
| $506K | 0.64% |
11,438
| – | – |
|
|
17
Alibaba
BABA
$286B
| $283K | 0.36% |
+3,400
| New | +$298K |
|
18
Methanex
MEOH
$4.65B
| $165K | 0.21% |
4,000
| – | – |
|
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Francis Chou's Q2 2023 Portfolio in Review
As of Q2 2023, Francis Chou held 18 positions worth $79M, up 10% from $71.7M the previous quarter. Its ten largest holdings account for 94% of the portfolio.
Francis Chou's Q2 2023 filing shows 1 new position. Its largest new stake was Alibaba: 3,400 shares worth $283K.
By sector, the portfolio is most concentrated in Financials at 74% of assets, up from 74% a quarter earlier, followed by Healthcare and Consumer Discretionary.
- Francis Chou's largest Q2 2023 buy was Alibaba: 3,400 shares worth $283K.
- Francis Chou's ten largest holdings make up 94% of its $79M portfolio in Q2 2023.
- Francis Chou opened 1 new position and closed 0 in Q2 2023.
- Francis Chou's portfolio value rose 10% quarter-over-quarter to $79M.
Based on Chou Associates Management's 13F filing for Q2 2023, filed 14 Aug 2023.