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FC

Francis Chou Chou Associates Management

AUM $217M
1-Year Est. Return 23.58%
 

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.

This Fund
S&P 500
This Quarter Est. Return
-2.94%
1 Year Est. Return
+23.58%
3 Year Est. Return
+66.36%
5 Year Est. Return
+125.96%
10 Year Est. Return
+766.48%
AUM
$75M
AUM Growth
-$3.92M
Cap. Flow
$0
Cap. Flow %
0%
Top 10 Hldgs %
94.43%
Holding
18
New
–
Increased
–
Reduced
–
Closed
–

Top Buys

No buys this quarter

Top Sells

No sells this quarter

Sector Composition

Rank Sector Weight
1 Financials 77.43%
2 Healthcare 7.83%
3 Consumer Discretionary 3.67%
4 Communication Services 2.21%
5 Technology 1.97%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BRK.A icon
1
Berkshire Hathaway Class A
BRK.A
$1.06T
$42.5M 56.66%
80
– –
BHC icon
2
Bausch Health
BHC
$2.41B
$5.88M 7.83%
715,000
– –
HTZWW
3
Hertz Global Holdings Warrants
HTZWW
$93.8M
$4.54M 6.05%
741,583
– –
ALLY icon
4
Ally Financial
ALLY
$13.1B
$4.15M 5.54%
155,686
– –
SYF icon
5
Synchrony
SYF
$25.9B
$3.67M 4.89%
120,000
– –
NAVI icon
6
Navient
NAVI
$886M
$3.16M 4.21%
183,338
– –
C icon
7
Citigroup
C
$221B
$2.37M 3.16%
57,695
– –
LBTYA icon
8
Liberty Global Class A
LBTYA
$3.63B
$1.66M 2.21%
96,823
– –
BB icon
9
BlackBerry
BB
$4.71B
$1.48M 1.97%
312,900
– –
MBI icon
10
MBIA
MBI
$250M
$1.44M 1.92%
199,530
– –
WFC icon
11
Wells Fargo
WFC
$254B
$798K 1.06%
19,542
– –
CYD icon
12
China Yuchai International
CYD
$1.5B
$741K 0.99%
73,364
– –
NXH
13
Neighborhood Intelligence, Inc. Common Stock
NXH
$396M
$608K 0.81%
42,246
– –
STLA icon
14
Stellantis
STLA
$20.4B
$574K 0.76%
30,000
– –
MGA icon
15
Magna International
MGA
$19.5B
$536K 0.71%
10,000
– –
RYAAY icon
16
Ryanair
RYAAY
$28.9B
$445K 0.59%
11,438
– –
BABA icon
17
Alibaba
BABA
$286B
$295K 0.39%
3,400
– –
MEOH icon
18
Methanex
MEOH
$4.65B
$180K 0.24%
4,000
– –

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Francis Chou's Q3 2023 Portfolio in Review

As of Q3 2023, Francis Chou held 18 positions worth $75M, down 5% from $79M the previous quarter. Its ten largest holdings account for 94% of the portfolio.

Trading was light in Q3 2023: portfolio turnover was 0%. Francis Chou opened no new positions and made no exits, leaving the 18-position portfolio largely intact.

By sector, the portfolio is most concentrated in Financials at 77% of assets, up from 74% a quarter earlier, followed by Healthcare and Consumer Discretionary.

  • Francis Chou's ten largest holdings make up 94% of its $75M portfolio in Q3 2023.
  • Francis Chou opened 0 new positions and closed 0 in Q3 2023.
  • Francis Chou's portfolio value fell 5% quarter-over-quarter to $75M.

Based on Chou Associates Management's 13F filing for Q3 2023, filed 14 Nov 2023.