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 |
MBIA
MBI
|
+$1.44M |
| 2 |
NXH
Neighborhood Intelligence, Inc. Common Stock
NXH
|
+$608K |
| 3 |
Ryanair
RYAAY
|
+$242K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 79.88% |
| 2 | Healthcare | 7.54% |
| 3 | Consumer Discretionary | 2.85% |
| 4 | Communication Services | 2.26% |
| 5 | Technology | 1.46% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Berkshire Hathaway Class A
BRK.A
$1.06T
| $43.4M | 57.06% |
80
| – | – |
|
2
Bausch Health
BHC
$2.41B
| $5.73M | 7.54% |
715,000
| – | – |
|
3
Ally Financial
ALLY
$13.1B
| $5.44M | 7.15% |
155,686
| – | – |
|
4
Synchrony
SYF
$25.9B
| $4.58M | 6.02% |
120,000
| – | – |
|
|
HTZWW
5
Hertz Global Holdings Warrants
HTZWW
$93.8M
| $4.06M | 5.34% |
741,583
| – | – |
|
6
Navient
NAVI
$886M
| $3.41M | 4.49% |
183,338
| – | – |
|
7
Citigroup
C
$221B
| $2.97M | 3.9% |
57,695
| – | – |
|
8
Liberty Global Class A
LBTYA
$3.63B
| $1.72M | 2.26% |
96,823
| – | – |
|
9
BlackBerry
BB
$4.71B
| $1.11M | 1.46% |
312,900
| – | – |
|
10
Wells Fargo
WFC
$254B
| $962K | 1.26% |
19,542
| – | – |
|
11
Stellantis
STLA
$20.4B
| $700K | 0.92% |
30,000
| – | – |
|
12
China Yuchai International
CYD
$1.5B
| $615K | 0.81% |
73,364
| – | – |
|
13
Magna International
MGA
$19.5B
| $591K | 0.78% |
10,000
| – | – |
|
|
14
Ryanair
RYAAY
$28.9B
| $317K | 0.42% |
5,938
-5,500
| -48% | -$242K |
|
15
Alibaba
BABA
$286B
| $264K | 0.35% |
3,400
| – | – |
|
16
Methanex
MEOH
$4.65B
| $189K | 0.25% |
4,000
| – | – |
|
|
NXH
17
Neighborhood Intelligence, Inc. Common Stock
NXH
$396M
| – | – |
-42,246
| Closed | -$608K |
|
|
18
MBIA
MBI
$250M
| – | – |
-199,530
| Closed | -$1.44M |
|
Similar funds
Francis Chou's Q4 2023 Portfolio in Review
As of Q4 2023, Francis Chou held 18 positions worth $76.1M, up 1.4% from $75M the previous quarter. Its ten largest holdings account for 96% of the portfolio.
Francis Chou withdrew a net $2.29M in Q4 2023, closing 2 positions and reducing 1 holding. Its most notable exit was MBIA, an estimated $1.44M position sold in full.
By sector, the portfolio is most concentrated in Financials at 80% of assets, up from 77% a quarter earlier, followed by Healthcare and Consumer Discretionary.
- Francis Chou's biggest Q4 2023 reduction was Ryanair, cutting an estimated $242K.
- Francis Chou fully exited MBIA in Q4 2023, selling an estimated $1.44M.
- Francis Chou's ten largest holdings make up 96% of its $76.1M portfolio in Q4 2023.
- Francis Chou opened 0 new positions and closed 2 in Q4 2023.
- Francis Chou's portfolio value rose 1.4% quarter-over-quarter to $76.1M.
Based on Chou Associates Management's 13F filing for Q4 2023, filed 14 Feb 2024.