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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
-0.62%
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
$140M
AUM Growth
+$50.9M
Cap. Flow
+$57.9M
Cap. Flow %
41.34%
Top 10 Hldgs %
86.35%
Holding
33
New
15
Increased
8
Reduced
1
Closed
2

Top Buys

Rank Stock Value
1
GOOG icon
Alphabet (Google) Class C
GOOG
+$14M
2
STLA icon
Stellantis
STLA
+$9.87M
3
AAPL icon
Apple
AAPL
+$8.21M
4
BRK.A icon
Berkshire Hathaway Class A
BRK.A
+$6.16M
5
POOL icon
Pool Corp
POOL
+$3.85M

Top Sells

Rank Stock Value
1
BHC icon
Bausch Health
BHC
+$7.76M
2
HTZWW
Hertz Global Holdings Warrants
HTZWW
+$1.55M
3
BB icon
BlackBerry
BB
+$876K

Sector Composition

Rank Sector Weight
1 Financials 68.49%
2 Communication Services 12.76%
3 Consumer Discretionary 7.75%
4 Technology 6.62%
5 Industrials 2.88%
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
$55.1M 39.35%
90
+10
+13% +$6.16M
GOOG icon
2
Alphabet (Google) Class C
GOOG
$4.18T
$15.1M 10.79%
+82,390
New +$14M
AAPL icon
3
Apple
AAPL
$4.51T
$9.27M 6.62%
+44,000
New +$8.21M
SYF icon
4
Synchrony
SYF
$25.9B
$9.12M 6.51%
193,202
+73,202
+61% +$3.18M
STLA icon
5
Stellantis
STLA
$20.4B
$9.06M 6.47%
456,388
+426,388
+1,421% +$9.87M
ALLY icon
6
Ally Financial
ALLY
$13.1B
$8.95M 6.39%
225,525
+69,839
+45% +$2.73M
NAVI icon
7
Navient
NAVI
$886M
$3.85M 2.75%
264,245
+80,907
+44% +$1.25M
C icon
8
Citigroup
C
$221B
$3.66M 2.61%
57,695
– –
WFC icon
9
Wells Fargo
WFC
$254B
$3.54M 2.53%
59,542
+40,000
+205% +$2.36M
POOL icon
10
Pool Corp
POOL
$6.83B
$3.27M 2.33%
+10,636
New +$3.85M
MCO icon
11
Moody's
MCO
$87.2B
$2.48M 1.77%
+5,899
New +$2.35M
PYPL icon
12
PayPal
PYPL
$52.7B
$2.38M 1.7%
+41,000
New +$2.61M
LBTYA icon
13
Liberty Global Class A
LBTYA
$3.63B
$2.12M 1.52%
121,823
+25,000
+26% +$423K
BAC icon
14
Bank of America
BAC
$431B
$1.99M 1.42%
+50,000
New +$1.92M
MBI icon
15
MBIA
MBI
$250M
$1.76M 1.26%
+321,000
New +$1.92M
CASH icon
16
Pathward Financial
CASH
$1.74B
$1.55M 1.11%
+27,389
New +$1.44M
BABA icon
17
CALL
Alibaba
BABA
$286B
$963K 0.69%
+38,500
New +$2.95M
AGO icon
18
Assured Guaranty
AGO
$3.27B
$848K 0.61%
+10,990
New +$859K
CYD icon
19
China Yuchai International
CYD
$1.5B
$668K 0.48%
73,364
– –
LSXMK
20
DELISTED
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
$627K 0.45%
28,282
+13,250
+88% +$315K
HTZWW
21
Hertz Global Holdings Warrants
HTZWW
$93.8M
$591K 0.42%
242,217
-499,366
-67% -$1.55M
JEF icon
22
Jefferies Financial Group
JEF
$12.1B
$547K 0.39%
+10,987
New +$493K
LPX icon
23
Louisiana-Pacific
LPX
$5.12B
$485K 0.35%
+5,886
New +$492K
LEA icon
24
Lear
LEA
$8.56B
$457K 0.33%
+4,000
New +$512K
MGA icon
25
Magna International
MGA
$19.5B
$419K 0.3%
10,000
– –
1
2

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Francis Chou's Q2 2024 Portfolio in Review

As of Q2 2024, Francis Chou held 33 positions worth $140M, up 57% from $89.1M the previous quarter. Its ten largest holdings account for 86% of the portfolio.

Francis Chou deployed $57.9M of net new capital in Q2 2024, opening 15 new positions and adding to 8 existing holdings. Its largest new stake was Alphabet (Google) Class C: 82,390 shares worth $15.1M.

By sector, the portfolio is most concentrated in Financials at 68% of assets, down from 81% a quarter earlier, followed by Communication Services and Consumer Discretionary.

On the sell side, the largest reduction was Hertz Global Holdings Warrants, an estimated $1.55M trimmed.

  • Francis Chou's largest Q2 2024 buy was Alphabet (Google) Class C: 82,390 shares worth $15.1M.
  • Francis Chou added most to Stellantis in Q2 2024, an estimated $9.87M increase.
  • Francis Chou's biggest Q2 2024 reduction was Hertz Global Holdings Warrants, cutting an estimated $1.55M.
  • Francis Chou fully exited Bausch Health in Q2 2024, selling an estimated $7.76M.
  • Francis Chou's ten largest holdings make up 86% of its $140M portfolio in Q2 2024.
  • Francis Chou opened 15 new positions and closed 2 in Q2 2024.
  • Francis Chou's portfolio value rose 57% quarter-over-quarter to $140M.

Based on Chou Associates Management's 13F filing for Q2 2024, filed 14 Aug 2024.