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 |
Occidental Petroleum
OXY
|
+$11.4M |
| 2 |
Occidental Petroleum Corp Warrants
OXY.WS
|
+$2.39M |
| 3 |
SiriusXM
SIRI
|
+$736K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
LSXMK
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
|
+$627K |
| 2 |
HTZWW
Hertz Global Holdings Warrants
HTZWW
|
+$122K |
| 3 |
Ryanair
RYAAY
|
+$43 |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 64.88% |
| 2 | Communication Services | 10.59% |
| 3 | Energy | 6.7% |
| 4 | Technology | 6.42% |
| 5 | Consumer Discretionary | 5.36% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Berkshire Hathaway Class A
BRK.A
$1.06T
| $62.2M | 38.97% |
90
| – | – |
|
2
Alphabet (Google) Class C
GOOG
$4.18T
| $13.8M | 8.63% |
82,390
| – | – |
|
|
3
Occidental Petroleum
OXY
$61.3B
| $10.3M | 6.46% |
+200,000
| New | +$11.4M |
|
4
Apple
AAPL
$4.51T
| $10.3M | 6.42% |
44,000
| – | – |
|
5
Synchrony
SYF
$25.9B
| $9.64M | 6.04% |
193,202
| – | – |
|
6
Ally Financial
ALLY
$13.1B
| $8.03M | 5.03% |
225,525
| – | – |
|
7
Stellantis
STLA
$20.4B
| $6.41M | 4.02% |
456,388
| – | – |
|
8
Navient
NAVI
$886M
| $4.12M | 2.58% |
264,245
| – | – |
|
9
Pool Corp
POOL
$6.83B
| $4.01M | 2.51% |
10,636
| – | – |
|
10
Citigroup
C
$221B
| $3.61M | 2.26% |
57,695
| – | – |
|
11
Wells Fargo
WFC
$254B
| $3.36M | 2.11% |
59,542
| – | – |
|
12
PayPal
PYPL
$52.7B
| $3.2M | 2% |
41,000
| – | – |
|
13
Moody's
MCO
$87.2B
| $2.8M | 1.75% |
5,899
| – | – |
|
14
Liberty Global Class A
LBTYA
$3.63B
| $2.57M | 1.61% |
121,823
| – | – |
|
15
CALL
Alibaba
BABA
$286B
| $2.15M | 1.35% |
38,500
| – | – |
|
|
16
Occidental Petroleum Corp Warrants
OXY.WS
$37.1B
| $2.02M | 1.27% |
+68,000
| New | +$2.39M |
|
17
Bank of America
BAC
$431B
| $1.98M | 1.24% |
50,000
| – | – |
|
18
Pathward Financial
CASH
$1.74B
| $1.81M | 1.13% |
27,389
| – | – |
|
19
MBIA
MBI
$250M
| $1.15M | 0.72% |
321,000
| – | – |
|
20
China Yuchai International
CYD
$1.5B
| $930K | 0.58% |
73,364
| – | – |
|
21
Assured Guaranty
AGO
$3.27B
| $874K | 0.55% |
10,990
| – | – |
|
22
Jefferies Financial Group
JEF
$12.1B
| $676K | 0.42% |
10,987
| – | – |
|
23
Louisiana-Pacific
LPX
$5.12B
| $633K | 0.4% |
5,886
| – | – |
|
|
24
SiriusXM
SIRI
$9.67B
| $560K | 0.35% |
+23,686
| New | +$736K |
|
25
Lear
LEA
$8.56B
| $437K | 0.27% |
4,000
| – | – |
|
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Francis Chou's Q3 2024 Portfolio in Review
As of Q3 2024, Francis Chou held 34 positions worth $160M, up 14% from $140M the previous quarter. Its ten largest holdings account for 83% of the portfolio.
Francis Chou deployed $13.8M of net new capital in Q3 2024, opening 3 new positions. Its largest new stake was Occidental Petroleum: 200,000 shares worth $10.3M.
By sector, the portfolio is most concentrated in Financials at 65% of assets, down from 68% a quarter earlier, followed by Communication Services and Energy.
On the sell side, the largest reduction was Hertz Global Holdings Warrants, an estimated $122K trimmed.
- Francis Chou's largest Q3 2024 buy was Occidental Petroleum: 200,000 shares worth $10.3M.
- Francis Chou's biggest Q3 2024 reduction was Hertz Global Holdings Warrants, cutting an estimated $122K.
- Francis Chou fully exited Liberty Media Corporation Series C Liberty SiriusXM Common Stock in Q3 2024, selling an estimated $627K.
- Francis Chou's ten largest holdings make up 83% of its $160M portfolio in Q3 2024.
- Francis Chou opened 3 new positions and closed 1 in Q3 2024.
- Francis Chou's portfolio value rose 14% quarter-over-quarter to $160M.
Based on Chou Associates Management's 13F filing for Q3 2024, filed 8 Nov 2024.