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 |
Synchrony
SYF
|
+$1.38M |
| 2 |
SNRE
Sunrise Communications AG American Depositary Shares representing Class A shares
SNRE
|
+$110K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Occidental Petroleum
OXY
|
+$10.3M |
| 2 |
Navient
NAVI
|
+$4.12M |
| 3 |
Berkshire Hathaway Class A
BRK.A
|
+$2.77M |
| 4 |
Occidental Petroleum Corp Warrants
OXY.WS
|
+$1.95M |
| 5 |
Liberty Global Class A
LBTYA
|
+$1.83M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 70.54% |
| 2 | Communication Services | 11.06% |
| 3 | Technology | 7.51% |
| 4 | Consumer Discretionary | 5.28% |
| 5 | Industrials | 3.06% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Berkshire Hathaway Class A
BRK.A
$1.06T
| $58.6M | 39.91% |
86
-4
| -4% | -$2.77M |
|
2
Alphabet (Google) Class C
GOOG
$4.18T
| $15.7M | 10.69% |
82,390
| – | – |
|
|
3
Synchrony
SYF
$25.9B
| $14M | 9.56% |
215,702
+22,500
| +12% | +$1.38M |
|
4
Apple
AAPL
$4.51T
| $11M | 7.51% |
44,000
| – | – |
|
5
Ally Financial
ALLY
$13.1B
| $8.12M | 5.54% |
225,525
| – | – |
|
6
Stellantis
STLA
$20.4B
| $5.96M | 4.06% |
456,388
| – | – |
|
7
Wells Fargo
WFC
$254B
| $4.18M | 2.85% |
59,542
| – | – |
|
8
Citigroup
C
$221B
| $4.06M | 2.77% |
57,695
| – | – |
|
9
Pool Corp
POOL
$6.83B
| $3.63M | 2.47% |
10,636
| – | – |
|
10
PayPal
PYPL
$52.7B
| $3.5M | 2.39% |
41,000
| – | – |
|
11
Moody's
MCO
$87.2B
| $2.79M | 1.9% |
5,899
| – | – |
|
12
Bank of America
BAC
$431B
| $2.2M | 1.5% |
50,000
| – | – |
|
13
MBIA
MBI
$250M
| $2.07M | 1.41% |
321,000
| – | – |
|
14
Pathward Financial
CASH
$1.74B
| $2.02M | 1.37% |
27,389
| – | – |
|
|
15
Occidental Petroleum Corp Warrants
OXY.WS
$37.1B
| – | – |
-68,000
| Closed | -$1.95M |
|
16
CALL
Alibaba
BABA
$286B
| $1.32M | 0.9% |
38,500
| – | – |
|
17
Assured Guaranty
AGO
$3.27B
| $989K | 0.67% |
10,990
| – | – |
|
18
Jefferies Financial Group
JEF
$12.1B
| $861K | 0.59% |
10,987
| – | – |
|
19
China Yuchai International
CYD
$1.5B
| $699K | 0.48% |
73,364
| – | – |
|
20
Louisiana-Pacific
LPX
$5.12B
| $609K | 0.42% |
5,886
| – | – |
|
21
Magna International
MGA
$19.5B
| $418K | 0.28% |
10,000
| – | – |
|
22
Lear
LEA
$8.56B
| $379K | 0.26% |
4,000
| – | – |
|
23
Imperial Oil
IMO
$66.8B
| $308K | 0.21% |
5,000
| – | – |
|
|
24
Alibaba
BABA
$286B
| $288K | 0.2% |
3,400
| – | – |
|
25
SiriusXM
SIRI
$9.67B
| $287K | 0.2% |
12,590
-11,096
| -47% | -$283K |
|
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Francis Chou's Q4 2024 Portfolio in Review
As of Q4 2024, Francis Chou held 34 positions worth $147M, down 8.1% from $160M the previous quarter. Its ten largest holdings account for 88% of the portfolio.
Francis Chou withdrew a net $20.2M in Q4 2024, closing 4 positions and reducing 3 holdings. Its most notable exit was Occidental Petroleum, an estimated $10.3M position sold in full.
By sector, the portfolio is most concentrated in Financials at 71% of assets, up from 65% a quarter earlier, followed by Communication Services and Technology.
Against the trend, Francis Chou opened a new position in Sunrise Communications AG American Depositary Shares representing Class A shares worth $103K.
- Francis Chou's largest Q4 2024 buy was Sunrise Communications AG American Depositary Shares representing Class A shares: 2,400 shares worth $103K.
- Francis Chou added most to Synchrony in Q4 2024, an estimated $1.38M increase.
- Francis Chou's biggest Q4 2024 reduction was Berkshire Hathaway Class A, cutting an estimated $2.77M.
- Francis Chou fully exited Occidental Petroleum in Q4 2024, selling an estimated $10.3M.
- Francis Chou's ten largest holdings make up 88% of its $147M portfolio in Q4 2024.
- Francis Chou opened 1 new position and closed 4 in Q4 2024.
- Francis Chou's portfolio value fell 8.1% quarter-over-quarter to $147M.
Based on Chou Associates Management's 13F filing for Q4 2024, filed 13 Feb 2025.