Chou Associates Management Inc.

Superinvestor · Francis Chou

CIK

1389403

Location

TORONTO, A6

Portfolio Value

Small $125,284,410

Diversification

Diversified

Filing Date

Global Rank

#5,231 / 8,623 ▲ 381 · as of Mar 2026

Top Industry

Credit Services 25.2%

3Y Alpha vs SPY

-10.2%

Period ended 4 months ago

Filed May 14, 2026 · 3mo

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.

Cloned portfolio

+28.2%

SPY

+65.3%

Annualised alpha

-9.6%

Max drawdown

−28.2%

Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 100% of reported value on average across 13 quarters. Past performance does not predict future results.

Portfolio Concentration

28 tracked positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

16.2%

+0.4 pts

Top 5

52.7%

−7.2 pts

Top 10

78.7%

−5.7 pts

HHI

790

Diversified−110

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Financial Services	45.1%	$56,510,904	12
Energy	16.8%	$20,999,100	2
Consumer Cyclical	16.3%	$20,473,223	5
Technology	9.3%	$11,675,825	2
Communication Services	7.5%	$9,453,314	1
Industrials	2.7%	$3,418,189	4
Consumer Defensive	1.2%	$1,563,055	1
Basic Materials	1.0%	$1,190,800	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

4 positions

Ticker	Company	Δ Shares	Shares	Value
JEF	Jefferies Financial Group Inc.	+138,250	149,237	$6,159,010
PYPL	PayPal Holdings, Inc.	+126,400	167,400	$7,571,502
SYF	Synchrony Financial	+7,500	223,202	$15,182,200
AGO	Assured Guaranty Ltd	+6,000	16,990	$1,384,345
No positions match the current search.

Trimmed

Positions the filer reduced

No qualifying positions this quarter.

New Positions

Positions the filer opened this quarter

4 positions

Ticker	Company	Shares	Value
KHC	Kraft Heinz Co	69,500	$1,563,055
BRK-B	Berkshire Hathaway Inc	3,100	$1,485,520
HPQ	Hp Inc	26,500	$509,065
ATKR	Atkore Inc.	8,400	$494,844
No positions match the current search.

Sold Out

Positions the filer fully exited

1 positions

Ticker	Company	Shares	Value	Open
VTS	Vitesse Energy, Inc.	1,293	$24,903
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

28 tracked positions · $125,284,410 total · filing declares 31 positions · $210,266,544 · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Industrials Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Est. Price	% of Portfolio
OXY	Occidental Petroleum Corp /De/ Energy	Held	313,000	0	$20,345,000	+58.1%	$50.29	16.24%
SYF	Synchrony Financial Financial Services	Added	223,202	+7,500	$15,182,200	−15.6%	$72.72	12.12%
AAPL	Apple Inc. Technology	Held	44,000	0	$11,166,760	−6.6%	$260.25	8.91%
STLA	Stellantis N.V. Consumer Cyclical	Held	1,394,194	0	$9,884,835	−34.9%	$8.38	7.89%
SIRI	Sirius Xm Holdings Inc. Communication Services	Held	409,589	0	$9,453,314	+15.4%	$21.49	7.55%
ALLY	Ally Financial Inc. Financial Services	Held	225,525	0	$8,847,345	−13.4%	$41.17	7.06%
PYPL	PayPal Holdings, Inc. Financial Services	Added	167,400	+126,400	$7,571,502	+216.3%	$48.26	6.04%
JEF	Jefferies Financial Group Inc. Financial Services	Added	149,237	+138,250	$6,159,010	+804.6%	$51.90	4.92%
BABA	Alibaba Group Holding Ltd Consumer Cyclical	Held	41,900	0	$5,256,774	−14.4%	$150.32	4.20%
WFC	Wells Fargo & Company/Mn Financial Services	Held	59,542	0	$4,740,138	−14.6%	$85.89	3.78%
GM	General Motors Co Consumer Cyclical	Held	52,000	0	$3,874,000	−8.4%	$79.50	3.09%
C	Citigroup Inc Financial Services	Held	32,695	0	$3,707,939	−2.8%	$113.88	2.96%
CASH	Pathward Financial, Inc. Financial Services	Held	27,389	0	$2,443,920	+25.7%	$87.07	1.95%
BAC	Bank Of America Corp /De/ Financial Services	Held	50,000	0	$2,437,500	−11.4%	$51.60	1.95%
POOL	Pool Corp Industrials	Held	10,636	0	$2,151,981	−11.5%	$235.72	1.72%
MBI	Mbia Inc Financial Services	Held	321,000	0	$1,897,110	−17.5%	$6.37	1.51%
KHC	Kraft Heinz Co Consumer Defensive	NEW	69,500	NEW	$1,563,055	NEW	$23.52	1.25%
BRK-B	Berkshire Hathaway Inc Financial Services	NEW	3,100	NEW	$1,485,520	NEW	$490.90	1.19%
AGO	Assured Guaranty Ltd Financial Services	Added	16,990	+6,000	$1,384,345	+40.2%	$85.35	1.10%
MEOH	Methanex Corp Basic Materials	Held	20,000	0	$1,190,800	+49.9%	$50.32	0.95%
CYD	China Yuchai International Ltd Consumer Cyclical	Held	23,364	0	$899,514	+8.5%	$44.62	0.72%
MCO	Moodys Corp /De/ Financial Services	Held	1,500	0	$654,375	−14.6%	$473.05	0.52%
IMO	Imperial Oil Ltd Energy	Held	5,000	0	$654,100	+51.6%	$112.19	0.52%
MGA	Magna International Inc Consumer Cyclical	Held	10,000	0	$558,100	+4.7%	$57.11	0.45%
HPQ	Hp Inc Technology	NEW	26,500	NEW	$509,065	NEW	$19.44	0.41%
ATKR	Atkore Inc. Industrials	NEW	8,400	NEW	$494,844	NEW	$65.02	0.39%
LPX	Louisiana-Pacific Corp Industrials	Held	5,886	0	$428,206	−9.9%	$84.23	0.34%
RYAAY	Ryanair Holdings PLC Industrials	Held	5,937	0	$343,158	−19.9%	$66.01	0.27%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.