Francis Chou - Chou Associates

As of Q2 2026, Francis Chou reported 31 long-equity positions worth $216.59M in aggregate.

Copy-investor backtest

Latest quarter: +2.11%
1-year: +14.39%
3-year: +45.08%
5-year: +16.55%
3-year vs S&P 500: -27.31%
5-year vs S&P 500: -56.68%
5-year top 5: +21.83%

Return from mechanically copying the disclosed 13F equity portfolio after each filing and rebalancing at the next. The vs S&P 500 figures subtract SPY over that manager's own rebalance dates, so both sides cover the same days; both are price return, excluding dividends. Method & limitations.

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Filing period

Updated 2026-06-06 from SEC 13F data.

Live quotes available for 4 of 33 rows. Rows without a quote are marked unavailable.


1	-	LEVEL 3 COMMUNICATIONS INC NOTE 15.000% 1/1CUSIP 52729NBM1	14.26%	Add +0.4%	48,000,000	$53.74M	No quote	No quote
2	KG	KING PHARMACEUTICALS INC COM	13.55%	Reduce -1.5%	6,727,900	$51.07M	No quote	No quote
3	OSTK	OVERSTOCK COM INC DEL COM	10.64%	-	2,219,709	$40.11M	No quote	No quote
4	BVF	BIOVAIL CORP COM	9.89%	Reduce -9.4%	1,937,200	$37.27M	No quote	No quote
5	S	SPRINT NEXTEL CORP COM SER 1	6.89%	-	6,123,200	$25.96M	No quote	No quote
6	WPI	WATSON PHARMACEUTICALS INC COM	6.84%	Reduce -9.9%	635,400	$25.78M	No quote	No quote
7	BRK/A	BERKSHIRE HATHAWAY INC DEL CL ACUSIP 084670108	6.05%	-	190	$22.8M	No quote	No quote
8	SHLD	SEARS HLDGS CORP COM	5.72%	-	333,700	$21.57M	No quote	No quote
9	FSR	FLAGSTONE REINSURANCE HLDGS SHS	4.31%	-	1,500,000	$16.23M	No quote	No quote
10	SNY	SANOFI AVENTIS SPONSORED ADR	4.07%	-	510,000	$15.33M	$30.06	No quote
11	ICO	INTERNATIONAL COAL GRP INC N COM	3.06%	-	3,000,000	$11.55M	No quote	No quote
12	-	OVERSTOCK COM INC DEL NOTE 3.750% 12/0CUSIP 690370AB7	2.56%	-	10,120,000	$9.66M	No quote	No quote
13	MEG	MEDIA GEN INC CL A	2.46%	-	949,082	$9.26M	No quote	No quote
14	BACWSA	BANK OF AMERICA CORPORATION W EXP 01/16/201	2.44%	New	1,200,000	$9.18M	No quote	No quote
15	GCI	GANNETT INC COM	1.15%	-	323,035	$4.35M	No quote	No quote
16	-	MANNKIND CORP NOTE 3.750% 12/1CUSIP 56400PAA0	0.96%	Add +50.0%	6,000,000	$3.62M	No quote	No quote
17	CHT	CHUNGHWA TELECOM CO LTD SPON ADR NEW10	0.86%	-	165,111	$3.25M	No quote	No quote
18	MNKD	MANNKIND CORP COM	0.74%	-	438,989	$2.81M	No quote	No quote
19	SKM	SK TELECOM LTD SPONSORED ADR	0.66%	-	170,000	$2.5M	No quote	No quote
20	UTSI	UTSTARCOM INC COM	0.61%	-	1,247,051	$2.3M	No quote	No quote
21	SYA	SYMETRA FINL CORP COM	0.55%	-	174,000	$2.09M	No quote	No quote
22	-	EXPRESSJET HOLDINGS INC NOTE 11.250% 8/0CUSIP 30218UAB4	0.54%	-	2,017,000	$2.04M	No quote	No quote
23	ODP	OFFICE DEPOT INC COM	0.40%	Reduce -68.2%	372,503	$1.51M	No quote	No quote
24	MNI	MCCLATCHY CO CL A	0.24%	Reduce -85.9%	247,001	$899K	No quote	No quote
25	RYAAY	RYANAIR HLDGS PLC SPONSORED ADR	0.14%	-	20,000	$542K	$27.10	No quote
26	-	AMERICREDIT CORP NOTE 0.750% 9/1CUSIP 03060RAP6	0.12%	-	485,000	$450K	No quote	No quote
27	BP	BP PLC SPONSORED ADR	0.08%	New	10,000	$289K	$28.90	No quote
28	NOK	NOKIA CORP SPONSORED ADR	0.07%	Add +100.0%	30,000	$245K	$8.17	No quote
29	KSWS	K-SWISS INC CL A	0.06%	Reduce -96.0%	18,674	$210K	No quote	No quote
30	VOD	VODAFONE GROUP PLC NEW SPONS ADR NEW	0.05%	New	10,000	$207K	No quote	No quote
31	CRYP	CRYPTOLOGIC LIMITED SHS	0.03%	-	60,000	$113K	No quote	No quote
33	RCNI	RCN CORP COM NEW	-	Sold	0	$0	No quote	No quote
32	Q	QWEST COMMUNICATIONS INTL IN COM	-	Sold	0	$0	No quote	No quote