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	KG	KING PHARMACEUTICALS INC COM	16.60%	Reduce -10.4%	6,025,300	$84.66M	No quote	No quote
2	ABH	ABITIBIBOWATER INC COM NEW	11.05%	New	2,380,478	$56.35M	No quote	No quote
3	-	LEVEL 3 COMMUNICATIONS INC NOTE 15.000% 1/1CUSIP 52729NBM1	8.54%	-	39,000,000	$43.52M	No quote	No quote
4	OSTK	OVERSTOCK COM INC DEL COM	7.17%	-	2,219,709	$36.58M	No quote	No quote
5	WPI	WATSON PHARMACEUTICALS INC COM	6.44%	-	635,400	$32.82M	No quote	No quote
6	BACWSA	BANK OF AMERICA CORPORATION W EXP 01/16/201	5.88%	-	4,200,000	$29.99M	No quote	No quote
7	S	SPRINT NEXTEL CORP COM SER 1	5.08%	-	6,123,200	$25.9M	No quote	No quote
8	SHLD	SEARS HLDGS CORP COM	4.83%	-	333,700	$24.61M	No quote	No quote
9	VRX	VALEANT PHARMACEUTICALS INTL COM	4.66%	Reduce -41.6%	839,800	$23.76M	No quote	No quote
10	BRK/A	BERKSHIRE HATHAWAY INC DEL CL ACUSIP 084670108	4.49%	-	190	$22.89M	No quote	No quote
11	MNKD	MANNKIND CORP COM	3.86%	Add +18.9%	2,438,989	$19.66M	No quote	No quote
12	FSR	FLAGSTONE REINSURANCE HOLDIN COM	3.71%	-	1,500,000	$18.9M	No quote	No quote
13	ICO	INTERNATIONAL COAL GRP INC N COM	3.64%	Reduce -20.0%	2,400,000	$18.58M	No quote	No quote
14	SNY	SANOFI AVENTIS SPONSORED ADR	2.59%	-	410,000	$13.21M	$32.23	No quote
15	WFCWS	WELLS FARGO & CO NEW W EXP 10/28/201	2.17%	New	997,500	$11.08M	No quote	No quote
16	-	OVERSTOCK COM INC DEL NOTE 3.750%12/0CUSIP 690370AB7	1.98%	-	10,120,000	$10.09M	No quote	No quote
17	-	MANNKIND CORP NOTE 3.750%12/1CUSIP 56400PAA0	1.16%	Add +28.7%	8,963,000	$5.89M	No quote	No quote
18	MEG	MEDIA GEN INC CL A	1.08%	-	949,082	$5.49M	No quote	No quote
19	-	COMPUCREDIT HLDGS CORP NOTE 5.875%11/3CUSIP 20478NAD3	0.98%	New	8,950,000	$4.99M	No quote	No quote
20	GCI	GANNETT INC COM	0.96%	-	323,035	$4.88M	No quote	No quote
21	CHT	CHUNGHWA TELECOM CO LTD SPON ADR NEW10	0.82%	-	165,111	$4.17M	No quote	No quote
22	SKM	SK TELECOM LTD SPONSORED ADR	0.62%	-	170,000	$3.17M	No quote	No quote
23	UTSI	UTSTARCOM INC COM	0.50%	-	1,247,051	$2.57M	No quote	No quote
24	SYA	SYMETRA FINL CORP COM	0.47%	-	174,000	$2.38M	No quote	No quote
25	ODP	OFFICE DEPOT INC COM	0.39%	-	372,503	$2.01M	No quote	No quote
26	RYAAY	RYANAIR HLDGS PLC SPONSORED ADR	0.12%	-	20,000	$615K	$30.75	No quote
27	BP	BP PLC SPONSORED ADR	0.09%	-	10,000	$442K	$44.20	No quote
28	NOK	NOKIA CORP SPONSORED ADR	0.06%	-	30,000	$310K	$10.33	No quote
29	VOD	VODAFONE GROUP PLC NEW SPONS ADR NEW	0.05%	-	10,000	$264K	No quote	No quote
30	CRYP	CRYPTOLOGIC LIMITED SHS	0.02%	-	60,000	$85K	No quote	No quote
33	-	EXPRESSJET HOLDINGS INC NOTE 11.250% 8/0CUSIP 30218UAB4	-	Sold	0	$0	No quote	No quote
32	ATLC 5.875 11/30/35	COMPUCREDIT HLDGS NOTE 5.875%11/3CUSIP 20478NAD2	-	Sold	0	$0	No quote	No quote
31	-	AMERICREDIT CORP NOTE 0.750% 9/1CUSIP 03060RAP6	-	Sold	0	$0	No quote	No quote