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 7 of 36 rows. Rows without a quote are marked unavailable.


1	SHLD	SEARS HLDGS CORP COM	10.90%	-	683,700	$40.82M	No quote	No quote
2	WPI	WATSON PHARMACEUTICALS INC COM	10.58%	-	535,400	$39.61M	No quote	No quote
3	BRK/A	BERKSHIRE HATHAWAY INC DEL CL ACUSIP 084670108	10.01%	-	300	$37.48M	No quote	No quote
4	RFP	RESOLUTE FST PRODS INC COM	9.47%	New	3,062,268	$35.46M	No quote	No quote
5	-	LEVEL 3 COMMUNICATIONS INC NOTE 15.000% 1/1CUSIP 52729NBM1	8.86%	Add +1008333233.3%	30,250,000	$33.17M	No quote	No quote
6	S	SPRINT NEXTEL CORP COM SER 1	5.33%	-	6,123,200	$19.96M	No quote	No quote
7	OSTK	OVERSTOCK COM INC DEL COM	4.26%	-	2,310,209	$15.96M	No quote	No quote
8	GS	GOLDMAN SACHS GROUP INC COM	4.22%	-	165,000	$15.82M	$95.86	No quote
9	SNY	SANOFI SPONSORED ADR	4.14%	-	410,000	$15.49M	$37.78	No quote
10	BACWSA	BANK OF AMERICA CORPORATION W EXP 01/16/201	4.09%	Reduce -37.5%	4,341,462	$15.33M	No quote	No quote
11	FSR	FLAGSTONE REINSURANCE HOLDIN COM	3.21%	-	1,500,000	$12.02M	No quote	No quote
12	C	CITIGROUP INC COM NEW	3.00%	-	410,000	$11.24M	$27.41	No quote
13	JPMWS	JPMORGAN CHASE & CO W EXP 10/28/201	2.94%	Reduce -12.0%	1,126,347	$11M	No quote	No quote
14	NOK	NOKIA CORP SPONSORED ADR	2.78%	Add +16666.7%	5,030,000	$10.41M	$2.07	No quote
15	WFCWS	WELLS FARGO & CO NEW W EXP 10/28/201	2.35%	-	997,500	$8.79M	No quote	No quote
16	PTGI	PRIMUS TELECOMMUNICATIONS GR COM	1.88%	-	451,022	$7.02M	No quote	No quote
17	ATLC 5.875 11/30/35	COMPUCREDIT HLDGS CORP NOTE 5.875%11/3CUSIP 20478NAD2	1.50%	-	13,150,000	$5.61M	No quote	No quote
18	-	MANNKIND CORP NOTE 3.750%12/1CUSIP 56400PAA0	1.43%	-	9,900,000	$5.35M	No quote	No quote
19	RSH	RADIOSHACK CORP COM	1.33%	-	1,294,071	$4.97M	No quote	No quote
20	CHT	CHUNGHWA TELECOM CO LTD SPON ADR NEW11	1.11%	-	132,088	$4.15M	No quote	No quote
21	MEG	MEDIA GEN INC CL A	1.01%	-	823,771	$3.8M	No quote	No quote
22	GPS	GAP INC DEL COM	0.98%	Reduce -64.4%	133,590	$3.66M	No quote	No quote
23	VRX	VALEANT PHARMACEUTICALS INTL COM	0.91%	-	76,377	$3.42M	No quote	No quote
24	ODP	OFFICE DEPOT INC COM	0.75%	-	1,303,301	$2.82M	No quote	No quote
25	SYA	SYMETRA FINL CORP COM	0.59%	-	174,000	$2.2M	No quote	No quote
26	SKM	SK TELECOM LTD SPONSORED ADR	0.55%	-	170,000	$2.06M	No quote	No quote
27	-	LEVEL 3 COMMUNICATIONS INC NOTE 6.500%10/0CUSIP 52729NBR0	0.55%	-	1,470,000	$2.05M	No quote	No quote
28	UTSI	UTSTARCOM HOLDINGS CORP USD ORD SHS	0.40%	-	1,247,051	$1.48M	No quote	No quote
29	USG	USG CORP COM NEW	0.27%	New	54,039	$1.03M	No quote	No quote
30	RYAAY	RYANAIR HLDGS PLC SPONSORED ADR	0.22%	-	27,000	$821K	$30.41	No quote
31	BP	BP PLC SPONSORED ADR	0.11%	-	10,000	$405K	$40.50	No quote
32	OSH	ORCHARD SUPPLY HARDWARE STOR CL A	0.10%	-	21,845	$363K	No quote	No quote
33	CYD	CHINA YUCHAI INTL LTD COM	0.09%	-	25,537	$349K	$13.67	No quote
34	VOD	VODAFONE GROUP PLC NEW SPONS ADR NEW	0.08%	-	10,000	$282K	No quote	No quote
36	QXM	QIAO XING MOBILE COMM CO LTD SHS	-	Sold	0	$0	No quote	No quote
35	ABH	ABITIBIBOWATER INC COM NEW	-	Sold	0	$0	No quote	No quote