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	16.78%	Reduce -5.6%	6,827,900	$80.3M	No quote	No quote
2	-	LEVEL 3 COMMUNICATIONS INC NOTE 15.000% 1/1CUSIP 52729NBM1	12.98%	-	47,800,000	$62.14M	No quote	No quote
3	SHLD	SEARS HLDGS CORP COM	7.56%	-	333,700	$36.18M	No quote	No quote
4	OSTK	OVERSTOCK COM INC DEL COM	7.54%	-	2,219,709	$36.07M	No quote	No quote
5	BVF	BIOVAIL CORP COM	7.49%	Reduce -4.5%	2,137,200	$35.84M	No quote	No quote
6	WPI	WATSON PHARMACEUTICALS INC COM	6.16%	-	705,400	$29.47M	No quote	No quote
7	RCNI	RCN CORP COM NEW	5.36%	-	1,700,884	$25.65M	No quote	No quote
8	SKM	SK TELECOM LTD SPONSORED ADR	4.86%	-	170,000	$23.27M	No quote	No quote
9	BRK/A	BERKSHIRE HATHAWAY INC DEL CL ACUSIP 084670108	4.84%	-	190	$23.14M	No quote	No quote
10	SNY	SANOFI AVENTIS SPONSORED ADR	3.98%	-	510,000	$19.05M	$37.36	No quote
11	FSR	FLAGSTONE REINSURANCE HLDGS SHS	3.59%	-	1,500,000	$17.19M	No quote	No quote
12	ICO	INTERNATIONAL COAL GRP INC N COM	2.86%	-	3,000,000	$13.71M	No quote	No quote
13	Q	QWEST COMMUNICATIONS INTL IN COM	2.18%	-	2,000,000	$10.44M	$5.22	No quote
14	ODP	OFFICE DEPOT INC COM	1.96%	Reduce -20.4%	1,172,503	$9.36M	No quote	No quote
15	-	OVERSTOCK COM INC DEL NOTE 3.750% 12/0CUSIP 690370AB7	1.92%	-	10,120,000	$9.21M	No quote	No quote
16	MNI	MCCLATCHY CO CL A	1.79%	Reduce -1.7%	1,747,001	$8.58M	No quote	No quote
17	MEG	MEDIA GEN INC CL A	1.64%	-	949,082	$7.87M	No quote	No quote
18	GCI	GANNETT INC COM	1.12%	-	323,035	$5.34M	No quote	No quote
19	KSWS	K-SWISS INC CL A	1.03%	-	472,720	$4.95M	No quote	No quote
20	UTSI	UTSTARCOM INC COM	0.73%	Reduce -72.9%	1,247,051	$3.48M	No quote	No quote
21	CHT	CHUNGHWA TELECOM CO LTD SPON ADR NEW10	0.67%	New	165,111	$3.21M	No quote	No quote
22	S	SPRINT NEXTEL CORP COM SER 1	0.61%	Add +53.1%	6,123,200	$2.93M	No quote	No quote
23	MNKD	MANNKIND CORP COM	0.60%	-	438,989	$2.88M	No quote	No quote
24	-	MANNKIND CORP NOTE 3.750% 12/1CUSIP 56400PAA0	0.54%	-	4,000,000	$2.59M	No quote	No quote
25	SYA	SYMETRA FINL CORP COM	0.48%	New	174,000	$2.29M	No quote	No quote
26	-	EXPRESSJET HOLDINGS INC NOTE 11.250% 8/0CUSIP 30218UAB4	0.42%	Add +0.8%	2,017,000	$2M	No quote	No quote
27	RYAAY	RYANAIR HLDGS PLC SPONSORED ADR	0.11%	-	20,000	$543K	$27.15	No quote
28	-	AMERICREDIT CORP NOTE 0.750% 9/1CUSIP 03060RAP6	0.10%	-	485,000	$494K	No quote	No quote
29	NOK	NOKIA CORP SPONSORED ADR	0.05%	-	15,000	$233K	$15.53	No quote
30	CRYP	CRYPTOLOGIC LIMITED SHS	0.05%	-	60,000	$232K	No quote	No quote
33	UTMD	UTAH MED PRODS INC COM	-	Sold	0	$0	No quote	No quote
32	-	PINNACLE AIRL CORP NOTE 3.250% 2/1CUSIP 723443AB3	-	Sold	0	$0	No quote	No quote
31	CHT	CHUNGHWA TELECOM CO LTD SPONS ADR NEW 09	-	Sold	0	$0	No quote	No quote