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 34 rows. Rows without a quote are marked unavailable.


1	KG	KING PHARMACEUTICALS INC COM	15.92%	-	6,727,900	$67.01M	No quote	No quote
2	-	LEVEL 3 COMMUNICATIONS INC NOTE 15.000% 1/1CUSIP 52729NBM1	10.24%	Reduce -18.8%	39,000,000	$43.09M	No quote	No quote
3	VRX	VALEANT PHARMACEUTICALS INTL COM	9.22%	New	1,437,200	$38.82M	No quote	No quote
4	OSTK	OVERSTOCK COM INC DEL COM	8.29%	-	2,219,709	$34.89M	No quote	No quote
5	S	SPRINT NEXTEL CORP COM SER 1	6.73%	-	6,123,200	$28.35M	No quote	No quote
6	BACWSA	BANK OF AMERICA CORPORATION W EXP 01/16/201	6.47%	Add +250.0%	4,200,000	$27.26M	No quote	No quote
7	WPI	WATSON PHARMACEUTICALS INC COM	6.39%	-	635,400	$26.88M	No quote	No quote
8	SHLD	SEARS HLDGS CORP COM	5.72%	-	333,700	$24.07M	No quote	No quote
9	BRK/A	BERKSHIRE HATHAWAY INC DEL CL ACUSIP 084670108	5.62%	-	190	$23.66M	No quote	No quote
10	ICO	INTERNATIONAL COAL GRP INC N COM	3.79%	-	3,000,000	$15.96M	No quote	No quote
11	FSR	FLAGSTONE REINSURANCE HOLDIN COM	3.78%	New	1,500,000	$15.92M	No quote	No quote
12	MNKD	MANNKIND CORP COM	3.29%	Add +367.4%	2,051,924	$13.87M	No quote	No quote
13	SNY	SANOFI AVENTIS SPONSORED ADR	3.24%	Reduce -19.6%	410,000	$13.63M	$33.25	No quote
14	-	OVERSTOCK COM INC DEL NOTE 3.750%12/0CUSIP 690370AB7	2.38%	-	10,120,000	$10.01M	No quote	No quote
15	MEG	MEDIA GEN INC CL A	2.02%	-	949,082	$8.5M	No quote	No quote
16	-	MANNKIND CORP NOTE 3.750%12/1CUSIP 56400PAA0	1.12%	Add +16.1%	6,963,000	$4.71M	No quote	No quote
17	GCI	GANNETT INC COM	0.94%	-	323,035	$3.95M	No quote	No quote
18	ATLC 5.875 11/30/35	COMPUCREDIT HLDGS NOTE 5.875%11/3CUSIP 20478NAD2	0.90%	New	8,950,000	$3.78M	No quote	No quote
19	CHT	CHUNGHWA TELECOM CO LTD SPON ADR NEW10	0.88%	-	165,111	$3.7M	No quote	No quote
20	SKM	SK TELECOM LTD SPONSORED ADR	0.71%	-	170,000	$2.97M	No quote	No quote
21	UTSI	UTSTARCOM INC COM	0.64%	-	1,247,051	$2.71M	No quote	No quote
22	SYA	SYMETRA FINL CORP COM	0.43%	-	174,000	$1.82M	No quote	No quote
23	ODP	OFFICE DEPOT INC COM	0.41%	-	372,503	$1.71M	No quote	No quote
24	-	EXPRESSJET HOLDINGS INC NOTE 11.250% 8/0CUSIP 30218UAB4	0.37%	Reduce -22.9%	1,554,000	$1.55M	No quote	No quote
25	RYAAY	RYANAIR HLDGS PLC SPONSORED ADR	0.15%	-	20,000	$616K	$30.80	No quote
26	-	AMERICREDIT CORP NOTE 0.750% 9/1CUSIP 03060RAP6	0.11%	-	485,000	$483K	No quote	No quote
27	BP	BP PLC SPONSORED ADR	0.10%	-	10,000	$412K	$41.20	No quote
28	NOK	NOKIA CORP SPONSORED ADR	0.07%	-	30,000	$301K	$10.03	No quote
29	VOD	VODAFONE GROUP PLC NEW SPONS ADR NEW	0.06%	-	10,000	$248K	No quote	No quote
30	CRYP	CRYPTOLOGIC LIMITED SHS	0.02%	-	60,000	$82K	No quote	No quote
34	MNI	MCCLATCHY CO CL A	-	Sold	0	$0	No quote	No quote
33	KSWS	K-SWISS INC CL A	-	Sold	0	$0	No quote	No quote
32	FSR	FLAGSTONE REINSURANCE HLDGS SHS	-	Sold	0	$0	No quote	No quote
31	BVF	BIOVAIL CORP COM	-	Sold	0	$0	No quote	No quote