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	-	LEVEL 3 COMMUNICATIONS INC NOTE 15.000% 1/1CUSIP 52729NBM1	11.75%	-	35,250,000	$45M	No quote	No quote
2	WPI	WATSON PHARMACEUTICALS INC COM	11.32%	-	635,400	$43.37M	No quote	No quote
3	ABH	ABITIBIBOWATER INC COM NEW	10.55%	Add +12.5%	2,693,549	$40.4M	No quote	No quote
4	BRK/A	BERKSHIRE HATHAWAY INC DEL CL ACUSIP 084670108	8.37%	-	300	$32.04M	No quote	No quote
5	SHLD	SEARS HLDGS CORP COM	7.27%	Add +22.8%	483,700	$27.82M	No quote	No quote
6	OSTK	OVERSTOCK COM INC DEL COM	5.59%	Add +4.1%	2,310,209	$21.42M	No quote	No quote
7	S	SPRINT NEXTEL CORP COM SER 1	4.86%	-	6,123,200	$18.62M	No quote	No quote
8	BACWSA	BANK OF AMERICA CORPORATION W EXP 01/16/201	4.53%	Add +45.5%	6,400,000	$17.34M	No quote	No quote
9	GS	GOLDMAN SACHS GROUP INC COM	4.07%	Add +43.5%	165,000	$15.6M	$94.55	No quote
10	SNY	SANOFI SPONSORED ADR	3.51%	-	410,000	$13.45M	$32.80	No quote
11	JPMWS	JPMORGAN CHASE & CO W EXP 10/28/201	3.11%	Add +63.8%	1,279,423	$11.91M	No quote	No quote
12	FSR	FLAGSTONE REINSURANCE HOLDIN COM	3.04%	-	1,500,000	$11.63M	No quote	No quote
13	RSH	RADIOSHACK CORP COM	3.03%	-	1,000,000	$11.62M	No quote	No quote
14	MNKD	MANNKIND CORP COM	2.41%	-	2,438,989	$9.24M	No quote	No quote
15	WFCWS	WELLS FARGO & CO NEW W EXP 10/28/201	2.01%	-	997,500	$7.69M	No quote	No quote
16	GPS	GAP INC DEL COM	1.59%	Add +180.8%	375,490	$6.1M	No quote	No quote
17	ATLC 5.875 11/30/35	COMPUCREDIT HLDGS CORP NOTE 5.875%11/3CUSIP 20478NAD2	1.51%	-	13,150,000	$5.78M	No quote	No quote
18	C	CITIGROUP INC COM NEW	1.44%	New	215,191	$5.51M	$25.62	No quote
19	-	MANNKIND CORP NOTE 3.750%12/1CUSIP 56400PAA0	1.30%	Reduce -9.2%	8,900,000	$4.97M	No quote	No quote
20	ODP	OFFICE DEPOT INC COM	1.26%	Add +530.5%	2,348,501	$4.84M	No quote	No quote
21	PTGI	PRIMUS TELECOMMUNICATIONS GR COM	1.25%	New	451,022	$4.79M	No quote	No quote
22	VRX	VALEANT PHARMACEUTICALS INTL COM	1.23%	Reduce -44.2%	126,377	$4.69M	No quote	No quote
23	CHT	CHUNGHWA TELECOM CO LTD SPON ADR NEW11	1.14%	-	132,088	$4.36M	No quote	No quote
24	GCI	GANNETT INC COM	0.80%	-	323,035	$3.08M	No quote	No quote
25	SKM	SK TELECOM LTD SPONSORED ADR	0.62%	-	170,000	$2.39M	No quote	No quote
26	-	LEVEL 3 COMMUNICATIONS INC NOTE 6.500%10/0CUSIP 52729NBR0	0.56%	-	1,470,000	$2.13M	No quote	No quote
27	MEG	MEDIA GEN INC CL A	0.47%	-	949,082	$1.81M	No quote	No quote
28	SYA	SYMETRA FINL CORP COM	0.37%	-	174,000	$1.42M	No quote	No quote
29	UTSI	UTSTARCOM INC COM	0.33%	-	1,247,051	$1.27M	No quote	No quote
30	QXM	QIAO XING MOBILE COMM CO LTD SHS	0.19%	New	732,633	$733K	No quote	No quote
31	RYAAY	RYANAIR HLDGS PLC SPONSORED ADR	0.18%	-	27,000	$695K	$25.74	No quote
32	CYD	CHINA YUCHAI INTL LTD COM	0.10%	New	25,426	$371K	$14.59	No quote
33	BP	BP PLC SPONSORED ADR	0.09%	-	10,000	$361K	$36.10	No quote
34	VOD	VODAFONE GROUP PLC NEW SPONS ADR NEW	0.07%	-	10,000	$257K	No quote	No quote
35	NOK	NOKIA CORP SPONSORED ADR	0.04%	-	30,000	$170K	$5.67	No quote
36	CRYP	CRYPTOLOGIC LIMITED SHS	0.01%	Reduce -24.8%	45,100	$50K	No quote	No quote