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 34 rows. Rows without a quote are marked unavailable.


1	SHLD	SEARS HLDGS CORP COM	11.02%	Add +17.1%	683,700	$45.3M	No quote	No quote
2	ABH	ABITIBIBOWATER INC COM NEW	9.25%	Add +0.1%	2,662,338	$38.02M	No quote	No quote
3	-	LEVEL 3 COMMUNICATIONS INC NOTE 15.000%1/1CUSIP 52729NBM1	8.99%	Reduce -100.0%	3	$36.96M	No quote	No quote
4	BRK/A	BERKSHIRE HATHAWAY INC DEL CL ACUSIP 084670108	8.90%	-	300	$36.57M	No quote	No quote
5	WPI	WATSON PHARMACEUTICALS INC COM	8.73%	Reduce -15.7%	535,400	$35.9M	No quote	No quote
6	BACWSA	BANK OF AMERICA CORPORATION W EXP 01/16/201	7.86%	Reduce -22.4%	6,950,400	$32.32M	No quote	No quote
7	GS	GOLDMAN SACHS GROUP INC COM	4.99%	-	165,000	$20.52M	$124.37	No quote
8	S	SPRINT NEXTEL CORP COM SER 1	4.25%	-	6,123,200	$17.45M	No quote	No quote
9	JPMWS	JPMORGAN CHASE & CO W EXP 10/28/201	4.16%	-	1,279,423	$17.12M	No quote	No quote
10	SNY	SANOFI SPONSORED ADR	3.87%	-	410,000	$15.89M	$38.75	No quote
11	C	CITIGROUP INC COM NEW	3.65%	-	410,000	$14.99M	$36.55	No quote
12	OSTK	OVERSTOCK COM INC DEL COM	2.94%	-	2,310,209	$12.11M	No quote	No quote
13	FSR	FLAGSTONE REINSURANCE HOLDIN COM	2.87%	-	1,500,000	$11.81M	No quote	No quote
14	WFCWS	WELLS FARGO & CO NEW W EXP 10/28/201	2.44%	-	997,500	$10.04M	No quote	No quote
15	GPS	GAP INC DEL COM	2.39%	-	375,490	$9.82M	No quote	No quote
16	RSH	RADIOSHACK CORP COM	1.96%	-	1,294,071	$8.05M	No quote	No quote
17	PTGI	PRIMUS TELECOMMUNICATIONS GR COM	1.76%	-	451,022	$7.25M	No quote	No quote
18	ATLC 5.875 11/30/35	COMPUCREDIT HLDGS CORP NOTE 5.875%11/3CUSIP 20478NAD2	1.39%	-	13,150,000	$5.71M	No quote	No quote
19	-	MANNKIND CORP NOTE 3.750%12/1CUSIP 56400PAA0	1.34%	-	9,900,000	$5.51M	No quote	No quote
20	ODP	OFFICE DEPOT INC COM	1.09%	Reduce -44.5%	1,303,301	$4.5M	No quote	No quote
21	MEG	MEDIA GEN INC CL A	1.03%	Reduce -6.3%	823,771	$4.23M	No quote	No quote
22	VRX	VALEANT PHARMACEUTICALS INTL COM	1.00%	Reduce -39.6%	76,377	$4.1M	No quote	No quote
23	CHT	CHUNGHWA TELECOM CO LTD SPON ADR NEW11	0.99%	-	132,088	$4.06M	No quote	No quote
24	SKM	SK TELECOM LTD SPONSORED ADR	0.58%	-	170,000	$2.37M	No quote	No quote
25	-	LEVEL 3 COMMUNICATIONS INC NOTE 6.500%10/0CUSIP 52729NBR0	0.57%	-	1,470,000	$2.35M	No quote	No quote
26	SYA	SYMETRA FINL CORP COM	0.49%	-	174,000	$2.01M	No quote	No quote
27	UTSI	UTSTARCOM HOLDINGS CORP USD ORD SHS	0.44%	-	1,247,051	$1.81M	No quote	No quote
28	QXM	QIAO XING MOBILE COMM CO LTD SHS	0.39%	-	1,584,397	$1.58M	No quote	No quote
29	RYAAY	RYANAIR HLDGS PLC SPONSORED ADR	0.24%	-	27,000	$980K	$36.30	No quote
30	OSH	ORCHARD SUPPLY HARDWARE STOR CL A	0.11%	New	21,845	$451K	No quote	No quote
31	BP	BP PLC SPONSORED ADR	0.11%	-	10,000	$450K	$45.00	No quote
32	CYD	CHINA YUCHAI INTL LTD COM	0.10%	-	25,537	$405K	$15.86	No quote
33	VOD	VODAFONE GROUP PLC NEW SPONS ADR NEW	0.07%	-	10,000	$277K	No quote	No quote
34	NOK	NOKIA CORP SPONSORED ADR	0.04%	-	30,000	$165K	$5.50	No quote