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Chou Associates

by Francis Chou, portfolio manager since 1986 asset manager

Legal name
Chou Associates Management Inc.
On record since?
Q2 2013
Filings read
53
Style
Value
Website
choufunds.com
View more
CIK
0001389403
Read since
Aug 22, 2026

Q2 2026 · filed Aug 11, 2026 · $217M US stock · 31 positions · Very concentrated · Low turnover · Top: BRK.A 29.7% · GOOG 11.8% · SYF 7.8%

Read the filing →

Streakslongest held · 53 quarters on record

  1. BRK.A Berkshire Hathaway Inc. 29.7%53+ quarters
  2. C Citigroup Inc. 2.1%53+ quarters
  3. CYD China Yuchai International Ltd. 0.5%53+ quarters
  4. RYAAY Ryanair Holdings plc 0.2%43 quarters
  5. WFC Wells Fargo & Co. 2.3%32 quarters

3 names have been in this book every quarter on record (53). New in this book this quarter: VTS.

Over time53 quarters, Q2 2013 to Q2 2026

US stock$217M Q2 2026

Positions31 Q2 2026

Picture100.0% Q2 2026

Turnover0%/yr Q2 2026

Filings53

  1. Q2 2026 filed Aug 11, 26 $217M · 31 positions  · 1 new · 0 exited full · Very concentrated 1 new · 0 exited
  2. Q1 2026 filed May 13, 26 $208M · 30 positions  · 4 new · 1 exited full · Very concentrated 4 new · 1 exited
  3. Q4 2025 filed Feb 13, 26 $202M · 27 positions  · 0 new · 3 exited full · Very concentrated 0 new · 3 exited
  4. Q3 2025 filed Nov 14, 25 $208M · 30 positions  · 0 new · 0 exited full · Very concentrated 0 new · 0 exited
  5. Q2 2025 filed Aug 12, 25 $183M · 30 positions  · 0 new · 1 exited full · Very concentrated 0 new · 1 exited
  6. Q1 2025 filed May 15, 25 $182M · 31 positions  · 2 new · 0 exited full · Very concentrated 2 new · 0 exited
  7. Q4 2024 filed Feb 12, 25 $144M · 29 positions  · 1 new · 4 exited full · Very concentrated 1 new · 4 exited
  8. Q3 2024 filed Nov 8, 24 $157M · 32 positions  · 3 new · 1 exited full · Very concentrated 3 new · 1 exited
  9. Q2 2024 filed Aug 13, 24 $139M · 30 positions  · 14 new · 2 exited full · Very concentrated 14 new · 2 exited
  10. Q1 2024 filed May 14, 24 $89M · 18 positions  · 2 new · 0 exited full · Very concentrated 2 new · 0 exited
  11. Q4 2023 filed Feb 13, 24 $76M · 16 positions  · 0 new · 2 exited full · Very concentrated 0 new · 2 exited
  12. Q3 2023 filed Nov 14, 23 $75M · 18 positions  · 0 new · 0 exited full · Very concentrated 0 new · 0 exited
  13. Q2 2023 filed Aug 11, 23 $79M · 18 positions  · 1 new · 0 exited full · Very concentrated 1 new · 0 exited
  14. Q1 2023 filed May 12, 23 $72M · 17 positions  · 1 new · 2 exited full · Very concentrated 1 new · 2 exited
  15. Q4 2022 filed Feb 13, 23 $71M · 18 positions  · 4 new · 4 exited full · Very concentrated 4 new · 4 exited
  16. Q3 2022 filed Nov 14, 22 $101M · 18 positions  · 1 new · 0 exited mostly · Very concentrated 1 new · 0 exited
  17. Q2 2022 filed Aug 12, 22 $104M · 17 positions  · 3 new · 0 exited mostly · Very concentrated 3 new · 0 exited
  18. Q1 2022 filed May 15, 22 $135M · 14 positions  · 0 new · 1 exited mostly · Very concentrated 0 new · 1 exited
  19. Q4 2021 filed Feb 14, 22 $144M · 15 positions  · 0 new · 0 exited mostly · Very concentrated 0 new · 0 exited
  20. Q3 2021 filed Nov 15, 21 $159M · 15 positions  · 0 new · 0 exited mostly · Very concentrated 0 new · 0 exited
  21. Q2 2021 filed Aug 12, 21 $171M · 15 positions  · 0 new · 1 exited mostly · Very concentrated 0 new · 1 exited
  22. Q1 2021 filed May 20, 21 $172M · 16 positions  · 2 new · 2 exited mostly · Very concentrated 2 new · 2 exited
  23. Q4 2020 filed Feb 15, 21 $130M · 16 positions  · 0 new · 2 exited full · Very concentrated 0 new · 2 exited
  24. Q3 2020 filed Nov 7, 20 $99M · 18 positions  · 0 new · 0 exited full · Very concentrated 0 new · 0 exited
  25. Q2 2020 filed Aug 18, 20 $91M · 18 positions  · 0 new · 1 exited full · Very concentrated 0 new · 1 exited
  26. Q1 2020 filed May 16, 20 $100M · 19 positions  · 0 new · 0 exited full · Very concentrated 0 new · 0 exited
  27. Q4 2019 filed Feb 17, 20 $172M · 19 positions  · 0 new · 2 exited full · Very concentrated 0 new · 2 exited
  28. Q3 2019 filed Nov 7, 19 $162M · 21 positions  · 0 new · 1 exited full · Very concentrated 0 new · 1 exited
  29. Q2 2019 filed Aug 14, 19 $211M · 22 positions  · 0 new · 0 exited full · Very concentrated 0 new · 0 exited
  30. Q1 2019 filed May 13, 19 $224M · 22 positions  · 0 new · 2 exited full · Very concentrated 0 new · 2 exited
  31. Q4 2018 filed Feb 13, 19 $210M · 24 positions  · 2 new · 0 exited full · Very concentrated 2 new · 0 exited
  32. Q3 2018 filed Nov 7, 18 $276M · 22 positions  · 4 new · 6 exited full · Very concentrated 4 new · 6 exited
  33. Q2 2018 filed Aug 7, 18 $260M · 24 positions  · 3 new · 1 exited full · Very concentrated 3 new · 1 exited
  34. Q1 2018 filed May 11, 18 $233M · 22 positions  · 0 new · 0 exited full · Very concentrated 0 new · 0 exited
  35. Q4 2017 filed Feb 7, 18 $229M · 22 positions  · 0 new · 1 exited full · Very concentrated 0 new · 1 exited
  36. Q3 2017 filed Nov 7, 17 $281M · 23 positions  · 0 new · 2 exited full · Concentrated 0 new · 2 exited
  37. Q2 2017 filed Aug 14, 17 $319M · 25 positions  · 0 new · 0 exited full · Concentrated 0 new · 0 exited
  38. Q1 2017 filed May 12, 17 $297M · 25 positions  · 2 new · 2 exited full · Concentrated 2 new · 2 exited
  39. Q4 2016 filed Feb 8, 17 $305M · 25 positions  · 1 new · 1 exited full · Concentrated 1 new · 1 exited
  40. Q3 2016 filed Oct 31, 16 $265M · 25 positions  · 0 new · 2 exited full · Concentrated 0 new · 2 exited
  41. Q2 2016 filed Aug 4, 16 $262M · 27 positions  · 4 new · 2 exited full · Concentrated 4 new · 2 exited
  42. Q1 2016 filed May 11, 16 $308M · 25 positions  · 1 new · 0 exited full · Concentrated 1 new · 0 exited
  43. Q4 2015 filed Feb 11, 16 $467M · 24 positions  · 1 new · 1 exited full · Very concentrated 1 new · 1 exited
  44. Q3 2015 filed Oct 23, 15 $291M · 24 positions  · 3 new · 2 exited full · Concentrated 3 new · 2 exited
  45. Q2 2015 filed Jul 14, 15 $327M · 23 positions  · 0 new · 2 exited full · Concentrated 0 new · 2 exited
  46. Q1 2015 filed Apr 10, 15 $381M · 25 positions  · 2 new · 0 exited full · Very concentrated 2 new · 0 exited
  47. Q4 2014 filed Feb 9, 15 $382M · 23 positions  · 3 new · 5 exited full · Very concentrated 3 new · 5 exited
  48. Q3 2014 filed Nov 13, 14 $395M · 25 positions  · 2 new · 0 exited full · Very concentrated 2 new · 0 exited
  49. Q2 2014 filed Aug 7, 14 $365M · 23 positions  · 2 new · 2 exited full · Very concentrated 2 new · 2 exited
  50. Q1 2014 filed May 8, 14 $362M · 23 positions  · 2 new · 1 exited full · Very concentrated 2 new · 1 exited
  51. Q4 2013 filed Feb 4, 14 $350M · 22 positions  · 3 new · 6 exited full · Very concentrated 3 new · 6 exited
  52. Q3 2013 filed Oct 23, 13 $864M · 25 positions  · 4 new · 3 exited partial · Very concentrated 4 new · 3 exited
  53. Q2 2013 filed Aug 14, 13 $357M · 24 positions  · 0 new · 0 exited full · Concentrated 0 new · 0 exited

People2

  • Francis Chou · portfolio manager · 1986–Source: choufunds.com/funds
  • Francis Chou · founder · 1981–Founded Chou Associates in 1981; sole manager of the Chou Funds since the first one in 1986. Source: choufunds.com/aboutus