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Chou Associates

Q3 2014 13F · by Francis Chou, portfolio manager

As of
Sep 30, 2014
Filed
Nov 13, 2014
US stock
$395M · prev $365M
Positions
25 · prev 23
Options notional
$0
Documents
1· 1 amendment

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

  • US stock listed on a US exchange 100.0%
  • Foreign stock not listed in the US 0.0%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves3 since the prior filing

The book

Very concentrated · behaves like 10 equal-sized positions

  1. Very concentrated
  2. Concentrated
  3. Focused
  4. Diversified

Low turnover · 4.2% a year, about 23.8 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions61% of US stock

  1. 7AB1 Resolute Forest Products held held18.3%
  2. BRK.A Berkshire Hathaway Inc. held held17.6%
  3. NOK Nokia Corporation held held12.0%
  4. SNY Sanofi held held6.6%
  5. JPM JPMorgan Chase & Co. held held6.4%

Revealed late, restated

restated 1 row corrected by the filer · US stock +0.69%; later quarters recomputed 13F-HR/A · Nov 13, 2014 ↗

Positions25 in this filing · 0 exited

7AB1Resolute Forest Products18.31%4,117,259$72Mheld—6 q
BRK.ABerkshire Hathaway Inc.17.64%300$70Mheld—6 q
NOKNokia Corporation12.02%5,000,000$47Mheld—6 q
SNYSanofi6.58%410,000$26Mheld—6 q
JPMJPMorgan Chase & Co.6.44%1,126,347$25Mheld—2 q
CCitigroup Inc.6.04%410,000$24Mheld—6 q
SHLDSears Holdings Corp5.76%803,526$23Mheld—6 q
unresolvedWells Fargo Warrants, 34.01 St5.71%997,500$23Mheld—6 q
SHOSSears Hometown and Outlet Stores, Inc.3.92%890,170$15Mnew+3.92 ppnew
GSGoldman Sachs Group Inc.3.91%75,000$15Mheld—6 q
MBIMBIA Inc.2.82%1,080,797$11Mheld—6 q
NXHNeighborhood Intelligence, Inc.2.79%582,271$11Mheld—6 q
unresolvedBank Of America Corporation1.78%836,825$7Mheld—6 q
LELands' End, Inc.1.77%151,696$7Mtrimmed−37%−0.61 pp2 q
BBBlackBerry Limited1.33%529,040$5Mheld—5 q
CHTChunghwa Telecom Co., Ltd1.13%132,088$4Mheld—6 q
Ascent Capital Group Incconvertible0.69%2,683,000$3Mnew+0.69 ppnew
AZNNAstrazeneca Plc-spons ADR0.43%13,000$2Mheld—4 q
unresolvedRyanair Holdings PLC ADR0.27%17,000$1Mheld—6 q
unresolvedGlaxosmithkline PLC0.19%18,000$750,000held—4 q
CYDChina Yuchai International Ltd.0.13%25,537$531,000held—6 q
BPBP p.l.c.0.12%10,000$493,000held—6 q
UTSIUTStarcom Holdings Corp (Cayman Islands)0.10%113,627$390,000held—5 q
VODVodafone Group PLC0.05%5,454$201,000held—3 q
VZVerizon Communications0.04%2,630$147,000held—3 q

Source

Form
13F-HR/A
Reading
0 defects · 4 unresolved
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet