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Chou Associates

Q1 2015 13F · by Francis Chou, portfolio manager

As of
Mar 31, 2015
Filed
Apr 10, 2015
US stock
$381M · prev $382M
Positions
25 · prev 23
Options notional
$0
Documents
1· no amendments

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%

Moves2 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 · 0.0% a year

  1. Low
  2. Moderate
  3. High

Top 5 positions62% of US stock

  1. 7AB1 Resolute Forest Products held held18.5%
  2. BRK.A Berkshire Hathaway Inc. held held17.1%
  3. NOK Nokia Corporation held held9.9%
  4. SHLD Sears Holdings Corp held held9.7%
  5. unresolved Jpmorgan Chase & Co held held6.5%

Positions25 in this filing · 0 exited

7AB1Resolute Forest Products18.48%4,081,218$70Mheld—8 q
BRK.ABerkshire Hathaway Inc.17.13%300$65Mheld—8 q
NOKNokia Corporation9.95%5,000,000$38Mheld—8 q
SHLDSears Holdings Corp9.73%896,088$37Mheld—8 q
unresolvedJpmorgan Chase & Co6.51%1,126,347$25Mheld—2 q
CCitigroup Inc.5.54%410,000$21Mheld—8 q
unresolvedWells Fargo Warrants, 34.01 St5.36%997,500$20Mheld—8 q
SNYSanofi5.32%410,000$20Mheld—8 q
GSGoldman Sachs Group Inc.3.70%75,000$14Mheld—8 q
NXHNeighborhood Intelligence, Inc.3.70%582,271$14Mheld—8 q
SHOSSears Hometown and Outlet Stores, Inc.2.68%1,322,209$10Mheld—3 q
MBIMBIA Inc.2.64%1,080,797$10Mheld—8 q
SRSCQSears Canada Inc1.88%775,149$7Mheld—2 q
ASCMAAscent Capital Group, Inc. Series A1.46%140,000$6Mnew+1.46 ppnew
unresolvedBank Of America Corporation1.29%836,825$5Mheld—8 q
BBBlackBerry Limited1.24%529,040$5Mheld—7 q
CHTChunghwa Telecom Co., Ltd1.11%132,088$4Mheld—8 q
unresolvedChicago Bridge & Iron Co N V0.87%67,446$3Mheld—2 q
Ascent Capital Group Incconvertible0.54%2,683,000$2Mheld—3 q
unresolvedRyanair Holdings PLC ADR0.30%17,000$1Mheld—8 q
AZNNAstrazeneca Plc-spons ADR0.23%13,000$893,000held—6 q
CYDChina Yuchai International Ltd.0.13%25,537$504,000held—8 q
unresolvedGlaxosmithkline PLC0.11%18,000$413,000held—6 q
BPBP p.l.c.0.10%10,000$391,000held—8 q
unresolvedSears Hldgs Corp0.00%581$15,000new0.00 ppnew

Source

Form
13F-HR
Reading
0 defects · 7 unresolved
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet