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Chou Associates

Q2 2015 13F · by Francis Chou, portfolio manager

As of
Jun 30, 2015
Filed
Jul 14, 2015
US stock
$327M · prev $381M
Positions
23 · prev 25
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%

Moves3 since the prior filing

The book

Concentrated · behaves like 11 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 positions57% of US stock

  1. BRK.A Berkshire Hathaway Inc. held held18.8%
  2. 7AB1 Resolute Forest Products held held14.0%
  3. unresolved Jpmorgan Chase & Co held held8.5%
  4. NOK Nokia Corporation held held7.8%
  5. SHLD Sears Holdings Corp held held7.3%

Positions23 in this filing · 2 exited

BRK.ABerkshire Hathaway Inc.18.79%300$61Mheld—9 q
7AB1Resolute Forest Products14.04%4,081,218$46Mheld—9 q
unresolvedJpmorgan Chase & Co8.52%1,126,347$28Mheld—3 q
NOKNokia Corporation7.85%5,000,000$26Mheld—9 q
SHLDSears Holdings Corp7.31%896,088$24Mheld—9 q
CCitigroup Inc.6.92%410,000$23Mheld—9 q
unresolvedWells Fargo Warrants, 34.01 St6.86%997,500$22Mheld—9 q
SNYSanofi6.21%410,000$20Mheld—9 q
GSGoldman Sachs Group Inc.4.79%75,000$16Mheld—9 q
NXHNeighborhood Intelligence, Inc.4.01%582,271$13Mheld—9 q
SHOSSears Hometown and Outlet Stores, Inc.3.84%1,322,209$13Mheld—4 q
MBIMBIA Inc.1.99%1,080,797$6Mheld—9 q
ASCMAAscent Capital Group, Inc. Series A1.83%140,000$6Mheld—2 q
unresolvedBank Of America Corporation1.58%836,825$5Mheld—9 q
SRSCQSears Canada Inc1.44%775,149$5Mheld—3 q
BBBlackBerry Limited1.32%529,040$4Mheld—8 q
unresolvedChicago Bridge & Iron Co N V1.03%67,446$3Mheld—3 q
Ascent Capital Group Incconvertible0.68%2,683,000$2Mheld—4 q
unresolvedRyanair Holdings PLC ADR0.37%17,000$1Mheld—9 q
AZNNAstrazeneca Plc-spons ADR0.25%13,000$822,000held—7 q
CYDChina Yuchai International Ltd.0.13%25,537$428,000held—9 q
BPBP p.l.c.0.12%10,000$399,000trimmed−1%+0.02 pp9 q
unresolvedGlaxosmithkline PLC0.11%18,000$374,000held—7 q
CHTChunghwa Telecom Co., Ltd—−132,088—exited−1.11 pp—
unresolvedSears Hldgs Corp—−581—exited0.00 pp—

Source

Form
13F-HR
Reading
0 defects · 6 unresolved
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet