Chou Associates

Q1 2017 13F · by Francis Chou, portfolio manager

As of: Mar 31, 2017
Filed: May 12, 2017
US stock: $297M · prev $305M
Positions: 25 · prev 25
Options notional: $0
Documents: 1· no amendments

Picture98.4% US stock

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

US stock listed on a US exchange 98.4%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 1.6%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves9 since the prior filing

+5.9 pp in · −8.5 pp out

New 2 +5.91 pp
Added 2 +0.02 pp
Trimmed 3 −8.16 pp
Exited 2 −0.34 pp

The book

Concentrated · behaves like 14 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 32% a year, about 3.1 years per position

Low
Moderate
High

Top 5 positions49% of US stock

BRK.A Berkshire Hathaway Inc. held held12.6%
unresolved Jpmorgan Chase & Co trimmed−6.59 pp trimmed−6.599.8%
7AB1 Resolute Forest Products held held9.1%
unresolved Valeant Pharmaceuticals Intl added−0.59 pp added−0.598.8%
C Citigroup Inc. held held8.3%

Positions25 in this filing · 2 exited


BRK.ABerkshire Hathaway Inc.	12.64%	150	$37M	held	—	16 q
unresolvedJpmorgan Chase & Co	9.78%	626,347	$29M	trimmed−44%	−6.59 pp	10 q
7AB1Resolute Forest Products	9.12%	4,963,423	$27M	held	—	16 q
unresolvedValeant Pharmaceuticals Intl	8.76%	2,353,843	$26M	added+20%	−0.59 pp	5 q
CCitigroup Inc.	8.27%	410,000	$25M	held	—	16 q
unresolvedWells Fargo Warrants, 34.01 St	7.47%	997,500	$22M	held	—	16 q
SNYSanofi	6.26%	410,000	$19M	held	—	16 q
GSGoldman Sachs Group Inc.	5.81%	75,000	$17M	held	—	16 q
NOKNokia Corporation	5.03%	2,750,000	$15M	trimmed−27%	−0.89 pp	16 q
SHLDSears Holdings Corp	4.38%	1,131,610	$13M	held	—	16 q
ENDPQEndo International PLC	3.58%	950,000	$11M	new	+3.58 pp	new
NXHNeighborhood Intelligence, Inc.	3.38%	582,271	$10M	held	—	16 q
MBIMBIA Inc.	3.09%	1,080,797	$9M	held	—	16 q
TEVATeva Pharmaceutical Industries Limited	2.33%	215,000	$7M	new	+2.33 pp	new
unresolvedBank Of America Corporation	2.05%	536,825	$6M	trimmed−36%	−0.68 pp	16 q
SHOSSears Hometown and Outlet Stores, Inc.	1.74%	1,322,209	$5M	held	—	11 q
ASCMAAscent Capital Group, Inc. Series A	1.46%	306,000	$4M	held	—	4 q
BBBlackBerry Limited	1.38%	529,040	$4M	held	—	15 q
SDSandRidge Energy, Inc.	0.98%	156,623	$3M	added×3.2	+0.61 pp	2 q
unresolvedChicago Bridge & Iron Co N V	0.70%	67,446	$2M	held	—	4 q
PKXPOSCO Holdings Inc.	0.46%	21,000	$1M	held	—	7 q
RYAAYRyanair Holdings plc	0.46%	16,575	$1M	held	—	6 q
CYDChina Yuchai International Ltd.	0.46%	73,364	$1M	held	—	16 q
SRSCQSears Canada Inc	0.36%	775,149	$1M	held	—	10 q
unresolvedGeneral Mtrs Co	0.08%	13,019	$233,000	held	—	4 q
AZNNAstrazeneca Plc-spons ADR	—	−13,000	—	exited	−0.23 pp	—
unresolvedGlaxosmithkline PLC	—	−18,000	—	exited	−0.11 pp	—