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Chou Associates

Q1 2020 13F · by Francis Chou, portfolio manager

As of
Mar 31, 2020
Filed
May 16, 2020
US stock
$100M · prev $172M
Positions
19 · prev 19
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%

Moves4 since the prior filing

The book

Very concentrated · behaves like 4 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 positions81% of US stock

  1. BRK.A Berkshire Hathaway Inc. held held40.8%
  2. BHC Bausch Health Companies Inc trimmed−4.01 pp trimmed−4.0124.2%
  3. WFC Wells Fargo & Co. held held6.0%
  4. 7AB1 Resolute Forest Products held held5.8%
  5. MBI MBIA Inc. held held4.7%

Positions19 in this filing · 0 exited

BRK.ABerkshire Hathaway Inc.40.83%150$41Mheld—28 q
BHCBausch Health Companies Inc24.18%1,558,992$24Mtrimmed−4%−4.01 pp7 q
WFCWells Fargo & Co.6.02%209,542$6Mheld—7 q
7AB1Resolute Forest Products5.77%4,571,960$6Mheld—28 q
MBIMBIA Inc.4.66%652,531$5Mheld—28 q
GSGoldman Sachs Group Inc.3.09%20,000$3Mheld—28 q
JPMJPMorgan Chase & Co.3.09%34,275$3Mtrimmed−23%−0.50 pp7 q
CCitigroup Inc.2.85%67,695$3Mheld—28 q
DVADaVita Inc.2.49%32,743$2Mtrimmed−68%−1.91 pp8 q
BBBlackBerry Limited2.17%529,040$2Mheld—27 q
SNYSanofi0.87%20,000$874,000held—28 q
CYDChina Yuchai International Ltd.0.79%73,364$789,000held—28 q
PKXPOSCO Holdings Inc.0.69%21,000$686,000held—19 q
SAVEQSpirit Airlines, Inc.0.65%50,000$645,000held—8 q
MGAMagna International0.64%20,000$638,000held—6 q
BACBank of America Corporation0.39%18,376$390,000trimmed−35%−0.19 pp7 q
ALGTAllegiant Travel Company0.35%4,317$353,000held—8 q
RYAAYRyanair Holdings plc0.24%4,575$243,000held—18 q
unresolvedFiat Chrysler Automobiles NV s0.22%30,000$216,000held—6 q

Source

Form
13F-HR
Reading
0 defects · 1 unresolved
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet