Chou Associates

Q2 2024 13F · by Francis Chou, portfolio manager

As of: Jun 30, 2024
Filed: Aug 13, 2024
US stock: $139M · prev $89M
Positions: 30 · prev 18
Options notional: $962,500
Documents: 1· no amendments

Picture99.3% US stock

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

US stock listed on a US exchange 99.3%
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 0.7%

Moves26 since the prior filing

+15.7 pp in · −13.0 pp out

New 14 +28.99 pp
Added 8 −13.32 pp
Trimmed 1 −3.36 pp
Exited 2 −9.68 pp

Options: 1 move on a notional base, in the table below.

The book

Very concentrated · behaves like 5 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 28% a year, about 3.5 years per position

Low
Moderate
High

Top 5 positions70% of US stock

Positions30 in this filing · 2 exited


BRK.ABerkshire Hathaway Inc.	39.62%	90	$55M	added+13%	−18.60 pp	45 q
GOOGAlphabet Inc. Class C	10.87%	82,390	$15M	new	+10.87 pp	new
AAPLApple Inc.	6.66%	44,000	$9M	new	+6.66 pp	new
SYFSynchrony Financial	6.56%	193,202	$9M	added+61%	+0.62 pp	7 q
STLAStellantis N.V.	6.51%	456,388	$9M	added×15.2	+5.54 pp	14 q
ALLYAlly Financial Inc.	6.43%	225,525	$9M	added+45%	−0.82 pp	7 q
NAVINavient Corporation	2.77%	264,245	$4M	added+44%	−0.89 pp	6 q
CCitigroup Inc.	2.63%	57,695	$4M	held	—	45 q
WFCWells Fargo & Co.	2.54%	59,542	$4M	added×3.0	+1.24 pp	24 q
POOLPool Corporation	2.35%	10,636	$3M	new	+2.35 pp	new
MCOMoody's Corporation	1.79%	5,899	$2M	new	+1.79 pp	new
PYPLPayPal Holdings, Inc.	1.71%	41,000	$2M	new	+1.71 pp	new
LBTYALiberty Global Ltd. Class A	1.53%	121,823	$2M	added+26%	−0.35 pp	14 q
BACBank of America Corporation	1.43%	50,000	$2M	new	+1.43 pp	new
MBIMBIA Inc.	1.27%	321,000	$2M	new	+1.27 pp	new
CASHPathward Financial, Inc.	1.11%	27,389	$2M	new	+1.11 pp	new
AGOAssured Guaranty, LTD	0.61%	10,990	$847,879	new	+0.61 pp	new
CYDChina Yuchai International Ltd.	0.48%	73,364	$667,612	held	—	45 q
LM0CLiberty Media Corp-liber-new	0.45%	28,282	$626,729	added+88%	−0.06 pp	2 q
HTZWWHertz Global Holdings	0.42%	242,217	$590,926	trimmed−67%	−3.36 pp	8 q
JEFJefferies Financial Group Inc.	0.39%	10,987	$546,713	new	+0.39 pp	new
LPXLouisiana-Pacific Corp.	0.35%	5,886	$484,594	new	+0.35 pp	new
LEALear Corporation	0.33%	4,000	$456,840	new	+0.33 pp	new
MGAMagna International	0.30%	10,000	$419,000	held	—	23 q
IMOImperial Oil Limited	0.25%	5,000	$340,923	held	—	2 q
RYAAYRyanair Holdings plc	0.20%	2,375	$276,545	held	—	35 q
BABAAlibaba Group Holding Limited	0.18%	3,400	$244,800	held	—	5 q
MEOHMethanex Corp	0.14%	4,000	$193,121	held	—	7 q
CACCCredit Acceptance Corp	0.10%	262	$134,846	new	+0.10 pp	new
VTSVitesse Energy, Inc..	0.02%	1,293	$30,644	new	+0.02 pp	new
BHCBausch Health Companies Inc	—	−715,000	—	exited	−8.70 pp	—
BBBlackBerry Limited	—	−312,900	—	exited	−0.98 pp	—