Francis Chou

Net selling

Chou Associates Management Inc. — managed by Francis Chou; US equity positions disclosed quarterly via SEC 13F

Data as of 2026-06-30 (filed 2026-08-12) · Source: SEC EDGAR

Portfolio value$216.6M (+3%)

Holdings31

Top holdingBerkshire Hathaway Inc

Below band4

New

Added

Exited

By what price implies: 11 demand a demanding growth rate, 4 modest.

13F × valuation

Valuation posture

Of 11 valued US positions, 4 trade below a conservative value band (1 in the strike zone) (as of 2026-08-26):

SEC 13F · latest filing

Holdings

Security	Value	Valuation	Holders	Shares	Weight	Signal
Berkshire Hathaway IncBRK.A	$64.4M	—	17	86	29.7%	Core 8q
Alphabet IncGOOG	$25.6M	—	37	72,390	11.8%	Core 8q
Synchrony FinancialSYF	$17.0M	Below value· unconf.	6	223,202	7.8%	Core 8q
Occidental Pete CorpOXY	$15.2M	Below value	4	313,000	7.0%	Core 6q
Siriusxm Holdings IncSIRI	$12.1M	—	6	409,589	5.6%	Core 8q
Apple IncAAPL	$11.6M	—	28	40,000	5.3%	—
Ally Finl IncALLY	$10.4M	Below value· unconf.	6	225,525	4.8%	No trim 8q
Stellantis N.VSTLA	$8.0M	—	4	1,394,194	3.7%	—
Jefferies Finl Group IncJEF	$7.5M	—	3	149,237	3.4%	No trim 8q
Paypal Hldgs IncPYPL	$7.2M	Below value	9	167,400	3.3%	No trim 8q
Wells Fargo CoWFC	$4.9M	—	19	59,542	2.3%	No trim 8q
Citigroup IncC	$4.6M	—	13	32,695	2.1%	—
Alibaba Group Hldg LtdBABA	$4.0M	—	10	41,900	1.9%	No trim 8q
General Mtrs CoGM	$4.0M	—	10	52,000	1.9%	No trim 6q
Bank Of Amer CorpBAC	$2.8M	—	19	50,000	1.3%	No trim 8q
Pathward Financial IncCASH	$2.4M	Strike zone	1	27,389	1.1%	—
Pool CorpPOOL	$2.3M	—	4	10,636	1.1%	—
Mbia IncMBI	$2.1M	—	2	321,000	1.0%	—
Kraft Heinz CoKHC	$1.6M	—	10	69,500	0.8%	—
Berkshire Hathaway IncBRK.B	$1.6M	—	27	3,100	0.7%	—
Assured Guaranty LtdAGO	$1.4M	Below value	2	16,990	0.6%	—
China Yuchai Intl LtdCYD	$1.1M	—	2	23,364	0.5%	—
Methanex CorpMEOH	$923,814	—	1	20,000	0.4%	—
Moodys CorpMCO	$679,380	—	20	1,500	0.3%	—
Magna Intl IncMGA	$656,600	—	5	10,000	0.3%	—

Berkshire Hathaway IncBRK.ACore 8q
Value$64.4MValuation—Holders17Weight29.7%
Alphabet IncGOOGCore 8q
Value$25.6MValuation—Holders37Weight11.8%
Synchrony FinancialSYFCore 8q
Value$17.0MValuationBelow value· unconf.Holders6Weight7.8%
Occidental Pete CorpOXYCore 6q
Value$15.2MValuationBelow valueHolders4Weight7.0%
Siriusxm Holdings IncSIRICore 8q
Value$12.1MValuation—Holders6Weight5.6%
Apple IncAAPL—
Value$11.6MValuation—Holders28Weight5.3%
Ally Finl IncALLYNo trim 8q
Value$10.4MValuationBelow value· unconf.Holders6Weight4.8%
Stellantis N.VSTLA—
Value$8.0MValuation—Holders4Weight3.7%
Jefferies Finl Group IncJEFNo trim 8q
Value$7.5MValuation—Holders3Weight3.4%
Paypal Hldgs IncPYPLNo trim 8q
Value$7.2MValuationBelow valueHolders9Weight3.3%
Wells Fargo CoWFCNo trim 8q
Value$4.9MValuation—Holders19Weight2.3%
Citigroup IncC—
Value$4.6MValuation—Holders13Weight2.1%
Alibaba Group Hldg LtdBABANo trim 8q
Value$4.0MValuation—Holders10Weight1.9%
General Mtrs CoGMNo trim 6q
Value$4.0MValuation—Holders10Weight1.9%
Bank Of Amer CorpBACNo trim 8q
Value$2.8MValuation—Holders19Weight1.3%
Pathward Financial IncCASH—
Value$2.4MValuationStrike zoneHolders1Weight1.1%
Pool CorpPOOL—
Value$2.3MValuation—Holders4Weight1.1%
Mbia IncMBI—
Value$2.1MValuation—Holders2Weight1.0%
Kraft Heinz CoKHC—
Value$1.6MValuation—Holders10Weight0.8%
Berkshire Hathaway IncBRK.B—
Value$1.6MValuation—Holders27Weight0.7%
Assured Guaranty LtdAGO—
Value$1.4MValuationBelow valueHolders2Weight0.6%
China Yuchai Intl LtdCYD—
Value$1.1MValuation—Holders2Weight0.5%
Methanex CorpMEOH—
Value$923,814Valuation—Holders1Weight0.4%
Moodys CorpMCO—
Value$679,380Valuation—Holders20Weight0.3%
Magna Intl IncMGA—
Value$656,600Valuation—Holders5Weight0.3%

Showing top 25 of 31 positions

Exited this quarter (1)Braemar Hotels & Resorts Inc

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About this investor

Portfolio overview

Chou Associates Management Inc.'s most recent 13F filing, for the quarter ended 2026-06-30, reports 31 positions worth $216.6M. The top 5 holdings represent 62% of that value, a concentrated portfolio.

The single largest position is Berkshire Hathaway Inc at 29.7% of the portfolio, followed by Alphabet Inc at 11.8% and Synchrony Financial at 7.8%.

Against the prior quarter, Francis Chou opened 1 new position, exited 1, added to 0, and trimmed 1. The largest new buy was Vitesse Energy Ord. The most notable sale was the full exit from Braemar Hotels & Resorts Inc.

Across all 8 quarters on file, Berkshire Hathaway Inc has appeared in every filing, as has Alphabet Inc. Berkshire Hathaway Inc currently ranks first by value.

A 13F is filed roughly 45 days after quarter-end and covers only long positions in US-listed equities, so it is a lagging and partial view of the portfolio. Source: SEC EDGAR.

Francis Chou holds 1 position now in the strike zone. See the full strike-zone list

Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-12

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