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Francis Chou

Chou Associates Management

Canadian value investor

$201.6M

Portfolio Value

28

Holdings

Q4 '25

Period

2026-02-13

Filed

📉

Simulated 13F Return

⚠️ Approximation

Total Return

+7.12%

Q1 '25Q4 '25

Annualized

+9.57%/yr

S&P: +26.24%/yr

Alpha (vs S&P)

-12.06%

3 quarters tracked

1-Year Return

⚠️ Approximation only. 13F filings are delayed ~45 days. Options, shorts, and intra-quarter trades not captured.

📈 Recent Activity

Changes from previous quarter

GOOGREDUCED
11.3% of portfolio
-12% shares+1.6pp
SIRIREDUCED
4.1% of portfolio
-42% shares-3.8pp
CREDUCED
1.9% of portfolio
-43% shares-0.9pp
MCOREDUCED
0.4% of portfolio
-75% shares-1.0pp
LEASOLD
was 0.2%
Sold out position
Filing price: $100.61
SNREYSOLD
was 0.1%
Sold out position
Filing price: $58.78
CACCSOLD
was 0.1%
Sold out position
Filing price: $466.93

Sold Out (3)

SOLDSNREYSUNRISE COMMUNICATIONS AGwas 0.07%@$58.78
SOLDLEALEAR CORPwas 0.19%@$100.61
SOLDCACCCREDIT ACCEP CORP MICHwas 0.06%@$466.93

📊 Sector Breakdown

Portfolio allocation by sector

Financials 38.2%Unknown 34.0%Technology 21.4%Energy 6.4%

💼 Holdings

🔍

28 of 28 positions · $201.6M

This quarter: reduced 4, sold 3. Net seller.

32.2%
32.2% of portfolio
Filed ~$754800
📄
GOOGREDUCED
11.3%
11.3% of portfolio (was 9.7%, trimmed)
Filed ~$314
📄
8.9%
8.9% of portfolio
Filed ~$83
📄
7.5%
7.5% of portfolio
Filed ~$11
📄
6.4%
6.4% of portfolio
Filed ~$41
📄
5.9%
5.9% of portfolio
Filed ~$272
📄
5.1%
5.1% of portfolio
Filed ~$45
📄
SIRIREDUCED
4.1%
4.1% of portfolio (was 7.9%, trimmed)
Filed ~$20
📄
3.0%
3.0% of portfolio
Filed ~$147
📄
2.8%
2.8% of portfolio
Filed ~$93
📄
2.1%
2.1% of portfolio
Filed ~$81
📄
CREDUCED
1.9%
1.9% of portfolio (was 2.8%, trimmed)
Filed ~$117
📄
1.4%
1.4% of portfolio
Filed ~$55
📄
1.2%
1.2% of portfolio
Filed ~$229
📄
1.2%
1.2% of portfolio
Filed ~$58
📄
1.1%
1.1% of portfolio
Filed ~$7
📄
1.0%
1.0% of portfolio
Filed ~$71
📄
0.5%
0.5% of portfolio
Filed ~$90
📄
0.4%
0.4% of portfolio
Filed ~$36
📄
0.4%
0.4% of portfolio
Filed ~$40
📄
MCOREDUCED
0.4%
0.4% of portfolio (was 1.4%, trimmed)
Filed ~$511
📄
0.3%
0.3% of portfolio
Filed ~$62
📄
0.3%
0.3% of portfolio
Filed ~$53
📄
0.2%
0.2% of portfolio
Filed ~$81
📄
0.2%
0.2% of portfolio
Filed ~$86
📄
0.2%
0.2% of portfolio
Filed ~$72
📄
<0.1%
<0.1% of portfolio
Filed ~$19
📄
<0.1%
<0.1% of portfolio
Filed ~$3
📄

🚫 Sold Out (3 positions)

SOLDSNREYSUNRISE COMMUNICATIONS AGwas 0.07%@$58.782400 shares · $141K
SOLDLEALEAR CORPwas 0.19%@$100.614000 shares · $402K
SOLDCACCCREDIT ACCEP CORP MICHwas 0.06%@$466.93262 shares · $122K