Francis Chou
Chou Associates
Francis Chou (Chou Associates) discloses a $217M portfolio across 31 US-listed positions in the latest 13F filing (2026Q2, filed Aug 12, 2026). The largest holding is BRK/A at 29.7% of the book. The biggest move of the quarter: fully exited BHR 4.5 06/01/26 (was 1.2% of the book). Mechanically cloning this 13F returned -1.4%/yr over the past 12.2 years, versus 13.7%/yr for the S&P 500 across that identical 12.2-year window.
Holdings (31) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | BRK/A | 29.7% | $64M | |||
| 2 | GOOG | 11.8% | $26M | |||
| 3 | SYF | 7.8% | $17M | |||
| 4 | OXY | 7.0% | $15M | |||
| 5 | SIRI | 5.6% | $12M | |||
| 6 | AAPL | 5.3% | $12M | |||
| 7 | ALLY | 4.8% | $10M | |||
| 8 | STLA | 3.7% | $8M | |||
| 9 | JEF | 3.4% | $7M | |||
| 10 | PYPL | 3.3% | $7M | |||
| 11 | WFC | 2.3% | $5M | |||
| 12 | C | 2.1% | $5M | |||
| 13 | BABA | 1.9% | $4M | |||
| 14 | GM | 1.9% | $4M | |||
| 15 | BAC | 1.3% | $3M | |||
| 16 | CASH | 1.1% | $2M | |||
| 17 | POOL | 1.1% | $2M | |||
| 18 | MBI | 1.0% | $2M | |||
| 19 | KHC | 0.8% | $2M | |||
| 20 | BRK/B | 0.7% | $2M | |||
| 21 | G0585R106 | 0.6% | $1M | |||
| 22 | G21082105 | 0.5% | $1M | |||
| 23 | MEOH | 0.4% | $924K | |||
| 24 | MCO | 0.3% | $679K | |||
| 25 | MGA | 0.3% | $657K | |||
| 26 | ATKR | 0.3% | $639K | |||
| 27 | HPQ | 0.3% | $581K | |||
| 28 | IMO | 0.3% | $561K | |||
| 29 | LPX | 0.2% | $463K | |||
| 30 | RYAAY | 0.2% | $384K | |||
| 31 | VTS | <0.1% | $20K |
- port29.7%val$64MBerkshire Hathaway Inc-cl Athis Q hold·40q
- 2GOOGport11.8%val$26MAlphabet Inc-cl Cthis Q hold·9q
- 3SYFport7.8%val$17MSynchrony Financialthis Q hold·15q
- 4OXYport7.0%val$15MOccidental Petroleum Corpthis Q hold·7q
- 5SIRIport5.6%val$12MSirius XM Holdings Incthis Q hold·8q
- 6AAPLport5.3%val$12MApple Incthis Q hold·9q
- 7ALLYport4.8%val$10MAlly Financial Incthis Q hold·15q
- 8STLAport3.7%val$8MStellantis N.vthis Q hold·22q
- 9JEFport3.4%val$7MJefferies Financial Group INthis Q hold·9q
- 10PYPLport3.3%val$7MPaypal Holdings Incthis Q hold·9q
- 11WFCport2.3%val$5MWells Fargo & COthis Q hold·32q
- 12Cport2.1%val$5MCitigroup Incthis Q hold·40q
- 13BABAport1.9%val$4MAlibaba Group Holding-sp Adrthis Q hold·13q
- 14GMport1.9%val$4MGeneral Motors COthis Q hold·6q
- 15BACport1.3%val$3MBank OF America Corpthis Q hold·20q
- 16CASHport1.1%val$2MPathward Financial Incthis Q hold·9q
- 17POOLport1.1%val$2MPool Corpthis Q hold·9q
- 18MBIport1.0%val$2MMbia Incthis Q hold·38q
- 19KHCport0.8%val$2MKraft Heinz Co/thethis Q hold·2q
- 20BRK/Bport0.7%val$2MBerkshire Hathaway Inc-cl Bthis Q hold·2q
- 21G0585R106port0.6%val$1MAssured Guaranty Ltdthis Q hold·9q
- 22G21082105port0.5%val$1MChina Yuchai Intl Ltdthis Q hold·40q
- 23MEOHport0.4%val$924KMethanex Corpthis Q hold·15q
- 24MCOport0.3%val$679KMoody's Corpthis Q hold·9q
- 25MGAport0.3%val$657KMagna International Incthis Q hold·31q
- 26ATKRport0.3%val$639KAtkore Incthis Q hold·2q
- 27HPQport0.3%val$581KHP Incthis Q hold·2q
- 28IMOport0.3%val$561KImperial Oil Ltdthis Q hold·10q
- 29LPXport0.2%val$463KLouisiana-pacific Corpthis Q hold·9q
- 30RYAAYport0.2%val$384KRyanair Holdings Plc-sp Adrthis Q hold·40q
- 31VTSport<0.1%val$20KVitesse Energy Incthis Q New·8q
2026Q2 moves, by size (2)(expand ↓)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| BHR 4.5 06/01/26 | Braemar Hotels & Resorts | EXIT | 1.2% | -100% | $0 |
| VTS | Vitesse Energy Inc | NEW | <0.1% | +100% | $20K |
- EXITBHR 4.5 06/01/261.2%Braemar Hotels & ResortsΔ -100%·$0
- NEWVTS<0.1%Vitesse Energy IncΔ +100%·$20K
About Francis Chou
Francis Chou runs Chou Associates, a Toronto-based value shop he founded in 1986 after starting his career as a Bell Canada telephone technician — a biographical detail that surfaces repeatedly because it mirrors the autodidact archetype Buffett has described approvingly. His style is concentrated, patient, Graham-and-Buffett-inflected deep value: he looks for businesses trading at significant discounts to intrinsic value and will hold for years, which means turnover is low and the 13F snapshot tends to be stable quarter to quarter. The current filing reflects that disposition plainly — a 31-position book where the top five names represent roughly 62% of disclosed U.S. long equity, with Berkshire Hathaway alone at nearly 30%. Chou has historically held distressed debt and non-U.S. securities alongside his equity book, so the 13F captures only the U.S.-listed long equity sleeve; the full fund picture can look materially different. The long-run clone backtest showing roughly -15 percentage points of annual drag versus SPY is a reminder that deep value has faced a structural headwind over the period, not necessarily that position selection has been poor on a fundamental basis.
2026Q2 brief
Francis Chou's Chou Associates runs a concentrated $220M book of 31 positions, with the top five comprising 62% of assets — a structure that has barely moved this quarter, underscoring the fund's characteristically low-turnover, deep-value discipline. The only meaningful activity in 2026Q2 was the exit of a BHR 4.5 06/01/26 bond (previously 1.2% of the portfolio), which matured or was redeemed as expected given the June 2026 maturity, and a token new position in VTS at under 0.01% — essentially a placeholder. The lack of adds or trims elsewhere speaks to Chou's conviction in his existing book: BRK/A remains a towering 29.7% anchor, with GOOG (11.8%), SYF (7.8%), and OXY (7.0%) rounding out a portfolio that skews toward out-of-favor financials and energy. STLA at 3.7% remains a notably contrarian auto bet few super-investors hold. Watch the next filing to see if Chou deploys the freed BHR bond capital into a new distressed or undervalued equity, which would be the most telling signal of where he sees value in the current market.
AI-generated. Not investment advice.
Filing history
Francis Chou's disclosed 13F portfolio value and position count by quarter — the trajectory across every SEC filing.
| Quarter | Positions | Portfolio value |
|---|---|---|
| Q2 2026 — what changed → | 31 | $217M |
| Q1 2026 — what changed → | 31 | $210M |
| Q4 2025 — what changed → | 28 | $202M |
| Q3 2025 — what changed → | 31 | $208M |
| Q2 2025 — what changed → | 31 | $183M |
| Q1 2025 — what changed → | 33 | $185M |
| Q4 2024 holdings | 32 | $147M |
| Q3 2024 holdings | 33 | $160M |
| Q2 2024 holdings | 31 | $140M |
| Q1 2024 holdings | 18 | $89M |
| Q4 2023 holdings | 16 | $76M |
| Q3 2023 holdings | 18 | $75M |
Values as disclosed at each quarter end. Older filings on EDGAR.
Multibaggers Francis Chou held
Stocks up 5x or more since Francis Chou first held them at conviction size — the holding record behind the returns. Longest unbroken run and largest book weight are shown for each.
- AAPL19.9xAPPLE INC8q straight · peak 7.58% · still holds
- GOOG10.6xALPHABET INC-CL C8q straight · peak 11.27% · still holds
- GS8.2xGOLDMAN SACHS GROUP INC35q straight · peak 8.17%
- JPM8.1xJPMORGAN CHASE & CO17q straight · peak 6.44%
- MCO6.7xMOODY'S CORP8q straight · peak 1.92% · still holds
Price multiple since the first quarter we observed a conviction holding (2014Q1 at the earliest), not Francis Chou's realized return — entry price and trades between filings aren't disclosed. Peak weight is share of disclosed US 13F book. All 129 multibaggers the cohort held →
Frequently asked questions
- What stocks does Francis Chou own?
- As of 2026Q2, Francis Chou's 13F discloses 31 positions worth $217M. The top five holdings: BRK/A (29.7%), GOOG (11.8%), SYF (7.8%), OXY (7.0%), SIRI (5.6%). 13F filings cover long US-listed equities only — cash, bonds, shorts, and non-US positions are not disclosed.
- What did Francis Chou buy this quarter?
- In 2026Q2, the filing shows 1 new position and 0 additions to existing holdings. The largest positions touched by buying: VTS.
- How big is Francis Chou's portfolio?
- $217M across 31 positions per the latest 13F (filed Aug 12, 2026). The top five holdings account for 62% of the disclosed book.
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Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001389403). Not investment advice.