Francis Chou
Chou Associates
Francis Chou (Chou Associates) discloses a $210M portfolio across 31 US-listed positions in the latest 13F filing (2026Q1, filed May 14, 2026). The largest holding is BRK/A at 29.4% of the book. The biggest move of the quarter: added 308% to the PYPL share count (position now $8M). Latticework's clone backtest puts this 13F book at -15.5%/yr vs SPY over 12.0 years.
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.
2026Q1 brief
Francis Chou's tiny but deeply value-oriented $210M Chou Associates book made two outsized moves this quarter: JEF (Jefferies) was increased by a staggering 1,258% to reach 2.9% of portfolio, and PYPL was added 308% to 3.6% — both classic Chou moves into unloved financials and payments names trading well below perceived intrinsic value. BRK/A remains the dominant anchor at 29.4%, with GOOG (9.9%) and OXY (9.7%) rounding out the top three in a 31-position book where the top 5 account for 61.5%. The new KHC (Kraft Heinz) initiation at 0.7% adds another beaten-down consumer staple to a portfolio already heavy with neglected franchises (SIRI, ALLY, STLA). Chou made zero trims this quarter — a meaningful signal that he views current prices as either fair or cheap across all existing names, and his patience is legendary. The simultaneous build in JEF and PYPL suggests a thesis around financial services rerating; watch whether ALLY or SYF get similar conviction adds in Q2 given comparable depressed valuations.
AI-generated. Not investment advice.
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Holdings (31) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | BRK/A | 29.4% | $62M | |||
| 2 | GOOG | 9.9% | $21M | |||
| 3 | OXY | 9.7% | $20M | |||
| 4 | SYF | 7.2% | $15M | |||
| 5 | AAPL | 5.3% | $11M | |||
| 6 | STLA | 4.7% | $10M | |||
| 7 | SIRI | 4.5% | $9M | |||
| 8 | ALLY | 4.2% | $9M | |||
| 9 | PYPL | 3.6% | $8M | |||
| 10 | JEF | 2.9% | $6M | |||
| 11 | BABA | 2.5% | $5M | |||
| 12 | WFC | 2.3% | $5M | |||
| 13 | GM | 1.8% | $4M | |||
| 14 | C | 1.8% | $4M | |||
| 15 | BHR 4.5 06/01/26 | 1.2% | $2M | |||
| 16 | CASH | 1.2% | $2M | |||
| 17 | BAC | 1.2% | $2M | |||
| 18 | POOL | 1.0% | $2M | |||
| 19 | MBI | 0.9% | $2M | |||
| 20 | KHC | 0.7% | $2M | |||
| 21 | BRK/B | 0.7% | $1M | |||
| 22 | G0585R106 | 0.7% | $1M | |||
| 23 | MEOH | 0.6% | $1M | |||
| 24 | G21082105 | 0.4% | $900K | |||
| 25 | IMO | 0.3% | $655K | |||
| 26 | MCO | 0.3% | $654K | |||
| 27 | MGA | 0.3% | $558K | |||
| 28 | HPQ | 0.2% | $509K | |||
| 29 | ATKR | 0.2% | $495K | |||
| 30 | LPX | 0.2% | $428K | |||
| 31 | RYAAY | 0.2% | $343K |
- port29.4%val$62MBerkshire Hathaway Inc-cl Athis Q hold·40q
- 2GOOGport9.9%val$21MAlphabet Inc-cl Cthis Q hold·8q
- 3OXYport9.7%val$20MOccidental Petroleum Corpthis Q hold·6q
- 4SYFport7.2%val$15MSynchrony Financialthis Q hold·14q
- 5AAPLport5.3%val$11MApple Incthis Q hold·8q
- 6STLAport4.7%val$10MStellantis N.vthis Q hold·21q
- 7SIRIport4.5%val$9MSirius XM Holdings Incthis Q hold·7q
- 8ALLYport4.2%val$9MAlly Financial Incthis Q hold·14q
- 9PYPLport3.6%val$8MPaypal Holdings Incthis Q +308%·8q
- 10JEFport2.9%val$6MJefferies Financial Group INthis Q +1258%·8q
- 11BABAport2.5%val$5MAlibaba Group Holding-sp Adrthis Q hold·12q
- 12WFCport2.3%val$5MWells Fargo & COthis Q hold·31q
- 13GMport1.8%val$4MGeneral Motors COthis Q hold·5q
- 14Cport1.8%val$4MCitigroup Incthis Q hold·40q
- port1.2%val$2MBraemar Hotels & Resortsthis Q New·—1q
- 16CASHport1.2%val$2MPathward Financial Incthis Q hold·8q
- 17BACport1.2%val$2MBank OF America Corpthis Q hold·19q
- 18POOLport1.0%val$2MPool Corpthis Q hold·8q
- 19MBIport0.9%val$2MMbia Incthis Q hold·38q
- 20KHCport0.7%val$2MKraft Heinz Co/thethis Q New·—1q
- 21BRK/Bport0.7%val$1MBerkshire Hathaway Inc-cl Bthis Q New·—1q
- 22G0585R106port0.7%val$1MAssured Guaranty Ltdthis Q +55%·8q
- 23MEOHport0.6%val$1MMethanex Corpthis Q hold·14q
- 24G21082105port0.4%val$900KChina Yuchai Intl Ltdthis Q hold·40q
- 25IMOport0.3%val$655KImperial Oil Ltdthis Q hold·9q
- 26MCOport0.3%val$654KMoody's Corpthis Q hold·8q
- 27MGAport0.3%val$558KMagna International Incthis Q hold·30q
- 28HPQport0.2%val$509KHP Incthis Q New·—1q
- 29ATKRport0.2%val$495KAtkore Incthis Q New·—1q
- 30LPXport0.2%val$428KLouisiana-pacific Corpthis Q hold·8q
- 31RYAAYport0.2%val$343KRyanair Holdings Plc-sp Adrthis Q hold·40q
All activity (2026Q1)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| PYPL | Paypal Holdings Inc | ADD | 3.6% | +308% | $8M |
| JEF | Jefferies Financial Group IN | ADD | 2.9% | +1258% | $6M |
| BHR 4.5 06/01/26 | Braemar Hotels & Resorts | NEW | 1.2% | +100% | $2M |
| KHC | Kraft Heinz Co/the | NEW | 0.7% | +100% | $2M |
| BRK/B | Berkshire Hathaway Inc-cl B | NEW | 0.7% | +100% | $1M |
| G0585R106 | Assured Guaranty Ltd | ADD | 0.7% | +55% | $1M |
| HPQ | HP Inc | NEW | 0.2% | +100% | $509K |
| ATKR | Atkore Inc | NEW | 0.2% | +100% | $495K |
| VTS | Vitesse Energy Inc | EXIT | <0.1% | -100% | $0 |
| HTZWW | Hertz Global Hldgs Inc -cw51 | EXIT | <0.1% | -100% | $0 |
- ADDPYPL3.6%Paypal Holdings IncΔ +308%·$8M
- ADDJEF2.9%Jefferies Financial Group INΔ +1258%·$6M
- NEWBHR 4.5 06/01/261.2%Braemar Hotels & ResortsΔ +100%·$2M
- NEWKHC0.7%Kraft Heinz Co/theΔ +100%·$2M
- NEWBRK/B0.7%Berkshire Hathaway Inc-cl BΔ +100%·$1M
- ADDG0585R1060.7%Assured Guaranty LtdΔ +55%·$1M
- NEWHPQ0.2%HP IncΔ +100%·$509K
- NEWATKR0.2%Atkore IncΔ +100%·$495K
- EXITVTS<0.1%Vitesse Energy IncΔ -100%·$0
- EXITHTZWW<0.1%Hertz Global Hldgs Inc -cw51Δ -100%·$0
Frequently asked questions
- What stocks does Francis Chou own?
- As of 2026Q1, Francis Chou's 13F discloses 31 positions worth $210M. The top five holdings: BRK/A (29.4%), GOOG (9.9%), OXY (9.7%), SYF (7.2%), AAPL (5.3%). 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 2026Q1, the filing shows 5 new positions and 3 additions to existing holdings. The largest positions touched by buying: PYPL, JEF, BHR 4.5 06/01/26, KHC, BRK/B.
- How big is Francis Chou's portfolio?
- $210M across 31 positions per the latest 13F (filed May 14, 2026). The top five holdings account for 62% of the disclosed book.
Explore more
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001389403). Not investment advice.