Chou Associates Management Inc.
Long book
$207.8M
Q1 2026
Positions
30
Top-10 weight
82%
concentration
Last quarter
+7.0%
SPY +14.8%
Turnover
16%
of book per quarter
Strategy in plain words
auto-generated from filingsChou Associates Management Inc. is a concentrated fundamental stock-picker, running a $207.8M US long book across 30 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is modest: positions are typically held for years. Current anchor positions: BERKSHIRE HATHAWAY INC-CL A, ALPHABET INC-CL C, OCCIDENTAL PETROLEUM CORP, SYNCHRONY FINANCIAL, APPLE INC.
Over the last 9 quarters its long book ran on average 2.1pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-5.7%
Q2 2024
+4.8%
Q3 2024
+4.2%
Q4 2024
+1.1%
Q1 2025
+0.2%
Q2 2025
+10.4%
Q3 2025
+4.5%
Q4 2025
-4.8%
Q1 2026
+7.0%
Sector allocation
Financials 54%
Technology 16%
Energy 10%
Industrials 8%
Communications 5%
Services media 4%
Consumer discretionary 1%
Other 1%
Long book by quarter
What does Chou Associates own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| BRK/A BERKSHIRE HATHAWAY INC-CL A | Financials | 86 | $61.8M | 29.7% | Held |
| GOOG ALPHABET INC-CL C | Technology | 72.4K | $20.8M | 10.0% | Held |
| OXY OCCIDENTAL PETROLEUM CORP | Energy | 313.0K | $20.3M | 9.8% | Held |
| SYF SYNCHRONY FINANCIAL | Financials | 223.2K | $15.2M | 7.3% | +3.5% |
| AAPL APPLE INC | Technology | 44.0K | $11.2M | 5.4% | Held |
| STLA STELLANTIS NV | Industrials | 1.4M | $9.9M | 4.8% | Held |
| SIRI SIRIUS XM HOLDINGS INC | Communications | 409.6K | $9.5M | 4.5% | Held |
| ALLY ALLY FINANCIAL INC | Financials | 225.5K | $8.8M | 4.3% | Held |
| PYPL PAYPAL HOLDINGS INC | Services media | 167.4K | $7.6M | 3.6% | +308.3% |
| JEF JEFFERIES FINANCIAL GROUP IN | Financials | 149.2K | $6.2M | 3.0% | +1258.3% |
| WFC WELLS FARGO & CO | Financials | 59.5K | $4.7M | 2.3% | Held |
| GM GENERAL MOTORS CO | Industrials | 52.0K | $3.9M | 1.9% | Held |
| C CITIGROUP INC | Financials | 32.7K | $3.7M | 1.8% | Held |
| CASH PATHWARD FINANCIAL INC | Financials | 27.4K | $2.4M | 1.2% | Held |
| BAC BANK OF AMERICA CORP | Financials | 50.0K | $2.4M | 1.2% | Held |
| POOL POOL CORP | Consumer discretionary | 10.6K | $2.2M | 1.0% | Held |
| MBI MBIA INC | Financials | 321.0K | $1.9M | 0.9% | Held |
| KHC KRAFT HEINZ CO/THE | Consumer staples | 69.5K | $1.6M | 0.8% | New |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 3.1K | $1.5M | 0.7% | New |
| AGO ASSURED GUARANTY LTD | Financials | 17.0K | $1.4M | 0.7% | +54.6% |
| MEOH METHANEX CORP | Other | 20.0K | $1.2M | 0.6% | Held |
| CYD CHINA YUCHAI INTL LTD | Industrials | 23.4K | $900K | 0.4% | Held |
| IMO IMPERIAL OIL LTD | Energy | 5.0K | $655K | 0.3% | Held |
| MCO MOODY'S CORP | Services media | 1.5K | $654K | 0.3% | Held |
| MGA MAGNA INTERNATIONAL INC | Industrials | 10.0K | $558K | 0.3% | Held |
| HPQ HP INC | Technology | 26.5K | $509K | 0.2% | New |
| ATKR ATKORE INC | Technology | 8.4K | $495K | 0.2% | New |
| LPX LOUISIANA-PACIFIC CORP | Other | 5.9K | $428K | 0.2% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 14, 2026 | 31 | $210.3M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 28 | $201.6M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 31 | $207.7M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 31 | $182.8M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 33 | $185.0M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 32 | $146.7M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 8, 2024 | 33 | $159.6M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 31 | $140.0M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 18 | $89.1M | canonical | SEC ↗ |
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