Q2 2026 · SEC CIK 0001389403

Francis Chou portfolio

SuperinvestorInvestment managerChou Associates Management Inc. filed on 2026-08-12. Open SEC filings ↗

Reported 13F value: $216.6M
Reported positions: 31
Eligible equities: 30
Holdings vs S&P 500, 3 years: -9.6 pts

Average holding period of the top positions: 6.5 yrs. Holdings vs the S&P 500 over 1 and 5 years: -5.8 pts, -2.0 pts.

In its Q2 2026 13F, filed 2026-08-12, Chou Associates Management Inc. reported 31 positions worth $216.6M. Its largest holdings were BERKSHIRE HATHAWAY INC DEL (BRK-A, 29.7%), ALPHABET INC (GOOG, 11.8%), SYNCHRONY FINANCIAL (SYF, 7.8%). Over the last 3 years its top holdings ran 9.6 points a year behind the S&P 500.

Reported holdings in the Q2 2026 snapshot.

The portfolio weight uses the full reported share-portfolio denominator. Weight changes compare Q1 2026 to Q2 2026; price moves also change weights, so these are not trade labels. “New” means the position was not in the previous 13F at all; “—” marks a small position the earlier filing data does not cover.

Francis Chou eligible holdings
Stock	% of reported portfolio	Prior quarter	Weight change	Reported shares	Reported value
BRK-ABERKSHIRE HATHAWAY INC DEL	29.7%	29.7%	+0.02 pp	86	$64.4M
GOOGALPHABET INC	11.8%	10.0%	+1.82 pp	72,390	$25.6M
SYFSYNCHRONY FINANCIAL	7.8%	7.3%	+0.53 pp	223,202	$17.0M
OXYOCCIDENTAL PETE CORP	7.0%	9.8%	-2.77 pp	313,000	$15.2M
SIRISIRIUSXM HOLDINGS INC	5.6%	4.5%	+1.04 pp	409,589	$12.1M
AAPLAPPLE INC	5.3%	5.4%	-0.03 pp	40,000	$11.6M
ALLYALLY FINL INC	4.8%	4.3%	+0.53 pp	225,525	$10.4M
STLASTELLANTIS N.V	3.7%	4.8%	-1.06 pp	1,394,194	$8.0M
JEFJEFFERIES FINL GROUP INC	3.4%	3.0%	+0.48 pp	149,237	$7.5M
PYPLPAYPAL HLDGS INC	3.3%	3.6%	-0.31 pp	167,400	$7.2M
WFCWELLS FARGO CO NEW	2.3%	2.3%	-0.01 pp	59,542	$4.9M
CCITIGROUP INC	2.1%	1.8%	+0.33 pp	32,695	$4.6M
BABAALIBABA GROUP HLDG LTD	1.9%	2.5%	-0.67 pp	41,900	$4.0M
GMGENERAL MTRS CO	1.9%	1.9%	-0.01 pp	52,000	$4.0M
BACBANK OF AMER CORP	1.3%	1.2%	+0.14 pp	50,000	$2.8M
CASHPATHWARD FINANCIAL INC	1.1%	1.2%	-0.07 pp	27,389	$2.4M
POOLPOOL CORP	1.1%	1.0%	+0.02 pp	10,636	$2.3M
KHCKRAFT HEINZ CO	0.8%	0.8%	+0.01 pp	69,500	$1.6M
BRK-BBERKSHIRE HATHAWAY INC DEL	0.7%	0.7%	+0.00 pp	3,100	$1.6M
AGOASSURED GUARANTY LTD	0.6%	0.7%	-0.04 pp	16,990	$1.4M
CYDCHINA YUCHAI INTL LTD	0.5%	0.4%	+0.08 pp	23,364	$1.1M
MEOHMETHANEX CORP	0.4%	0.6%	-0.15 pp	20,000	$924K
MCOMOODYS CORP	0.3%	0.3%	-0.00 pp	1,500	$679K
MGAMAGNA INTL INC	0.3%	0.3%	+0.03 pp	10,000	$657K
ATKRATKORE INC	0.3%	0.2%	+0.06 pp	8,400	$639K
HPQHP INC	0.3%	0.2%	+0.02 pp	26,500	$581K
IMOIMPERIAL OIL LTD	0.3%	0.3%	-0.06 pp	5,000	$561K
LPXLOUISIANA PAC CORP	0.2%	0.2%	+0.01 pp	5,886	$463K
RYAAYRYANAIR HOLDINGS PLC	0.2%	0.2%	+0.01 pp	5,937	$384K
VTSVITESSE ENERGY ORD	0.0%	New	New	1,293	$20K

What Francis Chou bought and sold in Q2 2026, against Q1 2026.

New positions

VTS Vitesse Energy Inc0.0% of 13F

Added to

No position grew by more than 5%.

Reduced

AAPL Apple Inc-9.1% shares

Sold out

Nothing sold out.

Share counts compared with the Q1 2026 13F; a split also changes share counts.

How the holdings did against the S&P 500.

1 year: +13.6% /yr; S&P 500 +20.1%
3 years: +9.5% /yr; S&P 500 +20.4%
5 years: +9.4% /yr; S&P 500 +11.6%

A portfolio of the filer's 20 largest 13F positions, weighted by value and rebuilt each quarter on the day the filing became public. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Questions about Francis Chou's portfolio

What stocks does Francis Chou own?

Chou Associates Management Inc.'s latest 13F, for Q2 2026 and filed Aug 12, 2026, lists 31 positions worth $216.6M. The largest are Berkshire Hathaway Inc Del (BRK-A) at 29.7%, Alphabet Inc (GOOG) at 11.8%, Synchrony Financial (SYF) at 7.8%, Occidental Petrol Co (OXY) at 7.0% and Sirius XM (SIRI) at 5.6%.

What did Francis Chou buy last quarter?

In Q2 2026, Chou Associates Management Inc. added a new position in Vitesse Energy Inc (VTS), compared with its Q1 2026 filing.

What did Francis Chou sell last quarter?

In Q2 2026, Chou Associates Management Inc. Apple Inc (AAPL) (-9.1% shares), compared with its Q1 2026 filing.

How has Francis Chou's portfolio performed?

A portfolio copying Chou Associates Management Inc.'s 20 largest 13F holdings each quarter, from the day each filing was public, returned +9.5% a year over the last 3 years, against +20.4% for the S&P 500. Over 1 year: +13.6% against +20.1%. Over 5 years: +9.4% a year against +11.6%.

When is Chou Associates Management Inc.'s next 13F filing due?

13F filings are due 45 days after each quarter ends. Chou Associates Management Inc.'s filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.