Francis Chou’s Portfolio — Chou Associates Management Inc.

Francis Chou's is one of investing's great personal stories: a Canadian telephone lineman who taught himself Graham-and-Dodd investing, started an investment club with $51,000, and built a respected deep-value fund family, mentored along the way by Prem Watsa's circle.

Chou's 13F is small and uncompromisingly deep-value: distressed retailers, workout situations, and long-held contrarian stakes that can take years — sometimes uncomfortably many — to resolve.

Chou Associates Management Inc. reported $210M in U.S.-listed holdings across 31 positions for Q1 2026.

The portfolio is heavily concentrated: BRK/A alone accounts for 29.4% of reported value.

Compared with Q4 2025, the fund opened 5 new positions and exited 2.