Stocks/Funds/CIK 1389403

Chou Associates Management Inc.

long-term holder
Quarterly 13F filings · Latest period 2026-03-31 · CIK 1389403
Assets
$208M
+14.3% YoY
Holdings
30
Lifetime alpha vs market
-11.67% annual
Average hold time
3.9 yr
median 2.0 yr

Quarterly history

Cum return -7% vs S&P +52% · α -60% lifetimeAUM $208M · peak $319MFlow $16M (+8%)2016-062017-122019-062020-122022-062023-122025-062026-03
AUM ($B)fundS&P 500(gap = α)/ Flow in/out

Behavior signals (lifetime)

Dip response
+4.97%
adds when stocks drop
when a holding falls −10%+
Middle response
-0.62%
baseline attrition
Rally response
+4.01%
adds into rallies
when a holding rises +10%+

Top positions · 30

Ticker$ value% portYoYHold time
BRK-ABerkshire Hathaway Inc.$62M29.7%10.5 yr
GOOGAlphabet Inc.$21M10.0%+84.3%2.0 yr
OXYOccidental Petroleum Cor$20M9.8%+34.6%1.5 yr
SYFSynchrony Financial$15M7.3%+30.8%3.5 yr
AAPLApple Inc.$11M5.4%+14.7%2.0 yr
STLAStellantis N.V.$10M4.8%-31.0%5.3 yr
SIRISirius XM Holdings Inc.$9M4.5%+7.6%1.8 yr
ALLYAlly Financial Inc.$9M4.3%+11.1%3.5 yr
PYPLPayPal Holdings, Inc.$8M3.6%-30.3%2.0 yr
JEFJefferies Financial Grou$6M3.0%-20.7%2.0 yr
BABAAlibaba Group Holding Li$5M2.5%-3.5%3.0 yr
WFCWells Fargo & Company$5M2.3%+13.3%7.8 yr
GMGeneral Motors Company$4M1.9%+60.0%1.3 yr
CCitigroup Inc.$4M1.8%+63.9%10.5 yr
CASHPathward Financial, Inc.$2M1.2%+22.6%2.0 yr

Portfolio composition (YoY)

Industry mix
Insurance - Diversified30.4%-7.3pp$63M
Financial - Credit Services15.2%+2.9pp$32M
Internet Content & Information10.0%+2.9pp$21M
Oil & Gas Exploration & Production9.8%+7.9pp$20M
Auto - Manufacturers6.6%-3.3pp$14M
Consumer Electronics5.4%-0.0pp$11M
Banks - Diversified5.2%-0.5pp$11M
Entertainment4.5%-4.2pp$9M
Financial - Capital Markets3.0%+2.6pp$6M
Specialty Retail2.5%-0.5pp$5M
Country
US90.3%+3.9pp
NL4.8%-3.9pp
CN2.5%-0.5pp
CA1.2%+0.7pp
BM0.7%+0.1pp
SG0.4%-0.3pp
IE0.2%+0.0pp
Top 5: 62.2% · Top 10: 82.4% · Top 25: 98.9%

Winners

TickerPrev $PnLYoY %
GOOG$13M+0.01B84.3%
SYF$11M+0.00B30.8%
C$4M+0.00B63.9%
CYD$1M+0.00B131.9%
GM$2M+0.00B60.0%

Losers

TickerPrev $PnLYoY %
STLA$16M-0.00B-31.0%
POOL$3M-0.00B-35.2%
PYPL$3M-0.00B-30.3%
BABA$6M-0.00B-3.5%
MCO$3M-0.00B-5.6%

Top buys this quarter · 8

PYPL PayPal Holdings, Inc.+$6M
JEF Jefferies Financial Group Inc.+$6M
KHC The Kraft Heinz Companynew+$2M
SYF Synchrony Financial+$15M
HPQ HP Inc.new+$1M
ATKR Atkore Inc.new+$0M
AGO Assured Guaranty Ltd.+$0M
BRK-B Berkshire Hathaway Inc.new+$0M

Top sells this quarter · 2

VTS Vitesse Energy, Inc.exit$0M
HTZWW Hertz Global Holdings, Inc.exit$0M

Quarterly history (TTM returns)

PeriodAUM# PosReturn (1yr)SPY (1yr)Alpha (1yr)Flow
2026-03-31$208M30+22.20%+17.59%+4.61%+0.02B
2025-12-31$202M28+16.30%+17.72%-1.42%-0.02B
2025-09-30$208M31+18.47%+17.52%+0.95%-0.00B
2025-06-30$183M31+1.61%+14.94%-13.33%-0.01B
2025-03-31$182M32-2.90%+8.30%-11.21%+0.05B
2024-12-31$145M31+23.47%+24.89%-1.41%-0.03B
2024-09-30$157M32+28.43%+36.04%-7.61%+0.02B
2024-06-30$139M30+25.82%+24.49%+1.33%+0.05B
2024-03-31$89M18+34.13%+29.62%+4.51%+0.00B
2023-12-31$76M16+26.75%+26.18%+0.57%-0.01B
2023-09-30$75M18+14.76%+21.57%-6.80%-0.00B
2023-06-30$79M18+5.47%+19.42%-13.95%+0.00B
2023-03-31$72M17-41.79%-7.82%-33.98%-0.01B
2022-12-31$71M18+2.14%+7.56%-5.42%-0.03B
2022-09-30$101M18-11.91%-4.93%-6.98%+0.01B
2022-06-30$104M17-40.57%-16.11%-24.46%+0.02B