CA
Chou Associates Management Inc. — 13F Portfolio Analysis & Stock Picks (Q2 2026)
Chou Associates Management Inc.CIK: 0001389403
Quality / disciplined sizingSector-focusedLong-term holder
Total reported value
$216.6M
Reporting period: 2026-06-30 · Number of holdings: 31
Chou Associates Management Inc. disclosed 31 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $216.6M and a quarterly turnover rate of 13.7%.
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Personality snowflake
- Concentration
- 51.1
- Portfolio Stability
- 13.74
- Momentum
- 40.6
- Sector conviction
- 77.09
- Diversification
- 62
- Sizing Uniformity
- 82.51
Chou Associates Management Inc.'s disclosed holdings carry a Herfindahl concentration index of 0.128 — mathematically equivalent to about 8 equally-sized positions, well below its 31 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.75), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 66% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govTrim OXY
0.0% -$5.1M
Add GOOG
0.0% $4.8M
Sold out BHR 4.5 06-01-26
Add SIRI
0.0% $2.6M
Trim STLA
0.0% -$1.9M
Trim BABA
0.0% -$1.2M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | BRK-A | Berkshire Hathaway Inc-cl A | Stock-Other | 29.73% | +0.36% | — | |
| 2 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 11.81% | +1.93% | — | |
| 3 | SYF | Synchrony Financial | Stock-Financials | 7.84% | +0.62% | — | |
| 4 | OXY | Occidental Petroleum CORP | Stock-Energy | 7.02% | -2.66% | — | |
| 5 | SIRI | Sirius Xm Holdings Inc | Stock-Comm Services | 5.59% | +1.09% | — | |
| 6 | AAPL | Apple Inc | Stock-Tech | 5.34% | +0.03% | -9.09% | |
| 7 | ALLY | Ally Financial Inc | Stock-Financials | 4.78% | +0.57% | — | |
| 8 | STLA | Stellantis N.V. | Stock-Consumer Disc | 3.69% | -1.01% | — | |
| 9 | JEF | Jefferies Financial Group In | Stock-Financials | 3.44% | +0.51% | — | |
| 10 | PYPL | Paypal Holdings Inc | Stock-Financials | 3.34% | -0.26% | — | |
| 11 | WFC | Wells Fargo & Co | Stock-Financials | 2.27% | +0.02% | — | |
| 12 | C | Citigroup Inc | Stock-Financials | 2.11% | +0.35% | — | |
| 13 | BABA | Alibaba Group Holding-sp Adr | Stock-Consumer Disc | 1.86% | -0.64% | — | |
| 14 | GM | General Motors Co | Stock-Consumer Disc | 1.85% | +0.01% | — | |
| 15 | BAC | Bank Of America CORP | Stock-Financials | 1.32% | +0.16% | — | |
| 16 | CASH | Pathward Financial Inc | Stock-Other | 1.10% | -0.06% | — | |
| 17 | POOL | Pool CORP | Stock-Industrials | 1.06% | +0.04% | — | |
| 18 | MBI | Mbia Inc | Stock-Other | 0.97% | +0.07% | — | |
| 19 | KHC | Kraft Heinz Co/the | Stock-Consumer Staples | 0.76% | +0.02% | — | |
| 20 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.72% | +0.01% | — | |
| 21 | AGO | Assured Guaranty Ltd. | Stock-Financials | 0.63% | -0.03% | — | |
| 22 | CYD | China Yuchai International Limited | Stock-Other | 0.51% | +0.08% | — | |
| 23 | MEOH | Methanex CORP | Stock-Other | 0.43% | -0.14% | — | |
| 24 | MCO | Moody's CORP | Stock-Financials | 0.31% | — | — | |
| 25 | MGA | Magna International Inc | Stock-Consumer Disc | 0.30% | +0.03% | — | |
| 26 | ATKR | Atkore Inc | Stock-Other | 0.29% | +0.05% | — | |
| 27 | HPQ | Hp Inc | Stock-Tech | 0.27% | +0.03% | — | |
| 28 | IMO | Imperial Oil LTD | Stock-Energy | 0.26% | -0.05% | — | |
| 29 | LPX | Louisiana-pacific CORP | Stock-Industrials | 0.21% | +0.01% | — | |
| 30 | RYAAY | Ryanair Holdings Plc-sp Adr | Stock-Industrials | 0.18% | +0.02% | — | |
| 31 | VTS | Vitesse Energy Inc | Stock-Other | 0.01% | +0.01% | NEW |
Portfolio Performance
Performance for Q3 2026
-0.5%
Performance Last 4 Quarters
+14.2%
Based on 69% of reported portfolio value with available pricing
- Stdev
- +16.4%
- Beta
- +0.95
- Alpha
- -1.2%
- Max Drawdown
- -14.7%
- Annualized Perf
- +15%
- Batting Avg vs S&P
- +41.7%
- Sortino
- +1.86
- Stutzer
- +0.28
- Treynor
- +0.16
- Sterling
- +0.76
- Calmar
- +1.02
- Information Ratio
- -0.19
- Tracking Error
- +11.3%
- Stdev Down
- +8.3%
- Winning Months %
- +62.5%
- Losing Months %
- +37.5%
- Best 12 Months
- +40.5%
- Worst 12 Months
- +14%
- Efficiency Ratio
- +0.36
- Sharpe
- +0.94
- Stdev Sectors
- +12.8%
- Skewness
- +0.25
- Kurtosis
- -0.41
- Upside Potential
- +3.62
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 31 | $216.6M | 14 | ||
| 2026 Q1 | 31 | $210.3M | 22 | ||
| 2025 Q4 | 28 | $201.6M | 14 | ||
| 2025 Q3 | 31 | $207.7M | 22 | ||
| 2025 Q2 | 31 | $182.8M | 0 | ||
| 2025 Q1 | 33 | $185.0M | 100 | ||
| 2024 Q4 | 32 | $146.7M | 0 | ||
| 2024 Q3 | 33 | $159.6M | 0 | ||
| 2024 Q2 | 31 | $140.0M | 0 | ||
| 2024 Q1 | 18 | $89.1M | 0 | ||
| 2023 Q4 | 16 | $76.1M | 0 | ||
| 2023 Q3 | 18 | $75.0M | 0 | ||
| 2023 Q2 | 18 | $79.0M | 0 | ||
| 2023 Q1 | 17 | $71.7M | 0 | ||
| 2022 Q4 | 18 | $70.7M | 0 | ||
| 2022 Q3 | 20 | $139.6M | 0 | ||
| 2022 Q2 | 19 | $139.6M | 0 | ||
| 2022 Q1 | 18 | $188.0M | 0 | ||
| 2021 Q4 | 19 | $191.1M | 0 | ||
| 2021 Q3 | 19 | $207.1M | 0 | ||
| 2021 Q2 | 19 | $228.7M | 98 | ||
| 2021 Q1 | 20 | $221.3M | 50 | ||
| 2020 Q4 | 18 | $136.1M | 34 | ||
| 2020 Q3 | 18 | $99.4M | 23 | ||
| 2020 Q2 | 18 | $91.0M | 28 | ||
| 2020 Q1 | 19 | $99.9M | 54 | ||
| 2019 Q4 | 20 | $173.7M | 19 | ||
| 2019 Q3 | 22 | $163.9M | 27 | ||
| 2019 Q2 | 24 | $213.9M | 16 | ||
| 2019 Q1 | 25 | $235.7M | 10 | ||
| 2018 Q4 | 28 | $222.7M | 30 | ||
| 2018 Q3 | 25 | $297.7M | 77 | ||
| 2018 Q2 | 26 | $263.8M | 22 | ||
| 2018 Q1 | 24 | $237.2M | 26 | ||
| 2017 Q4 | 24 | $233.8M | 49 | ||
| 2017 Q3 | 25 | $286.2M | 18 | ||
| 2017 Q2 | 27 | $323.8M | 22 | ||
| 2017 Q1 | 27 | $301.4M | 21 | ||
| 2016 Q4 | 28 | $312.7M | 29 | ||
| 2016 Q3 | 27 | $270.3M | 12 | ||
| 2016 Q2 | 27 | $262.0M | 33 | ||
| 2016 Q1 | 25 | $308.0M | 64 | ||
| 2015 Q4 | 24 | $466.9M | 53 | ||
| 2015 Q3 | 24 | $291.2M | 20 | ||
| 2015 Q2 | 23 | $327.0M | 22 | ||
| 2015 Q1 | 25 | $381.0M | 9 | ||
| 2014 Q4 | 23 | $382.1M | 27 | ||
| 2014 Q3 | 25 | $394.6M | 17 | ||
| 2014 Q2 | 23 | $364.6M | 27 | ||
| 2014 Q1 | 23 | $361.7M | 13 | ||
| 2013 Q4 | 23 | $352.2M | 100 | ||
| 2013 Q3 | 27 | $1.8B | 100 | 1MNKD 3.75 12-15-13220478N3LVLT 6.5 10-01-16 | |
| 2013 Q2 | 27 | $370.9M | 0 |
Holding changes this quarter
Chou Associates Management Inc.'s most significant position changes for 2026-06-30: Sold out: Braemar Hotels & Resorts (BHR 4.5 06-01-26); New buy: Vitesse Energy Inc (VTS); Trim: Apple Inc (AAPL) — shares -9.09%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | GOOG | Alphabet Inc-cl C | +1.9% | — | Unchanged |
| 2 | SIRI | Sirius Xm Holdings Inc | +1.1% | — | Unchanged |
| 3 | SYF | Synchrony Financial | +0.6% | — | Unchanged |
| 4 | ALLY | Ally Financial Inc | +0.6% | — | Unchanged |
| 5 | JEF | Jefferies Financial Group In | +0.5% | — | Unchanged |
| 6 | BRK-A | Berkshire Hathaway Inc-cl A | +0.4% | — | Unchanged |
| 7 | C | Citigroup Inc | +0.4% | — | Unchanged |
| 8 | BAC | Bank Of America CORP | +0.2% | — | Unchanged |
| 9 | CYD | China Yuchai International Limited | +0.1% | — | Unchanged |
| 10 | MBI | Mbia Inc | +0.1% | — | Unchanged |
| 11 | ATKR | Atkore Inc | +0.1% | — | Unchanged |
| 12 | POOL | Pool CORP | 0% | — | Unchanged |
| 13 | AAPL | Apple Inc | 0% | -9.09% | Trim |
| 14 | MGA | Magna International Inc | 0% | — | Unchanged |
| 15 | HPQ | Hp Inc | 0% | — | Unchanged |
| 16 | WFC | Wells Fargo & Co | 0% | — | Unchanged |
| 17 | KHC | Kraft Heinz Co/the | 0% | — | Unchanged |
| 18 | RYAAY | Ryanair Holdings Plc-sp Adr | 0% | — | Unchanged |
| 19 | GM | General Motors Co | 0% | — | Unchanged |
| 20 | BRK-B | Berkshire Hathaway Inc-cl B | 0% | — | Unchanged |
| 21 | LPX | Louisiana-pacific CORP | 0% | — | Unchanged |
| 22 | VTS | Vitesse Energy Inc | 0% | NEW | New buy |
| 23 | MCO | Moody's CORP | — | — | Unchanged |
| 24 | AGO | Assured Guaranty Ltd. | 0% | — | Unchanged |
| 25 | IMO | Imperial Oil LTD | -0.1% | — | Unchanged |
| 26 | CASH | Pathward Financial Inc | -0.1% | — | Unchanged |
| 27 | MEOH | Methanex CORP | -0.1% | — | Unchanged |
| 28 | PYPL | Paypal Holdings Inc | -0.3% | — | Unchanged |
| 29 | BABA | Alibaba Group Holding-sp Adr | -0.6% | — | Unchanged |
| 30 | STLA | Stellantis N.V. | -1% | — | Unchanged |
| 31 | BHR 4.5 06-01-26Bond | Braemar Hotels & Resorts | -1.2% | EXIT | Sold out |
| 32 | OXY | Occidental Petroleum CORP | -2.7% | — | Unchanged |
Filing History
FAQ
What is Chou Associates Management Inc. and what type of investor is it?
Chou Associates Management Inc. is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $216.6M, spread across 31 disclosed positions.
What are Chou Associates Management Inc.'s largest equity positions?
Based on the latest 13F filing, Chou Associates Management Inc.'s top holdings by market value are:
1. Berkshire Hathaway Inc-cl A (BRK-A) — $64.4M (29.7%)
2. Alphabet Inc-cl C (GOOG) — $25.6M (11.8%)
3. Synchrony Financial (SYF) — $17.0M (7.8%)
4. Occidental Petroleum CORP (OXY) — $15.2M (7.0%)
5. Sirius Xm Holdings Inc (SIRI) — $12.1M (5.6%)
What changes did Chou Associates Management Inc. make in its most recent portfolio filing?
In the latest reported quarter, Chou Associates Management Inc. made 3 notable position adjustments: 1 new positions were initiated, 0 existing holdings were added to, 1 positions were partially reduced, and 1 were completely exited. The largest of these moves: Sold out: Braemar Hotels & Resorts (BHR 4.5 06-01-26); New buy: Vitesse Energy Inc (VTS); Trim: Apple Inc (AAPL) — shares -9.09%
What sectors does Chou Associates Management Inc. focus on?
Chou Associates Management Inc. is concentrated in the following sectors based on its current disclosed equity portfolio:
• Financials: 39.3%
• Communication Services: 26.3%
• Consumer Discretionary: 11.6%
• Energy: 11.0%
• Information Technology: 8.5%
• Industrials: 2.2%
Investment Profile
Chou Associates Management Inc. returned an annualized 15.0% over the trailing 24 months — underperforming the S&P 500 by 1.2 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.95 (roughly in line with the market) and a 42% quarterly batting average against the index.
Its portfolio is moderately concentrated and long-term-holding, with 39.3% of the portfolio concentrated in Financials.
It has added to its JEF position over the past two quarters (+$6.8M, now $7.5M), while trimming STLA over the same stretch (-$7.2M, still holding $8.0M).
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