中文
Value GiantsValue investors’ 13F holdings, as a whole
Q2 2026 13FData as of Aug 18, 2026
Deep value

Francis Chou

Q2 2026 13F: 31 holdings worth about $216.6M; that quarter 1 new, 0 added, 1 trimmed, 0 sold out.

Firm: Chou Associates Management Inc
Filer: Chou Associates Management Inc. CIK 1389403
Last filed: Aug 12, 2026 | Deep value | Counted in this quarter’s totals

13F lists only long positions in US-listed stocks (and some ETFs and convertibles); short positions, cash, bonds, shares listed outside the US and private companies are not shown, so this is not the giant’s whole portfolio.

Why This Giant Is Included

  • Rule numbers (Q2 2026): 31 holdings, top 10 = 83%, stocks $0.2B, options 0%; all four rules met
  • Source for the value approach: Investment Philosophy (Chou Associates Management Inc. (Chou Funds)): “The investment process followed in selecting equity investments for the Funds is a value-oriented approach to investing.” (checked 2026-10-11)

Full selection rules →

13F value
$216.6M
previous $207.8M (+4.2%)
Holdings
31
1 new / 0 sold out
Net deploymentest.
−0.5%
est. net buying ÷ last quarter’s portfolio
Top-10 concentration
83%
overlap with the composite 17%
Turnoverest.
0.0%
held 17 quarters on average
I

Trades in Q2 2026

Sorted by position shift: how many percentage points of the portfolio the trade moved.

How to Read This

Share changes are split-adjusted. Est. trade price = (start + end price) ÷ 2; 13F does not show the actual trade date or price.

MoveCompanyChange in sharesChange %Position shift (pts)Start → end priceEst. trade price
TrimmedAAPLApple Inc−4.0K−9%−0.53$253.79 → $289.36$271.57
NewVTSVitesse Energy, Inc+1.3K—+0.01$18.16 → $15.77$16.97
II

All Holdings (30 Companies)

Share classes of one company are combined; click a heading to re-sort.

How to Read This

Est. average cost: shares bought each quarter × (start + end price) ÷ 2, weighted; trims do not change the cost. Positions held before Q1 1999 (or the giant’s earliest electronic filing) start from that quarter’s price and are marked ‘start point’. vs cost = quarter-end price ÷ est. average cost − 1, excluding dividends.

CompanySectorWeight (prev.)SharesValueThis quarterFirst boughtQuarters heldEst. avg costQuarter-end pricevs costHistory
BRK.BBerkshire Hathaway IncFinancials30.5%30.4%86$66.0MHeldQ4 200775$134.42est.start point$500.39+272%History
GOOGLAlphabet IncInformation technology11.8%10.0%72.4K$25.6MHeldQ2 20249$167.84est.$353.33+111%History
SYFSynchrony FinancialFinancials7.8%7.3%223.2K$17.0MHeldQ4 202215$40.44est.$76.05+88%History
OXYOccidental Petroleum CorpEnergy7.0%9.8%313.0K$15.2MHeldQ1 20256$46.49est.$48.57+4%History
SIRISirius XM Holdings IncCommunication & media5.6%4.5%409.6K$12.1MHeldQ3 20248$22.69est.$29.54+30%History
AAPLApple IncInformation technology5.3%5.4%40.0K$11.6MTrimmed −9%Q2 20249$191.05est.$289.36+51%History
ALLYAlly Financial IncFinancials4.8%4.3%225.5K$10.4MHeldQ4 202215$30.47est.$45.95+51%History
STLAStellantis N.VConsumer discretionary3.7%4.8%1.39M$8.0MHeldQ1 202122$12.77est.$5.74−55%History
JEFJefferies Financial Group IncFinancials3.4%3.0%149.2K$7.5MHeldQ2 20249$51.27est.$49.98−3%History
PYPLPayPal Holdings, IncFinancials3.3%3.6%167.4K$7.2MHeldQ2 20249$54.43est.$43.18−21%History
WFCWells Fargo & CoFinancials2.3%2.3%59.5K$4.9MHeldQ3 201832$57.14est.$82.64+45%History
CCitigroup IncFinancials2.1%1.8%32.7K$4.6MHeldQ3 201160$29.99est.$139.96+367%History
BABAAlibaba Group Holding LtdConsumer discretionary1.9%2.5%41.9K$4.0MHeldQ2 202313$107.23est.$95.98−10%History
GMGeneral Motors CoConsumer discretionary1.9%1.9%52.0K$4.0MHeldQ1 20256$50.15est.$77.08+54%History
BACBank of America CorpFinancials1.3%1.2%50.0K$2.8MHeldQ2 20249$38.84est.$56.98+47%History
CASHPathward Financial IncFinancials1.1%1.2%27.4K$2.4MHeldQ2 20249$53.52est.$87.06+63%History
POOLPool CorpIndustrials1.1%1.0%10.6K$2.3MHeldQ2 20249$355.42est.$214.90−40%History
MBIMBIA IncFinancials1.0%0.9%321.0K$2.1MHeldQ2 20249$6.12est.$6.52+6%History
KHCKraft Heinz CoConsumer staples0.8%0.8%69.5K$1.6MHeldQ1 20262$23.37est.$23.62+1%History
AGOAssured Guaranty LtdFinancials0.6%0.7%17.0K$1.4MHeldQ2 20249$83.43est.$80.12−4%History
CYDChina Yuchai International LtdIndustrials0.5%0.4%23.4K$1.1MHeldQ3 201160$15.70est.$47.41+202%History
MEOHMethanex CorpMaterials0.4%0.6%20.0K$924KHeldQ4 202215$34.84est.$46.19+33%History
MCOMoody’s CorpFinancials0.3%0.3%1.5K$679KHeldQ2 20249$406.98est.$452.92+11%History
MGAMagna International IncConsumer discretionary0.3%0.3%10.0K$657KHeldQ4 201831$45.45est.$65.73+45%History
ATKRAtkore IncInformation technology0.3%0.2%8.4K$639KHeldQ1 20262$61.08est.$76.04+24%History
HPQHP IncInformation technology0.3%0.2%26.5K$581KHeldQ1 20262$20.74est.$21.94+6%History
IMOImperial Oil LtdEnergy0.3%0.3%5.0K$561KHeldQ1 202410$63.37est.$112.23+77%History
LPXLouisiana-Pacific CorpMaterials0.2%0.2%5.9K$463KHeldQ2 20249$83.12est.$78.66−5%History
RYAAYRyanair Holdings PLCIndustrials0.2%0.2%5.9K$384KHeldQ4 201543$83.07est.$64.75−22%History
VTSVitesse Energy, IncEnergy0.0%—1.3K$20KNewQ2 20261$16.97est.$15.77−7%History
III

Portfolio Map: Size Is Weight, Colour Is Gain or Loss against Cost

How to Read This

Each block is a company (up to 60); area = portfolio weight. The darker the colour, the further the quarter-end price is above (or below) the estimated cost: light 5–25%, medium 25–100%, darkest over 100%; grey is within 5%.

above costbelow costwithin 5%
Portfolio MapBRK.BBerkshire Hathaway IncGOOGLAlphabet IncSYFSynchrony FinancialOXYOccidental Petroleum C…SIRISirius XM Holding…AAPLApple IncALLYAlly Financial…STLAStellantis N.VJEFJefferies F…PYPLPayPal Hold…WFCWells Farg…CCitigroup…BABAGMGeneral…BACBank of…CASHPOOLMBIKHCAGO
IV

Over Time

From Q4 2007, 75 quarters (this giant’s electronic 13F filings).

13F Value

13F Value$0$250.0M$500.0M$750.0MQ4 2007Q4 2009Q4 2011Q4 2013Q4 2015Q4 2017Q4 2019Q4 2021Q4 2023Q2 2026

Holdings

Holdings0102030Q4 2007Q4 2009Q4 2011Q4 2013Q4 2015Q4 2017Q4 2019Q4 2021Q4 2023Q2 2026

Top-10 Concentration

Top-10 Concentration0%25%50%75%100%Q4 2007Q4 2009Q4 2011Q4 2013Q4 2015Q4 2017Q4 2019Q4 2021Q4 2023Q2 2026

Turnover (Est.)

Turnover0%5%10%15%Q4 2007Q4 2009Q4 2011Q4 2013Q4 2015Q4 2017Q4 2019Q4 2021Q4 2023Q2 2026

Sector Mix

Information technologyFinancialsCommunication & mediaConsumer discretionaryIndustrialsHealth careEnergyOther (incl. unclassified)
Sector Mix0%25%50%75%100%Q4 2007Q4 2009Q4 2011Q4 2013Q4 2015Q4 2017Q4 2019Q4 2021Q4 2023Q2 2026
V

Quarter by Quarter, with the Original Filings

* = not counted in that quarter’s totals. Links open the original SEC filing; 13F-HR/A is an amendment.

Show 75 Quarters
QuarterHoldingsNewSold out13F valueTurnoverNet deploymentSEC
Q2 20263110$216.6M0.0%−0.5%13F-HR
Q1 20263041$207.8M0.0%+9.4%13F-HR
Q4 20252703$201.5M0.0%−7.1%13F-HR
Q3 20253000$207.7M0.0%+3.7%13F-HR
Q2 20253001$182.8M4.7%+1.7%13F-HR
Q1 20253120$181.9M0.0%+25.9%13F-HR
Q4 20242914$143.5M0.9%−12.5%13F-HR
Q3 20243231$157.5M0.5%+10.0%13F-HR
Q2 202430142$139.1M7.7%+64.1%13F-HR
Q1 2024 *1831$89.1M2.1%+0.9%13F-HR
Q4 2023 *1602$76.1M0.0%−3.2%13F-HR
Q3 2023 *1800$75.0M0.0%0.0%13F-HR
Q2 2023 *1810$79.0M0.0%+0.4%13F-HR
Q1 2023 *1712$71.7M6.9%−1.5%13F-HR
Q4 20221844$70.7M15.3%−37.5%13F-HR
Q3 20221810$101.0M0.8%−17.2%13F-HR
Q2 20221730$103.6M2.4%−3.0%13F-HR
Q1 20221401$135.4M0.0%−1.9%13F-HR
Q4 20211500$144.4M0.0%−18.9%13F-HR
Q3 20211500$159.1M0.0%−4.6%13F-HR
Q2 20211501$171.1M0.0%−6.2%13F-HR
Q1 20211622$172.4M0.6%−4.1%13F-HR 13F-HR/A
Q4 20201602$130.0M0.0%−3.3%13F-HR
Q3 2020 *1800$99.4M0.0%0.0%13F-HR
Q2 2020 *1801$91.0M0.0%−16.0%13F-HR
Q1 20201900$99.9M0.0%−4.6%13F-HR
Q4 20191902$171.8M0.0%−7.8%13F-HR
Q3 20192101$162.3M0.0%−14.7%13F-HR
Q2 20192200$211.3M0.0%−4.9%13F-HR
Q1 20192202$224.4M0.0%−1.1%13F-HR
Q4 20182420$209.7M0.6%−0.7%13F-HR
Q3 20182235$276.2M14.2%−5.9%13F-HR
Q2 20182431$259.6M1.4%+3.7%13F-HR
Q1 20182200$232.6M0.0%+14.4%13F-HR
Q4 20172201$229.0M0.0%−36.4%13F-HR
Q3 20172302$281.3M0.0%−10.0%13F-HR
Q2 20172500$318.8M4.9%+1.5%13F-HR
Q1 20172522$296.5M9.2%−1.4%13F-HR
Q4 20162511$304.5M1.5%+2.8%13F-HR
Q3 20162501$265.1M0.0%−1.3%13F-HR
Q2 20162620$260.5M0.0%+7.6%13F-HR 13F-HR/A 13F-HR/A
Q1 20162410$268.3M11.0%+12.2%13F-HR 13F-HR/A
Q4 20152312$290.4M1.1%+0.7%13F-HR
Q3 20152410$291.2M2.8%+0.4%13F-HR
Q2 20152302$327.0M0.0%−1.1%13F-HR
Q1 20152520$381.0M0.0%+1.7%13F-HR
Q4 20142335$382.1M11.0%−8.8%13F-HR
Q3 20142520$394.6M0.9%+4.3%13F-HR 13F-HR/A
Q2 20142322$364.6M8.2%+12.4%13F-HR
Q1 20142321$361.7M0.1%−0.6%13F-HR
Q4 20132236$349.6M7.3%−58.6%13F-HR
Q3 20132532$864.4M8.7%+128.0%13F-HR
Q2 20132401$357.0M4.0%−11.6%13F-HR
Q1 20132513$366.1M8.8%−3.9%13F-HR
Q4 20122715$338.2M5.7%−9.0%13F-HR
Q3 20123121$350.1M5.4%−5.0%13F-HR
Q2 20123022$328.2M13.0%−3.8%13F-HR
Q1 20123010$360.5M1.6%−4.4%13F-HR
Q4 20112914$306.4M4.2%+2.4%13F-HR
Q3 20113240$325.1M1.3%+14.0%13F-HR
Q2 20112841$371.0M2.7%+16.0%13F-HR
Q1 20112501$343.0M0.1%−27.9%13F-HR 13F-HR/A
Q4 20102631$445.4M12.0%+11.9%13F-HR
Q3 20102424$357.3M19.1%+13.0%13F-HR
Q2 20102632$307.4M2.8%−11.1%13F-HR
Q1 20102511$402.2M2.3%+0.3%13F-HR
Q4 20092531$368.2M0.9%+3.8%13F-HR
Q3 20092300$337.4M0.1%−6.0%13F-HR
Q2 2009 *2322$289.5M3.9%−0.2%13F-HR
Q1 2009 *2300$227.4M0.0%−3.5%13F-HR
Q4 2008 *2306$279.0M2.1%−2.9%13F-HR
Q3 2008 *2903$412.5M1.5%+3.7%13F-HR
Q2 2008 *3222$438.8M0.4%+12.4%13F-HR
Q1 2008 *3283$365.0M9.0%+10.8%13F-HR
Q4 2007 *2700$389.1M——13F-HR
VI

Large Positions Sold Out

Positions that once made up 2% or more of the portfolio and were later sold out (latest 40): holding period and what became of the company, without profit or loss.

How to Read This

Sold out means the holding no longer appears on the 13F: it may have been sold, or the company was acquired or delisted. Company status is checked only for companies the giants together once held $100M or more of, from the company’s own SEC filings (for example 8-K item 1.03 = bankruptcy filing); a dash means not checked.

CompanyHeldPeak weightCompany since
HTZWWHertz Global Holdings, IncQ3 2022 – Q4 20249%—
OXYOccidental Petroleum CorpQ3 2024 – Q4 20247%—
NAVINavient CorpQ1 2023 – Q4 20244%Still filing with the SEC
BHCBausch Health Companies IncQ1 2016 – Q2 202430%Still filing with the SEC
BBBlackBerry LtdQ3 2012 – Q2 20243%—
—Liberty Global Holdings LtdQ1 2021 – Q1 20243%Still filing with the SEC
MBIMBIA IncQ4 2012 – Q4 20237%—
RFPResolute Forest ProductsQ2 2012 – Q1 202339%Acquired or delisted Mar 13, 2023
GSGoldman Sachs Group IncQ2 2011 – Q4 20228%—
JPMJPMorgan Chase & CoQ3 2018 – Q4 20226%—
DVADaVita IncQ2 2018 – Q1 20214%—
SNYSanofiQ4 2007 – Q2 20208%—
ENDPQEndo International PLCQ1 2017 – Q4 20195%—
—Teva PharmaceuticalQ1 2017 – Q4 20195%—
SHOSSears Hometown and Outlet STQ3 2014 – Q3 20195%—
SHLDQSears Holdings CorpQ4 2007 – Q1 201913%Bankruptcy filing while held or within 2 years of the sale Oct 15, 2018
ASCMAAscent Capital Group IncQ1 2015 – Q1 20198%—
JPM.WSJPMorgan Chase & CO-CW18Q4 2014 – Q3 201816%No SEC record found
NXHNeighborhood Intelligence, IncQ4 2007 – Q3 201813%Still filing with the SEC
NOKNokia CorpQ4 2009 – Q3 201812%—
WFC.WSWells Fargo & CO-CW18Q4 2010 – Q3 201812%—
BAC.WS.ABank of America CORP-CW19Q2 2010 – Q3 20189%No SEC record found
JPMJPMorgan Chase & CoQ2 2014 – Q4 20146%—
LELands’ End IncQ2 2014 – Q4 20142%Still filing with the SEC
JPM.WSJPMorgan Chase & CO-CW18Q2 2011 – Q2 20146%No SEC record found
AGNAllergan Unltd CoQ4 2013 – Q2 20142%Acquired or delisted May 21, 2020
—Compucredit Corp ComQ3 2013 – Q4 201358%No SEC record found
—Dell IncQ3 2012 – Q4 201310%Acquired or delisted Nov 8, 2013
—Actavis IncQ1 2013 – Q4 20138%—
—Radioshack Corp ComQ2 2011 – Q4 20134%—
—Primus Telecommunications GR ComQ3 2011 – Q4 20132%—
—Sprint Communications LLCQ4 2009 – Q3 20139%Acquired or delisted Apr 13, 2020
—Allergan Finance LLCQ4 2007 – Q1 201313%Acquired or delisted May 21, 2020
—Media General IncQ4 2007 – Q1 20136%Acquired or delisted Apr 12, 2017
SKMSK Telecom Co LtdQ1 2008 – Q4 20126%No SEC record found
BHCBausch Health Companies IncQ4 2010 – Q4 20125%Still filing with the SEC
—Flagstone Reinsurance HoldinQ3 2010 – Q4 20124%—
—Office Depot IncQ1 2008 – Q4 20123%Still filing with the SEC
GAPGap IncQ2 2011 – Q4 20123%Still filing with the SEC
—Fairfax Financial Holdings Ltd/ CanQ4 2010 – Q2 201219%Still filing with the SEC