- Chou’s 13F portfolio increased from $301M to $324M during the quarter.
- Chou increased Valeant and Teva Pharmaceuticals.
- Valeant at ~16% of the portfolio is the largest position.
Francis
Chou’s Chou Associates Portfolio increased 7.42% from $301M to $324M during the
quarter. The portfolio continues to be very concentrated with just 27
positions. Below is a summary:
1. Berkshire Hathaway (BRK.A): The ~12%
portfolio position is the second-largest 13F equity stake. The last major
activity was a 50% reduction in Q1 2016 at prices between $187,000 and
$214,000. The stock is now at $270,420.
2. JPMorgan Chase Warrants (JPM-WT): The 9.76%
stake in JPMorgan TARP Warrants was acquired in 2011 at much lower prices. The
position had remained relatively steady since. Last quarter saw a ~44% selling
as the underlying traded between $83 and $94. JPM currently goes for $91.31.
3. Resolute Forest Products (RFP): The ~7%
RFP position has been in the portfolio since 2010 (Abitibibowater at the time)
and the cost-basis is much higher compared to the current price. Q2 2013 saw a
one-third increase at prices between $13 and $16. The five quarters through Q1
2016 also saw a ~20% combined increase at progressively lower prices between $4
and $19. The stock is now at $4.90.
4. Valeant Pharmaceuticals (VRX): VRX is now
the largest position at 16.38% of the portfolio. The position was established
in Q1 2016 at prices between $26 and $102 and increased by ~48% the following
quarter at prices between $19 and $36. There was another ~35% increase in Q4
2016 at prices between $13.50 and $24.50 and that was followed with a ~20%
increase last quarter at prices between $10.50 and $17. This quarter saw
another ~30% increase at prices between $8.50 and $17.30. The stock currently
trades at $13.19.
Below
is a spreadsheet that highlights the changes to the portfolio as of Q2 2017.
Please check out our previous update to have an idea on how the
portfolio is progressing:
To learn more about how to profit from a strategy of cloning
hedge fund picks, check out our book Profiting from Hedge Funds: Winning
Strategies for the Little Guy .
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