Below is a spreadsheet that highlights the changes to Francis Chou's
Chou Associates US long stock portfolio as of Q4 2013. For a look at how
his portfolio has progressed, see our previous update:
The significant purchases this quarter were a 3.77% new position in Goldman Sachs (GS), and stake increases in Resolute Forest Products (RFP) and Blackberry (BBRY). Francis Chou has been bullish on RFP since 2010 when the company was named Abitibibowater and his average cost-basis is much higher - it is currently his largest position at close to 20% of the US long portfolio. Sears is a very long term holding that has been in the portfolio for over 8 years. Chou reduced significantly his holdings in Actavis (ACT) and Overstock (OSTK) this quarter, a pattern that continued from last quarter. Also, minutely small positions in Primus Telecom (PTGI), Radioshack (RSH), and Sprint Nextel (S) were eliminated this quarter.
Note: The large difference in overall portfolio size between Q3 2013 and Q4 2013 is because of a reporting quirk - in the Q4 2013 13F, the Notes held by the fund were not reported while those were included in the Q3 3013 13F.
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 .
The significant purchases this quarter were a 3.77% new position in Goldman Sachs (GS), and stake increases in Resolute Forest Products (RFP) and Blackberry (BBRY). Francis Chou has been bullish on RFP since 2010 when the company was named Abitibibowater and his average cost-basis is much higher - it is currently his largest position at close to 20% of the US long portfolio. Sears is a very long term holding that has been in the portfolio for over 8 years. Chou reduced significantly his holdings in Actavis (ACT) and Overstock (OSTK) this quarter, a pattern that continued from last quarter. Also, minutely small positions in Primus Telecom (PTGI), Radioshack (RSH), and Sprint Nextel (S) were eliminated this quarter.
Note: The large difference in overall portfolio size between Q3 2013 and Q4 2013 is because of a reporting quirk - in the Q4 2013 13F, the Notes held by the fund were not reported while those were included in the Q3 3013 13F.
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 .
No comments :
Post a Comment