- Chou’s 13F portfolio value increased from $223M to $236M during the quarter.
- Chou decreased Sanofi (SNY) during the quarter.
- Berkshire Hathaway at ~19% of the portfolio is the largest position.
Francis
Chou’s Chou Associates portfolio value increased ~6% from $223M to $237M during
the quarter. The portfolio continues to be very concentrated with just 25
positions. Below is a summary:
1. Berkshire Hathaway (BRK.A): The ~19%
portfolio position is the 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 $318,285.
2. Resolute Forest Products (RFP): The ~17%
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 $6.53. There was a ~7% trimming in Q4 2017 while Q3
2018 saw a similar increase. There was a ~3% trimming this quarter.
3. Bausch Health (BHC) previously Valeant: BHC
was the largest position at ~15% of the portfolio as of Q3 2017. The original
position was from 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 the following quarter at prices between $10.50 and $17. Q2
2017 saw another ~30% increase at prices between $8.50 and $17.30. The stake
was almost eliminated in Q4 2017 at prices between $11 and $22. The position
was rebuilt in Q1 2018 at prices between $15 and $24. It is currently the third
second-largest position at ~17% of the portfolio. The stock currently trades at
$24.84. Chou realized losses and rebuilt the stake at lower prices.
Below
is a spreadsheet that highlights the changes to the portfolio as of Q1 2019.
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 .
No comments :
Post a Comment