Insights from Chou America Mutual Funds' Latest 13F Filing
Francis Chou (Trades, Portfolio), the renowned fund manager of Chou America Mutual Funds, has a remarkable journey from a telephone repairman to a respected figure in the value investing world. His latest 13F filing for Q4 2023 reveals strategic exits and adjustments in his portfolio. Chou's investment philosophy, deeply rooted in the teachings of Benjamin Graham, emphasizes buying undervalued stocks and thinking independently, away from market noise. His approach prioritizes a company's financial health and intrinsic value over short-term market trends.
Summary of Sold Out Positions
During the fourth quarter of 2023, Francis Chou (Trades, Portfolio) made the decision to completely exit two holdings:
- MBIA Inc (MBI, Financial): Chou sold all 199,530 shares, which had a -1.92% impact on the portfolio.
- Beyond Inc (BYON, Financial): The liquidation of all 38,405 shares caused a -0.81% impact on the portfolio.
Key Position Reductions
Chou also strategically reduced his stake in one company:
- He trimmed his position in Ryanair Holdings PLC (RYAAY, Financial) by 2,200 shares, leading to a -48.09% decrease in shares and a -0.28% impact on the portfolio. The stock's average trading price was $109.81 during the quarter, with a 29.19% return over the past three months and a 3.88% year-to-date return.
Portfolio Overview
As of the end of Q4 2023, Francis Chou (Trades, Portfolio)'s portfolio comprised 16 stocks. The top holdings were heavily weighted in Berkshire Hathaway Inc (BRK.A, Financial) at 57.06%, followed by Bausch Health Companies Inc (BHC, Financial) at 7.54%, Ally Financial Inc (ALLY, Financial) at 7.15%, Synchrony Financial (SYF, Financial) at 6.02%, and Hertz Global Holdings Inc (HTZWW, Financial) at 5.34%. The portfolio's industry concentration was primarily in Financial Services, Healthcare, Industrials, Consumer Cyclical, Communication Services, Technology, and Basic Materials.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
