Chou Associates Management Inc.

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 14, 2026), Chou Associates Management Inc. reported 30 stock positions worth $207.8 million. Its top holding was Berkshire Hathaway Class A (BRK.A) at 29.7% of the portfolio, followed by Alphabet Class C (GOOG, 10.0%) and Occidental Petroleum (OXY, 9.8%). Compared with Q4 2025, it opened 4 new positions, sold out of 1 and added to 4. The biggest buy was Jefferies Financial (JEF, shares +1258%) and the biggest sale an exit from Vitesse Energy (VTS).

Most Recent 13F
Q2 2026
Location
TORONTO, A6
CIK
0001389403
Portfolio Value
$207.8M (Q1 2026)
SEC Filing
0001104659-26-060931 ↗ filed May 14, 2026

Holdings Value

0$50.0M$100.0M$150.0M$200.0M$250.0M Q1 2024: $85.8M Q1 2024 Q2 2024: $138.5M Q2 2024 Q3 2024: $155.0M Q3 2024 Q4 2024: $143.5M Q4 2024 Q1 2025: $181.9M Q1 2025 Q2 2025: $182.8M Q2 2025 Q3 2025: $207.7M Q3 2025 Q4 2025: $201.5M Q4 2025 Q1 2026: $207.8M $207.8M Q1 2026 Q2 2026: $216.6M Q2 2026

Holdings 30 stocks · $207.8M
BRK.A Berkshire Hathaway Inc. Class A 29.72% 86 $61.8M No change
GOOG Alphabet Inc. Class C 9.99% 72,390 $20.8M No change
OXY Occidental Petroleum Corp. 9.79% 313,000 $20.3M No change
SYF Synchrony Financial 7.31% 223,202 $15.2M Add +3.5%
AAPL Apple Inc. 5.37% 44,000 $11.2M No change
STLA Stellantis NV 4.76% 1,394,194 $9.9M No change
SIRI Sirius XM Holdings Inc. 4.55% 409,589 $9.5M No change
ALLY Ally Financial Inc. 4.26% 225,525 $8.8M No change
PYPL PayPal Holdings Inc. 3.64% 167,400 $7.6M Add +308.3%
JEF Jefferies Financial Group Inc. 2.96% 149,237 $6.2M Add +1258.3%
BABA Alibaba Group Holding-SP ADR 2.53% 41,900 $5.3M No change
WFC Wells Fargo & Co. 2.28% 59,542 $4.7M No change
GM General Motors Co. 1.86% 52,000 $3.9M No change
C Citigroup Inc. 1.78% 32,695 $3.7M No change
CASH Pathward Financial Inc. 1.18% 27,389 $2.4M No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.17% 50,000 $2.4M No change
POOL Pool Corp. 1.04% 10,636 $2.2M No change
MBI Mbia Inc. 0.91% 321,000 $1.9M No change
KHC The Kraft Heinz Co. 0.75% 69,500 $1.6M New
BRK.B Berkshire Hathaway Inc. Class B 0.71% 3,100 $1.5M New
AGO Assured Guaranty Ltd. 0.67% 16,990 $1.4M Add +54.6%
MEOH Methanex Corp. 0.57% 20,000 $1.2M No change
CYD China Yuchai Intl Ltd. 0.43% 23,364 $900K No change
IMO Imperial Oil Ltd. 0.32% 5,000 $655K No change
MCO Moody's Corp. 0.31% 1,500 $654K No change
MGA Magna International Inc. 0.27% 10,000 $558K No change
HPQ HP Inc. 0.24% 26,500 $509K New
ATKR Atkore Inc. 0.24% 8,400 $495K New
LPX Louisiana-Pacific Corp. 0.21% 5,886 $428K No change
RYAAY Ryanair Holdings PLC-SP ADR 0.17% 5,937 $343K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $2.5M (not counted above)
SecurityClassShares / PrincipalValueChange
BRAEMAR HOTELS & RESORTS (BHR 4.5 06/01/26) NOTE 4.500% 6/0 · principal 2,500,000$2.5MNew

Total filed on the 13F, all lines: $210.3M.

Portfolio Sells Q4 2025 → Q1 2026
VTS Vitesse Energy Inc. Sold out 0.00% −0.01

Portfolio Buys Q4 2025 → Q1 2026
JEF Jefferies Financial Group Inc. Add +1258.3% 2.96% +2.63
PYPL PayPal Holdings Inc. Add +308.3% 3.64% +2.46
KHC The Kraft Heinz Co. New 0.75% +0.75
BRK.B Berkshire Hathaway Inc. Class B New 0.71% +0.71
HPQ HP Inc. New 0.24% +0.24
ATKR Atkore Inc. New 0.24% +0.24
AGO Assured Guaranty Ltd. Add +54.6% 0.67% +0.18
SYF Synchrony Financial Add +3.5% 7.31% −1.62

Notes & Other Activity Q4 2025 → Q1 2026
BRAEMAR HOTELS & RESORTS (BHR 4.5 06/01/26) NOTE 4.500% 6/0 · principal New 2,500,000 $2.5M
HTZWW Hertz Global Hldgs Inc. -CW51 *W EXP 06/30/205 · principal Sold out 1,000 $3Kbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 31$216.6MBRK.A, GOOG, SYF, OXY, SIRI
Q1 2026 30$207.8MBRK.A, GOOG, OXY, SYF, AAPL
Q4 2025 27$201.5MBRK.A, GOOG, SYF, STLA, OXY
Q3 2025 30$207.7MBRK.A, GOOG, SIRI, SYF, OXY
Q2 2025 30$182.8MBRK.A, SIRI, GOOG, SYF, OXY
Q1 2025 31$181.9MBRK.A, SIRI, STLA, GOOG, SYF
Q4 2024 29$143.5MBRK.A, GOOG, SYF, AAPL, ALLY
Q3 2024 30$155.0MBRK.A, GOOG, OXY, AAPL, SYF
Q2 2024 29$138.5MBRK.A, GOOG, AAPL, SYF, STLA
Q1 2024 17$85.8MBRK.A, BHC, ALLY, SYF, C