Francis Chou – Chou Associates Management Portfolio Activity & Recent Trades (Sep 30, 2025)

As of Sep 30, 2025, the Chou Associates Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Nov 14, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q3 2025, the filing reported:

New Buys –

None reported

Increases – Stellantis

Reductions –

None reported

Complete Exits –

None reported

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q3 2025	STLA Stellantis	Stellantis	Buy	+702,194	+101.5%	$13.02M	1,394,194
Q2 2025	CYD China Yuchai	China Yuchai	Sell	-50,000	-68.2%	$558.63K	23,364
Q2 2025	LBTYA Liberty Global	Liberty Global	Sell - Position Exit	-12,000	-100.0%	$0.00	-
Q2 2025	MEOH Methanex Corporation	Methanex Corporation	Buy	+16,000	+400.0%	$662.24K	20,000
Q2 2025	OXY Occidental Petroleum Corporatio	Occidental Petroleum Corporatio	Buy	+245,000	+360.3%	$13.15M	313,000
Q2 2025	STLA Stellantis	Stellantis	Sell	-704,388	-50.4%	$6.94M	692,000
Q1 2025	BABA Alibaba Group Holding Limited	Alibaba Group Holding Limited	Buy	+38,500	+1132.4%	$5.54M	41,900
Q1 2025	GM General Motors Company	General Motors Company	Buy - Position Entry	+52,000	-	$2.45M	52,000
Q1 2025	OXY Occidental Petroleum Corporatio	Occidental Petroleum Corporatio	Buy - Position Entry	+68,000	-	$3.36M	68,000
Q1 2025	OXY-WS		Sell - Position Exit	-68,000	-100.0%	$0.00	-
Q1 2025	SIRI SiriusXM Holdings Inc	SiriusXM Holdings Inc	Buy	+689,872	+5479.5%	$15.84M	702,462
Q1 2025	STLA Stellantis	Stellantis	Buy	+940,000	+206.0%	$15.65M	1,396,388
Q4 2024	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Sell	-4	-4.4%	$58.56M	86
Q4 2024	HTZWW Hertz Global Holdings, Inc Warrant	Hertz Global Holdings, Inc Warrant	Sell	-191,111	-99.5%	$2.15K	1,000
Q4 2024	LBTYA Liberty Global	Liberty Global	Sell	-109,823	-90.1%	$153.12K	12,000
Q4 2024	NAVI Navient Corporation	Navient Corporation	Sell - Position Exit	-264,245	-100.0%	$0.00	-
Q4 2024	OXY Occidental Petroleum Corporatio	Occidental Petroleum Corporatio	Sell - Position Exit	-200,000	-100.0%	$0.00	-
Q4 2024	SIRI SiriusXM Holdings Inc	SiriusXM Holdings Inc	Sell	-11,096	-46.8%	$287.05K	12,590
Q4 2024	SNREV Sunrise Communications	Sunrise Communications	Buy - Position Entry	+2,400	-	$103.39K	2,400
Q4 2024	SYF Synchrony Financial	Synchrony Financial	Buy	+22,500	+11.6%	$14.02M	215,702
Q3 2024	HTZWW Hertz Global Holdings, Inc Warrant	Hertz Global Holdings, Inc Warrant	Sell	-50,106	-20.7%	$420.72K	192,111
Q3 2024	LSXMK		Sell - Position Exit	-28,282	-100.0%	$0.00	-
Q3 2024	OXY Occidental Petroleum Corporatio	Occidental Petroleum Corporatio	Buy - Position Entry	+200,000	-	$10.31M	200,000
Q3 2024	OXY-WS		Buy - Position Entry	+68,000	-	$2.02M	68,000
Q3 2024	RYAAY Ryanair Holdings plc	Ryanair Holdings plc	Buy	+3,562	+150.0%	$268.23K	5,937
Q3 2024	SIRI SiriusXM Holdings Inc	SiriusXM Holdings Inc	Buy - Position Entry	+23,686	-	$560.17K	23,686
Q2 2024	AAPL Apple Inc.	Apple Inc.	Buy - Position Entry	+44,000	-	$9.27M	44,000
Q2 2024	ALLY Ally Financial Inc.	Ally Financial Inc.	Buy	+69,839	+44.9%	$8.95M	225,525
Q2 2024	BAC Bank of America Corporation	Bank of America Corporation	Buy - Position Entry	+50,000	-	$1.99M	50,000
Q2 2024	BB BlackBerry Limited	BlackBerry Limited	Sell - Position Exit	-312,900	-100.0%	$0.00	-