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

As of Jun 30, 2025, the Chou Associates Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Aug 13, 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 Q2 2025, the filing reported:

New Buys – None reported

Increases – Occidental Petroleum Corporatio (OXY), Methanex Corporation (MEOH)

Reductions – China Yuchai (CYD), Stellantis (STLA)

Complete Exits – Liberty Global (LBTYA)

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

Chou Associates Management Activity

Date	Symbol	Name	Type	Quantity	Value	Remaining
Q2 2021Jun 30, 2021	MBI MBIA Inc.	MBIA Inc.	Sell	-53,001-8.1%	$6.59K	599,530
Q2 2021Jun 30, 2021	BHC Bausch Health Companies Inc.	Bausch Health Companies Inc.	Sell	-63,992-4.1%	$43.83K	1,495,000
Q2 2021Jun 30, 2021	BB BlackBerry Limited	BlackBerry Limited	Sell	-129,040-24.4%	$4.89K	400,000
Q1 2021Mar 31, 2021	BB BlackBerry Limited	BlackBerry Limited	Buy	+100,000+23.3%	$2.17K	529,040
Q1 2021Mar 31, 2021	SAVE Spirit Airlines, Inc.	Spirit Airlines, Inc.	Buy - Position Entry	+50,000	$645.00	50,000
Q1 2021Mar 31, 2021	MBI MBIA Inc.	MBIA Inc.	Buy	+33,001+5.3%	$4.66K	652,531
Q1 2021Mar 31, 2021	DVA DaVita Inc.	DaVita Inc.	Buy	+22,000+204.8%	$2.49K	32,743
Q1 2021Mar 31, 2021	SNY Sanofi	Sanofi	Buy - Position Entry	+20,000	$874.00	20,000
Q1 2021Mar 31, 2021	BHC Bausch Health Companies Inc.	Bausch Health Companies Inc.	Buy	+20,000+1.3%	$24.16K	1,558,992
Q1 2021Mar 31, 2021	ALGT Allegiant Travel Company	Allegiant Travel Company	Buy - Position Entry	+4,317	$353.00	4,317
Q1 2021Mar 31, 2021	GS Goldman Sachs Group, Inc. (The)	Goldman Sachs Group, Inc. (The)	Buy	+2,000+11.1%	$3.09K	20,000
Q1 2021Mar 31, 2021	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Buy	+50+50.0%	$40.80K	150
Q4 2020Dec 31, 2020	GS Goldman Sachs Group, Inc. (The)	Goldman Sachs Group, Inc. (The)	Sell	-2,000-10.0%	$4.75K	18,000
Q4 2020Dec 31, 2020	ALGT Allegiant Travel Company	Allegiant Travel Company	Sell - Position Exit	-4,317-100.0%	$0.00	-
Q4 2020Dec 31, 2020	DVA DaVita Inc.	DaVita Inc.	Sell	-12,000-52.8%	$1.26K	10,743
Q4 2020Dec 31, 2020	MBI MBIA Inc.	MBIA Inc.	Sell	-33,001-5.1%	$4.08K	619,530
Q4 2020Dec 31, 2020	SAVE Spirit Airlines, Inc.	Spirit Airlines, Inc.	Sell - Position Exit	-50,000-100.0%	$0.00	-
Q2 2020Jun 30, 2020	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Sell	-50-33.3%	$25.79K	100
Q2 2020Jun 30, 2020	DVA DaVita Inc.	DaVita Inc.	Sell	-10,000-30.5%	$1.74K	22,743
Q2 2020Jun 30, 2020	BHC Bausch Health Companies Inc.	Bausch Health Companies Inc.	Sell	-20,000-1.3%	$27.15K	1,538,992
Q2 2020Jun 30, 2020	SNY Sanofi	Sanofi	Sell - Position Exit	-20,000-100.0%	$0.00	-
Q2 2020Jun 30, 2020	BB BlackBerry Limited	BlackBerry Limited	Sell	-100,000-18.9%	$2.02K	429,040
Q1 2020Mar 31, 2020	JPM JP Morgan Chase & Co.	JP Morgan Chase & Co.	Sell	-10,000-22.6%	$3.09K	34,275
Q1 2020Mar 31, 2020	BAC Bank of America Corporation	Bank of America Corporation	Sell	-10,000-35.2%	$390.00	18,376
Q1 2020Mar 31, 2020	BHC Bausch Health Companies Inc.	Bausch Health Companies Inc.	Sell	-60,000-3.7%	$24.16K	1,558,992
Q1 2020Mar 31, 2020	DVA DaVita Inc.	DaVita Inc.	Sell	-68,000-67.5%	$2.49K	32,743
Q4 2019Dec 31, 2019	TEVA Teva Pharmaceutical Industries	Teva Pharmaceutical Industries	Sell - Position Exit	-15,000-100.0%	$0.00	-
Q4 2019Dec 31, 2019	DVA DaVita Inc.	DaVita Inc.	Sell	-20,000-16.6%	$7.56K	100,743
Q4 2019Dec 31, 2019	BHC Bausch Health Companies Inc.	Bausch Health Companies Inc.	Sell	-30,000-1.8%	$48.44K	1,618,992
Q4 2019Dec 31, 2019	BAC Bank of America Corporation	Bank of America Corporation	Sell	-65,000-69.6%	$999.00	28,376

Page 4 of 7 • 195 total trades

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