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
Q4 2019Dec 31, 2019	WFC Wells Fargo & Company	Wells Fargo & Company	Sell	-130,000-38.3%	$11.27K	209,542
Q3 2019Sep 30, 2019	GS Goldman Sachs Group, Inc. (The)	Goldman Sachs Group, Inc. (The)	Sell	-30,000-60.0%	$4.14K	20,000
Q3 2019Sep 30, 2019	C Citigroup, Inc.	Citigroup, Inc.	Sell	-62,305-47.9%	$4.68K	67,695
Q3 2019Sep 30, 2019	JPM JP Morgan Chase & Co.	JP Morgan Chase & Co.	Sell	-65,000-59.5%	$5.21K	44,275
Q3 2019Sep 30, 2019	WFC Wells Fargo & Company	Wells Fargo & Company	Sell	-95,000-21.9%	$17.13K	339,542
Q3 2019Sep 30, 2019	MBI MBIA Inc.	MBIA Inc.	Sell	-300,000-31.5%	$6.02K	652,531
Q2 2019Jun 30, 2019	DVA DaVita Inc.	DaVita Inc.	Sell	-20,000-14.2%	$6.79K	120,743
Q2 2019Jun 30, 2019	SNY Sanofi	Sanofi	Sell	-228,000-91.9%	$865.00	20,000
Q1 2019Mar 31, 2019	SNY Sanofi	Sanofi	Sell	-50,000-16.8%	$10.98K	248,000
Q4 2018Dec 31, 2018	MGA Magna International, Inc.	Magna International, Inc.	Buy - Position Entry	+20,000	$909.00	20,000
Q4 2018Dec 31, 2018	MBI MBIA Inc.	MBIA Inc.	Sell	-5,566-0.6%	$8.50K	952,531
Q4 2018Dec 31, 2018	SNY Sanofi	Sanofi	Sell	-62,000-17.2%	$12.94K	298,000
Q3 2018Sep 30, 2018	BHC Bausch Health Companies Inc.	Bausch Health Companies Inc.	Buy - Position Entry	+1,648,992	$42.33K	1,648,992
Q3 2018Sep 30, 2018	WFC Wells Fargo & Company	Wells Fargo & Company	Buy - Position Entry	+434,542	$22.84K	434,542
Q3 2018Sep 30, 2018	JPM JP Morgan Chase & Co.	JP Morgan Chase & Co.	Buy - Position Entry	+109,275	$12.33K	109,275
Q3 2018Sep 30, 2018	BAC Bank of America Corporation	Bank of America Corporation	Buy - Position Entry	+93,376	$2.75K	93,376
Q3 2018Sep 30, 2018	BYON Beyond, Inc.	Beyond, Inc.	Sell - Position Exit	-6,650-100.0%	$0.00	-
Q3 2018Sep 30, 2018	GS Goldman Sachs Group, Inc. (The)	Goldman Sachs Group, Inc. (The)	Sell	-25,000-33.3%	$11.21K	50,000
Q3 2018Sep 30, 2018	SNY Sanofi	Sanofi	Sell	-50,000-12.2%	$16.08K	360,000
Q3 2018Sep 30, 2018	C Citigroup, Inc.	Citigroup, Inc.	Sell	-80,000-38.1%	$9.33K	130,000
Q3 2018Sep 30, 2018	MBI MBIA Inc.	MBIA Inc.	Sell	-122,700-11.4%	$10.24K	958,097
Q3 2018Sep 30, 2018	NOK Nokia Corporation Sponsored	Nokia Corporation Sponsored	Sell - Position Exit	-650,000-100.0%	$0.00	-
Q2 2018Jun 30, 2018	DVA DaVita Inc.	DaVita Inc.	Buy - Position Entry	+140,743	$9.77K	140,743
Q2 2018Jun 30, 2018	SAVE Spirit Airlines, Inc.	Spirit Airlines, Inc.	Buy - Position Entry	+50,000	$1.82K	50,000
Q2 2018Jun 30, 2018	ALGT Allegiant Travel Company	Allegiant Travel Company	Buy - Position Entry	+4,317	$600.00	4,317
Q2 2018Jun 30, 2018	SD SandRidge Energy, Inc.	SandRidge Energy, Inc.	Sell - Position Exit	-135,903-100.0%	$0.00	-
Q2 2018Jun 30, 2018	NOK Nokia Corporation Sponsored	Nokia Corporation Sponsored	Sell	-200,000-23.5%	$3.74K	650,000
Q4 2017Dec 31, 2017	RYAAY Ryanair Holdings plc	Ryanair Holdings plc	Sell	-12,000-72.4%	$477.00	4,575
Q4 2017Dec 31, 2017	SD SandRidge Energy, Inc.	SandRidge Energy, Inc.	Sell	-20,720-13.2%	$2.86K	135,903
Q4 2017Dec 31, 2017	BYON Beyond, Inc.	Beyond, Inc.	Sell	-280,000-97.7%	$425.00	6,650

Page 5 of 7 • 195 total trades

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