Canada based value investor Francis Chou just reported his third quarter portfolio. Chou follows the classic Ben Graham’s approach of value investing, and has achieved great long term track record. To understand more how Francis Chou invests, please read our featured article, Francis Chou – The Investment Guru That You Never Heard Of.
Francis Chou buys Citigroup Inc., Bank Of America Warrants, Sears Holdings Corp., Primus Telecommunications Group Inc, The Goldman Sachs Group Inc., etc., sells Valeant Pharmaceuticals International Inc., Cryptologic Ltd. during the 3-months ended 09/30/2011, according to the most recent filings of his investment company, Chou Associates Management. As of 09/30/2011, Chou Associates Management owns 36 stocks with a total value of $383 million. These are the details of the buys and sells.
This is the portfolio chart of Francis Chou. You can click on the legend of the chart to show/hide buys, sells, or holdings. Each ball on the chart represents a position in the portfolio. You can move your mouse on the balls to see the details of each position and click to see the details of all guru trades with this position.
This is the sector weightings of his portfolio:
These are the top 5 holdings of Francis Chou
New Purchase: Citigroup Inc. (C, Financial)
Francis Chou initiated holdings in Citigroup Inc.. His purchase prices were between $23.96 and $42.63, with an estimated average price of $32.61. The impact to his portfolio due to this purchase was 1.44%. His holdings were 215,191 shares as of 09/30/2011. Citigroup Inc., the global financial services company, has some two hundred million customer accounts and does business in more than hundred countries, providing consumers, corporations, governments, and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citigroup Inc. has a market cap of $82.81 billion; its shares were traded at around $28.38 with a P/E ratio of 7.6 and P/S ratio of 1. The dividend yield of Citigroup Inc. stocks is 0.1%.
New Purchase: Primus Telecommunications Group Inc (PTGI, Financial)
Francis Chou initiated holdings in Primus Telecommunications Group Inc. His purchase prices were between $9.55 and $15.165, with an estimated average price of $12.64. The impact to his portfolio due to this purchase was 1.25%. His holdings were 451,022 shares as of 09/30/2011. Primus Telecommunications Group, Inc is an integrated global communications services provider offering international and domestic voice, voice-over-Internet protocol, Internet, wireless, data and hosting services to business and residential retail customers and other carriers. Primus Telecommunications Group Inc has a market cap of $151.9 million; its shares were traded at around $11.08 with a P/E ratio of 33.6 and P/S ratio of 0.2.
New Purchase: Qiao Xing Mobile Communication Co. Ltd. (QXM, Financial)
Francis Chou initiated holdings in Qiao Xing Mobile Communication Co. Ltd.. His purchase prices were between $0.98 and $2.12, with an estimated average price of $1.61. The impact to his portfolio due to this purchase was 0.19%. His holdings were 732,633 shares as of 09/30/2011. QIAO XING MOBILE COMMUNICATION CO., LTD. is one of the domestic manufacturers of mobile handsets in China in terms of unit sales volume. Qiao Xing Mobile Communication Co. Ltd. has a market cap of $52.5 million; its shares were traded at around $0.99 with and P/S ratio of 0.4.
New Purchase: China Yuchai International Ltd. (CYD, Financial)
Francis Chou initiated holdings in China Yuchai International Ltd.. His purchase prices were between $13.52 and $22.17, with an estimated average price of $17.38. The impact to his portfolio due to this purchase was 0.1%. His holdings were 25,426 shares as of 09/30/2011. China Yuchai International Ltd is involved in the Automotive Industry. China Yuchai International Ltd. has a market cap of $493.8 million; its shares were traded at around $13.25 with a P/E ratio of 3.6 and P/S ratio of 0.2. The dividend yield of China Yuchai International Ltd. stocks is 3.8%. China Yuchai International Ltd. had an annual average earnings growth of 11.4% over the past 10 years.
Added: Bank Of America Warrants (BAC.WS.A)
Francis Chou added to his holdings in Bank Of America Warrants by 45.45%. His purchase prices were between $2.58 and $5.52, with an estimated average price of $3.89. The impact to his portfolio due to this purchase was 1.42%. His holdings were 6,400,000 shares as of 09/30/2011. .
Added: Sears Holdings Corp. (SHLD, Financial)
Francis Chou added to his holdings in Sears Holdings Corp. by 22.77%. His purchase prices were between $52.04 and $76.1, with an estimated average price of $63.3. The impact to his portfolio due to this purchase was 1.35%. His holdings were 483,700 shares as of 09/30/2011. Sears Holdings Corporation, the parent of Kmart and Sears, Roebuck and Co. Sears Holdings Corp. has a market cap of $7.49 billion; its shares were traded at around $70.03 with and P/S ratio of 0.2. Sears Holdings Corp. had an annual average earnings growth of 8.7% over the past 10 years.
Added: The Goldman Sachs Group Inc. (GS, Financial)
Francis Chou added to his holdings in The Goldman Sachs Group Inc. by 43.48%. His purchase prices were between $93.98 and $137.6, with an estimated average price of $117.77. The impact to his portfolio due to this purchase was 1.23%. His holdings were 165,000 shares as of 09/30/2011. Goldman Sachs is a global investment banking and securities firm, providing a full range of investing, advisory and financing services worldwide to a substantial and diversified client base, which includes corporations, financial institutions, governments, and high net worth individuals. The Goldman Sachs Group Inc. has a market cap of $50.22 billion; its shares were traded at around $99.29 with a P/E ratio of 15.6 and P/S ratio of 1.3. The dividend yield of The Goldman Sachs Group Inc. stocks is 1.4%. The Goldman Sachs Group Inc. had an annual average earnings growth of 9.8% over the past 10 years.
Added: Jpmorgan Chase & Co. Wt (JPM.WS)
Francis Chou added to his holdings in Jpmorgan Chase & Co. Wt by 63.84%. His purchase prices were between $9.24 and $14.46, with an estimated average price of $12.02. The impact to his portfolio due to this purchase was 1.21%. His holdings were 1,279,423 shares as of 09/30/2011. .
Added: Abitibibowater (ABH)
Francis Chou added to his holdings in Abitibibowater by 12.53%. His purchase prices were between $15.02 and $21.02, with an estimated average price of $17.31. The impact to his portfolio due to this purchase was 1.17%. His holdings were 2,693,549 shares as of 09/30/2011. AbitibiBowater Inc is engaged in the production of newsprint and coated and specialty papers. Abitibibowater has a market cap of $1.52 billion; its shares were traded at around $15.61 with and P/S ratio of 0.3.
Added: Office Depot Inc. (ODP)
Francis Chou added to his holdings in Office Depot Inc. by 530.46%. His purchase prices were between $2.05 and $4.42, with an estimated average price of $2.96. The impact to his portfolio due to this purchase was 1.06%. His holdings were 2,348,501 shares as of 09/30/2011. Office Depot, Inc., together with its subsidiaries, is the one of the largest suppliers of office products and services in the world. Office Depot Inc. has a market cap of $717.7 million; its shares were traded at around $2.51 with a P/E ratio of 83.7 and P/S ratio of 0.1.
Added: Gap Inc. (GPS)
Francis Chou added to his holdings in Gap Inc. by 180.85%. His purchase prices were between $15.53 and $19.66, with an estimated average price of $17.4. The impact to his portfolio due to this purchase was 1.03%. His holdings were 375,490 shares as of 09/30/2011. The Gap, Inc. is a global specialty retailer which operates stores selling casual apparel, personal care and other accessories for men, women and children under the Gap, Banana Republic and Old Navy brands. Gap Inc. has a market cap of $10.29 billion; its shares were traded at around $20.17 with a P/E ratio of 11 and P/S ratio of 0.7. The dividend yield of Gap Inc. stocks is 2.3%. Gap Inc. had an annual average earnings growth of 15.4% over the past 10 years. GuruFocus rated Gap Inc. the business predictability rank of 3.5-star.
Added: Overstock.com Inc. (OSTK)
Francis Chou added to his holdings in Overstock.com Inc. by 4.08%. His purchase prices were between $9.03 and $15.84, with an estimated average price of $11.89. The impact to his portfolio due to this purchase was 0.22%. His holdings were 2,310,209 shares as of 09/30/2011. Overstock.com, Inc. is an online `closeout` retailer offering discount, brand-name merchandise for sale over the Internet. Overstock.com Inc. has a market cap of $195.8 million; its shares were traded at around $8.41 with and P/S ratio of 0.2.
Reduced: Valeant Pharmaceuticals International Inc. (VRX)
Francis Chou reduced to his holdings in Valeant Pharmaceuticals International Inc. by 44.17%. His sale prices were between $36.45 and $56.73, with an estimated average price of $45.98. The impact to his portfolio due to this sale was -1.18%. Francis Chou still held 126,377 shares as of 09/30/2011. Valeant Pharmaceuticals International, Inc. is a pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of neurology, dermatology and branded generics. Valeant Pharmaceuticals International Inc. has a market cap of $12.92 billion; its shares were traded at around $43.04 with a P/E ratio of 18.8 and P/S ratio of 10.9.
Reduced: Cryptologic Ltd. (CRYP)
Francis Chou reduced to his holdings in Cryptologic Ltd. by 24.83%. His sale prices were between $1 and $1.5, with an estimated average price of $1.33. The impact to his portfolio due to this sale was -0.01%. Francis Chou still held 45,100 shares as of 09/30/2011. Cryptologic, Inc. is engaged in Internet software development and management. Cryptologic Ltd. has a market cap of $17.8 million; its shares were traded at around $1.37 with and P/S ratio of 0.7.
Francis Chou buys Citigroup Inc., Bank Of America Warrants, Sears Holdings Corp., Primus Telecommunications Group Inc, The Goldman Sachs Group Inc., etc., sells Valeant Pharmaceuticals International Inc., Cryptologic Ltd. during the 3-months ended 09/30/2011, according to the most recent filings of his investment company, Chou Associates Management. As of 09/30/2011, Chou Associates Management owns 36 stocks with a total value of $383 million. These are the details of the buys and sells.
This is the portfolio chart of Francis Chou. You can click on the legend of the chart to show/hide buys, sells, or holdings. Each ball on the chart represents a position in the portfolio. You can move your mouse on the balls to see the details of each position and click to see the details of all guru trades with this position.
- New Purchases: C, PTGI, QXM, CYD,
- Added Positions: BAC.WS.A, SHLD, GS, JPM.WS, ABH, ODP, GPS, OSTK,
- Reduced Positions: VRX, CRYP,
This is the sector weightings of his portfolio:
| Financials | 27.8% |
| Consumer Services | 20.2% |
| Health Care | 18.5% |
| Not Assigned | 9.7% |
| Telecom | 7.9% |
| Technology | 0.6% |
| Industrials | 0.1% |
| Oil & Gas | 0.1% |
These are the top 5 holdings of Francis Chou
- Watson Pharmaceuticals Inc. (WPI) - 635,400 shares, 11.3% of the total portfolio.
- AbitibiBowater (ABH) - 2,693,549 shares, 10.6% of the total portfolio. Shares added by 12.53%
- Berkshire Hathaway Inc. Cl A (BRK.A) - 300 shares, 8.4% of the total portfolio.
- Sears Holdings Corp. (SHLD) - 483,700 shares, 7.3% of the total portfolio. Shares added by 22.77%
- Overstock.com Inc. (OSTK) - 2,310,209 shares, 5.6% of the total portfolio. Shares added by 4.08%
New Purchase: Citigroup Inc. (C, Financial)
Francis Chou initiated holdings in Citigroup Inc.. His purchase prices were between $23.96 and $42.63, with an estimated average price of $32.61. The impact to his portfolio due to this purchase was 1.44%. His holdings were 215,191 shares as of 09/30/2011. Citigroup Inc., the global financial services company, has some two hundred million customer accounts and does business in more than hundred countries, providing consumers, corporations, governments, and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citigroup Inc. has a market cap of $82.81 billion; its shares were traded at around $28.38 with a P/E ratio of 7.6 and P/S ratio of 1. The dividend yield of Citigroup Inc. stocks is 0.1%.
New Purchase: Primus Telecommunications Group Inc (PTGI, Financial)
Francis Chou initiated holdings in Primus Telecommunications Group Inc. His purchase prices were between $9.55 and $15.165, with an estimated average price of $12.64. The impact to his portfolio due to this purchase was 1.25%. His holdings were 451,022 shares as of 09/30/2011. Primus Telecommunications Group, Inc is an integrated global communications services provider offering international and domestic voice, voice-over-Internet protocol, Internet, wireless, data and hosting services to business and residential retail customers and other carriers. Primus Telecommunications Group Inc has a market cap of $151.9 million; its shares were traded at around $11.08 with a P/E ratio of 33.6 and P/S ratio of 0.2.
New Purchase: Qiao Xing Mobile Communication Co. Ltd. (QXM, Financial)
Francis Chou initiated holdings in Qiao Xing Mobile Communication Co. Ltd.. His purchase prices were between $0.98 and $2.12, with an estimated average price of $1.61. The impact to his portfolio due to this purchase was 0.19%. His holdings were 732,633 shares as of 09/30/2011. QIAO XING MOBILE COMMUNICATION CO., LTD. is one of the domestic manufacturers of mobile handsets in China in terms of unit sales volume. Qiao Xing Mobile Communication Co. Ltd. has a market cap of $52.5 million; its shares were traded at around $0.99 with and P/S ratio of 0.4.
New Purchase: China Yuchai International Ltd. (CYD, Financial)
Francis Chou initiated holdings in China Yuchai International Ltd.. His purchase prices were between $13.52 and $22.17, with an estimated average price of $17.38. The impact to his portfolio due to this purchase was 0.1%. His holdings were 25,426 shares as of 09/30/2011. China Yuchai International Ltd is involved in the Automotive Industry. China Yuchai International Ltd. has a market cap of $493.8 million; its shares were traded at around $13.25 with a P/E ratio of 3.6 and P/S ratio of 0.2. The dividend yield of China Yuchai International Ltd. stocks is 3.8%. China Yuchai International Ltd. had an annual average earnings growth of 11.4% over the past 10 years.
Added: Bank Of America Warrants (BAC.WS.A)
Francis Chou added to his holdings in Bank Of America Warrants by 45.45%. His purchase prices were between $2.58 and $5.52, with an estimated average price of $3.89. The impact to his portfolio due to this purchase was 1.42%. His holdings were 6,400,000 shares as of 09/30/2011. .
Added: Sears Holdings Corp. (SHLD, Financial)
Francis Chou added to his holdings in Sears Holdings Corp. by 22.77%. His purchase prices were between $52.04 and $76.1, with an estimated average price of $63.3. The impact to his portfolio due to this purchase was 1.35%. His holdings were 483,700 shares as of 09/30/2011. Sears Holdings Corporation, the parent of Kmart and Sears, Roebuck and Co. Sears Holdings Corp. has a market cap of $7.49 billion; its shares were traded at around $70.03 with and P/S ratio of 0.2. Sears Holdings Corp. had an annual average earnings growth of 8.7% over the past 10 years.
Added: The Goldman Sachs Group Inc. (GS, Financial)
Francis Chou added to his holdings in The Goldman Sachs Group Inc. by 43.48%. His purchase prices were between $93.98 and $137.6, with an estimated average price of $117.77. The impact to his portfolio due to this purchase was 1.23%. His holdings were 165,000 shares as of 09/30/2011. Goldman Sachs is a global investment banking and securities firm, providing a full range of investing, advisory and financing services worldwide to a substantial and diversified client base, which includes corporations, financial institutions, governments, and high net worth individuals. The Goldman Sachs Group Inc. has a market cap of $50.22 billion; its shares were traded at around $99.29 with a P/E ratio of 15.6 and P/S ratio of 1.3. The dividend yield of The Goldman Sachs Group Inc. stocks is 1.4%. The Goldman Sachs Group Inc. had an annual average earnings growth of 9.8% over the past 10 years.
Added: Jpmorgan Chase & Co. Wt (JPM.WS)
Francis Chou added to his holdings in Jpmorgan Chase & Co. Wt by 63.84%. His purchase prices were between $9.24 and $14.46, with an estimated average price of $12.02. The impact to his portfolio due to this purchase was 1.21%. His holdings were 1,279,423 shares as of 09/30/2011. .
Added: Abitibibowater (ABH)
Francis Chou added to his holdings in Abitibibowater by 12.53%. His purchase prices were between $15.02 and $21.02, with an estimated average price of $17.31. The impact to his portfolio due to this purchase was 1.17%. His holdings were 2,693,549 shares as of 09/30/2011. AbitibiBowater Inc is engaged in the production of newsprint and coated and specialty papers. Abitibibowater has a market cap of $1.52 billion; its shares were traded at around $15.61 with and P/S ratio of 0.3.
Added: Office Depot Inc. (ODP)
Francis Chou added to his holdings in Office Depot Inc. by 530.46%. His purchase prices were between $2.05 and $4.42, with an estimated average price of $2.96. The impact to his portfolio due to this purchase was 1.06%. His holdings were 2,348,501 shares as of 09/30/2011. Office Depot, Inc., together with its subsidiaries, is the one of the largest suppliers of office products and services in the world. Office Depot Inc. has a market cap of $717.7 million; its shares were traded at around $2.51 with a P/E ratio of 83.7 and P/S ratio of 0.1.
Added: Gap Inc. (GPS)
Francis Chou added to his holdings in Gap Inc. by 180.85%. His purchase prices were between $15.53 and $19.66, with an estimated average price of $17.4. The impact to his portfolio due to this purchase was 1.03%. His holdings were 375,490 shares as of 09/30/2011. The Gap, Inc. is a global specialty retailer which operates stores selling casual apparel, personal care and other accessories for men, women and children under the Gap, Banana Republic and Old Navy brands. Gap Inc. has a market cap of $10.29 billion; its shares were traded at around $20.17 with a P/E ratio of 11 and P/S ratio of 0.7. The dividend yield of Gap Inc. stocks is 2.3%. Gap Inc. had an annual average earnings growth of 15.4% over the past 10 years. GuruFocus rated Gap Inc. the business predictability rank of 3.5-star.
Added: Overstock.com Inc. (OSTK)
Francis Chou added to his holdings in Overstock.com Inc. by 4.08%. His purchase prices were between $9.03 and $15.84, with an estimated average price of $11.89. The impact to his portfolio due to this purchase was 0.22%. His holdings were 2,310,209 shares as of 09/30/2011. Overstock.com, Inc. is an online `closeout` retailer offering discount, brand-name merchandise for sale over the Internet. Overstock.com Inc. has a market cap of $195.8 million; its shares were traded at around $8.41 with and P/S ratio of 0.2.
Reduced: Valeant Pharmaceuticals International Inc. (VRX)
Francis Chou reduced to his holdings in Valeant Pharmaceuticals International Inc. by 44.17%. His sale prices were between $36.45 and $56.73, with an estimated average price of $45.98. The impact to his portfolio due to this sale was -1.18%. Francis Chou still held 126,377 shares as of 09/30/2011. Valeant Pharmaceuticals International, Inc. is a pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of neurology, dermatology and branded generics. Valeant Pharmaceuticals International Inc. has a market cap of $12.92 billion; its shares were traded at around $43.04 with a P/E ratio of 18.8 and P/S ratio of 10.9.
Reduced: Cryptologic Ltd. (CRYP)
Francis Chou reduced to his holdings in Cryptologic Ltd. by 24.83%. His sale prices were between $1 and $1.5, with an estimated average price of $1.33. The impact to his portfolio due to this sale was -0.01%. Francis Chou still held 45,100 shares as of 09/30/2011. Cryptologic, Inc. is engaged in Internet software development and management. Cryptologic Ltd. has a market cap of $17.8 million; its shares were traded at around $1.37 with and P/S ratio of 0.7.
