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Top 5 1st Quarter Trades of Francis Chou

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May 16, 2022
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Francis Chou recently filed their 13F report for the first quarter of 2022, which ended on 2022-03-31.

The 13F report details which stocks were in a guru’s equity portfolio at the end of the quarter, though investors should note that these filings are limited in scope, containing only a snapshot of long positions in U.S.-listed stocks and American depository receipts as of the quarter’s end. They are not required to include international holdings, short positions or other types of investments. Still, even this limited filing can provide valuable information.

Francis Chou (Trades, Portfolio), the fund manager of Chou America Mutual Funds, has been managing the Chou Funds in Canada since 1986. Chou's experience is an amazing success story of value investing. He came to Canada in 1976 at age 20 with $200 in his pocket. Without a college degree, he could only work on blue collar jobs. Finally, he landed a job at Bell Canada as a telephone repairman. During that time, he was introduced to the books of Benjamin Graham.
In 1981, together with six of his fellow telephone repairmen, Chou started an investment club with $51,000. He left Bell Canada in 1984 and became a retail analyst at GW Asset Management, where he met

Prem Watsa (Trades, Portfolio), the future Fairfax CEO. He turned the investment club into the Chou Associates Fund in 1986, and the rest is history.

As of the latest 13F report, the guru’s equity portfolio contained 18 stocks valued at a total of $188,000,000. The top holdings were BRK.A(28.14%), RFP(21.27%), and BHC(9.30%).

According to GuruFocus data, these were

Francis Chou (Trades, Portfolio)’s top five trades of the quarter.

JPMorgan Chase & Co


Francis Chou (Trades, Portfolio) reduced their investment in NYSE:JPM by 10,000 shares. The trade had a 0.83% impact on the equity portfolio. During the quarter, the stock traded for an average price of $147.84.

On 05/16/2022, JPMorgan Chase & Co traded for a price of $118.29 per share and a market cap of $347,864,257,000. The stock has returned -23.85% over the past year.

GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 6 out of 10.

In terms of valuation, JPMorgan Chase & Co has a price-earnings ratio of 8.79, a price-book ratio of 1.38, a price-earnings-to-growth (PEG) ratio of 1.31 and a price-sales ratio of 2.96.

The price-to-GF Value ratio is 0.82, earning the stock a GF Value rank of 9.

POSCO Holdings Inc


The guru sold out of their 21,000-share investment in NYSE:PKX. Previously, the stock had a 0.64% weight in the equity portfolio. Shares traded for an average price of $59.03 during the quarter.

On 05/16/2022, POSCO Holdings Inc traded for a price of $55.28 per share and a market cap of $17,441,926,000. The stock has returned -33.87% over the past year.

GuruFocus gives the company a financial strength rating of 7 out of 10 and a profitability rating of 7 out of 10.

In terms of valuation, POSCO Holdings Inc has a price-earnings ratio of 3.30, a price-book ratio of 0.42, a price-earnings-to-growth (PEG) ratio of 0.27, a EV-to-Ebitda ratio of 1.98 and a price-sales ratio of 0.28.

The price-to-GF Value ratio is 0.88, earning the stock a GF Value rank of 7.

Bausch Health Companies Inc


Francis Chou (Trades, Portfolio) reduced their investment in NYSE:BHC by 730,000 shares. The trade had a 9.82% impact on the equity portfolio. During the quarter, the stock traded for an average price of $26.75.

On 05/16/2022, Bausch Health Companies Inc traded for a price of $10.81 per share and a market cap of $3,890,744,000. The stock has returned -61.49% over the past year.

GuruFocus gives the company a financial strength rating of 2 out of 10 and a profitability rating of 5 out of 10.

In terms of valuation, Bausch Health Companies Inc has a EV-to-Ebitda ratio of 11.01 and a price-sales ratio of 0.47.

The price-to-GF Value ratio is 0.45, earning the stock a GF Value rank of 8.

Wells Fargo & Co


Francis Chou (Trades, Portfolio) reduced their investment in NYSE:WFC by 150,000 shares. The trade had a 3.36% impact on the equity portfolio. During the quarter, the stock traded for an average price of $49.28.

On 05/16/2022, Wells Fargo & Co traded for a price of $42.21 per share and a market cap of $160,085,528,000. The stock has returned -6.16% over the past year.

GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 6 out of 10.

In terms of valuation, Wells Fargo & Co has a price-earnings ratio of 8.78, a price-book ratio of 1.03, a price-earnings-to-growth (PEG) ratio of 2.31 and a price-sales ratio of 2.19.

The price-to-GF Value ratio is 0.88, earning the stock a GF Value rank of 7.

Resolute Forest Products Inc


Francis Chou (Trades, Portfolio) reduced their investment in NYSE:RFP by 203,000 shares. The trade had a 1.17% impact on the equity portfolio. During the quarter, the stock traded for an average price of $12.64.

On 05/16/2022, Resolute Forest Products Inc traded for a price of $14.465 per share and a market cap of $1,113,167,000. The stock has returned 3.98% over the past year.

GuruFocus gives the company a financial strength rating of 7 out of 10 and a profitability rating of 5 out of 10.

In terms of valuation, Resolute Forest Products Inc has a price-earnings ratio of 2.69, a price-book ratio of 0.64, a price-earnings-to-growth (PEG) ratio of 0.14, a EV-to-Ebitda ratio of 1.59 and a price-sales ratio of 0.30.

The price-to-GF Value ratio is 1.72, earning the stock a GF Value rank of 1.


Please note, the numbers and facts quoted are as of the writing of this article and may not factor in the latest trading data or company announcements.

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