PaperPanda Fund Terminal
Francis Chou
Chou Associates Management Inc. · CIK: 1389403 · Report Period: 2025-12-31 · Filed: 2026-02-13
Portfolio Concentration
Top 10 holdings by weight — hover for cross-investor insights
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Holdings
Total: $201,552,122 · 28 positions
| # | Ticker | Issuer | Class | % of Portfolio | Value ($) | Shares | Activity | Share Change |
|---|---|---|---|---|---|---|---|---|
| 1 |
 BRKA
|
BERKSHIRE HATHAWAY INC DEL | COM | 32.2% | $64,912,806 | 86 | - | - |
| 2 |
 GOOG
|
ALPHABET INC | COM | 11.3% | $22,715,982 | 72,390 | REDUCE | -10,000 |
| 3 |
 SYF
|
SYNCHRONY FINANCIAL | COM | 8.9% | $17,996,019 | 215,702 | - | - |
| 4 |
 STLA
|
STELLANTIS N.V | COM | 7.5% | $15,182,774 | 1,394,194 | - | - |
| 5 |
 OXY
|
OCCIDENTAL PETE CORP | COM | 6.4% | $12,870,561 | 313,000 | - | - |
| 6 |
 AAPL
|
APPLE INC | COM | 5.9% | $11,961,840 | 44,000 | - | - |
| 7 |
 ALLY
|
ALLY FINL INC | COM | 5.1% | $10,214,028 | 225,525 | - | - |
| 8 |
 SIRI
|
SIRIUSXM HOLDINGS INC | COM | 4.1% | $8,189,733 | 409,589 | REDUCE | -292,873 |
| 9 |
 BABA
|
ALIBABA GROUP HLDG LTD | COM | 3.0% | $6,141,702 | 41,900 | - | - |
| 10 |
 WFC
|
WELLS FARGO CO NEW | COM | 2.8% | $5,549,315 | 59,542 | - | - |
| 11 |
 GM
|
GENERAL MTRS CO | COM | 2.1% | $4,228,640 | 52,000 | - | - |
| 12 |
 C
|
CITIGROUP INC | COM | 1.9% | $3,815,180 | 32,695 | REDUCE | -25,000 |
| 13 |
 BAC
|
BANK AMERICA CORP | COM | 1.4% | $2,750,000 | 50,000 | - | - |
| 14 |
 POOL
|
POOL CORP | COM | 1.2% | $2,432,985 | 10,636 | - | - |
| 15 |
 PYPL
|
PAYPAL HLDGS INC | COM | 1.2% | $2,393,580 | 41,000 | - | - |
| 16 |
 MBI
|
MBIA INC | COM | 1.1% | $2,298,360 | 321,000 | - | - |
| 17 |
 CASH
|
PATHWARD FINANCIAL INC | COM | 1.0% | $1,944,619 | 27,389 | - | - |
| 18 |
 AGO
|
ASSURED GUARANTY LTD | COM | 0.5% | $987,671 | 10,990 | - | - |
| 19 |
 CYD
|
CHINA YUCHAI INTL LTD | COM | 0.4% | $829,422 | 23,364 | - | - |
| 20 |
 MEOH
|
METHANEX CORP | COM | 0.4% | $793,268 | 20,000 | - | - |
| 21 |
 MCO
|
MOODYS CORP | COM | 0.4% | $766,275 | 1,500 | REDUCE | -4,399 |
| 22 |
 JEF
|
JEFFERIES FINL GROUP INC | COM | 0.3% | $680,864 | 10,987 | - | - |
| 23 |
 MGA
|
MAGNA INTL INC | COM | 0.3% | $533,000 | 10,000 | - | - |
| 24 |
 LPX
|
LOUISIANA PAC CORP | COM | 0.2% | $475,353 | 5,886 | - | - |
| 25 |
 IMO
|
IMPERIAL OIL LTD | COM | 0.2% | $431,970 | 5,000 | - | - |
Position Changes
8 quarters available
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | GOOG | ALPHABET INC | REDUCE | -10,000 | -12.1% | 72,390 | $22,715,982 |
| 2 | MCO | MOODYS CORP | REDUCE | -4,399 | -74.6% | 1,500 | $766,275 |
| 3 | - | SUNRISE COMMUNICATIONS AG | SOLD | -2,400 | Exit | - | - |
| 4 | C | CITIGROUP INC | REDUCE | -25,000 | -43.3% | 32,695 | $3,815,180 |
| 5 | SIRI | SIRIUSXM HOLDINGS INC | REDUCE | -292,873 | -41.7% | 409,589 | $8,189,733 |
| 6 | - | LEAR CORP | SOLD | -4,000 | Exit | - | - |
| 7 | - | CREDIT ACCEP CORP MICH | SOLD | -262 | Exit | - | - |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | STLA | STELLANTIS N.V | ADD | +702,194 | +101.5% | 1,394,194 | $13,021,775 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | OXY | OCCIDENTAL PETE CORP | ADD | +245,000 | +360.3% | 313,000 | $13,149,129 |
| 2 | - | GROUPON INC | SOLD | -3,000,000 | Exit | - | - |
| 3 | STLA | STELLANTIS N.V | REDUCE | -704,388 | -50.4% | 692,000 | $6,940,760 |
| 4 | - | LIBERTY GLOBAL LTD | SOLD | -12,000 | Exit | - | - |
| 5 | CYD | CHINA YUCHAI INTL LTD | REDUCE | -50,000 | -68.2% | 23,364 | $558,633 |
| 6 | MEOH | METHANEX CORP | ADD | +16,000 | +400.0% | 20,000 | $662,236 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | BABA | ALIBABA GROUP HLDG LTD | ADD | +38,500 | +1132.4% | 41,900 | $5,540,437 |
| 2 | - | OCCIDENTAL PETE CORP | SOLD | -68,000 | Exit | - | - |
| 3 | OXY | OCCIDENTAL PETE CORP | NEW BUY | +68,000 | New | 68,000 | $3,356,481 |
| 4 | SIRI | SIRIUSXM HOLDINGS INC | ADD | +689,872 | +5479.5% | 702,462 | $15,837,007 |
| 5 | - | GROUPON INC | NEW BUY | +3,000,000 | New | 3,000,000 | $3,118,394 |
| 6 | STLA | STELLANTIS N.V | ADD | +940,000 | +206.0% | 1,396,388 | $15,653,510 |
| 7 | - | ALIBABA GROUP HLDG LTD | SOLD | -38,500 | Exit | - | - |
| 8 | GM | GENERAL MTRS CO | NEW BUY | +52,000 | New | 52,000 | $2,445,560 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | HTZWW | HERTZ GLOBAL HLDGS INC | REDUCE | -191,111 | -99.5% | 1,000 | $2,150 |
| 2 | - | LIBERTY GLOBAL LTD | REDUCE | -109,823 | -90.1% | 12,000 | $153,120 |
| 3 | - | NAVIENT CORPORATION | SOLD | -264,245 | Exit | - | - |
| 4 | BRKA | BERKSHIRE HATHAWAY INC DEL | REDUCE | -4 | -4.4% | 86 | $58,559,098 |
| 5 | - | SUNRISE COMMUNICATIONS AG | NEW BUY | +2,400 | New | 2,400 | $103,392 |
| 6 | OXY | OCCIDENTAL PETE CORP | SOLD | -200,000 | Exit | - | - |
| 7 | SIRI | SIRIUSXM HOLDINGS INC | REDUCE | -11,096 | -46.8% | 12,590 | $287,049 |
| 8 | SYF | SYNCHRONY FINANCIAL | ADD | +22,500 | +11.6% | 215,702 | $14,020,626 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | HTZWW | HERTZ GLOBAL HLDGS INC | REDUCE | -50,106 | -20.7% | 192,111 | $420,723 |
| 2 | - | OCCIDENTAL PETE CORP | NEW BUY | +68,000 | New | 68,000 | $2,020,960 |
| 3 | OXY | OCCIDENTAL PETE CORP | NEW BUY | +200,000 | New | 200,000 | $10,308,001 |
| 4 | SIRI | SIRIUS XM HOLDINGS INC | NEW BUY | +23,686 | New | 23,686 | $560,171 |
| 5 | RYAAY | RYANAIR HOLDINGS PLC | ADD | +3,562 | +150.0% | 5,937 | $268,234 |
| 6 | - | LIBERTY MEDIA CORP DEL | SOLD | -28,282 | Exit | - | - |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | MBI | MBIA INC | NEW BUY | +321,000 | New | 321,000 | $1,762,290 |
| 2 | JEF | JEFFERIES FINL GROUP INC | NEW BUY | +10,987 | New | 10,987 | $546,713 |
| 3 | LPX | LOUISIANA PAC CORP | NEW BUY | +5,886 | New | 5,886 | $484,594 |
| 4 | HTZWW | HERTZ GLOBAL HLDGS INC | REDUCE | -499,366 | -67.3% | 242,217 | $590,926 |
| 5 | BAC | BANK AMERICA CORP | NEW BUY | +50,000 | New | 50,000 | $1,988,500 |
| 6 | GOOG | ALPHABET INC | NEW BUY | +82,390 | New | 82,390 | $15,111,974 |
| 7 | MCO | MOODYS CORP | NEW BUY | +5,899 | New | 5,899 | $2,483,066 |
| 8 | - | LIBERTY GLOBAL PLC | ADD | +25,000 | +25.8% | 121,823 | $2,123,374 |
| 9 | - | NAVIENT CORPORATION | ADD | +80,907 | +44.1% | 264,245 | $3,847,406 |
| 10 | BRKA | BERKSHIRE HATHAWAY INC DEL | ADD | +10 | +12.5% | 90 | $55,101,666 |
| 11 | WFC | WELLS FARGO CO NEW | ADD | +40,000 | +204.7% | 59,542 | $3,536,199 |
| 12 | ALLY | ALLY FINL INC | ADD | +69,839 | +44.9% | 225,525 | $8,946,573 |
| 13 | POOL | POOL CORP | NEW BUY | +10,636 | New | 10,636 | $3,268,762 |
| 14 | AGO | ASSURED GUARANTY LTD | NEW BUY | +10,990 | New | 10,990 | $847,879 |
| 15 | - | BLACKBERRY LTD | SOLD | -312,900 | Exit | - | - |
| 16 | VTS | VITESSE ENERGY INC | NEW BUY | +1,293 | New | 1,293 | $30,644 |
| 17 | PYPL | PAYPAL HLDGS INC | NEW BUY | +41,000 | New | 41,000 | $2,379,230 |
| 18 | - | LEAR CORP | NEW BUY | +4,000 | New | 4,000 | $456,840 |
| 19 | SYF | SYNCHRONY FINANCIAL | ADD | +73,202 | +61.0% | 193,202 | $9,117,199 |
| 20 | AAPL | APPLE INC | NEW BUY | +44,000 | New | 44,000 | $9,267,280 |
| 21 | CASH | PATHWARD FINANCIAL INC | NEW BUY | +27,389 | New | 27,389 | $1,549,395 |
| 22 | - | CREDIT ACCEP CORP MICH | NEW BUY | +262 | New | 262 | $134,846 |
| 23 | - | BAUSCH HEALTH COS INC | SOLD | -715,000 | Exit | - | - |
| 24 | - | LIBERTY MEDIA CORP DEL | ADD | +13,250 | +88.1% | 28,282 | $626,729 |
| 25 | STLA | STELLANTIS N.V | ADD | +426,388 | +1421.3% | 456,388 | $9,059,301 |
| 26 | - | ALIBABA GROUP HLDG LTD | NEW BUY | +38,500 | New | 38,500 | $962,500 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | IMO | IMPERIAL OIL LTD | NEW BUY | +5,000 | New | 5,000 | $352,553 |
| 2 | - | LIBERTY GLOBAL PLC | NEW BUY | +96,823 | New | 96,823 | $1,674,719 |
| 3 | - | LIBERTY GLOBAL PLC | SOLD | -96,823 | Exit | - | - |
| 4 | - | LIBERTY MEDIA CORP DEL | NEW BUY | +15,032 | New | 15,032 | $456,544 |
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