Chou Associates Management Inc. 13F: Quarter-over-Quarter Portfolio Changes
Chou Associates Management Inc. reported a disclosed portfolio value of approximately $210.3 million in its latest SEC Form 13F-HR filing for Q1 2026, up 4.3% quarter on quarter. Over the quarter, the manager initiated 5 new positions, bought more shares in 4 holdings, and exited 2 positions.
Chou Associates Management Inc.'s top buy was Jefferies Financial Group in (JEF) . The manager bought 1258.3% more shares, lifting the position's portfolio weight by 2.6 percentage points. Its top sell was Vitesse Energy INC (VTS) . The manager exited the position completely after it had accounted for 0.0% of the previous portfolio.
New PositionsQ1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Portfolio Weight | History |
|---|---|---|---|
| BRAEMAR HOTELS & RESORTS INC | BHR 4.5 06/01/26 | 1.2% | — |
| KRAFT HEINZ CO | KHC | 0.7% | Holders → |
| BERKSHIRE HATHAWAY B | BRK/B | 0.7% | — |
| HP INC | HPQ | 0.2% | Holders → |
| ATKORE INC | ATKR | 0.2% | Holders → |
Top BuysQ1 2026
The manager's top buys among existing positions in Q1 2026. Ranked by portfolio-weight impact, with the percentage of additional shares shown separately.
| Company | Ticker | Portfolio Weight Change | More Shares | History |
|---|---|---|---|---|
| JEFFERIES FINANCIAL GROUP IN | JEF | +2.6% | +1258.3% | History → |
| PAYPAL HLDGS INC | PYPL | +2.4% | +308.3% | History → |
| ASSURED GUARANTY LTD | AGO | +0.2% | +54.6% | Holders → |
| SYNCHRONY FINANCIAL | SYF | +-1.7% | +3.5% | History → |
Full ExitsQ1 2026
Positions present in the prior 13F-HR filing that no longer appear in Q1 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| VITESSE ENERGY INC | VTS | 0.0% |
| HERTZ GLOBAL HLDGS INC | HTZWW | 0.0% |
Net Portfolio Value ChangeQ1 2026
- $0.2BPrior quarter
- $0.2BCurrent quarter
- +$0.0BNet delta
- +4.3%% change
Methodology & FAQ
How Chou Associates Management Inc. Quarterly Changes Are Computed
All deltas are sourced from sequential SEC Form 13F-HR filings for Chou Associates Management Inc.: each row joins the most recent filing against the immediately preceding quarterly filing for the same fund. Share-count changes reflect reported trading activity, while portfolio weights can also move because of market price changes. Portfolio weights are normalized to exclude listed options for comparability. A complete description — including how confidential treatment filings are handled — is documented in the Methodology.
What stocks did Chou Associates Management Inc. buy in Q1 2026?
In Q1 2026, Chou Associates Management Inc. initiated 5 new positions (BRAEMAR HOTELS & RESORTS INC (BHR 4.5 06/01/26), KRAFT HEINZ CO (KHC), BERKSHIRE HATHAWAY B (BRK/B), HP INC (HPQ), ATKORE INC (ATKR)); bought more shares of JEFFERIES FINANCIAL GROUP IN (JEF), PAYPAL HLDGS INC (PYPL), ASSURED GUARANTY LTD (AGO), SYNCHRONY FINANCIAL (SYF).
What stocks did Chou Associates Management Inc. sell in Q1 2026?
In Q1 2026, Chou Associates Management Inc. fully sold 2 positions (VITESSE ENERGY INC (VTS), HERTZ GLOBAL HLDGS INC (HTZWW)).
Which positions did Chou Associates Management Inc. initiate in Q1 2026?
Chou Associates Management Inc. established 5 new positions in Q1 2026: BRAEMAR HOTELS & RESORTS INC (BHR 4.5 06/01/26, 1.2%), KRAFT HEINZ CO (KHC, 0.7%), BERKSHIRE HATHAWAY B (BRK/B, 0.7%), HP INC (HPQ, 0.2%), ATKORE INC (ATKR, 0.2%).
Which existing positions saw the largest allocation increases for Chou Associates Management Inc. in Q1 2026?
Of 4 existing positions with share-count increases in Q1 2026, the largest were: JEFFERIES FINANCIAL GROUP IN (JEF, +2.6% weight, +1258.3% shares), PAYPAL HLDGS INC (PYPL, +2.4% weight, +308.3% shares), ASSURED GUARANTY LTD (AGO, +0.2% weight, +54.6% shares), SYNCHRONY FINANCIAL (SYF, +-1.7% weight, +3.5% shares).
Which positions did Chou Associates Management Inc. fully exit in Q1 2026?
Chou Associates Management Inc. fully exited 2 positions in Q1 2026: VITESSE ENERGY INC (VTS, last-reported weight 0.0%), HERTZ GLOBAL HLDGS INC (HTZWW, last-reported weight 0.0%).
Which existing positions saw the largest allocation reductions for Chou Associates Management Inc. in Q1 2026?
Chou Associates Management Inc. reported no material allocation reductions in existing positions in Q1 2026.
Do quarter-over-quarter 13F allocation changes constitute explicit trading signals?
No. Quarter-over-quarter changes reflect a combination of active trading and market price movement. A weight increase can result from price appreciation alone, without the manager adding shares. Share-count delta is the cleaner indicator of explicit trading activity. All deltas on this page are sourced from sequential SEC Form 13F-HR filings.