Chou Associates Management Inc. — Quarter-over-Quarter 13F Allocation Shifts Q1 2026
In Q1 2026, Chou Associates Management Inc. initiated 5 new positions, increased allocation to 4 existing positions, and exited 2 positions entirely. The fund's 13F equity book grew from $0.20B to $0.21B (+4.3% QoQ) . All deltas are sourced from sequential SEC Form 13F-HR filings; share-count changes reflect explicit trading activity, while weight changes can also include price movement. This page lists every position change reported — the portfolio overview shows a summary of the top shifts.
Net Portfolio Value Change
- $0.20BPrior quarter
- $0.21BCurrent quarter
- + $0.01BNet delta
- +4.3%% change
New Position Initiations Q1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Allocation Weight | History |
|---|---|---|---|
| BRAEMAR HOTELS & RESORTS INC | UNKNOWN | 1.17% | Holders → |
| KRAFT HEINZ CO | KHC | 0.74% | Holders → |
| BERKSHIRE HATHAWAY INC DEL | BRK/B | 0.71% | Holders → |
| HP, INC. | HPQ | 0.24% | Holders → |
| ATKORE INC | ATKR | 0.24% | Holders → |
Largest Allocation Increases Q1 2026
Largest portfolio-weight increases in existing positions. Share-count delta is shown separately so price-only re-weighting can be distinguished from active adds.
| Company | Ticker | Δ Weight | Δ Shares | History |
|---|---|---|---|---|
| JEFFERIES FINANCIAL GROUP IN | JEF | +2.59% | +1258.31% | History → |
| PAYPAL HLDGS INC | PYPL | +2.41% | +308.29% | History → |
| ASSURED GUARANTY LTD | AGO | +0.17% | +54.60% | Holders → |
| SYNCHRONY FINANCIAL | SYF | +-1.71% | +3.48% | History → |
Exited Positions Q1 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 | 0.01% |
| HERTZ GLOBAL HLDGS INC | HTZWW | 0.00% |
Methodology & FAQ
How Chou Associates Management Inc. Quarterly Changes Are Computed
Each row above is computed by joining the most recent 13F-HR filing for Chou Associates Management Inc. against the immediately preceding quarterly filing for the same fund. Portfolio weights are normalized to exclude listed options for comparability. A complete description of the methodology — including how confidential treatment filings are handled and why share count rather than weight is the cleaner trading signal — is documented in the Methodology.
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 (UNKNOWN, 1.17%), KRAFT HEINZ CO (KHC, 0.74%), BERKSHIRE HATHAWAY INC DEL (BRK/B, 0.71%), HP, INC. (HPQ, 0.24%), ATKORE INC (ATKR, 0.24%).
Which existing positions saw the largest allocation increases for Chou Associates Management Inc. in Q1 2026?
The largest portfolio-weight increases in existing positions were: JEFFERIES FINANCIAL GROUP IN (JEF, +2.59% weight, +1258.31% shares), PAYPAL HLDGS INC (PYPL, +2.41% weight, +308.29% shares), ASSURED GUARANTY LTD (AGO, +0.17% weight, +54.60% shares), SYNCHRONY FINANCIAL (SYF, +-1.71% weight, +3.48% 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 0.01%), HERTZ GLOBAL HLDGS INC (HTZWW, last-reported weight 0.00%).
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.