MannKind And Atlanticus Top Chou Associates’ Holdings

Chou Associates Management IncSource: Made with Photoshop

Chou Associates Management Inc. filed its 13F for the quarter ended 30th September 2013 with the Securities and Exchange Commission. The regulatory filings show that Chou Associates increased its stakes in 2 stocks and reduced holdings in 5 stocks. The top ten holdings of Chou Associates represent a substantial 94.20% of its portfolio.

Francis Chou founded Chou Associates Management in 1986. Francis Chou is a well-known value investor who was named Morning Star Fund Manager of the Decade in 2004. Chou Associates Management Inc currently has a market value of $1.80 billion.

Chou Associates’ Top Positions

Biopharmaceutical company MannKind Corporation (NASDAQ:MNKD) was the biggest position of Chou Associates Management as of 30th September. Chou held 7,300,000 shares in MannKind for $722 million representing a significant 39.98% of its overall portfolio.

Financial services major Atlanticus Holdings Corp (NASDAQ:ATLC) was the second largest holding for Chou Associates Management as it held 12,300,000 shares in Atlanticus valuing $497 million comprising 27.52% of its total portfolio.

Chou Associates’ third largest holding was Level 3 Communications, Inc. (NYSE:LVLT), a facilities-based provider of a range of integrated communications services company. Chou held 1,470,000 shares in Level 3 valued $220 million representing 12.21% of overall portfolio.

Global forest product company Resolute Forest Products Inc (NYSE:RFP) was the fourth largest holding for Chou Associates Management as it held 4,127,259 shares for $54 million that represented 3.02% of Chou’s overall portfolio as of 30th September 2013.

Chou Associates’ fifth largest holding was Warren Buffet’s Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B) Chou Associates Management held 300 shares in Berkshire valued $51 million during the quarter ended 30th September 2013. Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B) constituted 2.83% of Chou Associates’ overall portfolio.

The sixth big position for Chou Associates was the retail major Sears Holdings Corp (NASDAQ:SHLD) (Holdings). Chou Associates held 803,256 shares of the retail major for $47.922 million representing 2.65% of its overall portfolio.

Computer major Dell Inc. (NASDAQ:DELL) was the seventh large position for Chou Associates as it held 2,500,000 shares valuing $34.42 million as of 30th September 2013. Dell constituted 1.90% of Chou Associates’ total portfolio.

Chou Associates Management Inc. has neither added any new position nor closed any major position during the quarter ended 30th Sep 2013.

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About the Author

Mani is a Senior Financial Consultant. He has worked in Senior Management role in large banking, financial and information technology organizations. He has provided solutions for major banking and securities firms across the globe in the area of retail, corporate and investment banking. He holds MBA (Finance) and Professional Management Accounting Qualifications. His hobbies are tracking global financial developments and watching sports

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