Francis Chou - Chou Associates Management 13F Activity & Position Changes (Q4 2025)

According to the SEC 13F filed on Feb 13, 2026, the Chou Associates Management portfolio showed several notable changes in holdings as of quarter-end Dec 31, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q4 2025, the filing reported:

New Buys - None reported

Increases - None reported

Reductions - Citigroup, Inc., Alphabet Inc., Moody's Corporation, SiriusXM Holdings Inc

Complete Exits - Credit Acceptance Corporation, Lear Corporation, Sunrise Communications

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q4 2025	C Citigroup, Inc.	Citigroup, Inc.	Sell	-25,000	-43.3%	$3.82M	32,695
Q4 2025	CACC Credit Acceptance Corporation	Credit Acceptance Corporation	Sell - Position Exit	-262	-100.0%	$0.00	-
Q4 2025	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-10,000	-12.1%	$22.72M	72,390
Q4 2025	LEA Lear Corporation	Lear Corporation	Sell - Position Exit	-4,000	-100.0%	$0.00	-
Q4 2025	MCO Moody's Corporation	Moody's Corporation	Sell	-4,399	-74.6%	$766.27K	1,500
Q4 2025	SIRI SiriusXM Holdings Inc	SiriusXM Holdings Inc	Sell	-292,873	-41.7%	$8.19M	409,589
Q4 2025	SNREV Sunrise Communications	Sunrise Communications	Sell - Position Exit	-2,400	-100.0%	$0.00	-