Francis Chou's Portfolio: Heavyweights in Tech & Finance

Key Holdings

Francis Chou's portfolio, managed by Chou Associates Management, features a concentrated selection of stocks as of December 31, 2025. The largest position by value is Alphabet Inc. (GOOG), holding approximately 11.27% of the portfolio. This is followed by SiriusXM Holdings Inc. (SIRI) at 4.06%, CitiGroup Inc. (C) at 1.89%, and Moody's Corporation (MCO) at 0.38%.

• Alphabet (GOOG): 11.27% allocation, 72,390 shares valued at $22.72 million.
• SiriusXM (SIRI): 4.06% allocation, 409,589 shares valued at $8.19 million.
• CitiGroup (C): 1.89% allocation, 32,695 shares valued at $3.82 million.
• Moody's (MCO): 0.38% allocation, 1,500 shares valued at $0.77 million.

The portfolio's top four holdings account for a substantial portion of its composition, highlighting a focused investment approach.

Strategic Focus on Tech and Finance

The portfolio demonstrates a clear strategic tilt towards the Technology sector, primarily through its significant stake in Alphabet Inc. (GOOG), which falls under Communication Services. This allocation underscores a potential theme of investing in large-cap technology and media companies.

Additionally, the portfolio includes exposure to the Consumer Discretionary sector via SiriusXM Holdings Inc. (SIRI), a leader in the satellite radio and streaming music space. The inclusion of CitiGroup (C) provides exposure to the Financial Services sector, specifically focusing on a major global bank.

The allocation to Moody's Corporation (MCO), also within Financial Services, suggests a diversification within that sector, albeit a smaller position. Overall, the portfolio appears concentrated, with a significant portion allocated to a few key holdings across Tech/Comm Services and Consumer Discretionary, complemented by exposure to Financial Services.

Recent Position Changes

Several holdings in the portfolio show significant changes from the previous period:

• Alphabet (GOOG): The position saw a reduction of 12.14%, equivalent to 10,000 fewer shares.
• SiriusXM (SIRI): This position experienced the most substantial reduction, decreasing by 41.69% or 292,873 shares.
• CitiGroup (C): The position decreased by 43.33%, corresponding to a reduction of 25,000 shares.
• Moody's (MCO): This position also saw a significant reduction, decreasing by 74.57% or 4,399 shares.

The widespread reduction in positions across all major holdings suggests a period of rebalancing or strategic selling by the fund manager. Investors should be aware of these significant declines in the fund's stake in these core holdings.