Chou Associates REALLY Loves Its Portfolio, Because It Didn’t Touch It Last Quarter

Resolute Forest Products Inc. (NYSE:RFP) stock forms 8.58% of  Chou Associates Management’s portfolio at the end of September quarter. The fund held 4.9 million shares of the company with the market value of $23.199 million.  The number of funds from our hedge fund database long Resolute Forest was at 16 in the quarter ending June. The total value of their holdings stood at $227 million, in comparison to $238 million held by 14 funds at the end of previous quarter. Shares of the stock are down 38% year-to-date.

Nokia Corp (ADR) (NYSE:NOK) stock declined 35% this year so far. However, the company offers healthy dividend yield of 6.74%. Chou Associates Management held 3.75 million shares of the company during the September quarter. The market value of the holding stands at $21.712 million and forms 8.03% of Chou Associates Management’s portfolio. 15 hedge funds from our database have positions in Nokia, with total holdings of about $369 million as on the end of June quarter, amounting to about 1.10% of the company’s outstanding stock. Nokia announced its third quarter revenue at $6.6 billion, falling 7% on year-over-year basis and 6% on a constant currency basis. The company reported its earning at $0.05 per share. The consensus estimate for sale and net profit stood at $6.5 billion and $0.05 per share respectively.

Citigroup Inc. (NYSE:C) stock has advanced 10% this year. Chou Associates Management held 410,000 shares of Citigroup worth $19.36 million as on the end of September quarter. 97 hedge funds we track hold about $8.49 billion of Citigroup stock as on the end of June quarter, in comparison to 101 funds holding stock worth $8.03 billion the previous quarter. Citigroup is currently in the middle of an interest swap investigation. The investigation is being carried by The US Commodity Futures Trading Commission and the bank said that it is cooperating with the authorities. According to its quarterly securities filing, the bank stated that the investigation is related to “the trading and clearing of interest rate swaps by investment banks.”

DISCLOSURE – NONE