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Chou Europe Fund Series A

European Equity

FundGrade B Click for more information on Fundata’s FundGrade

FundGrade B

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FundGrade A+® Rating Recipient

FundGrade A+® Rating Recipient

2014, 2013

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NAVPS
(04-22-2024)
$12.37
Change
$0.06 (0.50%)

As at March 31, 2024

As at June 30, 2023

Period
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Legend

Chou Europe Fund Series A

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Fund Returns

Inception Return (September 19, 2003): 4.45%

Fund Returns
Row Heading Return Annualized Return
1 Mth 3 Mth 6 Mth YTD 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr
Fund 3.56% 10.95% 28.27% 10.95% 24.03% 42.06% 16.44% 26.84% 13.63% 10.06% 8.95% 7.12% 4.15% 3.16%
Benchmark 3.63% 7.29% 17.28% 7.29% 14.30% 11.36% 8.05% 13.27% 8.07% 6.59% 7.35% 7.94% 6.40% 6.69%
Category Average 2.61% 15.55% 15.55% 5.64% 12.75% 8.91% 4.30% 10.68% 5.21% 3.89% 4.68% 4.89% 4.14% 4.29%
Category Rank 33 / 112 6 / 112 1 / 112 6 / 112 1 / 112 1 / 112 2 / 111 2 / 109 2 / 109 3 / 102 5 / 95 20 / 82 46 / 78 60 / 70
Quartile Ranking 2 1 1 1 1 1 1 1 1 1 1 1 3 4

Monthly Return

Monthly Return
Return % Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Fund 0.03% -4.14% 3.99% 2.39% -2.33% -3.04% -4.93% 17.54% 3.45% 0.03% 7.11% 3.56%
Benchmark 4.33% -5.65% 2.01% 2.73% -1.44% -4.13% -1.41% 7.87% 2.78% 0.64% 2.87% 3.63%

Best Monthly Return Since Inception

33.14% (November 2020)

Worst Monthly Return Since Inception

-16.56% (June 2022)

Calendar Return (%)

Calendar Return
Return % 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Fund 0.94% 1.87% -18.71% 3.59% -9.91% -3.05% 27.24% -4.46% 8.00% 39.57%
Benchmark 3.06% 17.20% -3.54% 18.15% -7.68% 19.54% 3.59% 15.26% -10.82% 17.51%
Category Average -0.81% 17.33% -5.77% 14.98% -9.04% 15.21% 3.84% 11.84% -15.77% 16.91%
Quartile Ranking 2 4 4 4 3 4 1 4 1 1
Category Rank 26/ 68 77/ 78 82/ 82 93/ 93 59/ 101 106/ 106 2/ 109 111/ 111 1/ 112 1/ 112

Best Calendar Return (Last 10 years)

39.57% (2023)

Worst Calendar Return (Last 10 years)

-18.71% (2016)

Asset Allocation

Asset Allocation
Name Percent
International Equity 80.69
Canadian Corporate Bonds 16.43
Foreign Corporate Bonds 2.91
Cash and Equivalents -0.03

Sector Allocation

Sector Allocation
Name Percent
Industrial Services 38.16
Consumer Goods 20.55
Fixed Income 19.34
Technology 9.73
Telecommunications 7.90
Other 4.32

Geographic Allocation

Geographic Allocation
Name Percent
Europe 80.75
North America 19.39
Other -0.14

Top Holdings

Top Holdings
Name Percent
Stellantis NV 20.55
Ryanair Holdings PLC - ADR 19.76
CAD SWEEP VII CIBC MELLON 0.75% 31-Dec-2049 16.43
Wizz Air Holdings PLC 12.21
Prosus NV 9.73
Liberty Global PLC Cl A 7.90
Jet2 PLC 6.18
Rolls-Royce Holdings PLC 4.25
USD SWEEP VII CIBC MELLON 1.50% 31-Dec-2049 2.91
Cairo Mezz PLC 0.11

Equity Style

Market capitalization is large. Equity style is growth.

Fixed Income Style

Fixed income style data not available
Period: 

Risk vs Return (3 Yr)

Chou Europe Fund Series A

Median

Other - European Equity

3 Yr Annualized

Standard Deviation 29.35% 29.73% 23.58%
Beta 1.14% 1.28% 1.14%
Alpha 0.09% 0.06% -0.03%
Rsquared 0.33% 0.44% 0.44%
Sharpe 0.57% 0.50% 0.18%
Sortino 1.00% 0.88% 0.19%
Treynor 0.15% 0.12% 0.04%
Tax Efficiency 71.87% 79.83% 54.91%
Volatility Volatility rating is 10 on a scale of 1 to 10 Volatility rating is 10 on a scale of 1 to 10 Volatility rating is 10 on a scale of 1 to 10

Risk Rating

Rating 10 out of ten

Annualized Key Ratio Period Comparison

Key Ratio
Key Ratio 1 Yr 3 Yr 5 Yr 10 Yr
Standard Deviation 21.25% 29.35% 29.73% 23.58%
Beta 1.35% 1.14% 1.28% 1.14%
Alpha 0.04% 0.09% 0.06% -0.03%
Rsquared 0.70% 0.33% 0.44% 0.44%
Sharpe 0.89% 0.57% 0.50% 0.18%
Sortino 2.59% 1.00% 0.88% 0.19%
Treynor 0.14% 0.15% 0.12% 0.04%
Tax Efficiency 96.36% 71.87% 79.83% 54.91%

Fund Details

Start Date September 19, 2003
Instrument Type Mutual Fund
Share Class Commission Based Advice
Legal Status Trust
Sales Status Open
Currency CAD
Distribution Frequency Annual
Assets ($mil) $4

Fund Codes

FundServ Code Load Code Sales Status
CHO200

Investment Objectives

The Fund's objective is to provide long-term growth of capital by investing primarily in the securities markets of Europe considered by the Manager to be undervalued. Investments may be made in securities markets outside of Europe. Investments may include common and preferred shares, convertible debentures, warrants, government and corporate bonds and short-term indebtedness.

Investment Strategy

The investment process followed in selecting equity investments, convertible debentures, warrants, government and corporate bonds and short-term indebtedness for the Funds is a value-oriented approach to investing that focuses on the European market. This involves a detailed analysis of the strengths of individual companies, with much less emphasis on short-term market factors.

Portfolio Manager(s)

Name Start Date
Francis Chou 09-15-2003

Management and Organization

Fund Manager Chou Associates Management Inc.
Advisor Chou Associates Management Inc.
Custodian CIBC Mellon Trust Company
Registrar CIBC Mellon Global Securities Services Company
Distributor -
Auditor Grant Thornton LLP

Investment Minimums

RSP Eligible Yes
PAC Allowed No
PAC Initial Investment -
PAC Subsequent -
SWP Allowed No
SWP Min Balance -
SWP Min Withdrawal -

Fees

MER 1.90%
Management Fee 1.50%
Load Front Fee Only
FE Max 2.00%
DSC Max -
Trailer Fee Max (FE) 0.50%
Trailer Fee Max (DSC) -
Trailer Fee Max (NL) -
Trailer Fee Max (LL) -

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