Chou Associates Management

Francis Chou

$216.6M Portfolio Value
31 Stocks
+3.70% YTD Return
Aug 12, 2026 Last Updated
Portfolio Value Over Time

Current Holdings for Chou Associates Management

Stock Click to search
Shares Value % of Portfolio Change Est. Return
BRK-A|Berkshire Hathaway Inc
86 $64.4M
29.73%
GOOG|Alphabet Inc
72.4K $25.6M
11.81%
+94.58%
SYF|Synchrony Financial
223.2K $17.0M
7.84%
+90.99%
OXY|Occidental Pete Corp
313.0K $15.2M
7.02%
+37.41%
SIRI|Siriusxm Holdings Inc
409.6K $12.1M
5.59%
+20.72%
AAPL|Apple Inc
40.0K $11.6M
5.34%
TRIM -9.1% +68.33%
ALLY|Ally Finl Inc
225.5K $10.4M
4.79%
+41.36%
STLA|Stellantis N.v
1.4M $8.0M
3.69%
-58.44%
JEF|Jefferies Finl Group Inc
149.2K $7.5M
3.44%
-0.57%
PYPL|Paypal Hldgs Inc
167.4K $7.2M
3.34%
+22.19%
WFC|Wells Fargo Co
59.5K $4.9M
2.27%
+45.06%
TRVC|Citigroup Inc
32.7K $4.6M
2.11%
BABA|Alibaba Group Hldg Ltd
41.9K $4.0M
1.86%
+52.26%
GM|General Mtrs Co
52.0K $4.0M
1.85%
+77.43%
BAC|Bank Of Amer Corp
50.0K $2.8M
1.31%
+58.92%
CASH|Pathward Financial Inc
27.4K $2.4M
1.10%
+53.20%
POOL|Pool Corp
10.6K $2.3M
1.05%
-49.04%
MBI|Mbia Inc
321.0K $2.1M
0.97%
-20.00%
KHC|Kraft Heinz Co
69.5K $1.6M
0.76%
+5.94%
BRK-B|Berkshire Hathaway Inc
3.1K $1.6M
0.72%
+2.03%
AGO|Assured Guaranty Ltd
17.0K $1.4M
0.63%
-5.66%
CYD|China Yuchai Intl Ltd
23.4K $1.1M
0.51%
MEOH|Methanex Corp
20.0K $923.8K
0.43%
+73.24%
MCO|Moodys Corp
1.5K $679.4K
0.31%
+27.29%
MGA|Magna Intl Inc
10.0K $656.6K
0.30%
+34.05%
ATKR|Atkore Inc
8.4K $638.7K
0.29%
+41.32%
7HP|Hp Inc
26.5K $581.4K
0.27%
IMO|Imperial Oil Ltd
5.0K $561.5K
0.26%
+121.25%
LPX|Louisiana Pac Corp
5.9K $463.0K
0.21%
-17.33%
RYAAY|Ryanair Holdings PLC
5.9K $384.4K
0.18%
VTS|Vitesse Energy Ord
1.3K $20.4K
0.01%
ADD NEW -4.60%

Trading Activity for Chou Associates Management

Stock Click to search
Action Change Shares After Value Est. Return
2026-Q2
AAPL|Apple Inc
SELL -9.09% 40.0K $12M +55.8%
BHR|Braemar Hotels & Resorts Inc
SELL EXIT -14.4%
VTS|Vitesse Energy Ord
BUY NEW 1.3K $20391 -4.6%
2026-Q1
SYF|Synchrony Financial
BUY +3.48% 223.2K $15M +9.7%
PYPL|Paypal Hldgs Inc
BUY +308.29% 167.4K $8M +34.0%
JEF|Jefferies Finl Group Inc
BUY NEW 149.2K $6M -1.8%
BHR|Braemar Hotels & Resorts Inc
BUY NEW 2.5M $2M -29.3%
KHC|Kraft Heinz Co
BUY NEW 69.5K $2M +5.9%
BRK-B|Berkshire Hathaway Inc
BUY NEW 3.1K $1M +2.0%
AGO|Assured Guaranty Ltd
BUY +54.60% 17.0K $1M -11.4%
7HP|Hp Inc
BUY NEW 26.5K $509065
ATKR|Atkore Inc
BUY NEW 8.4K $494844 +41.3%
VTS|Vitesse Energy Inc
SELL EXIT -16.6%
HTZ|Hertz Global Hldgs Inc
SELL EXIT -71.1%
2025-Q4
GOOG|Alphabet Inc
SELL -12.14% 72.4K $23M +64.5%
SIRI|Siriusxm Holdings Inc
SELL -41.69% 409.6K $8M -9.0%
TRVC|Citigroup Inc
SELL -43.33% 32.7K $4M
MCO|Moodys Corp
SELL -74.57% 1.5K $766275 +21.6%
LEA|Lear Corp
SELL EXIT -16.8%
SNNRF|Sunrise Communications AG
SELL EXIT
CACC|Credit Accep Corp Mich
SELL EXIT -8.9%
2025-Q3
STLA|Stellantis N.v
BUY +101.47% 1.4M $13M -45.2%
2025-Q2
STLA|Stellantis N.v
SELL -50.44% 692.0K $7M -37.9%
OXY|Occidental Pete Corp
BUY +360.29% 313.0K $13M +42.7%
GRPN|Groupon Inc
SELL EXIT +121.6%
CYD|China Yuchai Intl Ltd
SELL -68.15% 23.4K $558633
MEOH|Methanex Corp
BUY +400.00% 20.0K $662236 +77.5%
LBTYA|Liberty Global Ltd
SELL EXIT -45.2%
2025-Q1
SIRI|Siriusxm Holdings Inc
BUY NEW 702.5K $16M +21.4%
STLA|Stellantis N.v
BUY +205.97% 1.4M $16M -59.0%
OXY|Occidental Pete Corp
BUY NEW 68.0K $3M +21.2%
GRPN|Groupon Inc
BUY NEW 3.0M $3M +81.5%
GM|General Mtrs Co
BUY NEW 52.0K $2M +77.4%
OXY-WS|Occidental Pete Corp
SELL EXIT
2024-Q4
BRK-A|Berkshire Hathaway Inc
SELL -4.44% 86 $59M
SYF|Synchrony Financial
BUY +11.65% 215.7K $14M +24.1%
OXY|Occidental Pete Corp
SELL EXIT -11.9%
NAVI|Navient Corporation
SELL EXIT -10.7%
LBTYA|Liberty Global Ltd
SELL -90.15% 12.0K $153120 -33.7%
SIRI|Siriusxm Holdings Inc
SELL -46.85% 12.6K $287049 -16.0%
HTZ|Hertz Global Hldgs Inc
SELL -99.48% 1.0K $2150 -80.0%
SNNRF|Sunrise Communications AG
BUY NEW 2.4K $103392
2024-Q3
OXY|Occidental Pete Corp
BUY NEW 200.0K $10M +3.1%
OXY-WS|Occidental Pete Corp
BUY NEW 68.0K $2M
LM0C|Liberty Media Corp
SELL EXIT
HTZ|Hertz Global Hldgs Inc
SELL -20.69% 192.1K $420723 -79.6%
SIRI|Sirius Xm Holdings Inc
BUY NEW 23.7K $560171 -8.7%
RYAAY|Ryanair Holdings PLC
BUY +149.98% 5.9K $268234 +26.4%
2024-Q2
BRK-A|Berkshire Hathaway Inc
BUY +12.50% 90 $55M +22.7%
GOOG|Alphabet Inc
BUY NEW 82.4K $15M +94.6%
AAPL|Apple Inc
BUY NEW 44.0K $9M +68.3%
SYF|Synchrony Financial
BUY +61.00% 193.2K $9M +83.5%
STLA|Stellantis N.v
BUY NEW 456.4K $9M -76.3%
ALLY|Ally Finl Inc
BUY +44.86% 225.5K $9M +9.2%
BHC|Bausch Health Cos Inc
SELL EXIT -69.3%
NAVI|Navient Corporation
BUY +44.13% 264.2K $4M -40.6%
WFC|Wells Fargo Co
BUY +204.69% 59.5K $4M +43.9%
HTZ|Hertz Global Hldgs Inc
SELL -67.34% 242.2K $590926 -71.7%
POOL|Pool Corp
BUY NEW 10.6K $3M -49.0%
MCO|Moodys Corp
BUY NEW 5.9K $2M +27.3%
PYPL|Paypal Hldgs Inc
BUY NEW 41.0K $2M -3.9%
LBTYA|Liberty Global PLC
BUY +25.82% 121.8K $2M -37.5%
BAC|Bank America Corp
BUY NEW 50.0K $2M +58.9%
MBI|Mbia Inc
BUY NEW 321.0K $2M -20.0%
CASH|Pathward Financial Inc
BUY NEW 27.4K $2M +53.2%
BABA|Alibaba Group Hldg Ltd
BUY NEW 41.9K $1M +54.0%
BB|Blackberry Ltd
SELL EXIT
AGO|Assured Guaranty Ltd
BUY NEW 11.0K $847879 -2.2%
LM0C|Liberty Media Corp
BUY +88.15% 28.3K $626729
JEF|Jefferies Finl Group Inc
BUY NEW 11.0K $546713 +17.5%
LPX|Louisiana Pac Corp
BUY NEW 5.9K $484594 -17.3%
LEA|Lear Corp
BUY NEW 4.0K $456840 -3.5%
CACC|Credit Accep Corp Mich
BUY NEW 262 $134846 +18.6%
VTS|Vitesse Energy Inc
BUY NEW 1.3K $30644 -27.3%
2024-Q1
LBTYA|Liberty Global PLC
SELL EXIT -51.8%
LBTYA|Liberty Global PLC
BUY NEW 96.8K $2M -42.2%
LM0C|Liberty Media Corp
BUY NEW 15.0K $456544
IMO|Imperial Oil Ltd
BUY NEW 5.0K $352553 +121.3%
2023-Q4
MBI|Mbia Inc
SELL EXIT +17.5%
OVER|Overstock Com Inc
SELL EXIT
RYAAY|Ryanair Holdings PLC
SELL -48.09% 2.4K $316730
2023-Q3
No position changes reported in this filing.
2023-Q2
BABA|Alibaba Group Hldg Ltd
BUY NEW 3.4K $283390 +35.5%
2023-Q1
RFPUSD|Resolute Fst Prods Inc
SELL EXIT
SYF|Synchrony Financial
BUY +106.90% 120.0K $3M +130.7%
NAVI|Navient Corporation
BUY NEW 183.3K $3M -48.2%
CIFR|Ci Finl Corp
SELL EXIT +70.6%
2022-Q4
BRK-A|Berkshire Hathaway Inc
SELL -20.00% 80 $37M
RFPUSD|Resolute Fst Prods Inc
SELL -86.84% 261.5K $6M
SELL EXIT
HTZ|Hertz Global Hldgs Inc
BUY +662.09% 741.6K $6M -87.9%
BHC|Bausch Health Cos Inc
SELL EXIT -77.6%
ALLY|Ally Finl Inc
BUY NEW 155.7K $4M +62.9%
JPM|Jpmorgan Chase & Co
SELL EXIT +14.5%
GS|Goldman Sachs Group Inc
SELL EXIT
SYF|Synchrony Financial
BUY NEW 58.0K $2M +130.7%
LBTYA|Liberty Global PLC
BUY +706.86% 96.8K $2M -43.5%
PKX|Posco Holdings Inc
SELL EXIT -6.8%
CIFR|Ci Finl Corp
BUY NEW 28.7K $286364 +1788.5%
GNUSEUR|Genius Brands Intl Inc
SELL EXIT
MEOH|Methanex Corp
BUY NEW 4.0K $151433 +58.2%
2022-Q3
RFPUSD|Resolute Fst Prods Inc
SELL -35.85% 2.0M $40M
SELL -28.87% 1.7M $34M
BB|Blackberry Ltd
SELL -18.28% 312.9K $1M
OVER|Overstock Com Inc
SELL -12.76% 38.4K $935000
HTZ|Hertz Global Hldgs Inc
BUY NEW 97.3K $856000 -89.0%
2022-Q2
BHC|Bausch Health Cos Inc
SELL -6.54% 715.0K $6M -55.7%
MBI|Mbia Inc
SELL -66.72% 199.5K $2M +117.5%
MBI|Mbia Inc
SELL EXIT +83.5%
BB|Blackberry Ltd
SELL EXIT +13.3%
MGA|Magna Intl Inc
SELL -50.00% 10.0K $549000 +25.1%
OVER|Overstock Com Inc
BUY NEW 44.0K $1M
PKX|Posco Holdings Inc
BUY NEW 21.0K $935000 -0.9%
GNUSEUR|Genius Brands Intl Inc
BUY NEW 341.3K $258000
2022-Q1
BUY +83.02% 2.4M $31M
JPM|Jpmorgan Chase & Co
SELL -29.18% 24.3K $3M +29.1%
BB|Blackberry Ltd
SELL -52.27% 182.6K $1M +42.0%
PKX|Posco
SELL EXIT +3.5%
2021-Q4
RFPUSD|Resolute Fst Prods Inc
SELL -6.15% 3.1M $47M
BHC|Bausch Health Cos Inc
SELL -48.83% 765.0K $21M +18.8%
SELL -29.75% 1.3M $20M
WFC|Wells Fargo Co
SELL -88.47% 19.5K $938000 -14.2%
2021-Q3
RFPUSD|Resolute Fst Prods Inc
SELL -16.27% 3.3M $39M
SELL -25.11% 1.9M $22M
BB|Blackberry Ltd
SELL -4.28% 382.9K $4M
BB|Blackberry Ltd
SELL -4.35% 382.6K $4M +100.0%
2021-Q2
RFPUSD|Resolute Fst Prods Inc
SELL -13.58% 3.9M $48M
BUY +21.37% 2.5M $31M
TRVC|Citigroup Inc
SELL -14.77% 57.7K $4M
GS|Goldman Sachs Group Inc
SELL -49.29% 7.1K $3M
TRL|Davita Inc
SELL EXIT
SNY|Sanofi
SELL EXIT +8.9%
SAVEEUR|Spirit Airls Inc
SELL EXIT
ALGT|Allegiant Travel Co
SELL EXIT +0.9%
BAC|Bank Amer Corp
SELL EXIT +33.9%
FCAU|Fiat Chrysler Automobiles N
SELL EXIT
2021-Q1
RFPUSD|Resolute Fst Prods Inc
SELL -0.27% 4.6M $50M
BHC|Bausch Health Cos Inc
SELL -2.86% 1.5M $47M +34.6%
BUY +295.24% 2.1M $23M
BHC|Bausch Health Cos Inc
BUY NEW 600.0K $19M -78.9%
WFC|Wells Fargo Co
SELL -19.09% 169.5K $7M -38.4%
MBI|Mbia Inc
SELL -3.23% 599.5K $6M +18.5%
GS|Goldman Sachs Group Inc
SELL -22.22% 14.0K $5M
MBI|Mbia Inc
BUY NEW 400.0K $4M -32.5%
BB|Blackberry Ltd
SELL -6.77% 400.0K $3M
TRL|Davita Inc
BUY +204.78% 32.7K $2M
SNY|Sanofi
BUY NEW 20.0K $874000 -6.7%
SAVEEUR|Spirit Airls Inc
BUY NEW 50.0K $645000
BAC|Bank Amer Corp
SELL -54.42% 8.4K $324000 +11.0%
STLA|Stellantis
BUY NEW 30.0K $533000 -68.3%
ALGT|Allegiant Travel Co
BUY NEW 4.3K $353000 -61.0%
LBTYA|Liberty Global PLC
BUY NEW 12.0K $308000 -58.2%
2020-Q4
GS|Goldman Sachs Group Inc
SELL -10.00% 18.0K $5M
MBI|Mbia Inc
SELL -5.06% 619.5K $4M +8.8%
BUY NEW 525.0K $3M
BB|Blackberry Ltd
BUY NEW 400.0K $3M +71.5%
TRL|Davita Inc
SELL -52.76% 10.7K $1M
SAVEEUR|Spirit Airls Inc
SELL EXIT
ALGT|Allegiant Travel Co
SELL EXIT +1.0%
2020-Q3
No position changes reported in this filing.
2020-Q2
BRK-A|Berkshire Hathaway Inc
SELL -33.33% 100 $26M
BHC|Bausch Health Cos Inc
SELL -1.28% 1.5M $27M -22.1%
TRL|Davita Inc
SELL -30.54% 22.7K $2M
BB|Blackberry Ltd
SELL -18.90% 429.0K $2M
CCRT|Compucredit Hldgs Corp
SELL EXIT
SNY|Sanofi
SELL EXIT +0.7%
2020-Q1
BHC|Bausch Health Cos Inc
SELL -5.46% 1.6M $24M +19.6%
WFC|Wells Fargo Co
SELL -38.29% 209.5K $6M -18.2%
TRL|Davita Inc
SELL -72.88% 32.7K $2M
JPM|Jpmorgan Chase & Co
SELL -22.59% 34.3K $3M +17.1%
BAC|Bank Amer Corp
SELL -80.32% 18.4K $390000 +7.8%
CCRT|Compucredit Hldgs Corp
SELL -2.38% 3.1M $2M
ENDP|Endo Intl PLC
SELL EXIT
TEVA|Teva Pharmaceutical Inds Ltd
SELL EXIT
2019-Q3
WFC|Wells Fargo Co
SELL -21.86% 339.5K $17M -18.2%
JPM|Jpmorgan Chase & Co
SELL -59.48% 44.3K $5M -0.9%
GS|Goldman Sachs Group Inc
SELL -60.00% 20.0K $4M
TRVC|Citigroup Inc
SELL -47.93% 67.7K $5M
MBI|Mbia Inc
SELL -31.50% 652.5K $6M +55.2%
ENDP|Endo Intl PLC
SELL -56.82% 380.0K $1M
SHOSUSD|Sears Hometown & Outlet Stor
SELL EXIT
CCRT|Compucredit Hldgs Corp
SELL -34.38% 3.1M $2M
2019-Q2
RFPUSD|Resolute Fst Prods Inc
SELL -8.05% 4.6M $33M
ENDP|Endo Intl PLC
SELL -44.30% 880.0K $4M
SNY|Sanofi
SELL -91.94% 20.0K $865000 -11.3%
TRL|Davita Inc
SELL -14.21% 120.7K $7M
SHOSUSD|Sears Hometown & Outlet Stor
BUY +4.53% 1.4M $3M
2019-Q1
RFPUSD|Resolute Fst Prods Inc
SELL -2.93% 5.0M $40M
SNY|Sanofi
SELL -16.78% 248.0K $11M -11.1%
SHOSUSD|Sears Hometown & Outlet Stor
SELL -23.50% 1.3M $3M
ASCMA|Ascent Cap Group Inc
SELL EXIT
SHLDEUR|Sears Hldgs Corp
SELL EXIT
2018-Q4
SNY|Sanofi
SELL -17.22% 298.0K $13M -7.5%
MBI|Mbia Inc
SELL -0.58% 952.5K $8M +58.1%
SHOSUSD|Sears Hometown & Outlet Stor
BUY +29.73% 1.7M $4M
MGA|Magna Intl Inc
BUY NEW 20.0K $909000 +34.0%
SHLDEUR|Sears Hldgs Corp
SELL -80.38% 99.1K $27000
ASCMA|Ascent Cap Group Inc
SELL -44.36% 149.1K $58000
FCAU|Fiat Chrysler Automobiles N
BUY NEW 30.0K $434000
2018-Q3
RFPUSD|Resolute Fst Prods Inc
BUY +8.47% 5.1M $66M
BHC|Bausch Health Cos Inc
BUY NEW 1.6M $42M -71.6%
VRX|Valeant Pharmaceuticals Intl
SELL EXIT
ENDP|Endo Intl PLC
BUY +79.55% 1.6M $27M
WFC|Wells Fargo Co
BUY NEW 434.5K $23M +47.5%
WFC|Wells Fargo & Co
SELL EXIT
GS|Goldman Sachs Group Inc
SELL -33.33% 50.0K $11M
SNY|Sanofi
SELL -12.20% 360.0K $16M -11.2%
TRVC|Citigroup Inc
SELL -38.10% 130.0K $9M
JPM|Jpmorgan Chase & Co
BUY NEW 109.3K $12M +209.0%
JPM|Jpmorgan Chase & Co
SELL EXIT
MBI|Mbia Inc
SELL -11.35% 958.1K $10M +72.5%
SHOSUSD|Sears Hometown & Outlet Stor
SELL -0.78% 1.3M $4M
NOK|Nokia Corp
SELL EXIT
BAC|Bank Amer Corp
BUY NEW 93.4K $3M +98.4%
SHLDEUR|Sears Hldgs Corp
SELL -55.34% 505.4K $489000
CCRT|Compucredit Hldgs Corp
SELL -9.43% 4.8M $3M
BAC|Bank Amer Corp
SELL EXIT
ASCMA|Ascent Cap Group Inc
SELL -12.42% 268.0K $474000
OVER|Overstock Com Inc
SELL EXIT
2018-Q2
RFPUSD|Resolute Fst Prods Inc
BUY +2.72% 4.7M $49M
TRL|Davita Inc
BUY NEW 140.7K $10M
NOK|Nokia Corp
SELL -23.53% 650.0K $4M
SELL EXIT
SD|Sandridge Energy Inc
SELL EXIT
SAVEEUR|Spirit Airls Inc
BUY NEW 50.0K $2M
ALGT|Allegiant Travel Co
BUY NEW 4.3K $600000 -43.5%
2018-Q1
VRX|Valeant Pharmaceuticals Intl
BUY NEW 1.6M $26M
ENDP|Endo Intl PLC
BUY +1000.00% 880.0K $5M

Closed Positions for Chou Associates Management

Stock Click to search
Held Period Cost Basis Sale Proceeds Realized Gain Return CAGR
BHR|Braemar Hotels & Resorts Inc
2026-Q1 → 2026-Q2 (0.2y) $7.2M $6.2M $-1.0M -14.4% -14.4%
HTZ|Hertz Global Hldgs Inc
2022-Q3 → 2026-Q1 (3.5y) $12.7M $3.2M $-9.4M -74.3% -32.3%
VTS|Vitesse Energy Inc
2024-Q2 → 2026-Q1 (1.7y) $30.6K $25.5K $-5.1K -16.6% -9.9%
LEA|Lear Corp
2024-Q2 → 2025-Q4 (1.5y) $512.1K $426.1K $-86.0K -16.8% -11.6%
CACC|Credit Accep Corp Mich
2024-Q2 → 2025-Q4 (1.5y) $132.6K $120.8K $-11.9K -8.9% -6.1%
GRPN|Groupon Inc
2025-Q1 → 2025-Q2 (0.2y) $35.2M $78.1M $+42.9M +121.6% +121.6%
LBTYA|Liberty Global Ltd
2024-Q1 → 2025-Q2 (1.2y) $2.2M $1.4M $-762.0K -34.8% -29.1%
OXY|Occidental Pete Corp
2024-Q3 → 2024-Q4 (0.2y) $11.5M $10.1M $-1.4M -11.9% -11.9%
NAVI|Navient Corporation
2023-Q1 → 2024-Q4 (1.7y) $4.5M $4.0M $-478.6K -10.7% -6.2%
BHC|Bausch Health Cos Inc
2018-Q3 → 2024-Q2 (5.7y) $37.8M $29.6M $-8.2M -21.7% -4.2%
LBTYA|Liberty Global PLC
2021-Q1 → 2024-Q1 (3.0y) $1.9M $909.4K $-977.1K -51.8% -21.7%
CIFR|Ci Finl Corp
2022-Q4 → 2023-Q1 (0.2y) $25.5K $43.5K $+18.0K +70.6% +70.6%
JPM|Jpmorgan Chase & Co
2018-Q3 → 2022-Q4 (4.2y) $12.5M $13.4M $+863.3K +6.9% +1.6%
BHC|Bausch Health Cos Inc
2021-Q1 → 2022-Q4 (1.7y) $18.5M $4.2M $-14.4M -77.6% -57.6%
PKX|Posco Holdings Inc
2022-Q2 → 2022-Q4 (0.5y) $1.2M $1.1M $-81.1K -6.8% -13.1%
MBI|Mbia Inc
2021-Q1 → 2022-Q2 (1.2y) $2.8M $5.2M $+2.4M +83.5% +62.8%
BB|Blackberry Ltd
2020-Q4 → 2022-Q2 (1.5y) $2.1M $2.7M $+652.3K +31.4% +20.1%
BAC|Bank Amer Corp
2018-Q3 → 2021-Q2 (2.7y) $2.9M $3.2M $+302.2K +10.5% +3.7%
SNY|Sanofi
2021-Q1 → 2021-Q2 (0.2y) $960.9K $1.0M $+86.0K +8.9% +8.9%
ALGT|Allegiant Travel Co
2018-Q2 → 2020-Q4 (2.5y) $661.0K $667.9K $+6.9K +1.0% +0.4%