Chou RRSP Fund's Strategic Moves: A Closer Look at Interfor Corp's Impact

This article first appeared on GuruFocus .

Analyzing the Fourth Quarter 2025 Portfolio Adjustments

Chou RRSP Fund ( Trades , Portfolio ) recently submitted its report for the fourth quarter of 2025, shedding light on its strategic investment decisions during this period. Established on October 30, 1986, the fund is managed by Chou Associates Management Inc. Its primary objective is to achieve long-term capital growth by investing in equity and debt instruments, predominantly in Canadian businesses, but also in U.S. and foreign entities. The fund's investment strategy is rooted in a value-oriented approach, focusing on the intrinsic strengths of individual companies rather than short-term market fluctuations. Since its inception, the fund has achieved an annual gain of 9.7%, outperforming the S&P/TSX's 7.5% annual gain.

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Key Position Increases

Chou RRSP Fund ( Trades , Portfolio ) made notable increases in two stocks during the fourth quarter:

• The most significant increase was in Interfor Corp ( TSX:IFP ), with an additional 63,000 shares, bringing the total to 164,200 shares. This adjustment represents a substantial 62.25% increase in share count, impacting the portfolio by 2.29%, with a total value of C$1,405,550.

• The second largest increase was in Canfor Corp ( TSX:CFP ), with an additional 42,000 shares, bringing the total to 88,000. This adjustment signifies a 91.3% increase in share count, with a total value of C$1,032,240.

Summary of Sold Out

Chou RRSP Fund ( Trades , Portfolio ) completely exited two holdings in the fourth quarter of 2025:

• Canfor Pulp Products Inc ( TSX:CFX ): The fund sold all 142,400 shares, resulting in a -0.46% impact on the portfolio.

• TVA Group Inc ( TSX:TVA.B ): The fund liquidated all 27,328 shares, causing a -0.09% impact on the portfolio.

Key Position Reduces

Chou RRSP Fund ( Trades , Portfolio ) also reduced its position in two stocks:

• Linamar Corp ( TSX:LNR ) was reduced by 7,000 shares, resulting in a -20.59% decrease in shares and a -2.05% impact on the portfolio. The stock traded at an average price of C$74.62 during the quarter and has returned 1.00% over the past three months and 1.76% year-to-date.

• EXCO Resources Inc ( EXCE ) was reduced by 3,120 shares, resulting in a -2.73% reduction in shares and a -0.43% impact on the portfolio. The stock traded at an average price of $14.46 during the quarter and has returned 9.12% over the past three months and 8.52% year-to-date.