Key Points
Chou Associates sold 292,873 shares of SiriusXM, with an estimated trade value of $6.30 million based on quarterly average pricing.
The fund now holds 409,589 shares, worth $8.19 million at quarter-end.
Berkshire Hathaway will share its Q4 holdings this week.
What happened
According to a SEC filing dated Feb. 13, 2026, Chou Associates Management Inc. reduced its holding in SiriusXM Holdings Inc.(NASDAQ:SIRI) by 292,873 shares during the fourth quarter. The estimated value of the shares sold is $6.30 million, based on the average closing price over the quarter. The fund ended the period with 409,589 shares valued at $8.19 million. The overall position’s value dropped by $8.16 million, a figure that incorporates both trading activity and stock price changes.
What else to know
Chou Associates Management Inc. reduced its SiriusXM stake to 4.06% of 13F AUM as of Dec. 31, 2025.
Top holdings after the filing:
- NYSE: BRK-A: $64.91 million (32.2% of AUM)
- NASDAQ: GOOGL: $22.72 million (11.3% of AUM)
- NYSE: SYF: $17.99 million (8.9% of AUM)
- NYSE: STLA: $15.18 million (7.5% of AUM)
- NYSE: OXY: $12.87 million (6.4% of AUM)
As of Feb. 12, 2026, SiriusXM shares were priced at $21.70, down 11.6% over the past year, underperforming the S&P 500 by 24.47 percentage points.
The fund reported 28 positions and $201.55 million in reportable U.S. equity holdings at quarter-end.
Company overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $8.56 billion |
| Net Income (TTM) | $805 million |
| Dividend Yield | 5.02% |
| Price (as of market close 2/12/26) | $21.70 |
Company snapshot
- SiriusXM offers satellite radio, streaming audio, podcasts, and connected vehicle services; primary revenue comes from subscription fees.
- The company operates a subscription-based model, distributing content via satellite and digital platforms to individual consumers and automotive partners.
- It targets U.S. consumers, automakers, and retailers seeking premium audio entertainment, news, sports, and information services.
The company's vertically integrated content and distribution strategy leverages exclusive programming and broad automotive partnerships to maintain a strong competitive position. With a focus on recurring subscription revenue and a diversified content portfolio, SiriusXM continues to address evolving consumer preferences in the U.S. audio entertainment market.
What this transaction means for investors
Chou Associates may have a portfolio management strategy in mind with the stock sale. Even after selling nearly 300,000 shares, the fund manager still held a meaningful amount of SiriusXM shares at the end of 2025. Also, the fund’s top holding is Berkshire Hathaway(NYSE:BRKA)stock, representing nearly one-third of the portfolio.
Berkshire itself holds a large position in SiriusXM, so Chou Associates may be factoring that into the overall ownership position. As of Sept. 30, 2025, Berkshire held almost $3 billion worth of Sirius stock, representing approximately 35% ownership of the satellite radio provider. Berkshire Hathaway will update investors on its holdings when it releases the latest 13F filing this Tuesday Feb. 17.
SiriusXM’s subscription model is a good one. The company generated $1.26 billion in free cash flow in 2025. The company uses some of that cash to pay a dividend to shareholders that recently yielded about 5%. Chou Associates’ share sale shouldn’t be viewed as a change in conviction. In fact, with its remaining shares along with its Berkshire holding, the company still holds a large interest in SiriusXM stock.
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Synchrony Financial is an advertising partner of Motley Fool Money. Howard Smith has positions in Alphabet and Berkshire Hathaway. The Motley Fool has positions in and recommends Alphabet and Berkshire Hathaway. The Motley Fool recommends Occidental Petroleum and Stellantis. The Motley Fool has a disclosure policy.
