DFX Intelligence

RIA Intelligence

Registered investment advisers, the advisors registered through them, the capital they report, the private vehicles they run and the people who own them, as a graph with a filing date behind every number. RAUM is what the adviser filed, a move is two registration dates, and a class is a rule you can read.

Former SEC-registered adviser

Chou America Management Inc.

Former SEC-registered adviserToronto, CRD 152093SEC 801-70814IAPD
Latest filing Mar 29, 2019
First filing on the tape Feb 10, 2012 · 17 filings
RAUM
$47.9M
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
0.0%
$0 individuals and HNW
Advisors
0
registered through the firm on IAPD
RAUM per advisor
n/a
derived; firm RAUM over IAPD count
Employees
2
1 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
0
reported on Schedule D
History
17 filings and snapshots on the tape
RAUM$47.9M as of Mar 29, 2019
Mar 14, 2012$69.3M then
HNW client RAUM$0 as of Mar 29, 2019
Mar 27, 2018$0 then
State-registered IARs (5.B.3)1 as of Mar 29, 2019
Mar 14, 20120 then
Employees (5.A)2 as of Mar 29, 2019
Mar 27, 20133 then
Private funds: no history
RAUM -42% over the last fiscal year-24% a year over threeIARs 1 to 1
Practice profile
derived from the filing of Mar 29, 2019; every figure names its basis
RAUM per advisor
$47.9MderivedRAUM over IAPD advisors; not a book size
Clients per advisor
unknownderivedindividual and HNW clients (5.D) over advisors
Average HNW client
unknownderivedHNW RAUM over HNW clients
Average account
$24.0MderivedRAUM over accounts (5.F.2.f)
Discretionary
100%derivedof RAUM
Institutional
0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor
2.0derivedItem 5.A over advisors
Advisors per office
1.0derived1 offices incl. principal (1.F.5)
RAUM growth, one year
-42%derivedbetween the last two annual amendments
Advisor growth, one year
+0.0%derivedItem 5.B.3 between annual amendments
Client growth, one year
unknownderived
Compensation
percentage of assetsreportedItem 5.E
Advisory activities
portfolio management for investment companiesreportedItem 5.G
Ownership
no PE, bank or public-company owner found on Schedule Aderived
Advisor book size
not public; not estimatedreported
Also answered yes on Form ADV
  • buys or sells securities as principal to or from clients (8.A.2)
  • has discretionary authority over which securities are bought or sold (8.C.1)
Where the RAUM sits
Form ADV Item 5.D, latest filing
  • Investment companies$47.9M100%
Individual clients
0reported
HNW clients
0reported
Pension plan clients
0reported
Charitable clients
0reported
Accounts
2reported
Financial planning clients
0reported
Wrap fee programs
noreported
Custody of client assets
noreported
Compensation
% of AUMreported
Class basis
absent from the latest SEC rosterderived
Advisors registered through the firm
0 on IAPD today, longest tenure first
No representative is registered through this CRD on IAPD.
Advisor movement
Left, latest
Joined, latest
Every departureEvery arrival
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
  • Francis Chou · Presidentcontrol
    since 09/2009 · owns 75% or more
  • Joseph Gery Sadzewicz · Chief Compliance Officer
    since 10/2009 · owns less than 5%
Related persons
Schedule D 7.A
No related person reported.
Offices
Schedule D 1.F, the 25 largest
No branch office listed.
What changed
consecutive filings, newest first
  • Accounts · 202 to 2
    Mar 27, 2018 to Mar 29, 2019
  • Discretionary RAUM · $82.6M to $47.9M
    Mar 27, 2018 to Mar 29, 2019
  • RAUM · $82.6M to $47.9M
    Mar 27, 2018 to Mar 29, 2019
  • Accounts · 2 to 202
    Mar 30, 2017 to Mar 27, 2018
  • Charity clients · unset to 0.0
    Mar 30, 2017 to Mar 27, 2018
  • Corporate clients · unset to 0.0
    Mar 30, 2017 to Mar 27, 2018
  • HNW clients · unset to 0.0
    Mar 30, 2017 to Mar 27, 2018
  • Individual clients · unset to 0.0
    Mar 30, 2017 to Mar 27, 2018
  • Pension plan clients · unset to 0.0
    Mar 30, 2017 to Mar 27, 2018
  • Pooled vehicle clients · unset to 0.0
    Mar 30, 2017 to Mar 27, 2018
  • Financial planning clients · unset to 0
    Mar 30, 2017 to Mar 27, 2018
  • Other offices · unset to 0.0
    Mar 30, 2017 to Mar 27, 2018
  • Discretionary RAUM · $102M to $82.6M
    Mar 30, 2017 to Mar 27, 2018
  • HNW RAUM · unset to 0.0
    Mar 30, 2017 to Mar 27, 2018
  • Individual RAUM · unset to 0.0
    Mar 30, 2017 to Mar 27, 2018
  • Pension RAUM · unset to 0.0
    Mar 30, 2017 to Mar 27, 2018
  • Pooled vehicle RAUM · unset to 0.0
    Mar 30, 2017 to Mar 27, 2018
  • RAUM · $102M to $82.6M
    Mar 30, 2017 to Mar 27, 2018
  • Discretionary RAUM · $111M to $102M
    Jan 10, 2017 to Mar 30, 2017
  • RAUM · $111M to $102M
    Jan 10, 2017 to Mar 30, 2017
  • BD registered reps · 1 to 0
    Mar 31, 2015 to Mar 23, 2016
  • Insurance-licensed employees · 1 to 0
    Mar 31, 2015 to Mar 23, 2016
  • State-registered IARs · 2 to 1
    Mar 31, 2015 to Mar 23, 2016
  • Discretionary RAUM · $117M to $111M
    Mar 31, 2015 to Mar 23, 2016
  • RAUM · $117M to $111M
    Mar 31, 2015 to Mar 23, 2016
  • Employees · 4 to 2
    Mar 29, 2014 to Mar 31, 2015
  • Discretionary RAUM · $73.5M to $117M
    Mar 29, 2014 to Mar 31, 2015
  • RAUM · $73.5M to $117M
    Mar 29, 2014 to Mar 31, 2015
  • Employees · 3 to 4
    Sep 23, 2013 to Mar 29, 2014
  • Discretionary RAUM · $47.8M to $73.5M
    Sep 23, 2013 to Mar 29, 2014
  • RAUM · $47.8M to $73.5M
    Sep 23, 2013 to Mar 29, 2014
  • Advisory employees · unset to 1.0
    Aug 31, 2012 to Mar 27, 2013
  • BD registered reps · 0 to 1
    Aug 31, 2012 to Mar 27, 2013
  • Employees · unset to 3.0
    Aug 31, 2012 to Mar 27, 2013
  • State-registered IARs · 0 to 2
    Aug 31, 2012 to Mar 27, 2013
  • Discretionary RAUM · $69.3M to $47.8M
    Aug 31, 2012 to Mar 27, 2013
  • RAUM · $69.3M to $47.8M
    Aug 31, 2012 to Mar 27, 2013
  • Discretionary RAUM · $61.7M to $69.3M
    Feb 10, 2012 to Mar 14, 2012
  • RAUM · $61.7M to $69.3M
    Feb 10, 2012 to Mar 14, 2012
Signals
No event on the tape.
Across DFX
shared identifiers only, never a name match
No identifier-backed link to the venture, private equity, family office or sponsor graphs.
Provenance
Form ADV
SEC filing data 2011 to 2024 and the monthly roster 2025 onreportedadviserinfo.sec.gov
Advisors
IAPD individual compilation feed, dailyreportedadviserinfo.sec.gov
Class
Former SEC-registered adviserderiveda rule over Items 5.D and 7.A
RAUM per advisor
n/aderivedfirm RAUM over the IAPD count; not a book size
Loaded
Sep 14, 2026