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Norbert Lou Punch Card Management

AUM $256M
1-Year Est. Return 1.13%
 

Norbert Lou is the founder of Punch Card Management, a firm named for the idea of making only a handful of exceptional investment decisions over a lifetime. The portfolio is typically extremely concentrated, reflecting multi-year conviction in a small number of businesses. Lou’s approach is frequently cited by investors who study ultra-concentrated value strategies.

This Fund
S&P 500
This Quarter Est. Return
+10.53%
1 Year Est. Return
+1.13%
3 Year Est. Return
+41.03%
5 Year Est. Return
+33.38%
10 Year Est. Return
+328.26%
AUM
$256M
AUM Growth
-$14.7M
Cap. Flow
-$29.2M
Cap. Flow %
-11.43%
Top 10 Hldgs %
100%
Holding
5
New
–
Increased
–
Reduced
2
Closed
–

Top Buys

No buys this quarter

Top Sells

Rank Stock Value
1
SGOV icon
iShares 0-3 Month Treasury Bond ETF
SGOV
+$27.3M
2
CROX icon
Crocs
CROX
+$1.9M

Sector Composition

Rank Sector Weight
1 Financials 53.03%
2 Consumer Discretionary 39.57%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BRK.A icon
1
Berkshire Hathaway Class A
BRK.A
$1.06T
$109M 42.42%
145
– –
CROX icon
2
Crocs
CROX
$5.85B
$69.6M 27.2%
577,170
-17,400
-3% -$1.9M
PDD icon
3
Pinduoduo
PDD
$126B
$31.7M 12.37%
415,004
– –
PYPL icon
4
PayPal
PYPL
$52.7B
$27.2M 10.61%
628,907
– –
SGOV icon
5
iShares 0-3 Month Treasury Bond ETF
SGOV
$103B
$18.9M 7.39%
188,000
-272,000
-59% -$27.3M

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Norbert Lou's Q2 2026 Portfolio in Review

As of Q2 2026, Norbert Lou held 5 positions worth $256M, down 5.4% from $271M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Norbert Lou withdrew a net $29.2M in Q2 2026, reducing 2 holdings. Its largest reduction was iShares 0-3 Month Treasury Bond ETF, cutting an estimated $27.3M.

By sector, the portfolio is most concentrated in Financials at 53% of assets, up from 49% a quarter earlier, followed by Consumer Discretionary.

  • Norbert Lou's biggest Q2 2026 reduction was iShares 0-3 Month Treasury Bond ETF, cutting an estimated $27.3M.
  • Norbert Lou's ten largest holdings make up 100% of its $256M portfolio in Q2 2026.
  • Norbert Lou opened 0 new positions and closed 0 in Q2 2026.
  • Norbert Lou's portfolio value fell 5.4% quarter-over-quarter to $256M.

Based on Punch Card Management's 13F filing for Q2 2026, filed 14 Aug 2026.