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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
+4.81%
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
$128M
AUM Growth
–
Cap. Flow
+$126M
Cap. Flow %
97.85%
Top 10 Hldgs %
100%
Holding
3
New
3
Increased
–
Reduced
–
Closed
–

Top Buys

Rank Stock Value
1
BRK.A icon
Berkshire Hathaway Class A
BRK.A
+$80.8M
2
WFC.WS
Wells Fargo & Company Ws
WFC.WS
+$30.1M
3
CTCM
CTC MEDIA INC COM STK
CTCM
+$14.9M

Top Sells

No sells this quarter

Sector Composition

Rank Sector Weight
1 Financials 65.61%
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
$84.3M 65.61%
+373
New +$80.8M
WFC.WS
2
DELISTED
Wells Fargo & Company Ws
WFC.WS
$31.2M 24.27%
+1,459,516
New +$30.1M
CTCM
3
DELISTED
CTC MEDIA INC COM STK
CTCM
$13M 10.12%
+2,669,630
New +$14.9M

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Norbert Lou's Q4 2014 Portfolio in Review

Q4 2014 is the first quarter with a 13F filing on record for Norbert Lou, which disclosed 3 positions worth $128M. Its ten largest holdings account for 100% of the portfolio.

Its largest position is Berkshire Hathaway Class A: 373 shares worth $84.3M.

By sector, the portfolio is most concentrated in Financials at 66% of assets.

  • Norbert Lou's largest Q4 2014 buy was Berkshire Hathaway Class A: 373 shares worth $84.3M.
  • Norbert Lou's ten largest holdings make up 100% of its $128M portfolio in Q4 2014.
  • Norbert Lou disclosed 3 positions in Q4 2014, its first 13F filing on record.

Based on Punch Card Management's 13F filing for Q4 2014, filed 17 Feb 2015.