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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
-5.13%
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
$122M
AUM Growth
-$6.8M
Cap. Flow
+$73.6K
Cap. Flow %
0.06%
Top 10 Hldgs %
100%
Holding
4
New
1
Increased
–
Reduced
–
Closed
–

Top Buys

Rank Stock Value
1
BRK.B icon
Berkshire Hathaway Class B
BRK.B
+$73.6K

Top Sells

No sells this quarter

Sector Composition

Rank Sector Weight
1 Financials 66.73%
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
$81.1M 66.67%
373
– –
WFC.WS
2
DELISTED
Wells Fargo & Company Ws
WFC.WS
$29.9M 24.58%
1,459,516
– –
CTCM
3
DELISTED
CTC MEDIA INC COM STK
CTCM
$10.6M 8.69%
2,669,630
– –
BRK.B icon
4
Berkshire Hathaway Class B
BRK.B
$1.06T
$72K 0.06%
+500
New +$73.6K

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Norbert Lou's Q1 2015 Portfolio in Review

As of Q1 2015, Norbert Lou held 4 positions worth $122M, down 5.3% from $128M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Norbert Lou's Q1 2015 filing shows 1 new position. Its largest new stake was Berkshire Hathaway Class B: 500 shares worth $72K.

By sector, the portfolio is most concentrated in Financials at 67% of assets, up from 66% a quarter earlier.

  • Norbert Lou's largest Q1 2015 buy was Berkshire Hathaway Class B: 500 shares worth $72K.
  • Norbert Lou's ten largest holdings make up 100% of its $122M portfolio in Q1 2015.
  • Norbert Lou opened 1 new position and closed 0 in Q1 2015.
  • Norbert Lou's portfolio value fell 5.3% quarter-over-quarter to $122M.

Based on Punch Card Management's 13F filing for Q1 2015, filed 15 May 2015.