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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
-3.41%
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
$116M
AUM Growth
-$5.76M
Cap. Flow
+$600K
Cap. Flow %
0.52%
Top 10 Hldgs %
100%
Holding
5
New
1
Increased
–
Reduced
–
Closed
–

Top Buys

Rank Stock Value
1
CRCM
CARE.COM, INC.
CRCM
+$600K

Top Sells

No sells this quarter

Sector Composition

Rank Sector Weight
1 Financials 65.98%
2 Consumer Discretionary 0.48%
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
$76.4M 65.92%
373
– –
WFC.WS
2
DELISTED
Wells Fargo & Company Ws
WFC.WS
$32.8M 28.32%
1,459,516
– –
CTCM
3
DELISTED
CTC MEDIA INC COM STK
CTCM
$6.06M 5.23%
2,669,630
– –
CRCM
4
DELISTED
CARE.COM, INC.
CRCM
$552K 0.48%
+93,198
New +$600K
BRK.B icon
5
Berkshire Hathaway Class B
BRK.B
$1.06T
$68K 0.06%
500
– –

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Norbert Lou's Q2 2015 Portfolio in Review

As of Q2 2015, Norbert Lou held 5 positions worth $116M, down 4.7% from $122M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Norbert Lou's Q2 2015 filing shows 1 new position. Its largest new stake was CARE.COM, INC.: 93,198 shares worth $552K.

By sector, the portfolio is most concentrated in Financials at 66% of assets, down from 67% a quarter earlier, followed by Consumer Discretionary.

  • Norbert Lou's largest Q2 2015 buy was CARE.COM, INC.: 93,198 shares worth $552K.
  • Norbert Lou's ten largest holdings make up 100% of its $116M portfolio in Q2 2015.
  • Norbert Lou opened 1 new position and closed 0 in Q2 2015.
  • Norbert Lou's portfolio value fell 4.7% quarter-over-quarter to $116M.

Based on Punch Card Management's 13F filing for Q2 2015, filed 14 Aug 2015.