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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
-15.47%
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
$167M
AUM Growth
+$50.9M
Cap. Flow
+$73.1M
Cap. Flow %
43.8%
Top 10 Hldgs %
100%
Holding
7
New
2
Increased
1
Reduced
1
Closed
–

Top Buys

Rank Stock Value
1
BIDU icon
Baidu
BIDU
+$58M
2
TROW icon
T. Rowe Price
TROW
+$17.2M
3
CRCM
CARE.COM, INC.
CRCM
+$1.34M

Top Sells

Rank Stock Value
1
CTCM
CTC MEDIA INC COM STK
CTCM
+$3.5M

Sector Composition

Rank Sector Weight
1 Financials 53.39%
2 Communication Services 28.97%
3 Consumer Discretionary 0.99%
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
$72.8M 43.65%
373
– –
BIDU icon
2
Baidu
BIDU
$31.6B
$48.3M 28.97%
+351,759
New +$58M
WFC.WS
3
DELISTED
Wells Fargo & Company Ws
WFC.WS
$26.4M 15.83%
1,459,516
– –
TROW icon
4
T. Rowe Price
TROW
$23.8B
$16.2M 9.7%
+232,800
New +$17.2M
CRCM
5
DELISTED
CARE.COM, INC.
CRCM
$1.66M 0.99%
322,178
+228,980
+246% +$1.34M
CTCM
6
DELISTED
CTC MEDIA INC COM STK
CTCM
$1.36M 0.81%
776,580
-1,893,050
-71% -$3.5M
BRK.B icon
7
Berkshire Hathaway Class B
BRK.B
$1.06T
$65K 0.04%
500
– –

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Norbert Lou's Q3 2015 Portfolio in Review

As of Q3 2015, Norbert Lou held 7 positions worth $167M, up 44% from $116M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Norbert Lou deployed $73.1M of net new capital in Q3 2015, opening 2 new positions and adding to 1 existing holding. Its largest new stake was Baidu: 351,759 shares worth $48.3M.

By sector, the portfolio is most concentrated in Financials at 53% of assets, down from 66% a quarter earlier, followed by Communication Services and Consumer Discretionary.

On the sell side, the largest reduction was CTC MEDIA INC COM STK, an estimated $3.5M trimmed.

  • Norbert Lou's largest Q3 2015 buy was Baidu: 351,759 shares worth $48.3M.
  • Norbert Lou added most to CARE.COM, INC. in Q3 2015, an estimated $1.34M increase.
  • Norbert Lou's biggest Q3 2015 reduction was CTC MEDIA INC COM STK, cutting an estimated $3.5M.
  • Norbert Lou's ten largest holdings make up 100% of its $167M portfolio in Q3 2015.
  • Norbert Lou opened 2 new positions and closed 0 in Q3 2015.
  • Norbert Lou's portfolio value rose 44% quarter-over-quarter to $167M.

Based on Punch Card Management's 13F filing for Q3 2015, filed 16 Nov 2015.