Norbert Lou Punch Card Management
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.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Baidu
BIDU
|
+$33.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
T. Rowe Price
TROW
|
+$16.6M |
| 2 |
CRCM
CARE.COM, INC.
CRCM
|
+$2.31M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 50.43% |
| 2 | Financials | 38.52% |
| 3 | Miscellaneous | 11.05% |
| 4 | Consumer Discretionary | 0% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Baidu
BIDU
$27.2B
| $104M | 50.43% |
546,179
+194,420
| +55% | +$33.1M |
2015 Q3
2 quarters
|
|
2
Berkshire Hathaway Class A
BRK.A
$1.25T
| $79.6M | 38.52% |
373
| – | – |
2014 Q4
5 quarters
|
|
3
DELISTED
Wells Fargo & Company Ws
WFC.WS
| $22.8M | 11.05% |
1,459,516
| – | – |
2014 Q4
5 quarters
|
|
|
4
T. Rowe Price
TROW
$23.6B
| – | – |
-232,800
| Closed | -$16.6M | – |
|
|
CRCM
5
DELISTED
CARE.COM, INC.
CRCM
| – | – |
-322,178
| Closed | -$2.31M | – |
|
Similar funds
Norbert Lou's Q1 2016 Portfolio in Review
As of Q1 2016, Norbert Lou held 5 positions worth $207M, up 9.3% from $189M the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Norbert Lou deployed $14.1M of net new capital in Q1 2016, adding to 1 existing holding.
By sector, the portfolio is most concentrated in Communication Services at 50% of assets, up from 35% a quarter earlier, followed by Financials and Miscellaneous.
On the sell side, the most notable exit was T. Rowe Price, an estimated $16.6M sold.
- Norbert Lou added most to Baidu in Q1 2016, an estimated $33.1M increase.
- Norbert Lou fully exited T. Rowe Price in Q1 2016, selling an estimated $16.6M.
- Norbert Lou's ten largest holdings make up 100% of its $207M portfolio in Q1 2016.
- Norbert Lou opened 0 new positions and closed 2 in Q1 2016.
- Norbert Lou's portfolio value rose 9.3% quarter-over-quarter to $207M.
Based on Punch Card Management's 13F filing for Q1 2016, filed 16 May 2016.