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
Top Sells
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 47.22% |
| 2 | Financials | 42.37% |
| 3 | Miscellaneous | 10.41% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Baidu
BIDU
$26.3B
| $90.2M | 47.22% |
546,179
| – | – |
2015 Q3
3 quarters
|
|
2
Berkshire Hathaway Class A
BRK.A
$1.16T
| $80.9M | 42.37% |
373
| – | – |
2014 Q4
6 quarters
|
|
3
DELISTED
Wells Fargo & Company Ws
WFC.WS
| $19.9M | 10.41% |
1,459,516
| – | – |
2014 Q4
6 quarters
|
|
Similar funds
Norbert Lou's Q2 2016 Portfolio in Review
As of Q2 2016, Norbert Lou held 3 positions worth $191M, down 7.6% from $207M the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Trading was light in Q2 2016: portfolio turnover was 0%. Norbert Lou opened no new positions and made no exits, leaving the 3-position portfolio largely intact.
By sector, the portfolio is most concentrated in Communication Services at 47% of assets, down from 50% a quarter earlier, followed by Financials and Miscellaneous.
- Norbert Lou's ten largest holdings make up 100% of its $191M portfolio in Q2 2016.
- Norbert Lou opened 0 new positions and closed 0 in Q2 2016.
- Norbert Lou's portfolio value fell 7.6% quarter-over-quarter to $191M.
Based on Punch Card Management's 13F filing for Q2 2016, filed 15 Aug 2016.