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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
+4.15%
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
$200M
AUM Growth
+$8.6M
Cap. Flow
+$1.51M
Cap. Flow %
0.76%
Top 10 Hldgs %
100%
Holding
3
New
–
Increased
1
Reduced
–
Closed
–

Top Buys

Rank Stock Value
1
WFC.WS
Wells Fargo & Company Ws
WFC.WS
+$1.51M

Top Sells

No sells this quarter

Sector Composition

Rank Sector Weight
1 Communication Services 49.82%
2 Financials 40.4%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BIDU icon
1
Baidu
BIDU
$31.6B
$99.4M 49.82%
546,179
– –
BRK.A icon
2
Berkshire Hathaway Class A
BRK.A
$1.06T
$80.7M 40.4%
373
– –
WFC.WS
3
DELISTED
Wells Fargo & Company Ws
WFC.WS
$19.5M 9.78%
1,563,795
+104,279
+7% +$1.51M

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Norbert Lou's Q3 2016 Portfolio in Review

As of Q3 2016, Norbert Lou held 3 positions worth $200M, up 4.5% from $191M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Trading was light in Q3 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 50% of assets, up from 47% a quarter earlier, followed by Financials.

  • Norbert Lou added most to Wells Fargo & Company Ws in Q3 2016, an estimated $1.51M increase.
  • Norbert Lou's ten largest holdings make up 100% of its $200M portfolio in Q3 2016.
  • Norbert Lou opened 0 new positions and closed 0 in Q3 2016.
  • Norbert Lou's portfolio value rose 4.5% quarter-over-quarter to $200M.

Based on Punch Card Management's 13F filing for Q3 2016, filed 14 Nov 2016.