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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
+12.46%
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
$214M
AUM Growth
+$14.6M
Cap. Flow
$0
Cap. Flow %
0%
Top 10 Hldgs %
100%
Holding
3
New
–
Increased
–
Reduced
–
Closed
–

Top Buys

No buys this quarter

Top Sells

No sells this quarter

Sector Composition

Rank Sector Weight
1 Financials 42.51%
2 Communication Services 41.92%
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
$91.1M 42.51%
373
– –
BIDU icon
2
Baidu
BIDU
$31.6B
$89.8M 41.92%
546,179
– –
WFC.WS
3
DELISTED
Wells Fargo & Company Ws
WFC.WS
$33.4M 15.57%
1,563,795
– –

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Norbert Lou's Q4 2016 Portfolio in Review

As of Q4 2016, Norbert Lou held 3 positions worth $214M, up 7.3% from $200M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Trading was light in Q4 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 Financials at 43% of assets, up from 40% a quarter earlier, followed by Communication Services.

  • Norbert Lou's ten largest holdings make up 100% of its $214M portfolio in Q4 2016.
  • Norbert Lou opened 0 new positions and closed 0 in Q4 2016.
  • Norbert Lou's portfolio value rose 7.3% quarter-over-quarter to $214M.

Based on Punch Card Management's 13F filing for Q4 2016, filed 14 Feb 2017.