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 | Financials | 42.51% |
| 2 | Communication Services | 41.92% |
| 3 | Miscellaneous | 15.57% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Berkshire Hathaway Class A
BRK.A
$1.21T
| $91.1M | 42.51% |
373
| – | – |
2014 Q4
8 quarters
|
|
2
Baidu
BIDU
$27.6B
| $89.8M | 41.92% |
546,179
| – | – |
2015 Q3
5 quarters
|
|
3
DELISTED
Wells Fargo & Company Ws
WFC.WS
| $33.4M | 15.57% |
1,563,795
| – | – |
2014 Q4
8 quarters
|
|
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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 and Miscellaneous.
- 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.