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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
+14.11%
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
$165M
AUM Growth
+$7.23M
Cap. Flow
-$13.4M
Cap. Flow %
-8.16%
Top 10 Hldgs %
100%
Holding
3
New
–
Increased
–
Reduced
1
Closed
–

Top Buys

No buys this quarter

Top Sells

Rank Stock Value
1
BIDU icon
Baidu
BIDU
+$13.4M

Sector Composition

Rank Sector Weight
1 Financials 62.23%
2 Communication Services 24.91%
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
$102M 62.23%
373
– –
BIDU icon
2
Baidu
BIDU
$31.6B
$41M 24.91%
165,577
-61,582
-27% -$13.4M
WFC.WS
3
DELISTED
Wells Fargo & Company Ws
WFC.WS
$21.2M 12.86%
982,224
– –

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Norbert Lou's Q3 2017 Portfolio in Review

As of Q3 2017, Norbert Lou held 3 positions worth $165M, up 4.6% from $157M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Norbert Lou withdrew a net $13.4M in Q3 2017, reducing 1 holding. Its largest reduction was Baidu, cutting an estimated $13.4M.

By sector, the portfolio is most concentrated in Financials at 62% of assets, up from 60% a quarter earlier, followed by Communication Services.

  • Norbert Lou's biggest Q3 2017 reduction was Baidu, cutting an estimated $13.4M.
  • Norbert Lou's ten largest holdings make up 100% of its $165M portfolio in Q3 2017.
  • Norbert Lou opened 0 new positions and closed 0 in Q3 2017.
  • Norbert Lou's portfolio value rose 4.6% quarter-over-quarter to $165M.

Based on Punch Card Management's 13F filing for Q3 2017, filed 14 Nov 2017.