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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
-1.57%
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
$156M
AUM Growth
-$21.2M
Cap. Flow
-$17M
Cap. Flow %
-10.92%
Top 10 Hldgs %
100%
Holding
4
New
1
Increased
–
Reduced
1
Closed
–

Top Buys

Rank Stock Value
1
CVNA icon
Carvana
CVNA
+$1.5M

Top Sells

Rank Stock Value
1
WFC.WS
Wells Fargo & Company Ws
WFC.WS
+$18.5M

Sector Composition

Rank Sector Weight
1 Financials 71.71%
2 Communication Services 23.75%
3 Consumer Discretionary 1.11%
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
$112M 71.71%
373
– –
BIDU icon
2
Baidu
BIDU
$31.6B
$37M 23.75%
165,577
– –
WFC.WS
3
DELISTED
Wells Fargo & Company Ws
WFC.WS
$5.34M 3.43%
278,005
-704,219
-72% -$18.5M
CVNA icon
4
Carvana
CVNA
$76.9B
$1.72M 1.11%
+375,560
New +$1.5M

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Norbert Lou's Q1 2018 Portfolio in Review

As of Q1 2018, Norbert Lou held 4 positions worth $156M, down 12% from $177M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Norbert Lou withdrew a net $17M in Q1 2018, reducing 1 holding. Its largest reduction was Wells Fargo & Company Ws, cutting an estimated $18.5M.

By sector, the portfolio is most concentrated in Financials at 72% of assets, up from 63% a quarter earlier, followed by Communication Services and Consumer Discretionary.

Against the trend, Norbert Lou opened a new position in Carvana worth $1.72M.

  • Norbert Lou's largest Q1 2018 buy was Carvana: 375,560 shares worth $1.72M.
  • Norbert Lou's biggest Q1 2018 reduction was Wells Fargo & Company Ws, cutting an estimated $18.5M.
  • Norbert Lou's ten largest holdings make up 100% of its $156M portfolio in Q1 2018.
  • Norbert Lou opened 1 new position and closed 0 in Q1 2018.
  • Norbert Lou's portfolio value fell 12% quarter-over-quarter to $156M.

Based on Punch Card Management's 13F filing for Q1 2018, filed 15 May 2018.