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
| Rank | Stock | Value |
|---|---|---|
| 1 |
Carvana
CVNA
|
+$3.13M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 73.42% |
| 2 | Communication Services | 23.29% |
| 3 | Consumer Discretionary | 0% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Berkshire Hathaway Class A
BRK.A
$1.06T
| $119M | 73.42% |
373
| – | – |
|
2
Baidu
BIDU
$31.6B
| $37.9M | 23.29% |
165,577
| – | – |
|
|
WFC.WS
3
DELISTED
Wells Fargo & Company Ws
WFC.WS
| $5.36M | 3.29% |
277,905
| – | – |
|
4
Wells Fargo
WFC
$254B
| $2K | ﹤0.01% |
38
| – | – |
|
|
5
Carvana
CVNA
$76.9B
| – | – |
-375,560
| Closed | -$3.13M |
|
Similar funds
Norbert Lou's Q3 2018 Portfolio in Review
As of Q3 2018, Norbert Lou held 5 positions worth $163M, up 5.1% from $155M the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Norbert Lou's Q3 2018 filing shows 1 closed position. The largest sale was Carvana, an estimated $3.13M.
By sector, the portfolio is most concentrated in Financials at 73% of assets, up from 68% a quarter earlier, followed by Communication Services and Consumer Discretionary.
- Norbert Lou fully exited Carvana in Q3 2018, selling an estimated $3.13M.
- Norbert Lou's ten largest holdings make up 100% of its $163M portfolio in Q3 2018.
- Norbert Lou opened 0 new positions and closed 1 in Q3 2018.
- Norbert Lou's portfolio value rose 5.1% quarter-over-quarter to $163M.
Based on Punch Card Management's 13F filing for Q3 2018, filed 14 Nov 2018.