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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
+52.01%
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
$227M
AUM Growth
+$28.3M
Cap. Flow
-$55.4M
Cap. Flow %
-24.43%
Top 10 Hldgs %
100%
Holding
4
New
–
Increased
1
Reduced
2
Closed
1

Top Buys

Rank Stock Value
1
ALLY icon
Ally Financial
ALLY
+$25.6M

Top Sells

Rank Stock Value
1
WGO icon
Winnebago Industries
WGO
+$69.6M
2
NVR icon
NVR
NVR
+$6.5M
3
BRK.A icon
Berkshire Hathaway Class A
BRK.A
+$4.93M

Sector Composition

Rank Sector Weight
1 Financials 69.94%
2 Consumer Discretionary 30.06%
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
$93.3M 41.15%
349
-18
-5% -$4.93M
WGO icon
2
Winnebago Industries
WGO
$898M
$68.1M 30.06%
1,022,953
-1,362,787
-57% -$69.6M
ALLY icon
3
Ally Financial
ALLY
$13.1B
$65.2M 28.78%
3,290,300
+1,506,747
+84% +$25.6M
NVR icon
4
NVR
NVR
$16.9B
– –
-2,531
Closed -$6.5M

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Norbert Lou's Q2 2020 Portfolio in Review

As of Q2 2020, Norbert Lou held 4 positions worth $227M, up 14% from $198M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Norbert Lou withdrew a net $55.4M in Q2 2020, closing 1 position and reducing 2 holdings. Its most notable exit was NVR, an estimated $6.5M position sold in full.

By sector, the portfolio is most concentrated in Financials at 70% of assets, up from 63% a quarter earlier, followed by Consumer Discretionary.

Against the trend, Norbert Lou added an estimated $25.6M to Ally Financial.

  • Norbert Lou added most to Ally Financial in Q2 2020, an estimated $25.6M increase.
  • Norbert Lou's biggest Q2 2020 reduction was Winnebago Industries, cutting an estimated $69.6M.
  • Norbert Lou fully exited NVR in Q2 2020, selling an estimated $6.5M.
  • Norbert Lou's ten largest holdings make up 100% of its $227M portfolio in Q2 2020.
  • Norbert Lou opened 0 new positions and closed 1 in Q2 2020.
  • Norbert Lou's portfolio value rose 14% quarter-over-quarter to $227M.

Based on Punch Card Management's 13F filing for Q2 2020, filed 14 Aug 2020.