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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
+23.31%
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
$300M
AUM Growth
+$53M
Cap. Flow
$0
Cap. Flow %
0%
Top 10 Hldgs %
100%
Holding
3
New
–
Increased
–
Reduced
–
Closed
–

Top Buys

No buys this quarter

Top Sells

No sells this quarter

Sector Composition

Rank Sector Weight
1 Financials 79.56%
2 Consumer Discretionary 20.44%
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
$121M 40.46%
349
– –
ALLY icon
2
Ally Financial
ALLY
$13.1B
$117M 39.11%
3,290,300
– –
WGO icon
3
Winnebago Industries
WGO
$898M
$61.3M 20.44%
1,022,953
– –

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Norbert Lou's Q4 2020 Portfolio in Review

As of Q4 2020, Norbert Lou held 3 positions worth $300M, up 21% from $247M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Trading was light in Q4 2020: 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 80% of assets, up from 79% a quarter earlier, followed by Consumer Discretionary.

  • Norbert Lou's ten largest holdings make up 100% of its $300M portfolio in Q4 2020.
  • Norbert Lou opened 0 new positions and closed 0 in Q4 2020.
  • Norbert Lou's portfolio value rose 21% quarter-over-quarter to $300M.

Based on Punch Card Management's 13F filing for Q4 2020, filed 16 Feb 2021.