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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
+4.21%
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
$309M
AUM Growth
+$8M
Cap. Flow
$0
Cap. Flow %
0%
Top 10 Hldgs %
100%
Holding
4
New
–
Increased
–
Reduced
–
Closed
–

Top Buys

No buys this quarter

Top Sells

No sells this quarter

Sector Composition

Rank Sector Weight
1 Financials 80.63%
2 Consumer Discretionary 17.01%
3 Industrials 2.36%
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
$164M 52.99%
349
– –
ALLY icon
2
Ally Financial
ALLY
$13.1B
$85.3M 27.64%
3,489,438
– –
WGO icon
3
Winnebago Industries
WGO
$898M
$52.5M 17.01%
996,573
– –
SWBI icon
4
Smith & Wesson
SWBI
$632M
$7.29M 2.36%
840,038
– –

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Norbert Lou's Q4 2022 Portfolio in Review

As of Q4 2022, Norbert Lou held 4 positions worth $309M, up 2.7% from $301M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Trading was light in Q4 2022: portfolio turnover was 0%. Norbert Lou opened no new positions and made no exits, leaving the 4-position portfolio largely intact.

By sector, the portfolio is most concentrated in Financials at 81% of assets, up from 79% a quarter earlier, followed by Consumer Discretionary and Industrials.

  • Norbert Lou's ten largest holdings make up 100% of its $309M portfolio in Q4 2022.
  • Norbert Lou opened 0 new positions and closed 0 in Q4 2022.
  • Norbert Lou's portfolio value rose 2.7% quarter-over-quarter to $309M.

Based on Punch Card Management's 13F filing for Q4 2022, filed 14 Feb 2023.