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
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 78.75% |
| 2 | Consumer Discretionary | 18.01% |
| 3 | Industrials | 3.24% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Berkshire Hathaway Class A
BRK.A
$1.06T
| $162M | 50.89% |
349
| – | – |
|
2
Ally Financial
ALLY
$13.1B
| $88.9M | 27.86% |
3,489,438
| – | – |
|
3
Winnebago Industries
WGO
$898M
| $57.5M | 18.01% |
996,573
| – | – |
|
4
Smith & Wesson
SWBI
$632M
| $10.3M | 3.24% |
840,038
| – | – |
|
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Norbert Lou's Q1 2023 Portfolio in Review
As of Q1 2023, Norbert Lou held 4 positions worth $319M, up 3.4% from $309M the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Trading was light in Q1 2023: 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 79% of assets, down from 81% a quarter earlier, followed by Consumer Discretionary and Industrials.
- Norbert Lou's ten largest holdings make up 100% of its $319M portfolio in Q1 2023.
- Norbert Lou opened 0 new positions and closed 0 in Q1 2023.
- Norbert Lou's portfolio value rose 3.4% quarter-over-quarter to $319M.
Based on Punch Card Management's 13F filing for Q1 2023, filed 15 May 2023.