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 |
Ally Financial
ALLY
|
+$5.09M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 77.7% |
| 2 | Consumer Discretionary | 19.14% |
| 3 | Industrials | 3.15% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Berkshire Hathaway Class A
BRK.A
$1.06T
| $181M | 52.05% |
349
| – | – |
|
|
2
Ally Financial
ALLY
$13.1B
| $89.1M | 25.66% |
3,297,917
-191,521
| -5% | -$5.09M |
|
3
Winnebago Industries
WGO
$898M
| $66.5M | 19.14% |
996,573
| – | – |
|
4
Smith & Wesson
SWBI
$632M
| $11M | 3.15% |
840,038
| – | – |
|
Similar funds
Norbert Lou's Q2 2023 Portfolio in Review
As of Q2 2023, Norbert Lou held 4 positions worth $347M, up 8.7% from $319M the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Trading was light in Q2 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 78% of assets, down from 79% a quarter earlier, followed by Consumer Discretionary and Industrials.
- Norbert Lou's biggest Q2 2023 reduction was Ally Financial, cutting an estimated $5.09M.
- Norbert Lou's ten largest holdings make up 100% of its $347M portfolio in Q2 2023.
- Norbert Lou opened 0 new positions and closed 0 in Q2 2023.
- Norbert Lou's portfolio value rose 8.7% quarter-over-quarter to $347M.
Based on Punch Card Management's 13F filing for Q2 2023, filed 14 Aug 2023.