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 |
Winnebago Industries
WGO
|
+$33.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 72.1% |
| 2 | Consumer Discretionary | 7.15% |
| 3 | Industrials | 3.26% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Berkshire Hathaway Class A
BRK.A
$1.06T
| $241M | 72.1% |
349
| – | – |
|
2
iShares 0-3 Month Treasury Bond ETF
SGOV
$103B
| $58.5M | 17.49% |
581,100
| – | – |
|
|
3
Winnebago Industries
WGO
$898M
| $23.9M | 7.15% |
411,480
-585,093
| -59% | -$33.5M |
|
4
Smith & Wesson
SWBI
$632M
| $10.9M | 3.26% |
840,038
| – | – |
|
Similar funds
Norbert Lou's Q3 2024 Portfolio in Review
As of Q3 2024, Norbert Lou held 4 positions worth $335M, down 1.1% from $338M the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Norbert Lou withdrew a net $33.5M in Q3 2024, reducing 1 holding. Its largest reduction was Winnebago Industries, cutting an estimated $33.5M.
By sector, the portfolio is most concentrated in Financials at 72% of assets, up from 63% a quarter earlier, followed by Consumer Discretionary and Industrials.
- Norbert Lou's biggest Q3 2024 reduction was Winnebago Industries, cutting an estimated $33.5M.
- Norbert Lou's ten largest holdings make up 100% of its $335M portfolio in Q3 2024.
- Norbert Lou opened 0 new positions and closed 0 in Q3 2024.
- Norbert Lou's portfolio value fell 1.1% quarter-over-quarter to $335M.
Based on Punch Card Management's 13F filing for Q3 2024, filed 14 Nov 2024.