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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
+12.79%
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
$217M
AUM Growth
-$98.5M
Cap. Flow
-$129M
Cap. Flow %
-59.32%
Top 10 Hldgs %
100%
Holding
4
New
–
Increased
1
Reduced
1
Closed
–

Top Buys

Rank Stock Value
1
PDD icon
Pinduoduo
PDD
+$20.3M

Top Sells

Rank Stock Value
1
BRK.A icon
Berkshire Hathaway Class A
BRK.A
+$149M

Sector Composition

Rank Sector Weight
1 Financials 53.44%
2 Consumer Discretionary 16.76%
3 Industrials 2.79%
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
$116M 53.44%
145
-204
-58% -$149M
SGOV icon
2
iShares 0-3 Month Treasury Bond ETF
SGOV
$103B
$58.5M 27%
581,100
– –
PDD icon
3
Pinduoduo
PDD
$126B
$36.3M 16.76%
306,751
+176,751
+136% +$20.3M
SWBI icon
4
Smith & Wesson
SWBI
$632M
$6.05M 2.79%
648,956
– –

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Norbert Lou's Q1 2025 Portfolio in Review

As of Q1 2025, Norbert Lou held 4 positions worth $217M, down 31% from $315M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Norbert Lou withdrew a net $129M in Q1 2025, reducing 1 holding. Its largest reduction was Berkshire Hathaway Class A, cutting an estimated $149M.

By sector, the portfolio is most concentrated in Financials at 53% of assets, down from 75% a quarter earlier, followed by Consumer Discretionary and Industrials.

Against the trend, Norbert Lou added an estimated $20.3M to Pinduoduo.

  • Norbert Lou added most to Pinduoduo in Q1 2025, an estimated $20.3M increase.
  • Norbert Lou's biggest Q1 2025 reduction was Berkshire Hathaway Class A, cutting an estimated $149M.
  • Norbert Lou's ten largest holdings make up 100% of its $217M portfolio in Q1 2025.
  • Norbert Lou opened 0 new positions and closed 0 in Q1 2025.
  • Norbert Lou's portfolio value fell 31% quarter-over-quarter to $217M.

Based on Punch Card Management's 13F filing for Q1 2025, filed 15 May 2025.