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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
+1.09%
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
$322M
AUM Growth
+$12.5M
Cap. Flow
+$12.9M
Cap. Flow %
4%
Top 10 Hldgs %
100%
Holding
7
New
1
Increased
1
Reduced
–
Closed
1

Top Buys

Rank Stock Value
1
CROX icon
Crocs
CROX
+$9.23M
2
FISV
Fiserv Inc
FISV
+$5.3M

Top Sells

Rank Stock Value
1
SWBI icon
Smith & Wesson
SWBI
+$1.65M

Sector Composition

Rank Sector Weight
1 Financials 47.45%
2 Consumer Discretionary 33.4%
3 Technology 1.48%
4 Industrials 0%
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
$109M 33.92%
145
– –
SGOV icon
2
iShares 0-3 Month Treasury Bond ETF
SGOV
$103B
$57M 17.68%
566,000
– –
PDD icon
3
Pinduoduo
PDD
$126B
$54.9M 17.01%
415,004
– –
CROX icon
4
Crocs
CROX
$5.85B
$52.8M 16.38%
632,250
+101,142
+19% +$9.23M
PYPL icon
5
PayPal
PYPL
$52.7B
$43.6M 13.53%
650,447
– –
FISV
6
Fiserv Inc
FISV
$28B
$4.77M 1.48%
+37,000
New +$5.3M
SWBI icon
7
Smith & Wesson
SWBI
$632M
– –
-189,933
Closed -$1.65M

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Norbert Lou's Q3 2025 Portfolio in Review

As of Q3 2025, Norbert Lou held 7 positions worth $322M, up 4% from $310M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Norbert Lou deployed $12.9M of net new capital in Q3 2025, opening 1 new position and adding to 1 existing holding. Its largest new stake was Fiserv Inc: 37,000 shares worth $4.77M.

By sector, the portfolio is most concentrated in Financials at 47% of assets, down from 50% a quarter earlier, followed by Consumer Discretionary and Technology.

On the sell side, the most notable exit was Smith & Wesson, an estimated $1.65M sold.

  • Norbert Lou's largest Q3 2025 buy was Fiserv Inc: 37,000 shares worth $4.77M.
  • Norbert Lou added most to Crocs in Q3 2025, an estimated $9.23M increase.
  • Norbert Lou fully exited Smith & Wesson in Q3 2025, selling an estimated $1.65M.
  • Norbert Lou's ten largest holdings make up 100% of its $322M portfolio in Q3 2025.
  • Norbert Lou opened 1 new position and closed 1 in Q3 2025.
  • Norbert Lou's portfolio value rose 4% quarter-over-quarter to $322M.

Based on Punch Card Management's 13F filing for Q3 2025, filed 14 Nov 2025.