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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
-3.43%
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
$301M
AUM Growth
-$21.5M
Cap. Flow
-$9.32M
Cap. Flow %
-3.1%
Top 10 Hldgs %
100%
Holding
6
New
–
Increased
–
Reduced
2
Closed
1

Top Buys

No buys this quarter

Top Sells

Rank Stock Value
1
FISV
Fiserv Inc
FISV
+$4.77M
2
CROX icon
Crocs
CROX
+$3.15M
3
PYPL icon
PayPal
PYPL
+$1.4M

Sector Composition

Rank Sector Weight
1 Financials 48.58%
2 Consumer Discretionary 32.54%
3 Technology 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 36.38%
145
– –
SGOV icon
2
iShares 0-3 Month Treasury Bond ETF
SGOV
$103B
$56.8M 18.88%
566,000
– –
CROX icon
3
Crocs
CROX
$5.85B
$50.8M 16.9%
594,570
-37,680
-6% -$3.15M
PDD icon
4
Pinduoduo
PDD
$126B
$47.1M 15.64%
415,004
– –
PYPL icon
5
PayPal
PYPL
$52.7B
$36.7M 12.2%
628,907
-21,540
-3% -$1.4M
FISV
6
Fiserv Inc
FISV
$28B
– –
-37,000
Closed -$4.77M

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Norbert Lou's Q4 2025 Portfolio in Review

As of Q4 2025, Norbert Lou held 6 positions worth $301M, down 6.7% from $322M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Norbert Lou withdrew a net $9.32M in Q4 2025, closing 1 position and reducing 2 holdings. Its most notable exit was Fiserv Inc, an estimated $4.77M position sold in full.

By sector, the portfolio is most concentrated in Financials at 49% of assets, up from 47% a quarter earlier, followed by Consumer Discretionary and Technology.

  • Norbert Lou's biggest Q4 2025 reduction was Crocs, cutting an estimated $3.15M.
  • Norbert Lou fully exited Fiserv Inc in Q4 2025, selling an estimated $4.77M.
  • Norbert Lou's ten largest holdings make up 100% of its $301M portfolio in Q4 2025.
  • Norbert Lou opened 0 new positions and closed 1 in Q4 2025.
  • Norbert Lou's portfolio value fell 6.7% quarter-over-quarter to $301M.

Based on Punch Card Management's 13F filing for Q4 2025, filed 17 Feb 2026.