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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
-6.27%
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
$271M
AUM Growth
-$30.2M
Cap. Flow
-$10.7M
Cap. Flow %
-3.94%
Top 10 Hldgs %
100%
Holding
5
New
–
Increased
–
Reduced
1
Closed
–

Top Buys

No buys this quarter

Top Sells

Rank Stock Value
1
SGOV icon
iShares 0-3 Month Treasury Bond ETF
SGOV
+$10.7M

Sector Composition

Rank Sector Weight
1 Financials 48.98%
2 Consumer Discretionary 33.91%
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
$104M 38.47%
145
– –
CROX icon
2
Crocs
CROX
$5.85B
$49.4M 18.24%
594,570
– –
SGOV icon
3
iShares 0-3 Month Treasury Bond ETF
SGOV
$103B
$46.3M 17.11%
460,000
-106,000
-19% -$10.7M
PDD icon
4
Pinduoduo
PDD
$126B
$42.4M 15.67%
415,004
– –
PYPL icon
5
PayPal
PYPL
$52.7B
$28.4M 10.51%
628,907
– –

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Norbert Lou's Q1 2026 Portfolio in Review

As of Q1 2026, Norbert Lou held 5 positions worth $271M, down 10% from $301M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Norbert Lou withdrew a net $10.7M in Q1 2026, reducing 1 holding. Its largest reduction was iShares 0-3 Month Treasury Bond ETF, cutting an estimated $10.7M.

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

  • Norbert Lou's biggest Q1 2026 reduction was iShares 0-3 Month Treasury Bond ETF, cutting an estimated $10.7M.
  • Norbert Lou's ten largest holdings make up 100% of its $271M portfolio in Q1 2026.
  • Norbert Lou opened 0 new positions and closed 0 in Q1 2026.
  • Norbert Lou's portfolio value fell 10% quarter-over-quarter to $271M.

Based on Punch Card Management's 13F filing for Q1 2026, filed 15 May 2026.