Norbert Lou - Punch Card Management Investment Strategy & Portfolio Analysis

According to the SEC 13F filed on Aug 14, 2026, Norbert Lou's Punch Card Management portfolio reflects a highly concentrated, high-conviction approach across 4 reported 13F positions as of quarter-end Jun 30, 2026. Portfolio returns are primarily driven by a small set of mega-cap compounders, with the top five holdings accounting for approximately 100% of total exposure and Berkshire Hathaway alone contributing ~47%. Economic outcomes are highly concentrated in a narrow set of large-cap financial names. Exposure to high-growth and technology-oriented segments remains limited relative to peers, with performance instead anchored in durable, cash-generating businesses across financials, consumer discretionary, and unknown. The portfolio exhibits low turnover, consistent with a buy-and-hold posture held through multiple reporting cycles. Distinctive traits include Moderate Turnover, Highly Concentrated, Economically Concentrated.