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Punch Card Management

Q1 2016 13F · by Norbert Lou, founder

As of
Mar 31, 2016
Filed
May 2, 2016
US stock
$207M · prev $189M
Positions
3 · prev 5
Options notional
$0
Documents
1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

  • US stock listed on a US exchange 100.0%
  • Foreign stock not listed in the US 0.0%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves3 since the prior filing

The book

Very concentrated · behaves like 2 equal-sized positions

  1. Very concentrated
  2. Concentrated
  3. Focused
  4. Diversified

Moderate turnover · 37% a year, about 2.7 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions100% of US stock

  1. BIDU Baidu, Inc. added+15.27 pp added+15.2750.4%
  2. BRK.A Berkshire Hathaway Inc. held held38.5%
  3. unresolved Wells Fargo Warrants, 34.01 St held held11.1%

Positions3 in this filing · 2 exited

BIDUBaidu, Inc.50.43%546,179$104Madded+55%+15.27 pp3 q
BRK.ABerkshire Hathaway Inc.38.52%373$80Mheld—6 q
unresolvedWells Fargo Warrants, 34.01 St11.05%1,459,516$23Mheld—6 q
TROWT Rowe Price Group Inc—−232,800—exited−8.80 pp—
CRCMCare.com, Inc.—−322,178—exited−1.22 pp—

Source

Form
13F-HR
Reading
0 defects · 1 unresolved
Accession
0001398344-16-013462
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet