Punch Card Management

Q1 2019 13F · by Norbert Lou, founder

As of: Mar 31, 2019
Filed: May 15, 2019
US stock: $212M · prev $161M
Positions: 4 · prev 3
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

+26.3 pp in · −2.8 pp out

New 2 +26.27 pp
Added 0 0.00 pp
Trimmed 0 0.00 pp
Exited 1 −2.77 pp

The book

Very concentrated · behaves like 3 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 8.4% a year, about 11.9 years per position

Low
Moderate
High

Top 5 positions100% of US stock

BRK.A Berkshire Hathaway Inc. held held53.0%
BIDU Baidu, Inc. held held20.7%
WGO Winnebago Industries, Inc. new+15.70 pp new+15.7015.7%
PCG PG&E Corporation new+10.57 pp new+10.5710.6%

Positions4 in this filing · 1 exited


BRK.ABerkshire Hathaway Inc.	53.02%	373	$112M	held	—	18 q
BIDUBaidu, Inc.	20.72%	266,295	$44M	held	—	15 q
WGOWinnebago Industries, Inc.	15.70%	1,068,193	$33M	new	+15.70 pp	new
PCGPG&E Corporation	10.57%	1,257,938	$22M	new	+10.57 pp	new
WFCWells Fargo & Co.	—	−96,746	—	exited	−2.77 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001398344-19-008980
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet