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Punch Card Management

Q1 2020 13F · by Norbert Lou, founder

As of
Mar 31, 2020
Filed
May 15, 2020
US stock
$198,410 · prev $240M
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%

Moves5 since the prior filing

The book

Very concentrated · behaves like 3 equal-sized positions

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

High turnover · 121% a year, about 0.8 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions100% of US stock

  1. BRK.A Berkshire Hathaway Inc. trimmed−2.39 pp trimmed−2.3950.3%
  2. WGO Winnebago Industries, Inc. added+2.77 pp added+2.7733.4%
  3. ALLY Ally Financial Inc. new+12.97 pp new+12.9713.0%
  4. NVR NVR, Inc. new+3.28 pp new+3.283.3%

Positions4 in this filing · 1 exited

BRK.ABerkshire Hathaway Inc.50.31%367$99,824trimmed−2%−2.39 pp22 q
WGOWinnebago Industries, Inc.33.44%2,385,740$66,347added+71%+2.77 pp5 q
ALLYAlly Financial Inc.12.97%1,783,553$25,737new+12.97 ppnew
NVRNVR, Inc.3.28%2,531$6,502new+3.28 ppnew
BIDUBaidu, Inc.—−316,295—exited−16.63 pp—

Source

Form
13F-HR
Reading
0 defects · 0 unresolved
Accession
0001398344-20-010559
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet