Punch Card Management

Q2 2020 13F · by Norbert Lou, founder

As of: Jun 30, 2020
Filed: Aug 14, 2020
US stock: $227M · prev $198,410
Positions: 3 · prev 4
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%

Moves4 since the prior filing

+15.8 pp in · −15.8 pp out

New 0 0.00 pp
Added 1 +15.81 pp
Trimmed 2 −12.54 pp
Exited 1 −3.28 pp

The book

Very concentrated · behaves like 3 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 53% a year, about 1.9 years per position

Low
Moderate
High

Top 5 positions100% of US stock

BRK.A Berkshire Hathaway Inc. trimmed−9.16 pp trimmed−9.1641.1%
WGO Winnebago Industries, Inc. trimmed−3.38 pp trimmed−3.3830.1%
ALLY Ally Financial Inc. added+15.81 pp added+15.8128.8%

Positions3 in this filing · 1 exited


BRK.ABerkshire Hathaway Inc.	41.15%	349	$93M	trimmed−5%	−9.16 pp	23 q
WGOWinnebago Industries, Inc.	30.06%	1,022,953	$68M	trimmed−57%	−3.38 pp	6 q
ALLYAlly Financial Inc.	28.78%	3,290,300	$65M	added+84%	+15.81 pp	2 q
NVRNVR, Inc.	—	−2,531	—	exited	−3.28 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001398344-20-015883
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet