Punch Card Management

Q3 2022 13F · by Norbert Lou, founder

As of: Sep 30, 2022
Filed: Nov 14, 2022
US stock: $301M · prev $323M
Positions: 4 · 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%

Moves2 since the prior filing

+0.8 pp in · +0.2 pp out

New 0 0.00 pp
Added 1 +0.77 pp
Trimmed 1 +0.22 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 3 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 4.4% a year, about 22.9 years per position

Low
Moderate
High

Top 5 positions100% of US stock

BRK.A Berkshire Hathaway Inc. held held47.2%
ALLY Ally Financial Inc. held held32.3%
WGO Winnebago Industries, Inc. trimmed+0.22 pp trimmed+0.2217.6%
SWBI Smith & Wesson Brands, Inc. added+0.77 pp added+0.772.9%

Positions4 in this filing · 0 exited


BRK.ABerkshire Hathaway Inc.	47.17%	349	$142M	held	—	32 q
ALLYAlly Financial Inc.	32.29%	3,489,438	$97M	held	—	11 q
WGOWinnebago Industries, Inc.	17.63%	996,573	$53M	trimmed−14%	+0.22 pp	15 q
SWBISmith & Wesson Brands, Inc.	2.90%	840,038	$9M	added+60%	+0.77 pp	2 q

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001398344-22-022111
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet