Punch Card Management (Norbert Lou)

Punch Card Management (Norbert Lou) has filed 13F reports from Q4 2013 through Q4 2025. The portfolio has returned 7.2% annualized over five years, with 19.0% volatility and a maximum drawdown of 45.2%. Across all filing periods, 0.0% included restatements and 0.0% introduced new holdings. Review the fund’s investment style metrics, recent position changes, track record by individual position and sector, and related educational resources below.