Norbert Lou - Punch Card Management Portfolio Allocation (Sep 30, 2025)

As of Sep 30, 2025, the Punch Card Management portfolio managed by Norbert Lou was diversified across 4 sectors, according to the most recent SEC 13F filing dated Nov 14, 2025. This allocation breakdown highlights where the portfolio is most concentrated and how capital is distributed across industries.

The Financial Services sector represents the largest share at 47.4% of total portfolio value, followed by Financial Services and Consumer Cyclical and ETF. Together, the top three sectors account for 98.5% of the portfolio, reflecting Norbert Lou's emphasis on strategic positioning. This sector allocation provides insights into the fund's investment strategy and risk exposure.