Norbert Lou
Portfolio value$256.0M
Positions5
QuarterQ2 2026ended 2026-06-30
Filed08/142026
Punch Card Management L.P.'s Q2 2026 13F, filed Aug 14, 2026, reports 5 positions worth $256.0M. The ten largest are 100.0% of the book, led by Berkshire Hathaway Inc Del at 42.4%, Crocs Inc at 27.2% and PDD Holdings at 12.4%. Against Q1 2026: 0 bought, 0 added to, 2 reduced, 0 sold; the largest moves were reduced Ishares Tr (−59%) and reduced Crocs Inc (−3%).
Where the money is
BRK/ACROXPDDPYPLSGOV
Holdings
| Ticker | Issuer | Weight | Value | Q-end → now | Price vs model | Change |
|---|---|---|---|---|---|---|
| BRK/A | Berkshire Hathaway INC Del | 42.4% | $108.6M145 sh | 748,850.00 | — | held |
| CROX | Crocs INC | 27.2% | $69.6M577,170 sh | 120.64 | — | reduced −3% |
| PDD | Pdd Holdings INC | 12.4% | $31.7M415,004 sh | 76.28 → +6% | no usable model value | held |
| PYPL | Paypal Hldgs INC | 10.6% | $27.2M628,907 sh | 43.18 → +31% | 50% undervalued | held |
| SGOV | Ishares Tr | 7.4% | $18.9M188,000 sh | 100.67 | — | reduced −59% |
Source: the manager's Form 13F-HR on SEC EDGAR, kept as immutable quarterly snapshots; changes compare two consecutive filings. A 13F is filed up to 45 days after quarter end and covers US-listed long positions only. Tickers come from a self-maintained CUSIP map; a position without one shows its CUSIP. Method notes in where the numbers come from.