---
title: Norbert Lou (Punch Card Management L.P.) — 13F holdings
canonical: https://sweetvaluelab.com/investors/norbert-lou
cik: 0001631664
quarter: 2026-06-30
filed: 2026-08-14
---
# Norbert Lou — Punch Card Management L.P.

Latest 13F for the quarter ended Jun 30, 2026, filed Aug 14, 2026: 5 positions worth $256.0M. Against the quarter ended Mar 31, 2026: 0 bought, 0 added to, 3 unchanged, 2 reduced, 0 sold. The top five are 100% of the portfolio, the top ten 100%; 2 of the positions have a research page on this site.

## Holdings

| Ticker | Issuer | Shares | Value | % of portfolio | Change this quarter |
| --- | --- | ---: | ---: | ---: | --- |
| BRK/A | BERKSHIRE HATHAWAY INC DEL | 145 | $108.6M | 42.4% | held (0%) |
| CROX | CROCS INC | 577,170 | $69.6M | 27.2% | reduced (-3%) |
| PDD | PDD HOLDINGS INC | 415,004 | $31.7M | 12.4% | held (0%) |
| PYPL | PAYPAL HLDGS INC | 628,907 | $27.2M | 10.6% | held (0%) |
| SGOV | ISHARES TR | 188,000 | $18.9M | 7.4% | reduced (-59%) |

## Largest moves this quarter

| Ticker | Issuer | Shares now | Shares before | Change | Bought / sold at reported prices | Value |
| --- | --- | ---: | ---: | --- | ---: | ---: |
| SGOV | ISHARES TR | 188,000 | 460,000 | reduced (-59%) | −$27.4M | $18.9M |
| CROX | CROCS INC | 577,170 | 594,570 | reduced (-3%) | −$2.1M | $69.6M |

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Source: https://sweetvaluelab.com/investors/norbert-lou (SweetValueLab, free, no account). Holdings from SEC Form 13F-HR filings; tickers resolved from CUSIPs. Values as reported by the filer. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.