Norbert Lou - Punch Card Management
Punch Card Management
Latest 13F filing
Q4 2025
filed Feb 17, 2026
Portfolio value
$300.88M
Positions
5
Top 10 concentration
100.0%
QoQ change
-6.7%
$-21.54M
Activity vs. Q3 2025
0
New positions
0
Added to
3
Unchanged
2
Reduced
4
Exited
Portfolio composition — Q4 2025
- BRK/ABERKSHIRE HATHAWAY INC DEL36.4%
- SGOVISHARES TR18.9%
- CROXCROCS INC16.9%
- PDDPDD HOLDINGS INC15.6%
- PYPLPAYPAL HLDGS INC12.2%
Top buys
New & added positions, by size
No new or added positions this quarter.
Holdings as of Q4 2025
| # | Ticker | Issuer | Shares | Value | % Portfolio | Reported price | Action | Δ Shares |
|---|---|---|---|---|---|---|---|---|
| 1 | BRK/A | BERKSHIRE HATHAWAY INC DEL | 145 | $109.45M | 36.38% | $754800.00 | — | 0% |
| 2 | SGOV | ISHARES TR | 566,000 | $56.82M | 18.88% | $100.38 | — | 0% |
| 3 | CROX | CROCS INC | 594,570 | $50.85M | 16.90% | $85.52 | REDUCE | -6.0% |
| 4 | PDD | PDD HOLDINGS INC | 415,004 | $47.06M | 15.64% | $113.39 | — | 0% |
| 5 | PYPL | PAYPAL HLDGS INC | 628,907 | $36.72M | 12.20% | $58.38 | REDUCE | -3.3% |
Positions exited in Q4 2025
Source: SEC EDGAR 13F-HR filing Feb 17, 2026. Reported prices are derived from the filing's value-to-shares ratio (effectively the quarter-end mark). Filings are published with a 45-day delay. CIK 0001631664.