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Punch Card Management

by Norbert Lou, founder since 2004 hedge fund

Legal name
Punch Card Management L.P.
On record since?
Q4 2014
Filings read
47
Style
Value
Website
punchcardcapital.com
View more
CIK
0001631664
Read since
Aug 22, 2026

Q2 2026 · filed Aug 14, 2026 · $256M US stock · 5 positions · Very concentrated · Low turnover · Top: BRK.A 42.4% · CROX 27.2% · PDD 12.4%

Read the filing →

Streakslongest held · 47 quarters on record

  1. BRK.A Berkshire Hathaway Inc. 42.4%47+ quarters
  2. SGOV iShares 0-3 Month Treasury Bond ETF 7.4%12 quarters
  3. PDD PDD Holdings Inc. 12.4%7 quarters
  4. CROX Crocs, Inc. 27.2%5 quarters
  5. PYPL PayPal Holdings, Inc. 10.6%5 quarters

1 name has been in this book every quarter on record (47). Nothing in this book is new this quarter.

Over time47 quarters, Q4 2014 to Q2 2026

US stock$256M Q2 2026

Positions5 Q2 2026

Picture100.0% Q2 2026

Turnover0%/yr Q2 2026

Filings47

  1. Q2 2026 filed Aug 14, 26 $256M · 5 positions  · 0 new · 0 exited full · Very concentrated 0 new · 0 exited
  2. Q1 2026 filed May 15, 26 $271M · 5 positions  · 0 new · 0 exited full · Very concentrated 0 new · 0 exited
  3. Q4 2025 filed Feb 17, 26 $301M · 5 positions  · 0 new · 1 exited full · Very concentrated 0 new · 1 exited
  4. Q3 2025 filed Nov 14, 25 $322M · 6 positions  · 1 new · 1 exited full · Very concentrated 1 new · 1 exited
  5. Q2 2025 filed Aug 14, 25 $310M · 6 positions  · 2 new · 0 exited full · Very concentrated 2 new · 0 exited
  6. Q1 2025 filed May 15, 25 $217M · 4 positions  · 0 new · 0 exited full · Very concentrated 0 new · 0 exited
  7. Q4 2024 filed Feb 14, 25 $315M · 4 positions  · 1 new · 1 exited full · Very concentrated 1 new · 1 exited
  8. Q3 2024 filed Nov 14, 24 $335M · 4 positions  · 0 new · 0 exited full · Very concentrated 0 new · 0 exited
  9. Q2 2024 filed Aug 14, 24 $338M · 4 positions  · 0 new · 1 exited full · Very concentrated 0 new · 1 exited
  10. Q1 2024 filed May 15, 24 $400M · 5 positions  · 0 new · 0 exited full · Very concentrated 0 new · 0 exited
  11. Q4 2023 filed Feb 14, 24 $381M · 5 positions  · 0 new · 0 exited full · Very concentrated 0 new · 0 exited
  12. Q3 2023 filed Nov 14, 23 $346M · 5 positions  · 1 new · 0 exited full · Very concentrated 1 new · 0 exited
  13. Q2 2023 filed Aug 14, 23 $347M · 4 positions  · 0 new · 0 exited full · Very concentrated 0 new · 0 exited
  14. Q1 2023 filed May 15, 23 $319M · 4 positions  · 0 new · 0 exited full · Very concentrated 0 new · 0 exited
  15. Q4 2022 filed Feb 14, 23 $309M · 4 positions  · 0 new · 0 exited full · Very concentrated 0 new · 0 exited
  16. Q3 2022 filed Nov 14, 22 $301M · 4 positions  · 0 new · 0 exited full · Very concentrated 0 new · 0 exited
  17. Q2 2022 filed Aug 15, 22 $323M · 4 positions  · 1 new · 0 exited full · Very concentrated 1 new · 0 exited
  18. Q1 2022 filed May 16, 22 $390M · 3 positions  · 0 new · 0 exited full · Very concentrated 0 new · 0 exited
  19. Q4 2021 filed Feb 14, 22 $391M · 3 positions  · 0 new · 0 exited full · Very concentrated 0 new · 0 exited
  20. Q3 2021 filed Nov 15, 21 $386M · 3 positions  · 0 new · 0 exited full · Very concentrated 0 new · 0 exited
  21. Q2 2021 filed Aug 16, 21 $380M · 3 positions  · 0 new · 0 exited full · Very concentrated 0 new · 0 exited
  22. Q1 2021 filed May 17, 21 $362M · 3 positions  · 0 new · 0 exited full · Very concentrated 0 new · 0 exited
  23. Q4 2020 filed Feb 16, 21 $300M · 3 positions  · 0 new · 0 exited full · Very concentrated 0 new · 0 exited
  24. Q3 2020 filed Nov 16, 20 $247M · 3 positions  · 0 new · 0 exited full · Very concentrated 0 new · 0 exited
  25. Q2 2020 filed Aug 14, 20 $227M · 3 positions  · 0 new · 1 exited full · Very concentrated 0 new · 1 exited
  26. Q1 2020 filed May 15, 20 $198,410 · 4 positions  · 2 new · 1 exited full · Very concentrated 2 new · 1 exited
  27. Q4 2019 filed Feb 14, 20 $240M · 3 positions  · 0 new · 0 exited full · Very concentrated 0 new · 0 exited
  28. Q3 2019 filed Nov 14, 19 $202M · 3 positions  · 0 new · 0 exited full · Very concentrated 0 new · 0 exited
  29. Q2 2019 filed Aug 14, 19 $210M · 3 positions  · 0 new · 1 exited full · Very concentrated 0 new · 1 exited
  30. Q1 2019 filed May 15, 19 $212M · 4 positions  · 2 new · 1 exited full · Very concentrated 2 new · 1 exited
  31. Q4 2018 filed Feb 14, 19 $161M · 3 positions  · 0 new · 1 exited full · Very concentrated 0 new · 1 exited
  32. Q3 2018 filed Nov 14, 18 $163M · 4 positions  · 0 new · 1 exited full · Very concentrated 0 new · 1 exited
  33. Q2 2018 filed Jul 31, 18 $155M · 5 positions  · 1 new · 0 exited full · Very concentrated 1 new · 0 exited
  34. Q1 2018 filed May 14, 18 $156M · 4 positions  · 1 new · 0 exited full · Very concentrated 1 new · 0 exited
  35. Q4 2017 filed Jan 29, 18 $177M · 3 positions  · 0 new · 0 exited full · Very concentrated 0 new · 0 exited
  36. Q3 2017 filed Oct 24, 17 $165M · 3 positions  · 0 new · 0 exited full · Very concentrated 0 new · 0 exited
  37. Q2 2017 filed Aug 1, 17 $157M · 3 positions  · 0 new · 0 exited full · Very concentrated 0 new · 0 exited
  38. Q1 2017 filed May 3, 17 $209M · 3 positions  · 0 new · 0 exited full · Very concentrated 0 new · 0 exited
  39. Q4 2016 filed Jan 31, 17 $214M · 3 positions  · 0 new · 0 exited full · Very concentrated 0 new · 0 exited
  40. Q3 2016 filed Nov 14, 16 $200M · 3 positions  · 0 new · 0 exited full · Very concentrated 0 new · 0 exited
  41. Q2 2016 filed Aug 2, 16 $191M · 3 positions  · 0 new · 0 exited full · Very concentrated 0 new · 0 exited
  42. Q1 2016 filed May 2, 16 $207M · 3 positions  · 0 new · 2 exited full · Very concentrated 0 new · 2 exited
  43. Q4 2015 filed Jan 19, 16 $189M · 5 positions  · 0 new · 2 exited full · Very concentrated 0 new · 2 exited
  44. Q3 2015 filed Nov 2, 15 $167M · 7 positions  · 2 new · 0 exited full · Very concentrated 2 new · 0 exited
  45. Q2 2015 filed Aug 5, 15 $116M · 5 positions  · 1 new · 0 exited full · Very concentrated 1 new · 0 exited
  46. Q1 2015 filed May 7, 15 $122M · 4 positions  · 1 new · 0 exited full · Very concentrated 1 new · 0 exited
  47. Q4 2014 filed Feb 9, 15 $128M · 3 positions  · 0 new · 0 exited full · Very concentrated 0 new · 0 exited

People1

  • Norbert Lou · founder · 2004–Sole decision maker, four to six positions; seeded by Joel Greenblatt. Source: 13F cover page, Santangel's Review