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Punch Card Management

Q4 2024 13F · by Norbert Lou, founder

As of
Dec 31, 2024
Filed
Feb 14, 2025
US stock
$315M · prev $335M
Positions
4 · prev 4
Options notional
$0
Documents
1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

  • US stock listed on a US exchange 100.0%
  • Foreign stock not listed in the US 0.0%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves3 since the prior filing

The book

Very concentrated · behaves like 2 equal-sized positions

  1. Very concentrated
  2. Concentrated
  3. Focused
  4. Diversified

Low turnover · 16% a year, about 6.3 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions100% of US stock

  1. BRK.A Berkshire Hathaway Inc. held held75.4%
  2. SGOV iShares 0-3 Month Treasury Bond ETF held held18.5%
  3. PDD PDD Holdings Inc. new+4.00 pp new+4.004.0%
  4. SWBI Smith & Wesson Brands, Inc. trimmed−1.18 pp trimmed−1.182.1%

Positions4 in this filing · 1 exited

BRK.ABerkshire Hathaway Inc.75.42%349$238Mheld—41 q
SGOViShares 0-3 Month Treasury Bond ETF18.50%581,100$58Mheld—6 q
PDDPDD Holdings Inc.4.00%130,000$13Mnew+4.00 ppnew
SWBISmith & Wesson Brands, Inc.2.08%648,956$7Mtrimmed−23%−1.18 pp11 q
WGOWinnebago Industries, Inc.—−411,480—exited−7.15 pp—

Source

Form
13F-HR
Reading
0 defects · 0 unresolved
Accession
0001398344-25-002912
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet