Punch Card Management

Q1 2025 13F · by Norbert Lou, founder

As of: Mar 31, 2025
Filed: May 15, 2025
US stock: $217M · prev $315M
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%

Moves2 since the prior filing

+12.8 pp in · −22.0 pp out

New 0 0.00 pp
Added 1 +12.76 pp
Trimmed 1 −21.98 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 3 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 39% a year, about 2.6 years per position

Low
Moderate
High

Top 5 positions100% of US stock

BRK.A Berkshire Hathaway Inc. trimmed−21.98 pp trimmed−21.9853.4%
SGOV iShares 0-3 Month Treasury Bond ETF held held27.0%
PDD PDD Holdings Inc. added+12.76 pp added+12.7616.8%
SWBI Smith & Wesson Brands, Inc. held held2.8%

Positions4 in this filing · 0 exited


BRK.ABerkshire Hathaway Inc.	53.44%	145	$116M	trimmed−58%	−21.98 pp	42 q
SGOViShares 0-3 Month Treasury Bond ETF	27.00%	581,100	$58M	held	—	7 q
PDDPDD Holdings Inc.	16.76%	306,751	$36M	added×2.4	+12.76 pp	2 q
SWBISmith & Wesson Brands, Inc.	2.79%	648,956	$6M	held	—	12 q

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001398344-25-009646
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet