Punch Card Management

Q2 2025 13F · by Norbert Lou, founder

As of: Jun 30, 2025
Filed: Aug 14, 2025
US stock: $310M · prev $217M
Positions: 6 · 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%

Moves5 since the prior filing

+30.2 pp in · −10.9 pp out

New 2 +32.96 pp
Added 1 −2.74 pp
Trimmed 2 −10.87 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 4 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 7.1% a year, about 14.1 years per position

Low
Moderate
High

Top 5 positions99% of US stock

BRK.A Berkshire Hathaway Inc. held held34.1%
SGOV iShares 0-3 Month Treasury Bond ETF trimmed−8.61 pp trimmed−8.6118.4%
CROX Crocs, Inc. new+17.36 pp new+17.3617.4%
PYPL PayPal Holdings, Inc. new+15.60 pp new+15.6015.6%
PDD PDD Holdings Inc. added−2.74 pp added−2.7414.0%

Positions6 in this filing · 0 exited


BRK.ABerkshire Hathaway Inc.	34.10%	145	$106M	held	—	43 q
SGOViShares 0-3 Month Treasury Bond ETF	18.39%	566,000	$57M	trimmed−3%	−8.61 pp	8 q
CROXCrocs, Inc.	17.36%	531,108	$54M	new	+17.36 pp	new
PYPLPayPal Holdings, Inc.	15.60%	650,447	$48M	new	+15.60 pp	new
PDDPDD Holdings Inc.	14.02%	415,004	$43M	added+35%	−2.74 pp	3 q
SWBISmith & Wesson Brands, Inc.	0.53%	189,933	$2M	trimmed−71%	−2.26 pp	13 q

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001398344-25-015669
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet