Punch Card Management

Q3 2025 13F · by Norbert Lou, founder

As of: Sep 30, 2025
Filed: Nov 14, 2025
US stock: $322M · prev $310M
Positions: 6 · prev 6
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

+0.5 pp in · −0.5 pp out

New 1 +1.48 pp
Added 1 −0.98 pp
Trimmed 0 0.00 pp
Exited 1 −0.53 pp

The book

Very concentrated · behaves like 5 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 2.0% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions99% of US stock

BRK.A Berkshire Hathaway Inc. held held33.9%
SGOV iShares 0-3 Month Treasury Bond ETF held held17.7%
PDD PDD Holdings Inc. held held17.0%
CROX Crocs, Inc. added−0.98 pp added−0.9816.4%
PYPL PayPal Holdings, Inc. held held13.5%

Positions6 in this filing · 1 exited


BRK.ABerkshire Hathaway Inc.	33.92%	145	$109M	held	—	44 q
SGOViShares 0-3 Month Treasury Bond ETF	17.68%	566,000	$57M	held	—	9 q
PDDPDD Holdings Inc.	17.01%	415,004	$55M	held	—	4 q
CROXCrocs, Inc.	16.38%	632,250	$53M	added+19%	−0.98 pp	2 q
PYPLPayPal Holdings, Inc.	13.53%	650,447	$44M	held	—	2 q
FISVFiserv, Inc.	1.48%	37,000	$5M	new	+1.48 pp	new
SWBISmith & Wesson Brands, Inc.	—	−189,933	—	exited	−0.53 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001398344-25-020995
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet