Punch Card Management

Q4 2025 13F · by Norbert Lou, founder

As of: Dec 31, 2025
Filed: Feb 17, 2026
US stock: $301M · prev $322M
Positions: 5 · 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

0.0 pp in · −2.3 pp out

New 0 0.00 pp
Added 0 0.00 pp
Trimmed 2 −0.81 pp
Exited 1 −1.48 pp

The book

Very concentrated · behaves like 4 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.0% a year

Low
Moderate
High

Top 5 positions100% of US stock

BRK.A Berkshire Hathaway Inc. held held36.4%
SGOV iShares 0-3 Month Treasury Bond ETF held held18.9%
CROX Crocs, Inc. trimmed+0.52 pp trimmed+0.5216.9%
PDD PDD Holdings Inc. held held15.6%
PYPL PayPal Holdings, Inc. trimmed−1.33 pp trimmed−1.3312.2%

Positions5 in this filing · 1 exited


BRK.ABerkshire Hathaway Inc.	36.38%	145	$109M	held	—	45 q
SGOViShares 0-3 Month Treasury Bond ETF	18.88%	566,000	$57M	held	—	10 q
CROXCrocs, Inc.	16.90%	594,570	$51M	trimmed−6%	+0.52 pp	3 q
PDDPDD Holdings Inc.	15.64%	415,004	$47M	held	—	5 q
PYPLPayPal Holdings, Inc.	12.20%	628,907	$37M	trimmed−3%	−1.33 pp	3 q
FISVFiserv, Inc.	—	−37,000	—	exited	−1.48 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001398344-26-003291
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet