Punch Card Management

Q1 2026 13F · by Norbert Lou, founder

As of: Mar 31, 2026
Filed: May 15, 2026
US stock: $271M · prev $301M
Positions: 5 · prev 5
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%

Moves1 since the prior filing

0.0 pp in · −1.8 pp out

New 0 0.00 pp
Added 0 0.00 pp
Trimmed 1 −1.77 pp
Exited 0 0.00 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 held38.5%
CROX Crocs, Inc. held held18.2%
SGOV iShares 0-3 Month Treasury Bond ETF trimmed−1.77 pp trimmed−1.7717.1%
PDD PDD Holdings Inc. held held15.7%
PYPL PayPal Holdings, Inc. held held10.5%

Positions5 in this filing · 0 exited


BRK.ABerkshire Hathaway Inc.	38.47%	145	$104M	held	—	46 q
CROXCrocs, Inc.	18.24%	594,570	$49M	held	—	4 q
SGOViShares 0-3 Month Treasury Bond ETF	17.11%	460,000	$46M	trimmed−19%	−1.77 pp	11 q
PDDPDD Holdings Inc.	15.67%	415,004	$42M	held	—	6 q
PYPLPayPal Holdings, Inc.	10.51%	628,907	$28M	held	—	4 q

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001398344-26-009301
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet