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Punch Card Management

Q2 2026 13F · by Norbert Lou, founder

As of
Jun 30, 2026
Filed
Aug 14, 2026
US stock
$256M · prev $271M
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%

Moves2 since the prior filing

The book

Very concentrated · behaves like 4 equal-sized positions

  1. Very concentrated
  2. Concentrated
  3. Focused
  4. Diversified

Low turnover · 0.0% a year

  1. Low
  2. Moderate
  3. High

Top 5 positions100% of US stock

  1. BRK.A Berkshire Hathaway Inc. held held42.4%
  2. CROX Crocs, Inc. trimmed+8.96 pp trimmed+8.9627.2%
  3. PDD PDD Holdings Inc. held held12.4%
  4. PYPL PayPal Holdings, Inc. held held10.6%
  5. SGOV iShares 0-3 Month Treasury Bond ETF trimmed−9.72 pp trimmed−9.727.4%

Positions5 in this filing · 0 exited

BRK.ABerkshire Hathaway Inc.42.42%145$109Mheld—47+ q
CROXCrocs, Inc.27.20%577,170$70Mtrimmed−3%+8.96 pp5 q
PDDPDD Holdings Inc.12.37%415,004$32Mheld—7 q
PYPLPayPal Holdings, Inc.10.61%628,907$27Mheld—5 q
SGOViShares 0-3 Month Treasury Bond ETF7.39%188,000$19Mtrimmed−59%−9.72 pp12 q

Source

Form
13F-HR
Reading
0 defects · 0 unresolved
Accession
0001398344-26-014658
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet