Q2 2026 · SEC CIK 0001631664
Norbert Lou portfolio
SuperinvestorHedge fundPunch Card Management L.P. filed on 2026-08-14. Open SEC filings ↗
- Reported 13F value
- $256.0M
- Reported positions
- 5
- Eligible equities
- 4
- Holdings vs S&P 500, 3 years
- —
Average holding period of the top positions: 2.0 yrs. Holdings vs the S&P 500 over 1 and 5 years: -14.5 pts, —.
In its Q2 2026 13F, filed 2026-08-14, Punch Card Management L.P. reported 5 positions worth $256.0M. Its largest holdings were BERKSHIRE HATHAWAY INC DEL (BRK-A, 42.4%), CROCS INC (CROX, 27.2%), PDD HOLDINGS INC (PDD, 12.4%).
Reported holdings in the Q2 2026 snapshot.
The portfolio weight uses the full reported share-portfolio denominator. Weight changes compare Q1 2026 to Q2 2026; price moves also change weights, so these are not trade labels. “New” means the position was not in the previous 13F at all; “—” marks a small position the earlier filing data does not cover.
| Stock | % of reported portfolio | Weight change | Reported value |
|---|---|---|---|
| BRK-ABERKSHIRE HATHAWAY INC DEL | 42.4% | +3.95 pp | $108.6M |
| CROXCROCS INC | 27.2% | +8.97 pp | $69.6M |
| PDDPDD HOLDINGS INC | 12.4% | -3.30 pp | $31.7M |
| PYPLPAYPAL HLDGS INC | 10.6% | +0.10 pp | $27.2M |
What Norbert Lou bought and sold in Q2 2026, against Q1 2026.
New positions
No new positions among the largest holdings.
Added to
No position grew by more than 5%.
Reduced
- SGOV iShares 0-3 Month Treasury Bon-59.1% shares
Sold out
Nothing sold out.
Share counts compared with the Q1 2026 13F; a split also changes share counts.
How the holdings did against the S&P 500.
- 1 year
- +3.9% /yr
- S&P 500 +20.1%
- 3 years
- —
- 5 years
- —
A portfolio of the filer's 20 largest 13F positions, weighted by value and rebuilt each quarter on the day the filing became public. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.
Questions about Norbert Lou's portfolio
What stocks does Norbert Lou own?
Punch Card Management L.P.'s latest 13F, for Q2 2026 and filed Aug 14, 2026, lists 5 positions worth $256.0M. The largest are Berkshire Hathaway Inc Del (BRK-A) at 42.4%, Crocs Inc (CROX) at 27.2%, Pdd Holdings Inc (PDD) at 12.4%, Paypal Hldgs Inc (PYPL) at 10.6% and iShares 0-3 Month Treasury Bon (SGOV) at 7.4%.
What did Norbert Lou buy last quarter?
Punch Card Management L.P. opened no new positions and grew none by more than 5% among its largest holdings in Q2 2026.
What did Norbert Lou sell last quarter?
In Q2 2026, Punch Card Management L.P. iShares 0-3 Month Treasury Bon (SGOV) (-59.1% shares), compared with its Q1 2026 filing.
When is Punch Card Management L.P.'s next 13F filing due?
13F filings are due 45 days after each quarter ends. Punch Card Management L.P.'s filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.