Norbert Lou
Punch Card Management · SEC CIK 1631664
Very few bets, held with total conviction.
This filing is 67 days old. Punch Card Management keeps roughly 89% of its positions in a typical quarter, so about 92% of this book is likely still intact today.
How half-life is computedSnapshot half-life is the number of days after the period end at which half of this specific fund's reported book is expected to have changed, measured from its own past filings. It is a decay estimate, not knowledge of current positions.
Largest holdings, as filed
Top 5 of 5 positions. Weights are against the whole filed book. 13F filings cover US-listed holdings only.
| Company | Ticker | Value | % of book | Freshness |
|---|---|---|---|---|
| BERKSHIRE HATHAWAY INC DEL | BRK/A | $108.58M | 42.4% | |
| CROCS INC | CROX | $69.63M | 27.2% | |
| PDD HOLDINGS INC | PDD | $31.66M | 12.4% | |
| PAYPAL HLDGS INC | $27.16M | 10.6% | n/a | |
| ISHARES TR | SGOV | $18.93M | 7.4% |
Freshness: how likely each position is still held today, from this fund's own turnover history, each position's tenure and the filing's age. Hover a bar for the numbers. Method.
What changed last quarter
Between Q1 2026 and Q2 2026, the largest trim was CROX (shares down 3%); PYPL no longer appears among the previous quarter's largest positions. All of it computed from the two filings, nothing inferred.
Biggest buys, Q2 2026
No new or increased common-stock positions detected.
Exited since Q1 2026
- PYPLwas $28.45M
Exit scan covers the previous quarter's 40 largest positions, a stated bound, because reading a mega fund's entire book per page render is not honest engineering.
Common questions
What are Norbert Lou's biggest holdings?
As of the Q2 2026 13F, the largest reported positions at Punch Card Management are BRK/A (42.4% of the book), CROX (27.2% of the book), PDD (12.4% of the book).
How big is Punch Card Management's portfolio?
The latest 13F reports $255.95M across 5 US-listed positions. 13F filings cover US-listed holdings only, so non-US positions and shorts are not included.
Does Norbert Lou still hold these positions?
Unknown for certain: a 13F may be filed up to 45 days after quarter end. Based on Punch Card Management's own filing history, the fund keeps roughly 89% of positions in a typical quarter, so at 67 days since the period end roughly 92% of this book is likely intact. The snapshot half-life for this fund is about 559 days.
What did Norbert Lou buy and sell last quarter?
Between Q1 2026 and Q2 2026, the largest trim was CROX (shares down 3%); PYPL no longer appears among the previous quarter's largest positions. All of it computed from the two filings, nothing inferred.
Funds with overlapping books
Inside the app: the full book for Punch Card Management, quarter on quarter buys and sells, consensus across 140+ funds and copy-to-watchlist.
Source: SEC EDGAR 13F filings. Values are as filed and cover US-listed positions only. A 13F may be filed up to 45 days after the quarter ends, so positions can change before the filing is even public; the freshness figures above quantify that lag instead of hiding it. Educational information, not financial advice.