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Punch Card Management 13F, Q3 2025

Norbert Lou · quarter ending 30 September 2025 · filed 14 November 2025 · SEC CIK 1631664

$322.42M
Filed US book
6
Positions
33.9%
Largest position

Common stock only: shares the fund reported owning at the quarter end, valued as filed.

Largest positions, Q3 2025

Weights are against the whole filed book. Changes are in shares held, against the Q2 2025 filing.

CompanyTickerValue% of bookvs Q2 2025
BERKSHIRE HATHAWAY INC DELBRK/A$109.36M33.9%unchanged
ISHARES TRSGOV$57.00M17.7%unchanged
PDD HOLDINGS INCPDD$54.85M17.0%unchanged
CROCS INCCROX$52.82M16.4%+19% shares
PAYPAL HLDGS INCPYPL$43.62M13.5%unchanged
FISERV INCFISV$4.77M1.5%new

What changed since Q2 2025

Against the Q2 2025 filing, Punch Card Management opened 1 new position, added to 1, trimmed 0, left 4 unchanged and exited 1. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.

New positions

Exited

Added to

Trimmed

No position was cut by more than 2%.

Other quarters

← Q2 2025Q4 2025 →Norbert Lou's latest portfolio

Source: SEC Form 13F-HR, accession 0001398344-25-020995, filed by Punch Card Management L.P.. Values are as filed and cover US-listed positions only; a 13F does not show short positions or holdings outside the US. A 13F may be filed up to 45 days after the quarter ends, so the fund may have traded since. Educational information, not financial advice.