SteadySharesSteadyShares
Try now

Punch Card Management 13F, Q4 2025

Norbert Lou · quarter ending 31 December 2025 · filed 17 February 2026 · SEC CIK 1631664

$300.88M
Filed US book
5
Positions
36.4%
Largest position

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

Largest positions, Q4 2025

Weights are against the whole filed book. Changes are in shares held, against the Q3 2025 filing.

CompanyTickerValue% of bookvs Q3 2025
BERKSHIRE HATHAWAY INC DELBRK/A$109.45M36.4%unchanged
ISHARES TRSGOV$56.82M18.9%unchanged
CROCS INCCROX$50.85M16.9%-6% shares
PDD HOLDINGS INCPDD$47.06M15.6%unchanged
PAYPAL HLDGS INCPYPL$36.72M12.2%-3% shares

What changed since Q3 2025

Against the Q3 2025 filing, Punch Card Management opened 0 new positions, added to 0, trimmed 2, left 3 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

No new positions this quarter.

Exited

Added to

No position was increased by more than 2%.

Trimmed

Other quarters

← Q3 2025Q1 2026 →Norbert Lou's latest portfolio

Source: SEC Form 13F-HR, accession 0001398344-26-003291, 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.