Punch Card Management 13F, Q1 2026
Norbert Lou · quarter ending 31 March 2026 · filed 15 May 2026 · SEC CIK 1631664
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q1 2026
Weights are against the whole filed book. Changes are in shares held, against the Q4 2025 filing.
What changed since Q4 2025
Against the Q4 2025 filing, Punch Card Management opened 0 new positions, added to 0, trimmed 1, left 4 unchanged and exited 0. 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
Nothing from the previous filing was sold outright.
Added to
No position was increased by more than 2%.
Trimmed
- SGOV-19%$46.30M
Other quarters
Source: SEC Form 13F-HR, accession 0001398344-26-009301, 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.