Norbert Lou
Net sellingPunch Card Management L.P. — managed by Norbert Lou; US equity positions disclosed quarterly via SEC 13F
Data as of 2026-06-30 (filed 2026-08-14) · Source: SEC EDGAR
New
Added
Exited
By what price implies: 1 demand a demanding growth rate, 2 modest.
13F × valuation
Valuation posture
Of 2 valued US positions, 1 trade below a conservative value band (1 in the strike zone) (as of 2026-08-26):
- Pdd Holdings IncPDD76% · strike
SEC 13F · latest filing
Holdings
- Berkshire Hathaway IncBRK.ACore 8qValue$108.6MValuation—Holders17Weight42.4%
- Value$69.6MValuation—Holders9Weight27.2%
- Pdd Holdings IncPDDCore 7qValue$31.7MValuationStrike zoneHolders4Weight12.4%
- Paypal Hldgs IncBig newValue$27.2MValuation—Holders—Weight10.6%
- Ishares TrSGOVCore 8qValue$18.9MValuation—Holders4Weight7.4%
About this investor
About this investor
Portfolio overview
Punch Card Management L.P.'s most recent 13F filing, for the quarter ended 2026-06-30, reports 5 positions worth $256.0M. The top 5 holdings represent 100% of that value, a concentrated portfolio.
The single largest position is Berkshire Hathaway Inc at 42.4% of the portfolio, followed by Crocs Inc at 27.2% and Pdd Holdings Inc at 12.4%.
Against the prior quarter, Norbert Lou opened 1 new position, exited 1, added to 0, and trimmed 2. The largest new buy was Paypal Hldgs Inc. The most notable sale was the full exit from Paypal Hldgs Inc.
Across all 8 quarters on file, Berkshire Hathaway Inc has appeared in every filing, as has Ishares Tr. Berkshire Hathaway Inc currently ranks first by value.
A 13F is filed roughly 45 days after quarter-end and covers only long positions in US-listed equities, so it is a lagging and partial view of the portfolio. Source: SEC EDGAR.
Norbert Lou holds 1 position now in the strike zone. See the full strike-zone list
Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14
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