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, 3 modest.
13F × valuation
Valuation posture
Of 3 valued US positions, 2 trade below a conservative value band (1 in the strike zone) (as of 2026-10-16):
- Pdd Holdings IncPDD76% · strike
- Paypal Hldgs IncPYPL15% · below
SEC 13F · latest filing
Holdings
- Berkshire Hathaway IncBRK.ACore · 8 quartersValue$108.6MValuation—Holders17Weight42.4%
- Value$69.6MValuation—Holders9Weight27.2%
- Pdd Holdings IncPDDCore · 7 quartersValue$31.7MValuationStrike zoneHolders4Weight12.4%
- Value$27.2MValuationBelow valueHolders10Weight10.6%
- Ishares TrSGOVCore · 8 quartersValue$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 0 new positions, exited 0, added to 0, and trimmed 2.
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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