What stocks does Norbert Lou own?

As of Q2 2026, Punch Card Capital reported 5 positions with a combined 13F value of $256.0M. Its largest stock positions are BRK.A ($108.6M), CROX ($69.6M) and PDD ($31.7M).

How often does Punch Card Capital update its portfolio?

Punch Card Capital files a 13F with the SEC every quarter, due 45 days after quarter end. The latest covers Q2 2026 and was filed Aug 14, 2026. The next one is due by Nov 16, 2026.

What does Punch Card Capital's 13F leave out?

A 13F lists long positions in US-listed stocks and some options held on the last day of a quarter. It leaves out short positions, most bonds, holdings not listed in the US and anything bought or sold since the quarter ended.

Where does Punch Card Capital's portfolio data come from?

From the 13F filings Punch Card Capital makes to the SEC, available on EDGAR. Each quarter shows how positions changed from the one before.

Smart money

Punch Card Management L.P.

Norbert Lou

Return history

Last 4 years · filing-date model

$100,000 to $161,350

$100,000 in SPY: $226,413.

Total return

+61.4%

Annualized (4Y CAGR)

+12.7%

vs SPY

−10.0 pts/yr

Moves a year

7.0

Avg hold

2.1 years

17 filings · quarters -5.3% to +16.2%

All time

+161% since Feb 17, 2015

Fund size $256M today

Oct 10, 2022 to Oct 9, 2026 · min. 100% quarterly priced · Disclosed book, unaudited · Method

Position-weighted returns use each SEC filing date. Options use underlying-stock proxies, not option premiums; put proxies can lose more than 100%. Cash, shorts, non-13F holdings and trades between filings are excluded.

trimmed CROX in Q2 2026.

$256.0M in this filing5 positions

Holdings as of Jun 30, 2026. Filed Aug 14, 2026.

Share change vs Mar 31

1BRK.ABerkshire Hathaway Inc Del42.42%
$108.6M - 145 shares-
2CROXCrocs Inc27.20%
$69.6M - 577K shares-2.9%
3PDDPDD Holdings Inc12.37%
$31.7M - 415K shares-
4PYPLPaypal Hldgs Inc10.61%
$27.2M - 629K shares-
5SGOViShares TR7.39%
$18.9M - 188K shares-59.1%

#	Stock				At Jun 30	Now
1	BRK.ABerkshire Hathaway Inc Del	42.42%	$108.6M	-	$748850.00	-
2	CROXCrocs Inc	27.20%	$69.6M	-2.9%	$120.64	$117.54 -2.6%
3	PDDPDD Holdings Inc	12.37%	$31.7M	-	$76.28	$82.42 +8.0%
4	PYPLPaypal Hldgs Inc	10.61%	$27.2M	-	$43.18	$57.16 +32.4%
5	SGOViShares TR	7.39%	$18.9M	-59.1%	$100.67	-

What is missing

Top 10 concentration: 100%. This filing does not include cash, short positions, private investments, bonds, or many overseas holdings. Next filing due ~Nov 16, 2026.

Disclosed changes

Q2 2026 holdings. Exact trade dates are not disclosed.

SGOV ReducedView disclosure

Common questions

What stocks does Norbert Lou own?: As of Q2 2026, Punch Card Capital reported 5 positions with a combined 13F value of $256.0M. Its largest stock positions are BRK.A ($108.6M), CROX ($69.6M) and PDD ($31.7M).
How often does Punch Card Capital update its portfolio?: Punch Card Capital files a 13F with the SEC every quarter, due 45 days after quarter end. The latest covers Q2 2026 and was filed Aug 14, 2026. The next one is due by Nov 16, 2026.
What does Punch Card Capital's 13F leave out?: A 13F lists long positions in US-listed stocks and some options held on the last day of a quarter. It leaves out short positions, most bonds, holdings not listed in the US and anything bought or sold since the quarter ended.
Where does Punch Card Capital's portfolio data come from?: From the 13F filings Punch Card Capital makes to the SEC, available on EDGAR. Each quarter shows how positions changed from the one before.