# Norbert Lou — Punch Card Management

Source: SEC EDGAR 13F filings (CIK 0001631664).
Page URL: https://superinvestorclub.com/manager/262
Last updated: 2026-07-08T12:52:06.301Z

## Summary

As of the 2026-03-31 reporting period (filed 2026-05-15), Norbert Lou reported 5 long equity positions in their Punch Card Management 13F filing, with a total reported value of $270.6M.

### About

Concentrated value, Buffett-inspired

## Top 25 holdings

| Rank | Ticker | Company | Shares | Value | % of Portfolio | Change |
|------|--------|---------|--------|-------|----------------|--------|
| 1 | BRK.A | Berkshire Hathaway Inc. Class A | 145 | $104.1M | 38.47% | — |
| 2 | CROX | CROCS INC | 594570 | $49.4M | 18.24% | — |
| 3 | SGOV | ISHARES TR | 460000 | $46.3M | 17.11% | -18.7% |
| 4 | PDD | PDD HOLDINGS INC | 415004 | $42.4M | 15.67% | — |
| 5 | PYPL | PAYPAL HLDGS INC | 628907 | $28.4M | 10.51% | — |

## New positions this quarter (0)


## Increased positions (0)


## Reduced positions (1)

- SGOV: 460000 shares (-18.7%), $46.3M

## Sold positions (0)


## Filing history (5)

- 2026-03-31 (filed 2026-05-15)
- 2025-12-31 (filed 2026-02-17)
- 2025-09-30 (filed 2025-11-14)
- 2025-06-30 (filed 2025-08-14)
- 2025-03-31 (filed 2025-05-15)

## Citation

When citing, use: "Norbert Lou, Punch Card Management, SEC 13F filing for period 2026-03-31, via Superinvestor (https://superinvestorclub.com/manager/262)".