N
Norbert Lou
Punch Card Management L.P. · Holdings as of Sep 30, 2025, filed by Nov 15, 2025 · US long stock positions only
A punch card with a few holes used. Years between trades.
Reported value
$322M
6 positions shown
Copycat since 2016
2.59x
10% per year
vs SPY
behind
SPY 3.57x same window
Top position
BRK.A
34% of book
Copying these filings vs SPY $1 at every deadline since 2016
SPY 3.57x
Norbert Lou 2.59x
Price returns, dividends excluded on both lines. A copycat of public filings traded at each deadline, not the fund's actual performance.
The book tile = share of the filed book · tap a tile for the ticker · Sep 2025
Symbol Value % of book vs prior quarter
BRK.A $109M
34%
unchanged
SGOV $57M
18%
unchanged
PDD $55M
17%
unchanged
CROX $53M
16%
added
PYPL $44M
14%
unchanged
FISV $5M
1%
new
Positions built under SEC confidential treatment appear only after the SEC releases them. Cash, foreign listings and shorts never appear in these filings.