N
Norbert Lou
Punch Card Management L.P. · Holdings as of Dec 31, 2025, filed by Feb 15, 2026 · US long stock positions only
A punch card with a few holes used. Years between trades.
Reported value
$301M
5 positions shown
Copycat since 2016
2.59x
10% per year
vs SPY
behind
SPY 3.57x same window
Top position
BRK.A
36% 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 · Dec 2025
Symbol Value % of book vs prior quarter
BRK.A $109M
36%
unchanged
SGOV $57M
19%
unchanged
CROX $51M
17%
trimmed
PDD $47M
16%
unchanged
PYPL $37M
12%
trimmed
Positions built under SEC confidential treatment appear only after the SEC releases them. Cash, foreign listings and shorts never appear in these filings.