Manager
Punch Card Management LP
Norbert Lou
SEC: Punch Card Management L.P.
29 processed 13Fs · since 2019 Q1
AUM over time
13F holdings value over time
showing latest · scroll left for older quarters · scrub to inspect
Portfolio
Latest Disclosed Portfolio
2026 Q1 · filed 5/15/2026 · 5 long positions
top 5 100.0% · top 10 100.0% · 5 ≥1% · full holdings →
% of full 13F book
- BERKSHIRE HATHAWAY INC DEL - BRK.A 38.5%
- CROCS INC - CROX 18.2%
- ISHARES TR 17.1%
- PDD HOLDINGS INC - PDD 15.7%
- PAYPAL HLDGS INC - PYPL 10.5%
This quarter
2026 Q1 2025 Q4
- Reduce 1
- Ishares Tr Reduce -1.77 pp · -19% sh
this quarter’s activity
2026 Q1 vs 2025 Q4 · filed 5/15/2026 · 1 meaningful
| Action | Issuer | Δ Shares | Δ Value | Δ Port % |
|---|---|---|---|---|
| Reduce | Ishares Tr | -106,000 | −$11M | -1.77 pp |
filings history
29 periods · normalized AUM · click period for holdings
| Period | Holdings | AUM | QoQ | Form | Filed | Filing ID |
|---|---|---|---|---|---|---|
| 2026 Q1 | 5 | $271M | -10.0% | 13F-HR | 5/15/2026 | 000139834426009301 |
| 2025 Q4 | 5 | $301M | -6.5% | 13F-HR | 2/17/2026 | 000139834426003291 |
| 2025 Q3 | 6 | $322M | +3.9% | 13F-HR | 11/14/2025 | 000139834425020995 |
| 2025 Q2 | 6 | $310M | +42.9% | 13F-HR | 8/14/2025 | 000139834425015669 |
| 2025 Q1 | 4 | $217M | -31.1% | 13F-HR | 5/15/2025 | 000139834425009646 |
| 2024 Q4 | 4 | $315M | -6.0% | 13F-HR | 2/14/2025 | 000139834425002912 |
| 2024 Q3 | 4 | $335M | -0.9% | 13F-HR | 11/14/2024 | 000139834424020870 |
| 2024 Q2 | 4 | $338M | -15.5% | 13F-HR | 8/14/2024 | 000139834424014692 |
| 2024 Q1 | 5 | $400M | +5.0% | 13F-HR | 5/15/2024 | 000139834424009709 |
| 2023 Q4 | 5 | $381M | +10.1% | 13F-HR | 2/14/2024 | 000139834424003178 |
| 2023 Q3 | 5 | $346M | -0.3% | 13F-HR | 11/14/2023 | 000139834423020705 |
| 2023 Q2 | 4 | $347M | +8.8% | 13F-HR | 8/14/2023 | 000139834423014860 |
| 2023 Q1 | 4 | $319M | +3.2% | 13F-HR | 5/15/2023 | 000139834423009836 |
| 2022 Q4 | 4 | $309M | +2.7% | 13F-HR | 2/14/2023 | 000139834423003385 |
| 2022 Q3 | 4 | $301M | -6.8% | 13F-HR | 11/14/2022 | 000139834422022111 |
| 2022 Q2 | 4 | $323M | -17.2% | 13F-HR | 8/15/2022 | 000139834422015665 |
| 2022 Q1 | 3 | $390M | -0.3% | 13F-HR | 5/16/2022 | 000139834422009745 |
| 2021 Q4 | 3 | $391M | +1.3% | 13F-HR | 2/14/2022 | 000139834422003287 |
| 2021 Q3 | 3 | $386M | +1.6% | 13F-HR | 11/15/2021 | 000139834421021565 |
| 2021 Q2 | 3 | $380M | +5.0% | 13F-HR | 8/16/2021 | 000139834421016331 |
| 2021 Q1 | 3 | $362M | +20.7% | 13F-HR | 5/17/2021 | 000139834421010973 |
| 2020 Q4 | 3 | $300M | +21.5% | 13F-HR | 2/16/2021 | 000139834421003564 |
| 2020 Q3 | 3 | $247M | +8.8% | 13F-HR | 11/16/2020 | 000139834420022727 |
| 2020 Q2 | 3 | $227M | +14.6% | 13F-HR | 8/14/2020 | 000139834420015883 |
| 2020 Q1 | 4 | $198M | -17.5% | 13F-HR | 5/15/2020 | 000139834420010559 |
| 2019 Q4 | 3 | $240M | +18.8% | 13F-HR | 2/14/2020 | 000139834420003588 |
| 2019 Q3 | 3 | $202M | -3.8% | 13F-HR | 11/14/2019 | 000139834419020350 |
| 2019 Q2 | 3 | $210M | -0.9% | 13F-HR | 8/14/2019 | 000139834419014421 |
| 2019 Q1 | 4 | $212M | — | 13F-HR | 5/15/2019 | 000139834419008980 |