Norbert Lou - Punch Card Management
Period:    Q1 2026
Portfolio date:    31 Mar 2026
No. of stocks:    5
Portfolio value:    $270,645,674
Holdings Activity Buys Sells    History
History Stock % of
Portfolio
Recent
Activity
Shares Avg. Buy
Price*
Value Current
Price
+/-
Since
Buy
52
Week
Low
52
Week
High
BRK.A - Berkshire Hathaway CL A 38.47 145 $226,000.00 $104,130,300 $744,850.00 229.58% $685,150.00 $775,000.00
CROX - Crocs, Inc. 18.24 594,570 $98.44 $49,361,201 $130.46 32.52% $73.21 $134.77
SGOV - iShares 0-3 Month Treasury Bond ETF 17.11 Reduce 18.73% 460,000 $100.71 $46,303,600 $100.52 -0.19% $96.76 $100.52
PDD - PDD Holdings Inc. 15.67 415,004 $108.09 $42,405,109 $84.56 -21.77% $71.94 $139.41
PYPL - PayPal Holdings, Inc. 10.51 628,907 $74.32 $28,445,464 $47.65 -35.89% $38.22 $78.82
* Avg. Buy Price is an estimated cost basis: the share-weighted average of the quarter-end prices reported when this manager first bought or later added to the position (average-cost method, reset after a full exit). 13F filings disclose only quarter-end holdings, not actual trade prices, so this approximates — but does not exactly equal — what was paid.
Sector % analysis
Financial Services 48.98
Consumer Cyclical 33.91
Unknown 17.11