# Norbert Lou — Punch Card Management

Portfolio USD 255,952,000 · 5 positions · 2026 Q2 · history from 2019 Q2.
Source: quarterly 13F filings via dataroma.com. Page: https://gigainvestors.com/PC

## Positions (2026 Q2)

| Ticker | Company | % of portfolio | Value | This quarter | Holders |
|---|---|---:|---:|---|---:|
| BRK.A | Berkshire Hathaway CL A | 42% | USD 108,583,000 | hold |  |
| CROX | Crocs Inc. | 27% | USD 69,630,000 | -2.93% |  |
| PDD | Pinduoduo Inc. | 12% | USD 31,657,000 | hold |  |
| PYPL | PayPal Holdings Inc. | 11% | USD 27,156,000 | hold |  |
| SGOV | Ishares 0 3 Month Treasury B | 7.4% | USD 18,926,000 | -59.13% |  |

## Moves this quarter (2)

- CROX Crocs Inc.: -2.93% (USD 69,630,000)
- SGOV Ishares 0 3 Month Treasury B: -59.13% (USD 18,926,000)

## Portfolio value by quarter

- 2019 Q2: USD 209,648,790 (3 positions)
- 2019 Q3: USD 202,161,201 (3 positions)
- 2019 Q4: USD 240,371,006 (3 positions)
- 2020 Q1: USD 198,410,111 (4 positions)
- 2020 Q2: USD 226,706,449 (3 positions)
- 2020 Q3: USD 247,023,803 (3 positions)
- 2020 Q4: USD 300,004,900 (3 positions)
- 2021 Q1: USD 361,835,189 (3 positions)
- 2021 Q2: USD 379,600,438 (3 positions)
- 2021 Q3: USD 385,653,759 (3 positions)
- 2021 Q4: USD 390,571,822 (3 positions)
- 2022 Q1: USD 390,080,101 (3 positions)
- 2022 Q2: USD 322,764,688 (4 positions)
- 2022 Q3: USD 300,737,976 (4 positions)
- 2022 Q4: USD 308,707,685 (4 positions)
- 2023 Q1: USD 319,282,904 (4 positions)
- 2023 Q2: USD 347,208,288 (4 positions)
- 2023 Q3: USD 346,126,261 (5 positions)
- 2023 Q4: USD 381,052,268 (5 positions)
- 2024 Q1: USD 399,933,616 (5 positions)
- 2024 Q2: USD 338,254,984 (4 positions)
- 2024 Q3: USD 334,565,189 (4 positions)
- 2024 Q4: USD 315,106,597 (4 positions)
- 2025 Q1: USD 216,647,253 (4 positions)
- 2025 Q2: USD 309,881,316 (6 positions)
- 2025 Q3: USD 322,419,783 (6 positions)
- 2025 Q4: USD 300,881,601 (5 positions)
- 2026 Q1: USD 270,645,374 (5 positions)
- 2026 Q2: USD 255,952,000 (5 positions)