Punch Card Management (Norbert Lou)

Punch Card Management (Norbert Lou) has filed 13F reports from Q4 2013 through Q2 2026. In the most recent quarter, the fund reported $256.0M across 5 positions. The portfolio has returned 2.0% annualized over five years, with 17.3% volatility and a maximum drawdown of 26.3%. Top holdings include BRK-A, CROX, PDD, PYPL, SGOV. Across all filing periods, 0.0% included restatements and 0.0% introduced new holdings. Review the fund’s investment style metrics, recent position changes, track record by individual position and sector, and related educational resources below.