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Punch Card Management Norbert Lou
In Q2 2026, Punch Card Management held 5 US-listed stocks worth $256m. Its biggest move was cutting Ishares Tr (59% fewer shares, now 7.4%), followed by cutting Crocs (3% fewer shares, now 27%). Its largest holding is Berkshire Hathaway at 42%.
Source: SEC Form 13F for Q2 2026, filed 14 Aug 2026. How we use them
Changes Holdings Over time Sectors Value What changed in Q2 2026 Against Q1 2026, by number of shares and adjusted for splits. Up to five of each, largest first; the full list is below.
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US holdings from the 13F Q2 2026, filed 14 Aug 2026 (filing ): 0 new, 0 added to, 2 trimmed, 0 sold out. Select a row to see it over time. How this works Changes compare share counts with Q1 2026, adjusted for stock splits. Share classes of the same company are combined. Values are at quarter-end prices.
13F holdings with change from the previous quarter Company Value Shares Portfolio Change Q1 2026 Berkshire Hathaway BRK.B $109m 145 42.4%$109m 38.5% Crocs CROX $69.6m 577,170 27.2%$69.6m ▼ Trimmed -2.9%18.2% PDD Holdings PDD $31.7m 415,004 12.4%$31.7m 15.7% Paypal Holdings PYPL $27.2m 628,907 10.6%$27.2m 10.5% Ishares Tr SGOV $18.9m 188,000 7.4%$18.9m ▼ Trimmed -59%17.1%
Download the Q2 2026 holdings: CSV · JSON · Markdown
How the portfolio has changed Each bar is one 13F. Select a bar or press play to see that quarter’s 12 largest positions. How this works Bars are split by share of the US portfolio: the six biggest holdings over the period in colour, everything else in grey. The last eight quarters are shown in full, earlier years at year end.
2014 · Berkshire Hathaway: 65.6% 2014 · Everything else: 34.4% 2015 · Berkshire Hathaway: 39.0% 2015 · Baidu: 35.2% 2015 · Everything else: 25.8% 2016 · Berkshire Hathaway: 42.5% 2016 · Baidu: 41.9% 2016 · Everything else: 15.6% 2017 · Berkshire Hathaway: 62.8% 2017 · Baidu: 21.9% 2017 · Everything else: 15.3% 2018 · Berkshire Hathaway: 71.0% 2018 · Baidu: 26.3% 2018 · Everything else: 2.8% 2019 · Berkshire Hathaway: 52.7% 2019 · Baidu: 16.6% 2019 · Winnebago Industries: 30.7% 2020 · Berkshire Hathaway: 40.5% 2020 · Ally Financial: 39.1% 2020 · Winnebago Industries: 20.4% 2021 · Berkshire Hathaway: 40.3% 2021 · Ally Financial: 40.1% 2021 · Winnebago Industries: 19.6% 2022 · Berkshire Hathaway: 53.0% 2022 · Ally Financial: 27.6% 2022 · Winnebago Industries: 17.0% 2022 · Everything else: 2.4% 2023 · Berkshire Hathaway: 49.7% 2023 · Ishares Tr: 0.7% 2023 · Ally Financial: 27.6% 2023 · Winnebago Industries: 19.1% 2023 · Everything else: 3.0% Q3 ’24 · Berkshire Hathaway: 72.1% Q3 ’24 · Ishares Tr: 17.5% Q3 ’24 · Winnebago Industries: 7.2% Q3 ’24 · Everything else: 3.3% Q4 ’24 · Berkshire Hathaway: 75.4% Q4 ’24 · Ishares Tr: 18.5% Q4 ’24 · Everything else: 6.1% Q1 ’25 · Berkshire Hathaway: 53.4% Q1 ’25 · Ishares Tr: 27.0% Q1 ’25 · Everything else: 19.6% Q2 ’25 · Berkshire Hathaway: 34.1% Q2 ’25 · Ishares Tr: 18.4% Q2 ’25 · Crocs: 17.4% Q2 ’25 · Everything else: 30.2% Q3 ’25 · Berkshire Hathaway: 33.9% Q3 ’25 · Ishares Tr: 17.7% Q3 ’25 · Crocs: 16.4% Q3 ’25 · Everything else: 32.0% Q4 ’25 · Berkshire Hathaway: 36.4% Q4 ’25 · Ishares Tr: 18.9% Q4 ’25 · Crocs: 16.9% Q4 ’25 · Everything else: 27.8% Q1 ’26 · Berkshire Hathaway: 38.5% Q1 ’26 · Ishares Tr: 17.1% Q1 ’26 · Crocs: 18.2% Q1 ’26 · Everything else: 26.2% Q2 ’26 · Berkshire Hathaway: 42.4% Q2 ’26 · Ishares Tr: 7.4% Q2 ’26 · Crocs: 27.2% Q2 ’26 · Everything else: 23.0%
2015
2017
2019
2021
2023
Q4 ’24
Q2 ’25
Q4 ’25
Q2 ’26
2014: Berkshire Hathaway 65.6%, Ishares Tr 0.0%, Baidu 0.0%, Ally Financial 0.0%, Winnebago Industries 0.0%, Crocs 0.0%; 2015: Berkshire Hathaway 39.0%, Ishares Tr 0.0%, Baidu 35.2%, Ally Financial 0.0%, Winnebago Industries 0.0%, Crocs 0.0%; 2016: Berkshire Hathaway 42.5%, Ishares Tr 0.0%, Baidu 41.9%, Ally Financial 0.0%, Winnebago Industries 0.0%, Crocs 0.0%; 2017: Berkshire Hathaway 62.8%, Ishares Tr 0.0%, Baidu 21.9%, Ally Financial 0.0%, Winnebago Industries 0.0%, Crocs 0.0%; 2018: Berkshire Hathaway 71.0%, Ishares Tr 0.0%, Baidu 26.3%, Ally Financial 0.0%, Winnebago Industries 0.0%, Crocs 0.0%; 2019: Berkshire Hathaway 52.7%, Ishares Tr 0.0%, Baidu 16.6%, Ally Financial 0.0%, Winnebago Industries 30.7%, Crocs 0.0%; 2020: Berkshire Hathaway 40.5%, Ishares Tr 0.0%, Baidu 0.0%, Ally Financial 39.1%, Winnebago Industries 20.4%, Crocs 0.0%; 2021: Berkshire Hathaway 40.3%, Ishares Tr 0.0%, Baidu 0.0%, Ally Financial 40.1%, Winnebago Industries 19.6%, Crocs 0.0%; 2022: Berkshire Hathaway 53.0%, Ishares Tr 0.0%, Baidu 0.0%, Ally Financial 27.6%, Winnebago Industries 17.0%, Crocs 0.0%; 2023: Berkshire Hathaway 49.7%, Ishares Tr 0.7%, Baidu 0.0%, Ally Financial 27.6%, Winnebago Industries 19.1%, Crocs 0.0%; Q3 ’24: Berkshire Hathaway 72.1%, Ishares Tr 17.5%, Baidu 0.0%, Ally Financial 0.0%, Winnebago Industries 7.2%, Crocs 0.0%; Q4 ’24: Berkshire Hathaway 75.4%, Ishares Tr 18.5%, Baidu 0.0%, Ally Financial 0.0%, Winnebago Industries 0.0%, Crocs 0.0%; Q1 ’25: Berkshire Hathaway 53.4%, Ishares Tr 27.0%, Baidu 0.0%, Ally Financial 0.0%, Winnebago Industries 0.0%, Crocs 0.0%; Q2 ’25: Berkshire Hathaway 34.1%, Ishares Tr 18.4%, Baidu 0.0%, Ally Financial 0.0%, Winnebago Industries 0.0%, Crocs 17.4%; Q3 ’25: Berkshire Hathaway 33.9%, Ishares Tr 17.7%, Baidu 0.0%, Ally Financial 0.0%, Winnebago Industries 0.0%, Crocs 16.4%; Q4 ’25: Berkshire Hathaway 36.4%, Ishares Tr 18.9%, Baidu 0.0%, Ally Financial 0.0%, Winnebago Industries 0.0%, Crocs 16.9%; Q1 ’26: Berkshire Hathaway 38.5%, Ishares Tr 17.1%, Baidu 0.0%, Ally Financial 0.0%, Winnebago Industries 0.0%, Crocs 18.2%; Q2 ’26: Berkshire Hathaway 42.4%, Ishares Tr 7.4%, Baidu 0.0%, Ally Financial 0.0%, Winnebago Industries 0.0%, Crocs 27.2% ▶ Play Q2 2026
Berkshire Hathaway 42.4% Crocs 27.2% PDD Holdings 12.4% Paypal Holdings 10.6% Ishares Tr 7.4% Q4 2014 Q2 2026
US holdings by sector Insurance 42.4% Other 27.2% Consumer discretionary 12.4% Financials 10.6% Not classified 7.4% Sectors are grouped from each company’s SEC industry code, as a share of the Q2 2026 13F.
US portfolio value by quarter $346m Q3 ’23
$381m Q4 ’23
$400m Q1 ’24
$338m Q2 ’24
$335m Q3 ’24
$315m Q4 ’24
$217m Q1 ’25
$310m Q2 ’25
$322m Q3 ’25
$301m Q4 ’25
$271m Q1 ’26
$256m Q2 ’26
Q3 ’23: $346m; Q4 ’23: $381m; Q1 ’24: $400m; Q2 ’24: $338m; Q3 ’24: $335m; Q4 ’24: $315m; Q1 ’25: $217m; Q2 ’25: $310m; Q3 ’25: $322m; Q4 ’25: $301m; Q1 ’26: $271m; Q2 ’26: $256m From each quarter’s 13F. Changes reflect both trading and share-price moves.