# Punch Card Management portfolio: Q2 2026 13F holdings

Norbert Lou’s Punch Card Management: $256m in 5 US holdings at Q2 2026, with buys and sells.

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%.

13F for the quarter ending 2026-06-30, filed 2026-08-14 ([filing](https://www.sec.gov/Archives/edgar/data/1631664/000139834426014658/0001398344-26-014658-index.htm)). $256m in US-listed holdings.

## 13F holdings

| Company | Value | Portfolio | Change | Q1 2026 |
| --- | --- | --- | --- | --- |
| Berkshire Hathaway (BRK.B) | $109m | 42.4% | Unchanged | 38.5% |
| Crocs (CROX) | $69.6m | 27.2% | Trimmed -2.9% | 18.2% |
| PDD Holdings (PDD) | $31.7m | 12.4% | Unchanged | 15.7% |
| Paypal Holdings (PYPL) | $27.2m | 10.6% | Unchanged | 10.5% |
| Ishares Tr (SGOV) | $18.9m | 7.4% | Trimmed -59% | 17.1% |

Source: SEC filings, via moatshark (https://www.moatshark.com/m/punch-card-management). Values traded and returns are estimates. Not investment advice. Built 2026-10-21.