What did Norbert Lou buy in Q2 2025?

Norbert Lou opened 2 new positions (CROX, PYPL) and added to 1 existing holding in the Q2 2025 13F.

What did Norbert Lou sell in Q2 2025?

Norbert Lou exited 0 positions and trimmed 1.

What Norbert Lou bought and sold in Q2 2025

In Q2 2025, Norbert Lou (Punch Card Management) opened 2 new positions — including CROX (17.4%), PYPL (15.6%), added to 1, trimmed 1. The book stood at $310M across 6 positions, filed Aug 14, 2025.

2New1Added1Trimmed0Exited

Share𝕏 in

New positions (2)

CROXCrocs Inc17.4% · $54M
PYPLPaypal Holdings Inc15.6% · $48M

Added to (1)

PDDPdd Holdings Inc+35% shares · 14.0% · $43M

Trimmed (1)

SWBISmith & Wesson Brands Inc-71% shares · 0.5% · $2M

Norbert Lou's other filings

Q4 2025 changes Q3 2025 changes Q1 2025 changes Q4 2024 changes

Norbert Lou's full portfolio →The whole cohort in Q2 2025 →

Changes vs the prior quarter's 13F, long US equity positions only (no shorts, options, or non-US listings). ADD/TRIM are share- count changes of ±20% or more. Sourced from SEC EDGAR. Not investment advice.