What did Norbert Lou buy in Q3 2025?

Norbert Lou opened 1 new position (FISV) and added to 0 existing holdings in the Q3 2025 13F.

What did Norbert Lou sell in Q3 2025?

Norbert Lou exited 1 position (SWBI) and trimmed 0.

What Norbert Lou bought and sold in Q3 2025

In Q3 2025, Norbert Lou (Punch Card Management) opened 1 new position — including FISV (1.5%), exited 1 (SWBI). The book stood at $322M across 6 positions, filed Nov 14, 2025.

1New0Added0Trimmed1Exited

Share𝕏 in

New positions (1)

FISVFiserv Inc1.5% · $5M

Exited (1)

SWBISmith & Wesson Brands Incwas 0.5% of book

Norbert Lou's other filings

Q4 2025 changes Q2 2025 changes Q1 2025 changes Q4 2024 changes

Norbert Lou's full portfolio →The whole cohort in Q3 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.