Norbert Lou portfolio & holdings

Punch Card's ultra-concentrated $260M book remained essentially frozen this quarter—no new positions, no adds, no exits—with the only move a 59% reduction in SGOV (short-term Treasury ETF) from a prior cash-equivalent position down to 7.4%. That trim likely reflects capital deployment or simply reduced need for liquidity buffer, though no corresponding addition was reported in 13F-visible positions. The five-position portfolio reads as a pure conviction statement: BRK/A dominates at 42.4%, followed by CROX at 27.2%—Crocs remains the highest-profile single-stock bet, a consumer brand Lou has held through significant volatility. PDD at 12.4% is the lone China/emerging market exposure, and PYPL at 10.6% is a recovering fintech turnaround play. With 100% of the book in five names, every position is a thesis unto itself. The SGOV trim is the only breadcrumb suggesting Lou may be preparing to redeploy—but no new 13F-visible position emerged this quarter. Watch next filing: whether the freed SGOV capital surfaces as a new fifth (or sixth) single-stock position, or if CROX or PYPL receive additional sizing.