Norbert Lou
Punch Card Management
Norbert Lou (Punch Card Management) discloses a $256M portfolio across 5 US-listed positions in the latest 13F filing (2026Q2, filed Aug 14, 2026). The largest holding is BRK/A at 42.4% of the book. The biggest move of the quarter: trimmed the SGOV share count by 59% (position now $19M). Mechanically cloning this 13F returned 8.2%/yr over the past 11.4 years, versus 13.5%/yr for the S&P 500 across that identical 11.4-year window.
Holdings (5) · click any column to sort
2026Q2 moves, by size (1)(expand ↓)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| SGOV | Ishares 0-3 Month Treasury B | TRIM | 7.4% | -59% | $19M |
- TRIMSGOV7.4%Ishares 0-3 Month Treasury BΔ -59%·$19M
About Norbert Lou
Norbert Lou runs Punch Card Management, a Buffett-influenced, hyper-concentrated long-only vehicle that takes the "punch card" metaphor literally — the 13F filed for 2026 Q1 shows just five positions totaling roughly $271M, with Berkshire Hathaway anchoring the book at nearly 39%. Lou gained a following in value-investing circles partly through his association with the Columbia/Buffett intellectual tradition and his reputation for sitting on very few, very high-conviction ideas for extended periods. The current book — mixing a large-cap compounder, a consumer-discretionary turnaround (Crocs), a money-market proxy (SGOV), and two battleground names in PDD and PayPal — reads as a genuine reflection of the portfolio rather than a filing artifact, since a five-position fund has nowhere to hide. Readers should note that the latticework backtest shows roughly -6% annual excess return versus SPY over 11-plus years; concentration that cuts both ways is the explicit trade-off this style accepts.
2026Q2 brief
No notable moves in the 2026Q2 filing — Norbert Lou held course.
AI-generated. Not investment advice.
Filing history
Norbert Lou's disclosed 13F portfolio value and position count by quarter — the trajectory across every SEC filing.
| Quarter | Positions | Portfolio value |
|---|---|---|
| Q2 2026 — what changed → | 5 | $256M |
| Q1 2026 holdings | 5 | $271M |
| Q4 2025 — what changed → | 5 | $301M |
| Q3 2025 — what changed → | 6 | $322M |
| Q2 2025 — what changed → | 6 | $310M |
| Q1 2025 — what changed → | 4 | $217M |
| Q4 2024 holdings | 4 | $315M |
| Q3 2024 holdings | 4 | $335M |
| Q2 2024 holdings | 4 | $338M |
| Q1 2024 holdings | 5 | $400M |
| Q4 2023 holdings | 5 | $381M |
| Q3 2023 holdings | 5 | $346M |
Values as disclosed at each quarter end. Older filings on EDGAR.
Multibaggers Norbert Lou held
Stocks up 5x or more since Norbert Lou first held them at conviction size — the holding record behind the returns. Longest unbroken run and largest book weight are shown for each.
- CVNA13.4xCARVANA CO2q straight · peak 2.02%
Price multiple since the first quarter we observed a conviction holding (2014Q1 at the earliest), not Norbert Lou's realized return — entry price and trades between filings aren't disclosed. Peak weight is share of disclosed US 13F book. All 129 multibaggers the cohort held →
Frequently asked questions
- What stocks does Norbert Lou own?
- As of 2026Q2, Norbert Lou's 13F discloses 5 positions worth $256M. The top five holdings: BRK/A (42.4%), CROX (27.2%), PDD (12.4%), PYPL (10.6%), SGOV (7.4%). 13F filings cover long US-listed equities only — cash, bonds, shorts, and non-US positions are not disclosed.
- What did Norbert Lou buy this quarter?
- The 2026Q2 filing shows no new purchases — no new positions were opened and no existing holdings were added to this quarter.
- How big is Norbert Lou's portfolio?
- $256M across 5 positions per the latest 13F (filed Aug 14, 2026). The top five holdings account for 100% of the disclosed book.
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Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001631664). Not investment advice.