Breaking down the stocks Norbert Lou (Punch Card Capital) bought, sold, and held in Q1 2026, including their holdings at the end of the quarter. All data sourced from Punch Card Capital's 13F filed on May 15, 2026.
Who are Norbert Lou and Punch Card Capital?
Norbert Lou is the founder and manager of Punch Card Management L.P. (commonly referred to as Punch Card Capital). The fund is known for its highly concentrated portfolio, typically consisting of 3-6 stocks at any given time, with significant cash holdings (averaging 25%) when attractive opportunities are scarce. His investment strategy is a classic value investing approach inspired by Warren Buffett's "punch card" philosophy, where one should invest as if limited to 20 punches in a lifetime. Lou focuses on underfollowed, undervalued companies that can compound intrinsic value at high rates over long periods, with strong qualitative factors like high returns on capital, reinvestment opportunities, economies of scale, and brand power.
Punchcardcapital.com
Norbert Lou on X
Q1 '26 13F filed with SEC
Holdings in Q1 2026
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| BRK-A | Berkshire Hathaway | 38.5% | $104.13B | |
| CROX | Crocs | 18.2% | $49.36B | |
| SGOV | 0-3 Month Treasury | 17.1% | Trimmed (-19%) | $46.3B |
| PDD | PDD Holdings | 15.7% | $42.41B | |
| PYPL | PayPal | 10.5% | $28.45B |
Current Investment Strategy
Norbert Lou's Punch Card Management ran a deeply concentrated, unleveraged value portfolio in Q1 2026, maintaining just four disclosed positions — Berkshire Hathaway, Crocs, PDD Holdings, and PayPal — anchored by a high-conviction approach inspired by Warren Buffett's "punch card" philosophy of making very few, carefully selected investments over a lifetime. With no new positions initiated or exited in the quarter, Lou continued to emphasize patient capital compounding in underfollowed, undervalued businesses exhibiting strong returns on capital and shareholder-friendly capital return programs such as aggressive share buybacks.
New Investments
Punch Card Capital did not open any new positions during Q1 2026.
Added, Trimmed, and Exited
Added
Punch Card Capital made no additions to any existing positions in Q1 2026.
Trimmed
Punch Card Capital trimmed its cash-equivalent position in 0-3 Month Treasury (SGOV) by 106,000 shares (roughly 19%), reducing it from 566,000 to 460,000 shares.
What it means: The reduction in 0-3 Month Treasury (SGOV) is notable because no corresponding additions were made to any equity positions — suggesting the cash wasn't redeployed into existing holdings during the quarter. This could reflect investor redemptions requiring liquidity, a reallocation into instruments not captured by the 13F (such as non-U.S. securities or private positions), or simply an ongoing preparation for deployment. Given that PayPal (PYPL) fell roughly 22% during the quarter, it would not be surprising if Norbert Lou is eyeing an opportunity to add there — but as of this filing, he held steady. The overall posture remains highly concentrated and patient, consistent with the fund's punch-card philosophy.
Exited
Punch Card Capital did not fully exit any positions in Q1 2026.
Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.
