Breaking down the stocks Norbert Lou (Punch Card Capital) bought, sold, and held in Q2 2026, including their holdings at the end of the quarter. All data sourced from Punch Card Capital's 13F filed on August 14, 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
Q2 '26 13F filed with SEC
Holdings in Q2 2026
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| Berkshire Hathaway | 42.4% | $108.58M | ||
| Crocs | 27.2% | Trimmed (-3%) | $69.63M | |
| PDD Holdings | 12.4% | $31.66M | ||
| PayPal | 10.6% | $27.16M | ||
| iShares | 7.4% | NEW | $18.93M | |
| iShares | 0.0% | Exited | $-46.3M |
Current Investment Strategy
Norbert Lou's Punch Card Capital entered the third quarter of 2026 with its trademark ultra-concentrated value book, anchored by a dominant stake in Berkshire Hathaway alongside high-conviction positions in Chinese e-commerce giant PDD Holdings and turnaround fintech play PayPal, reflecting Lou's Buffett-inspired "punch card" philosophy of betting big on a handful of underfollowed, high-return businesses. The fund's brief foray in and out of iShares Treasury bill ETFs during the quarter underscores its opportunistic cash-management style, parking capital in short-term instruments while waiting for the next rare pitch worthy of one of Lou's limited lifetime "punches."
New Investments
iShares
Norbert Lou bought $18.93M of iShares in Q2 2026. Over the last 12 months, iShares has significantly expanded its ETF franchise, growing platform AUM from around $4.7T to about $6.2T, outpacing many competitors as investors consolidate into large, low-cost core products. In the current quarter (Q2 2026), the business is clearly gaining share, with the ETF platform delivering roughly $178B in net inflows and helping drive BlackRock’s total inflows to $192B, translating into high-single-digit to low-teens organic fee growth and record firm AUM of about $15.3T. For the security added to the portfolio, these strong platform flows—highlighted by milestone AUM above $6T and notable wins versus rival products such as large inflows into core S&P 500 and Russell factor ETFs—should support liquidity and valuation momentum through this quarter despite isolated pressure from products like the iShares Bitcoin Trust, which saw $3.3B of outflows but still holds roughly $46B in assets.
- $6.246T ETF AUM in Q2 2026, up from $5.486T in Q1 and $4.749T a year ago (≈13.9% QoQ and 31.6% YoY growth)..
- iShares ETF platform generated roughly $178B net inflows in Q2 2026, supporting around 13.0% annualized organic AUM growth and about 12% organic base fee growth year-to-date..
- BlackRock overall saw about $192B net inflows in Q2 and record first-half inflows of roughly $321B, lifting firm AUM to around $15.3T and driving roughly 8% organic base fee growth..
Added, Trimmed, and Exited
Added
There were no additions to existing positions this quarter; Punch Card Capital did not increase its stake in any holding carried over from Q1 2026.
What it means: The absence of any adds to existing positions is consistent with Norbert Lou's famously concentrated, low-turnover approach—rather than deepening conviction in current holdings, the firm's only notable move was establishing a new position in iShares Treasury bills, likely as a parking spot for cash rather than a directional equity bet.
Trimmed
Punch Card Capital modestly trimmed Crocs, reducing its stake from 594,570 to 577,170 shares (a cut of 17,400 shares, or roughly 3%), even as the position's value rose from about $49.4M to $69.6M on strong performance (a reported return of over 41%).
What it means: The small trim alongside a large value gain suggests this was a modest, valuation-driven rebalancing rather than a loss of conviction—Lou appears to be taking some profits off the table after a sharp run-up while still keeping the vast majority of the position intact, indicating Crocs remains a core holding in the fund's tightly concentrated book.
Exited
Punch Card Capital fully exited its prior iShares 0-3 Month Treasury position (title "0-3 MNTH TREASRY"), worth about $46.3M and 460,000 shares as of the Q1 filing.
What it means: This exit was immediately offset by a new, similarly sized purchase of a nearly identical iShares 0-3 Month Treasury vehicle (labeled "0-3 MTH TREASURY") in the current quarter, indicating this was essentially a like-for-like cash-management swap rather than a reduction in the fund's overall cash cushion—consistent with Lou's practice of holding meaningful dry powder while awaiting new opportunities in his concentrated equity book.
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.
