Norbert Lou – Punch Card Management Portfolio Activity & Recent Trades (Dec 31, 2025)
As of Dec 31, 2025, the Punch Card Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Feb 17, 2026. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.
During Q4 2025, the filing reported:
New Buys –
None reported
Increases –
None reported
Reductions – Crocs, Inc., PayPal Holdings, Inc.
Complete Exits – Fiserv, Inc.
These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.
| Date | Symbol | Name | Type | Change Qty | % Change | Value | Remaining |
|---|---|---|---|---|---|---|---|
Q4 2025 | CROX Crocs, Inc. | Crocs, Inc. | Sell | -37,680 | -6.0% | $50.85M | 594,570 |
Q4 2025 | FI Fiserv, Inc. | Fiserv, Inc. | Sell - Position Exit | -37,000 | -100.0% | $0.00 | - |
Q4 2025 | PYPL PayPal Holdings, Inc. | PayPal Holdings, Inc. | Sell | -21,540 | -3.3% | $36.72M | 628,907 |
Q3 2025 | CROX Crocs, Inc. | Crocs, Inc. | Buy | +101,142 | +19.0% | $52.82M | 632,250 |
Q3 2025 | FI Fiserv, Inc. | Fiserv, Inc. | Buy - Position Entry | +37,000 | - | $4.77M | 37,000 |
Q3 2025 | SWBI Smith & Wesson Brands, Inc. | Smith & Wesson Brands, Inc. | Sell - Position Exit | -189,933 | -100.0% | $0.00 | - |
Q2 2025 | CROX Crocs, Inc. | Crocs, Inc. | Buy - Position Entry | +531,108 | - | $53.79M | 531,108 |
Q2 2025 | PDD PDD Holdings Inc. | PDD Holdings Inc. | Buy | +108,253 | +35.3% | $43.43M | 415,004 |
Q2 2025 | PYPL PayPal Holdings, Inc. | PayPal Holdings, Inc. | Buy - Position Entry | +650,447 | - | $48.34M | 650,447 |
Q2 2025 | SGOV iShares 0-3 Month Treasury Bond | iShares 0-3 Month Treasury Bond | Sell | -15,100 | -2.6% | $56.99M | 566,000 |
Q2 2025 | SWBI Smith & Wesson Brands, Inc. | Smith & Wesson Brands, Inc. | Sell | -459,023 | -70.7% | $1.65M | 189,933 |
Q1 2025 | BRK-A Berkshire Hathaway Inc. | Berkshire Hathaway Inc. | Sell | -204 | -58.5% | $115.77M | 145 |
Q1 2025 | PDD PDD Holdings Inc. | PDD Holdings Inc. | Buy | +176,751 | +136.0% | $36.30M | 306,751 |
Q4 2024 | PDD PDD Holdings Inc. | PDD Holdings Inc. | Buy - Position Entry | +130,000 | - | $12.61M | 130,000 |
Q4 2024 | SWBI Smith & Wesson Brands, Inc. | Smith & Wesson Brands, Inc. | Sell | -191,082 | -22.7% | $6.56M | 648,956 |
Q4 2024 | WGO Winnebago Industries, Inc. | Winnebago Industries, Inc. | Sell - Position Exit | -411,480 | -100.0% | $0.00 | - |
Q3 2024 | WGO Winnebago Industries, Inc. | Winnebago Industries, Inc. | Sell | -585,093 | -58.7% | $23.91M | 411,480 |
Q2 2024 | ALLY Ally Financial Inc. | Ally Financial Inc. | Sell - Position Exit | -2,160,534 | -100.0% | $0.00 | - |
Q2 2024 | SGOV iShares 0-3 Month Treasury Bond | iShares 0-3 Month Treasury Bond | Buy | +556,000 | +2215.1% | $58.52M | 581,100 |
Q1 2024 | ALLY Ally Financial Inc. | Ally Financial Inc. | Sell | -849,202 | -28.2% | $87.70M | 2,160,534 |
Q4 2023 | ALLY Ally Financial Inc. | Ally Financial Inc. | Sell | -288,181 | -8.7% | $105.10M | 3,009,736 |
Q3 2023 | SGOV iShares 0-3 Month Treasury Bond | iShares 0-3 Month Treasury Bond | Buy - Position Entry | +25,100 | - | $2.53M | 25,100 |
Q2 2023 | ALLY Ally Financial Inc. | Ally Financial Inc. | Sell | -191,521 | -5.5% | $89.08M | 3,297,917 |
Q3 2022 | SWBI Smith & Wesson Brands, Inc. | Smith & Wesson Brands, Inc. | Buy | +316,038 | +60.3% | $8.71K | 840,038 |
Q3 2022 | WGO Winnebago Industries, Inc. | Winnebago Industries, Inc. | Sell | -160,701 | -13.9% | $53.03K | 996,573 |
Q2 2022 | ALLY Ally Financial Inc. | Ally Financial Inc. | Buy | +199,138 | +6.1% | $116.93K | 3,489,438 |
Q2 2022 | SWBI Smith & Wesson Brands, Inc. | Smith & Wesson Brands, Inc. | Buy - Position Entry | +524,000 | - | $6.88K | 524,000 |
Q2 2022 | WGO Winnebago Industries, Inc. | Winnebago Industries, Inc. | Buy | +1,900 | +0.2% | $56.20K | 1,157,274 |
Q1 2022 | WGO Winnebago Industries, Inc. | Winnebago Industries, Inc. | Buy | +132,421 | +12.9% | $62.42K | 1,155,374 |
Q2 2020 | ALLY Ally Financial Inc. | Ally Financial Inc. | Buy | +1,506,747 | +84.5% | $65.25K | 3,290,300 |