Norbert Lou - Punch Card Management 13F Activity & Position Changes (Q4 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.