Norbert Lou - Punch Card Management 13F Activity & Position Changes (Q4 2025)
According to the SEC 13F filed on Feb 17, 2026, the Punch Card Management portfolio showed several notable changes in holdings as of quarter-end Dec 31, 2025. 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.