Norbert Lou - Punch Card Management Portfolio Position Sizes (Q1 2026)

As of Mar 31, 2026, the Punch Card Management portfolio balances reported a total equity value of $270.65M across 5 publicly traded holdings. These balances reflect the most recent SEC 13F filing dated May 15, 2026, providing an updated snapshot of assets under management.

The portfolio balances highlight BERKSHIRE HATHAWAY INC DEL (BRK-A) as the single largest position, accounting for 38.5% of total equity value, followed by CROCS INC (CROX), ISHARES TR (SGOV), PDD HOLDINGS INC (PDD), and others. Collectively, the top five holdings represent 100.0% of the portfolio, showing how capital is distributed among core positions and long-term investments.