Norbert Lou - Punch Card Management Portfolio Balances (Dec 31, 2025)

As of Dec 31, 2025, the Punch Card Management portfolio balances reported a total equity value of $300.88M across 5 publicly traded holdings. These balances reflect the most recent SEC 13F filing dated Feb 17, 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 36.4% of total equity value, followed by ISHARES TR (SGOV), CROCS INC (CROX), 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.