Norbert Lou Portfolio Changes: Q3 2026 Insights
Punch Card Management's portfolio saw significant changes in Q3 2026, with notable reductions in holdings like SGOV and stable allocations for BRK-A.
Financial investor Norbert Lou managing the fund Punch Card Management has released portfolio data as of June 30, 2026. This filing provides a snapshot of holdings adjustments during Q3 2026.
The most prominent change observed in this quarter was the significant reduction in shares held for SGOV (ISHares TR). The position decreased by -59.13% from the previous period, representing an absolute reduction of -272000 shares and a substantial decrease in its portfolio allocation to 7.39%. This indicates a major selling activity focused on this fund.
Another stock experienced a notable change was CROX (CROCS INC). Lou's position saw a slight decrease, with -17400 shares sold off (-2.93% reduction) during the quarter. Despite this reduction, its allocation remains significant at 27.2%, showing stability in this holding.
BRK-A (BERKSHIRE HATHAWAY INC DEL), a cornerstone of Lou's portfolio valued at approximately $108 million, remained unchanged from the previous period. The number of shares stayed constant, and its allocation percentage was stable at 42.42%, suggesting no major buying or selling activity for this stock during Q3.
PDD HOLDINGS INC also maintained a static position in the portfolio throughout the quarter. No changes were reported in terms of share count (-0%) or value, maintaining its allocation percentage unchanged at 12.37%.
From the data provided, it appears that Lou's primary action this quarter was selling shares from SGOV (ISHares TR). There are no indications of other significant buying activities reported in these specific changes for Q3 2026.