Norbert Lou – Punch Card Management Portfolio Activity & Recent Trades (Jun 30, 2025)

As of Jun 30, 2025, the Punch Card Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Aug 14, 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 Q2 2025, the filing reported:

New Buys – PayPal Holdings, Inc. (PYPL), Crocs, Inc. (CROX)

Increases – PDD Holdings Inc. (PDD)

Reductions – iShares 0-3 Month Treasury Bond (SGOV), Smith & Wesson Brands, Inc. (SWBI)

Complete Exits – None reported

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Punch Card Management Activity

Date	Symbol	Name	Type	Quantity	Value	Remaining
Q1 2020Mar 31, 2020	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Sell	-6-1.6%	$99.82K	367
Q1 2020Mar 31, 2020	BIDU Baidu, Inc.	Baidu, Inc.	Sell - Position Exit	-316,295-100.0%	$0.00	-
Q2 2019Jun 30, 2019	WGO Winnebago Industries, Inc.	Winnebago Industries, Inc.	Buy	+323,357+30.3%	$53.78K	1,391,550
Q2 2019Jun 30, 2019	BIDU Baidu, Inc.	Baidu, Inc.	Buy	+50,000+18.8%	$37.12K	316,295
Q2 2019Jun 30, 2019	PCG Pacific Gas & Electric Co.	Pacific Gas & Electric Co.	Sell - Position Exit	-1,257,938-100.0%	$0.00	-
Q1 2019Mar 31, 2019	PCG Pacific Gas & Electric Co.	Pacific Gas & Electric Co.	Buy - Position Entry	+1,257,938	$22.39K	1,257,938
Q1 2019Mar 31, 2019	WGO Winnebago Industries, Inc.	Winnebago Industries, Inc.	Buy - Position Entry	+1,068,193	$33.27K	1,068,193
Q1 2019Mar 31, 2019	WFC Wells Fargo & Company	Wells Fargo & Company	Sell - Position Exit	-96,746-100.0%	$0.00	-
Q4 2018Dec 31, 2018	BIDU Baidu, Inc.	Baidu, Inc.	Buy	+100,718+60.8%	$42.23K	266,295
Q4 2018Dec 31, 2018	WFC Wells Fargo & Company	Wells Fargo & Company	Buy	+96,708+254494.7%	$4.46K	96,746
Q3 2018Sep 30, 2018	CVNA Carvana Co.	Carvana Co.	Sell - Position Exit	-75,112-100.0%	$0.00	-
Q2 2018Jun 30, 2018	WFC Wells Fargo & Company	Wells Fargo & Company	Buy - Position Entry	+38	$2.00	38
Q1 2018Mar 31, 2018	CVNA Carvana Co.	Carvana Co.	Buy - Position Entry	+75,112	$1.72K	75,112
Q3 2017Sep 30, 2017	BIDU Baidu, Inc.	Baidu, Inc.	Sell	-61,582-27.1%	$41.01K	165,577
Q2 2017Jun 30, 2017	BIDU Baidu, Inc.	Baidu, Inc.	Sell	-319,020-58.4%	$40.63K	227,159
Q1 2016Mar 31, 2016	BIDU Baidu, Inc.	Baidu, Inc.	Buy	+194,420+55.3%	$104.25K	546,179
Q1 2016Mar 31, 2016	TROW T. Rowe Price Group, Inc.	T. Rowe Price Group, Inc.	Sell - Position Exit	-232,800-100.0%	$0.00	-
Q4 2015Dec 31, 2015	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell - Position Exit	-500-100.0%	$0.00	-
Q3 2015Sep 30, 2015	BIDU Baidu, Inc.	Baidu, Inc.	Buy - Position Entry	+351,759	$48.34K	351,759
Q3 2015Sep 30, 2015	TROW T. Rowe Price Group, Inc.	T. Rowe Price Group, Inc.	Buy - Position Entry	+232,800	$16.18K	232,800
Q1 2015Mar 31, 2015	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy - Position Entry	+500	$72.00	500
Q4 2014Dec 31, 2014	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Buy - Position Entry	+373	$84.30K	373

Page 2 of 2 • 52 total trades

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