Norbert Lou
Q2 2026 13F: 5 holdings worth about $256.0M; that quarter 0 new, 0 added, 2 trimmed, 0 sold out.
13F lists only long positions in US-listed stocks (and some ETFs and convertibles); short positions, cash, bonds, shares listed outside the US and private companies are not shown, so this is not the giant’s whole portfolio.
Why This Giant Is Included
- Rule numbers (Q2 2026): 5 holdings, top 10 = 100%, stocks $0.3B, options 0%; all four rules met
- Source for the value approach: Form ADV Part 2A (Punch Card Management (filed with the SEC), 2026-03-26, p. 7): “invests the Fund’s assets in equity securities that are believed to be fundamentally undervalued” (checked 2026-10-11)
Trades in Q2 2026
Sorted by position shift: how many percentage points of the portfolio the trade moved.
How to Read This
Share changes are split-adjusted. Est. trade price = (start + end price) ÷ 2; 13F does not show the actual trade date or price.
| Move | Company | Change in shares | Position shift (pts) |
|---|---|---|---|
| Trimmed | SGOViShares 0-3 Month Treasury B | −272.0K | −10.70 |
| Trimmed | CROXCrocs, Inc | −17.4K | −0.82 |
All Holdings (5 Companies)
Share classes of one company are combined; click a heading to re-sort.
How to Read This
Est. average cost: shares bought each quarter × (start + end price) ÷ 2, weighted; trims do not change the cost. Positions held before Q1 1999 (or the giant’s earliest electronic filing) start from that quarter’s price and are marked ‘start point’. vs cost = quarter-end price ÷ est. average cost − 1, excluding dividends.
| Company | Weight (prev.) | Value | This quarter | Quarter-end price | vs cost |
|---|---|---|---|---|---|
| BRK.BBerkshire Hathaway Inc | 42.4%38.5% | $108.6M | Held | $748,850 | +321% |
| CROXCrocs, Inc | 27.2%18.2% | $69.6M | Trimmed −3% | $120.64 | +18% |
| PDDPDD Holdings Inc | 12.4%15.7% | $31.7M | Held | $76.28 | −31% |
| PYPLPayPal Holdings, Inc | 10.6%10.5% | $27.2M | Held | $43.18 | −38% |
| SGOViShares 0-3 Month Treasury B | 7.4%17.1% | $18.9M | Trimmed −59% | $100.67 | −0% |
Portfolio Map: Size Is Weight, Colour Is Gain or Loss against Cost
How to Read This
Each block is a company (up to 60); area = portfolio weight. The darker the colour, the further the quarter-end price is above (or below) the estimated cost: light 5–25%, medium 25–100%, darkest over 100%; grey is within 5%.
Over Time
From Q4 2007, 59 quarters (this giant’s electronic 13F filings).
13F Value
Holdings
Top-10 Concentration
Turnover (Est.)
Sector Mix
Quarter by Quarter, with the Original Filings
* = not counted in that quarter’s totals. Links open the original SEC filing; 13F-HR/A is an amendment.
Show 59 Quarters
| Quarter | Holdings | 13F value | SEC |
|---|---|---|---|
| Q2 2026 | 5 | $256.0M | 13F-HR |
| Q1 2026 | 5 | $270.6M | 13F-HR |
| Q4 2025 | 5 | $300.9M | 13F-HR |
| Q3 2025 | 6 | $322.4M | 13F-HR |
| Q2 2025 | 6 | $309.9M | 13F-HR |
| Q1 2025 | 4 | $216.6M | 13F-HR |
| Q4 2024 | 4 | $315.1M | 13F-HR |
| Q3 2024 | 4 | $334.6M | 13F-HR |
| Q2 2024 | 4 | $338.3M | 13F-HR |
| Q1 2024 | 5 | $400.0M | 13F-HR |
| Q4 2023 | 5 | $381.0M | 13F-HR |
| Q3 2023 | 5 | $346.1M | 13F-HR |
| Q2 2023 | 4 | $347.2M | 13F-HR |
| Q1 2023 | 4 | $319.3M | 13F-HR |
| Q4 2022 | 4 | $308.7M | 13F-HR |
| Q3 2022 | 4 | $300.7M | 13F-HR |
| Q2 2022 | 4 | $322.7M | 13F-HR |
| Q1 2022 | 3 | $390.1M | 13F-HR |
| Q4 2021 | 3 | $390.6M | 13F-HR |
| Q3 2021 | 3 | $385.7M | 13F-HR |
| Q2 2021 | 3 | $379.6M | 13F-HR |
| Q1 2021 | 3 | $361.8M | 13F-HR |
| Q4 2020 | 3 | $300.0M | 13F-HR |
| Q3 2020 | 3 | $247.0M | 13F-HR |
| Q2 2020 | 3 | $226.7M | 13F-HR |
| Q1 2020 | 4 | $198.4M | 13F-HR |
| Q4 2019 | 3 | $240.4M | 13F-HR |
| Q3 2019 | 3 | $202.2M | 13F-HR |
| Q2 2019 | 3 | $209.6M | 13F-HR |
| Q1 2019 | 4 | $211.9M | 13F-HR |
| Q4 2018 | 3 | $160.8M | 13F-HR |
| Q3 2018 | 4 | $162.6M | 13F-HR |
| Q2 2018 | 5 | $154.7M | 13F-HR |
| Q1 2018 | 4 | $155.6M | 13F-HR |
| Q4 2017 | 3 | $176.8M | 13F-HR |
| Q3 2017 | 3 | $164.7M | 13F-HR |
| Q2 2017 | 3 | $157.4M | 13F-HR |
| Q1 2017 | 3 | $209.2M | 13F-HR |
| Q4 2016 | 3 | $214.2M | 13F-HR |
| Q3 2016 | 3 | $199.6M | 13F-HR |
| Q2 2016 | 3 | $191.0M | 13F-HR |
| Q1 2016 | 3 | $206.7M | 13F-HR |
| Q4 2015 | 5 | $189.1M | 13F-HR |
| Q3 2015 | 7 | $166.8M | 13F-HR |
| Q2 2015 * | 5 | $115.9M | 13F-HR |
| Q1 2015 * | 4 | $121.7M | 13F-HR |
| Q4 2014 * | 3 | $128.5M | 13F-HR |
| Q3 2014 * | 2 | $106.6M | 13F-HR |
| Q2 2014 * | 2 | $102.3M | 13F-HR |
| Q1 2014 * | 3 | $95.0M | 13F-HR |
| Q4 2013 * | 3 | $119.4M | 13F-HR |
| Q3 2009 * | 4 | $39.5M | 13F-HR |
| Q2 2009 * | 5 | $39.6M | 13F-HR |
| Q1 2009 * | 6 | $35.7M | 13F-HR |
| Q4 2008 * | 4 | $33.2M | 13F-HR |
| Q3 2008 * | 4 | $101.5M | 13F-HR |
| Q2 2008 * | 4 | $93.0M | 13F-HR |
| Q1 2008 * | 6 | $133.3M | 13F-HR |
| Q4 2007 * | 6 | $160.5M | 13F-HR |
Large Positions Sold Out
Positions that once made up 2% or more of the portfolio and were later sold out (latest 40): holding period and what became of the company, without profit or loss.
How to Read This
Sold out means the holding no longer appears on the 13F: it may have been sold, or the company was acquired or delisted. Company status is checked only for companies the giants together once held $100M or more of, from the company’s own SEC filings (for example 8-K item 1.03 = bankruptcy filing); a dash means not checked.
| Company | Held | Peak weight | Company since |
|---|---|---|---|
| SWBISmith & Wesson Brands Inc | Q2 2022 – Q3 2025 | 4% | — |
| WGOWinnebago Industries | Q1 2019 – Q4 2024 | 33% | — |
| ALLYAlly Financial Inc | Q1 2020 – Q2 2024 | 44% | — |
| NVRNVR Inc | Q1 2020 – Q2 2020 | 3% | — |
| BIDUBaidu, Inc | Q3 2015 – Q1 2020 | 50% | — |
| PCGPG&E Corp | Q1 2019 – Q2 2019 | 11% | — |
| WFCWells Fargo & Co | Q2 2018 – Q1 2019 | 3% | — |
| WFC.WSWells Fargo & CO-CW18 | Q4 2013 – Q4 2018 | 31% | — |
| CVNACarvana Co | Q1 2018 – Q3 2018 | 2% | — |
| TROWT. Rowe Price Group | Q3 2015 – Q1 2016 | 10% | — |
| CTCMCTC Media Inc | Q4 2014 – Q4 2015 | 10% | — |