PaperPanda Fund Terminal
Norbert Lou
Punch Card Management L.P. · CIK: 1631664 · Report Period: 2025-12-31 · Filed: 2026-02-17
Portfolio Concentration
Top 10 holdings by weight — hover for cross-investor insights
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Holdings
Total: $300,881,601 · 5 positions
| # | Ticker | Issuer | Class | % of Portfolio | Value ($) | Shares | Activity | Share Change |
|---|---|---|---|---|---|---|---|---|
| 1 |
 BRKA
|
BERKSHIRE HATHAWAY INC DEL | COM | 36.4% | $109,446,000 | 145 | - | - |
| 2 |
 SGOV
|
ISHARES TR | COM | 18.9% | $56,815,080 | 566,000 | - | - |
| 3 |
 CROX
|
CROCS INC | COM | 16.9% | $50,847,626 | 594,570 | REDUCE | -37,680 |
| 4 |
 PDD
|
PDD HOLDINGS INC | COM | 15.6% | $47,057,304 | 415,004 | - | - |
| 5 |
 PYPL
|
PAYPAL HLDGS INC | COM | 12.2% | $36,715,591 | 628,907 | REDUCE | -21,540 |
Position Changes
8 quarters available
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | CROX | CROCS INC | ADD | +101,142 | +19.0% | 632,250 | $52,824,488 |
| 2 | - | SMITH & WESSON BRANDS INC | SOLD | -189,933 | Exit | - | - |
| 3 | - | FISERV INC | NEW BUY | +37,000 | New | 37,000 | $4,770,410 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | CROX | CROCS INC | NEW BUY | +531,108 | New | 531,108 | $53,790,618 |
| 2 | SGOV | ISHARES TR | REDUCE | -15,100 | -2.6% | 566,000 | $56,990,540 |
| 3 | PDD | PDD HOLDINGS INC | ADD | +108,253 | +35.3% | 415,004 | $43,434,319 |
| 4 | - | SMITH & WESSON BRANDS INC | REDUCE | -459,023 | -70.7% | 189,933 | $1,648,618 |
| 5 | PYPL | PAYPAL HLDGS INC | NEW BUY | +650,447 | New | 650,447 | $48,341,221 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | PDD | PDD HOLDINGS INC | NEW BUY | +130,000 | New | 130,000 | $12,608,700 |
| 2 | - | WINNEBAGO INDS INC | SOLD | -411,480 | Exit | - | - |
| 3 | - | SMITH & WESSON BRANDS INC | REDUCE | -191,082 | -22.7% | 648,956 | $6,557,700 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | - | WINNEBAGO INDS INC | REDUCE | -585,093 | -58.7% | 411,480 | $23,911,103 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | SGOV | ISHARES TR | ADD | +556,000 | +2215.1% | 581,100 | $58,522,581 |
| 2 | - | ALLY FINL INC | SOLD | -2,160,534 | Exit | - | - |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | - | ALLY FINL INC | REDUCE | -849,202 | -28.2% | 2,160,534 | $87,696,075 |
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