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

As of Sep 30, 2025, the Punch Card Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Nov 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 Q3 2025, the filing reported:

New Buys – Fiserv, Inc.

Increases – Crocs, Inc.

Reductions –

None reported

Complete Exits – Smith & Wesson Brands, Inc.

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

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q3 2025	CROX Crocs, Inc.	Crocs, Inc.	Buy	+101,142	+19.0%	$52.82M	632,250
Q3 2025	FI Fiserv, Inc.	Fiserv, Inc.	Buy - Position Entry	+37,000	-	$4.77M	37,000
Q3 2025	SWBI Smith & Wesson Brands, Inc.	Smith & Wesson Brands, Inc.	Sell - Position Exit	-189,933	-100.0%	$0.00	-
Q2 2025	CROX Crocs, Inc.	Crocs, Inc.	Buy - Position Entry	+531,108	-	$53.79M	531,108
Q2 2025	PDD PDD Holdings Inc.	PDD Holdings Inc.	Buy	+108,253	+35.3%	$43.43M	415,004
Q2 2025	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Buy - Position Entry	+650,447	-	$48.34M	650,447
Q2 2025	SGOV iShares 0-3 Month Treasury Bond	iShares 0-3 Month Treasury Bond	Sell	-15,100	-2.6%	$56.99M	566,000
Q2 2025	SWBI Smith & Wesson Brands, Inc.	Smith & Wesson Brands, Inc.	Sell	-459,023	-70.7%	$1.65M	189,933
Q1 2025	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Sell	-204	-58.5%	$115.77M	145
Q1 2025	PDD PDD Holdings Inc.	PDD Holdings Inc.	Buy	+176,751	+136.0%	$36.30M	306,751
Q4 2024	PDD PDD Holdings Inc.	PDD Holdings Inc.	Buy - Position Entry	+130,000	-	$12.61M	130,000
Q4 2024	SWBI Smith & Wesson Brands, Inc.	Smith & Wesson Brands, Inc.	Sell	-191,082	-22.7%	$6.56M	648,956
Q4 2024	WGO Winnebago Industries, Inc.	Winnebago Industries, Inc.	Sell - Position Exit	-411,480	-100.0%	$0.00	-
Q3 2024	WGO Winnebago Industries, Inc.	Winnebago Industries, Inc.	Sell	-585,093	-58.7%	$23.91M	411,480
Q2 2024	ALLY Ally Financial Inc.	Ally Financial Inc.	Sell - Position Exit	-2,160,534	-100.0%	$0.00	-
Q2 2024	SGOV iShares 0-3 Month Treasury Bond	iShares 0-3 Month Treasury Bond	Buy	+556,000	+2215.1%	$58.52M	581,100
Q1 2024	ALLY Ally Financial Inc.	Ally Financial Inc.	Sell	-849,202	-28.2%	$87.70M	2,160,534
Q4 2023	ALLY Ally Financial Inc.	Ally Financial Inc.	Sell	-288,181	-8.7%	$105.10M	3,009,736
Q3 2023	SGOV iShares 0-3 Month Treasury Bond	iShares 0-3 Month Treasury Bond	Buy - Position Entry	+25,100	-	$2.53M	25,100
Q2 2023	ALLY Ally Financial Inc.	Ally Financial Inc.	Sell	-191,521	-5.5%	$89.08M	3,297,917
Q3 2022	SWBI Smith & Wesson Brands, Inc.	Smith & Wesson Brands, Inc.	Buy	+316,038	+60.3%	$8.71K	840,038
Q3 2022	WGO Winnebago Industries, Inc.	Winnebago Industries, Inc.	Sell	-160,701	-13.9%	$53.03K	996,573
Q2 2022	ALLY Ally Financial Inc.	Ally Financial Inc.	Buy	+199,138	+6.1%	$116.93K	3,489,438
Q2 2022	SWBI Smith & Wesson Brands, Inc.	Smith & Wesson Brands, Inc.	Buy - Position Entry	+524,000	-	$6.88K	524,000
Q2 2022	WGO Winnebago Industries, Inc.	Winnebago Industries, Inc.	Buy	+1,900	+0.2%	$56.20K	1,157,274
Q1 2022	WGO Winnebago Industries, Inc.	Winnebago Industries, Inc.	Buy	+132,421	+12.9%	$62.42K	1,155,374
Q2 2020	ALLY Ally Financial Inc.	Ally Financial Inc.	Buy	+1,506,747	+84.5%	$65.25K	3,290,300
Q2 2020	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Sell	-18	-4.9%	$93.29K	349
Q2 2020	NVR NVR, Inc.	NVR, Inc.	Sell - Position Exit	-2,531	-100.0%	$0.00	-
Q2 2020	WGO Winnebago Industries, Inc.	Winnebago Industries, Inc.	Sell	-1,362,787	-57.1%	$68.15K	1,022,953