Norbert Lou - Punch Card Management Portfolio Balances (Sep 30, 2025)

As of Sep 30, 2025, the Punch Card Management portfolio balances reported a total equity value of $322.42M across 6 publicly traded holdings. These balances reflect the most recent SEC 13F filing dated Nov 14, 2025, providing an updated snapshot of assets under management.

The portfolio balances highlight BERKSHIRE HATHAWAY INC DEL (BRK-A) as the single largest position, accounting for 33.9% of total equity value, followed by ISHARES TR (SGOV), PDD HOLDINGS INC (PDD), CROCS INC (CROX), and others. Collectively, the top five holdings represent 98.5% of the portfolio, showing how capital is distributed among core positions and long-term investments.