Q3 2025 · 13F-HR
Punch Card Management L.P.holdings as filed
Filed 2025-11-14 · accession 0001398344-25-020995
$322.4M
Reported value
6
Positions
2025-09-30
Period end
The Brief · Punch Card Management L.P. · Q3 2025
AI · grounded in 13F
Punch Card Management L.P. established a new position in BRK/A valued at $109.4M. The fund also initiated new stakes in SGOV for $57M and PDD for $54.9M. Additional new positions include CROX at $52.8M, PYPL at $43.6M, and FISV at $4.8M. Total assets under management stand at $322.4M across six holdings.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 084670108 | BRK/A | BERKSHIRE HATHAWAY INC DEL | $109.4M | 33.9% | 145 | Common | SOLE |
| 46436E718 | SGOV | ISHARES TR | $57.0M | 17.7% | 566,000 | Common | SOLE |
| 722304102 | PDD | PDD HOLDINGS INC | $54.9M | 17.0% | 415,004 | Common | SOLE |
| 227046109 | CROX | CROCS INC | $52.8M | 16.4% | 632,250 | Common | SOLE |
| 70450Y103 | PYPL | PAYPAL HLDGS INC | $43.6M | 13.5% | 650,447 | Common | SOLE |
| 337738108 | FISV | FISERV INC | $4.8M | 1.48% | 37,000 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.