Q4 2025 · 13F-HR
Punch Card Management L.P.holdings as filed
Filed 2026-02-17 · accession 0001398344-26-003291
$300.9M
Reported value
5
Positions
2025-12-31
Period end
The Brief · Punch Card Management L.P. · Q4 2025
AI · grounded in 13F
Punch Card Management L.P. closed its entire position in FISV, reducing its holdings by $4.77M. The fund also trimmed its stakes in CROX by 5.96% and PYPL by 3.31%. No new positions were added to the portfolio, which consists of five holdings with a total AUM of $300.88M.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 084670108 | BRK/A | BERKSHIRE HATHAWAY INC DEL | $109.4M | 36.4% | 145 | Common | SOLE |
| 46436E718 | SGOV | ISHARES TR | $56.8M | 18.9% | 566,000 | Common | SOLE |
| 227046109 | CROX | CROCS INC | $50.8M | 16.9% | 594,570 | Common | SOLE |
| 722304102 | PDD | PDD HOLDINGS INC | $47.1M | 15.6% | 415,004 | Common | SOLE |
| 70450Y103 | PYPL | PAYPAL HLDGS INC | $36.7M | 12.2% | 628,907 | 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.