Punch Card Management L.P.
Long book
$270.6M
Q1 2026
Positions
5
Top-10 weight
100%
concentration
Last quarter
+8.8%
SPY +14.8%
Turnover
0%
of book per quarter
Strategy in plain words
auto-generated from filingsPunch Card Management L.P. is a diversified fundamental manager, running a $270.6M US long book across 5 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: BERKSHIRE HATHAWAY INC-CL A, CROCS INC, ISHARES 0-3 MONTH TREASURY B, PDD HOLDINGS INC, PAYPAL HOLDINGS INC.
Over the last 9 quarters its long book ran on average 3.9pp per quarter behind the S&P 500, beating the index in 2 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-7.7%
Q2 2024
+9.4%
Q3 2024
-2.8%
Q4 2024
+14.0%
Q1 2025
-6.5%
Q2 2025
+0.6%
Q3 2025
-4.3%
Q4 2025
-6.4%
Q1 2026
+8.8%
Sector allocation
Financials 57%
Other 27%
Services media 16%
Long book by quarter
What does Punch Card own?
Q1 2026 13F13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 5 | $270.6M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 5 | $300.9M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 6 | $322.4M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 6 | $309.9M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 4 | $216.6M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 4 | $315.1M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 4 | $334.6M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 4 | $338.3M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 5 | $400.0M | canonical | SEC ↗ |
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