Punch Card Management L.P. 13F holdings, Q3 2025
Holdings as of September 30, 2025 · filings on SEC EDGAR · latest filing →
Punch Card Management L.P. disclosed 6 US equity positions worth $322.4m in its Q3 2025 13F filing. The largest position was BRK/A at 33.9% of the reported book, followed by SGOV and PDD. Against the Q2 2025 filing, it opened 1 new position, added to 1 and reduced 0 among the top 6 holdings.
What did Punch Card Management L.P. own in Q3 2025? Top 6 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q2 2025 |
|---|---|---|---|---|---|---|---|
| 1 | BRK/A BERKSHIRE HATHAWAY INC DEL | 33.9% | $109.4m | 145 | 0% | held | |
| 2 | SGOV ISHARES TR | 17.7% | $57.0m | 566,000 | 0% | held | |
| 3 | PDD PDD HOLDINGS INC | Consumer Cyclical | 17.0% | $54.9m | 415,004 | 0% | held |
| 4 | CROX CROCS INC | Consumer Cyclical | 16.4% | $52.8m | 632,250 | 19% | added |
| 5 | PYPL PAYPAL HLDGS INC | Financial Services | 13.5% | $43.6m | 650,447 | 0% | held |
| 6 | FISV FISERV INC | 1.5% | $4.8m | 37,000 | – | new |
Weights are shares of the reported long US equity book (options excluded). Values are as filed, normalised to whole dollars. Share changes compare against the immediately preceding filing only.