Punch Card Management L.P. 13F holdings, Q4 2025
Holdings as of December 31, 2025 · filings on SEC EDGAR · latest filing →
Punch Card Management L.P. disclosed 5 US equity positions worth $300.9m in its Q4 2025 13F filing. The largest position was BRK/A at 36.4% of the reported book, followed by SGOV and CROX. Against the Q3 2025 filing, it opened 0 new positions, added to 0 and reduced 2 among the top 5 holdings.
What did Punch Card Management L.P. own in Q4 2025? Top 5 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q3 2025 |
|---|---|---|---|---|---|---|---|
| 1 | BRK/A BERKSHIRE HATHAWAY INC DEL | 36.4% | $109.4m | 145 | 0% | held | |
| 2 | SGOV ISHARES TR | 18.9% | $56.8m | 566,000 | 0% | held | |
| 3 | CROX CROCS INC | Consumer Cyclical | 16.9% | $50.8m | 594,570 | -6% | reduced |
| 4 | PDD PDD HOLDINGS INC | Consumer Cyclical | 15.6% | $47.1m | 415,004 | 0% | held |
| 5 | PYPL PAYPAL HLDGS INC | Financial Services | 12.2% | $36.7m | 628,907 | -3% | reduced |
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.