Punch Card Management L.P.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Punch Card Management L.P. reported 6 stock positions worth $309.9 million. Its top holding was Berkshire Hathaway Class A (BRK.A) at 34.1% of the portfolio, followed by iShares 0-3 Month Treasury B (SGOV, 18.4%) and Crocs (CROX, 17.4%). Compared with Q1 2025, it opened 2 new positions, added to 1 and reduced 2. The biggest buy was a new position in Crocs (CROX) and the biggest sale iShares 0-3 Month Treasury B (SGOV, shares −3%).
- Most Recent 13F
- Q2 2026
- Location
- WINTER PARK, FL
- CIK
- 0001631664
- Portfolio Value
- $309.9M (Q2 2025)
- SEC Filing
- 0001398344-25-015669 ↗ filed Aug 14, 2025
Holdings Value
Holdings 6 stocks · $309.9M
| BRK.A Berkshire Hathaway Inc. Class A | 34.10% | 145 | $105.7M | No change |
| SGOV iShares 0-3 Month Treasury B | 18.39% | 566,000 | $57.0M | Reduce -2.6% |
| CROX Crocs Inc. | 17.36% | 531,108 | $53.8M | New |
| PYPL PayPal Holdings Inc. | 15.60% | 650,447 | $48.3M | New |
| PDD PDD Holdings Inc. | 14.02% | 415,004 | $43.4M | Add +35.3% |
| SWBI Smith & Wesson Brands Inc. | 0.53% | 189,933 | $1.6M | Reduce -70.7% |
Portfolio Sells Q1 2025 → Q2 2025
Portfolio Buys Q1 2025 → Q2 2025
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 5 | $256.0M | BRK.A, CROX, PDD, PYPL, SGOV |
| Q1 2026 | 5 | $270.6M | BRK.A, CROX, SGOV, PDD, PYPL |
| Q4 2025 | 5 | $300.9M | BRK.A, SGOV, CROX, PDD, PYPL |
| Q3 2025 | 6 | $322.4M | BRK.A, SGOV, PDD, CROX, PYPL |
| Q2 2025 | 6 | $309.9M | BRK.A, SGOV, CROX, PYPL, PDD |
| Q1 2025 | 4 | $216.6M | BRK.A, SGOV, PDD, SWBI |
| Q4 2024 | 4 | $315.1M | BRK.A, SGOV, PDD, SWBI |
| Q3 2024 | 4 | $334.6M | BRK.A, SGOV, WGO, SWBI |
| Q2 2024 | 4 | $338.3M | BRK.A, SGOV, WGO, SWBI |
| Q1 2024 | 5 | $400.0M | BRK.A, ALLY, WGO, SWBI, SGOV |