Punch Card Management L.P.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Punch Card Management L.P. reported 6 stock positions worth $322.4 million. Its top holding was Berkshire Hathaway Class A (BRK.A) at 33.9% of the portfolio, followed by iShares 0-3 Month Treasury B (SGOV, 17.7%) and PDD (PDD, 17.0%). Compared with Q2 2025, it opened 1 new position, sold out of 1 and added to 1. The biggest buy was a new position in Fiserv (FISV) and the biggest sale an exit from Smith & Wesson Brands (SWBI).
- Most Recent 13F
- Q2 2026
- Location
- WINTER PARK, FL
- CIK
- 0001631664
- Portfolio Value
- $322.4M (Q3 2025)
- SEC Filing
- 0001398344-25-020995 ↗ filed Nov 14, 2025
Holdings Value
Holdings 6 stocks · $322.4M
| BRK.A Berkshire Hathaway Inc. Class A | 33.92% | 145 | $109.4M | No change |
| SGOV iShares 0-3 Month Treasury B | 17.68% | 566,000 | $57.0M | No change |
| PDD PDD Holdings Inc. | 17.01% | 415,004 | $54.9M | No change |
| CROX Crocs Inc. | 16.38% | 632,250 | $52.8M | Add +19.0% |
| PYPL PayPal Holdings Inc. | 13.53% | 650,447 | $43.6M | No change |
| FISV Fiserv Inc. | 1.48% | 37,000 | $4.8M | New |
Portfolio Sells Q2 2025 → Q3 2025
| SWBI Smith & Wesson Brands Inc. | Sold out | 0.00% | −0.53 |
Portfolio Buys Q2 2025 → Q3 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 |