Punch Card Management L.P.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Punch Card Management L.P. reported 5 stock positions worth $300.9 million. Its top holding was Berkshire Hathaway Class A (BRK.A) at 36.4% of the portfolio, followed by iShares 0-3 Month Treasury B (SGOV, 18.9%) and Crocs (CROX, 16.9%). Compared with Q3 2025, it sold out of 1 and reduced 2. The biggest sale was an exit from Fiserv (FISV).

Most Recent 13F
Q2 2026
Location
WINTER PARK, FL
CIK
0001631664
Portfolio Value
$300.9M (Q4 2025)
SEC Filing
0001398344-26-003291 ↗ filed Feb 17, 2026

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $400.0M Q1 2024 Q2 2024: $338.3M Q2 2024 Q3 2024: $334.6M Q3 2024 Q4 2024: $315.1M Q4 2024 Q1 2025: $216.6M Q1 2025 Q2 2025: $309.9M Q2 2025 Q3 2025: $322.4M Q3 2025 Q4 2025: $300.9M $300.9M Q4 2025 Q1 2026: $270.6M Q1 2026 Q2 2026: $256.0M Q2 2026

Holdings 5 stocks · $300.9M
BRK.A Berkshire Hathaway Inc. Class A 36.38% 145 $109.4M No change
SGOV iShares 0-3 Month Treasury B 18.88% 566,000 $56.8M No change
CROX Crocs Inc. 16.90% 594,570 $50.8M Reduce -6.0%
PDD PDD Holdings Inc. 15.64% 415,004 $47.1M No change
PYPL PayPal Holdings Inc. 12.20% 628,907 $36.7M Reduce -3.3%

Portfolio Sells Q3 2025 → Q4 2025
FISV Fiserv Inc. Sold out 0.00% −1.48
PYPL PayPal Holdings Inc. Reduce -3.3% 12.20% −1.33
CROX Crocs Inc. Reduce -6.0% 16.90% +0.52

Portfolio Buys Q3 2025 → Q4 2025
None this quarter.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 5$256.0MBRK.A, CROX, PDD, PYPL, SGOV
Q1 2026 5$270.6MBRK.A, CROX, SGOV, PDD, PYPL
Q4 2025 5$300.9MBRK.A, SGOV, CROX, PDD, PYPL
Q3 2025 6$322.4MBRK.A, SGOV, PDD, CROX, PYPL
Q2 2025 6$309.9MBRK.A, SGOV, CROX, PYPL, PDD
Q1 2025 4$216.6MBRK.A, SGOV, PDD, SWBI
Q4 2024 4$315.1MBRK.A, SGOV, PDD, SWBI
Q3 2024 4$334.6MBRK.A, SGOV, WGO, SWBI
Q2 2024 4$338.3MBRK.A, SGOV, WGO, SWBI
Q1 2024 5$400.0MBRK.A, ALLY, WGO, SWBI, SGOV