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Punch Card Management L.P.

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13F filer, CIK 1631664, WINTER PARK, FL

Punch Card Management L.P. reported $300,881,601 across 5 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001398344-26-003291

Period
2025-12-31
Reported value
$301M
Holdings
5
Top 10 weight
100%
New
0
Sold out
1

Largest buys vs the previous quarter

None.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
FISVexited-37,000-$4.77M
CROXreduced-37,680-$3.22M
PYPLreduced-21,540-$1.26M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q4 2025

Share positions as resolved from 13F-HR 0001398344-26-003291, largest first. % of portfolio is the value over $300,881,601, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
BRK-ABERKSHIRE HATHAWAY INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 349 shares; 2024Q4: 349 shares; 2025Q1: 145 shares; 2025Q2: 145 shares; 2025Q3: 145 shares; 2025Q4: 145 shares 145$109M36.38%0Timeline
SGOVISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 581,100 shares; 2024Q4: 581,100 shares; 2025Q1: 581,100 shares; 2025Q2: 566,000 shares; 2025Q3: 566,000 shares; 2025Q4: 566,000 shares 566,000$56.8M18.88%0Timeline
CROXCROCS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 531,108 shares; 2025Q3: 632,250 shares; 2025Q4: 594,570 shares 594,570$50.8M16.9%-37,680Timeline
PDDPDD HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 130,000 shares; 2025Q1: 306,751 shares; 2025Q2: 415,004 shares; 2025Q3: 415,004 shares; 2025Q4: 415,004 shares 415,004$47.1M15.64%0Timeline
PYPLPAYPAL HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 650,447 shares; 2025Q3: 650,447 shares; 2025Q4: 628,907 shares 628,907$36.7M12.2%-21,540Timeline

Sold out in Q4 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
FISVFISERV INC37,000$4.77Mshares

How Q4 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001398344-26-003291 base2026-02-17acceptance time not in the bulk data set