PC
Punch Card Management L.P. 13F Portfolio & Top Holdings (Q2 2026)
Punch Card Management L.P.CIK: 0001631664
Concentrated strategySector-focusedQuality / disciplined sizing
Total reported value
$256.0M
Reporting period: 2026-06-30 · Number of holdings: 5
Punch Card Management L.P. disclosed 5 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $256.0M and a quarterly turnover rate of 24.4%.
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Personality snowflake
- Concentration
- 100
- Portfolio Stability
- 24.36
- Momentum
- 50
- Sector conviction
- 100
- Diversification
- 10
- Sizing Uniformity
- 92.67
Punch Card Management L.P.'s disclosed holdings carry a Herfindahl concentration index of 0.286 — mathematically equivalent to about 3 equally-sized positions, close to its 5 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.73), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 50% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govTrim SGOV
-59.1% -$27.4M
Add CROX
-2.9% $20.3M
Add BRK-A
0.0% $4.5M
Trim PDD
0.0% -$10.7M
Add PYPL
0.0% -$1.3M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | BRK-A | Berkshire Hathaway Inc-cl A | Stock-Other | 42.42% | +3.95% | — | |
| 2 | CROX | Crocs Inc | Stock-Consumer Disc | 27.20% | +8.96% | -2.93% | |
| 3 | PDD | Pdd Holdings Inc | Stock-Consumer Disc | 12.37% | -3.30% | — | |
| 4 | PYPL | Paypal Holdings Inc | Stock-Financials | 10.61% | +0.10% | — | |
| 5 | SGOV | Ishares 0-3 Month Treasury B | ETF-Gov Bonds | 7.39% | -9.72% | -59.13% |
Portfolio Performance
Performance for Q3 2026
+4.9%
Performance Last 4 Quarters
-0.3%
Based on 62% of reported portfolio value with available pricing
- Stdev
- +18.3%
- Beta
- +0.72
- Alpha
- -12.2%
- Max Drawdown
- -18.6%
- Annualized Perf
- -0.2%
- Batting Avg vs S&P
- +26.7%
- Sortino
- +0.12
- Stutzer
- +0.02
- Treynor
- +0.02
- Sterling
- -0.01
- Calmar
- -0.01
- Information Ratio
- -1.09
- Tracking Error
- +16%
- Stdev Down
- +11%
- Winning Months %
- +53.3%
- Losing Months %
- +46.7%
- Best 12 Months
- +4.4%
- Worst 12 Months
- -13.6%
- Efficiency Ratio
- 0
- Sharpe
- +0.07
- Stdev Sectors
- +28.9%
- Skewness
- +0.54
- Kurtosis
- -0.39
- Upside Potential
- +2.19
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 5 | $256.0M | 24 | ||
| 2026 Q1 | 5 | $270.6M | 11 | ||
| 2025 Q4 | 5 | $300.9M | 7 | ||
| 2025 Q3 | 6 | $322.4M | 42 | ||
| 2025 Q2 | 6 | $309.9M | 0 | ||
| 2025 Q1 | 4 | $216.6M | 100 | ||
| 2024 Q4 | 4 | $315.1M | 0 | ||
| 2024 Q3 | 4 | $334.6M | 0 | ||
| 2024 Q2 | 4 | $338.3M | 0 | ||
| 2024 Q1 | 5 | $400.0M | 0 | ||
| 2023 Q4 | 5 | $381.0M | 0 | ||
| 2023 Q3 | 5 | $346.1M | 0 | ||
| 2023 Q2 | 4 | $347.2M | 0 | ||
| 2023 Q1 | 4 | $319.3M | 0 | ||
| 2022 Q4 | 4 | $308.7M | 0 | ||
| 2022 Q3 | 4 | $300.7M | 0 | ||
| 2022 Q2 | 4 | $322.7M | 0 | ||
| 2022 Q1 | 3 | $390.1M | 0 | ||
| 2021 Q4 | 3 | $390.6M | 0 | ||
| 2021 Q3 | 3 | $385.7M | 0 | ||
| 2021 Q2 | 3 | $379.6M | 10 | ||
| 2021 Q1 | 3 | $361.8M | 19 | ||
| 2020 Q4 | 3 | $300.0M | 19 | ||
| 2020 Q3 | 3 | $247.0M | 22 | ||
| 2020 Q2 | 3 | $226.7M | 26 | ||
| 2020 Q1 | 4 | $198.4M | 49 | ||
| 2019 Q4 | 3 | $240.4M | 17 | ||
| 2019 Q3 | 3 | $202.2M | 4 | ||
| 2019 Q2 | 3 | $209.6M | 27 | ||
| 2019 Q1 | 4 | $211.9M | 34 | ||
| 2018 Q4 | 3 | $160.8M | 12 | ||
| 2018 Q3 | 4 | $162.6M | 13 | ||
| 2018 Q2 | 5 | $154.7M | 8 | ||
| 2018 Q1 | 4 | $155.6M | 16 | ||
| 2017 Q4 | 3 | $176.8M | 10 | ||
| 2017 Q3 | 3 | $164.7M | 5 | ||
| 2017 Q2 | 3 | $157.4M | 30 | ||
| 2017 Q1 | 3 | $209.2M | 9 | ||
| 2016 Q4 | 3 | $214.2M | 16 | ||
| 2016 Q3 | 3 | $199.6M | 5 | ||
| 2016 Q2 | 3 | $191.0M | 9 | ||
| 2016 Q1 | 3 | $206.7M | 35 | ||
| 2015 Q4 | 5 | $189.1M | 14 | ||
| 2015 Q3 | 7 | $166.8M | 57 | ||
| 2015 Q2 | 5 | $115.9M | 11 | ||
| 2015 Q1 | 4 | $121.7M | 6 | ||
| 2014 Q4 | 3 | $128.5M | 0 |
Holding changes this quarter
Punch Card Management L.P.'s most significant position changes for 2026-06-30: Trim: Ishares 0-3 Month Treasury B (SGOV) — shares -59.13%; Trim: Crocs Inc (CROX) — shares -2.93%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | CROX | Crocs Inc | +9% | -2.93% | Trim |
| 2 | BRK-A | Berkshire Hathaway Inc-cl A | +4% | — | Unchanged |
| 3 | PYPL | Paypal Holdings Inc | +0.1% | — | Unchanged |
| 4 | PDD | Pdd Holdings Inc | -3.3% | — | Unchanged |
| 5 | SGOV | Ishares 0-3 Month Treasury B | -9.7% | -59.13% | Trim |
Filing History
FAQ
What is Punch Card Management L.P. and what type of investor is it?
Punch Card Management L.P. is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $256.0M, spread across 5 disclosed positions.
What are Punch Card Management L.P.'s largest equity positions?
Based on the latest 13F filing, Punch Card Management L.P.'s top holdings by market value are:
1. Berkshire Hathaway Inc-cl A (BRK-A) — $108.6M (42.4%)
2. Crocs Inc (CROX) — $69.6M (27.2%)
3. Pdd Holdings Inc (PDD) — $31.7M (12.4%)
4. Paypal Holdings Inc (PYPL) — $27.2M (10.6%)
5. Ishares 0-3 Month Treasury B (SGOV) — $18.9M (7.4%)
What changes did Punch Card Management L.P. make in its most recent portfolio filing?
In the latest quarter, Punch Card Management L.P. took a more defensive posture — trimming 2 positions and completely exiting 0 holdings. The largest of these moves: Trim: Ishares 0-3 Month Treasury B (SGOV) — shares -59.13%; Trim: Crocs Inc (CROX) — shares -2.93%
What sectors does Punch Card Management L.P. focus on?
Punch Card Management L.P. is concentrated in the following sectors based on its current disclosed equity portfolio:
• Consumer Discretionary: 78.9%
• Financials: 21.1%
Investment Profile
Punch Card Management L.P. returned an annualized -0.2% over the trailing 15 months — underperforming the S&P 500 by 12.2 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.72 (less volatile than the market) and a 27% quarterly batting average against the index.
Its portfolio is concentrated and moderately active, with 78.9% of the portfolio concentrated in Consumer Discretionary.
Its turnover score has risen from 0 to 24 over the past 4 quarters — a shift toward more active trading.
It has trimmed its SGOV position for two straight quarters, cutting it by $37.9M while still holding $18.9M.
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