Punch Card Management L.P.

WINTER PARK, FL · CIK 0001631664

Portfolio Value: $300.88M

Positions: 5

Period: 2025-12-31

Filed: 2026-02-17

Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024

New positions

Added to

Trimmed

Exited

Punch Card Management L.P. Q4 2025 13F Filing Summary

Punch Card Management L.P. (WINTER PARK, FL) reported a portfolio value of $300.88M across 6 positions in their Q4 2025 SEC 13F filing (period ending 2025-12-31). The top 10 positions account for 118.9% of the portfolio.

Top holdings: BRK/A$109.45M·ISHARES TR$56.82M·ISHARES TR$56.82M·CROX$50.85M·PDD$47.06M

2 reduced1 exits

Holdings Heatmap

BRK/A36.4% · $109.45M Infini18.9% · $56.82M INFINI18.9% · $56.82M CROX16.9%-6.0%PDD15.6%PYPL12.2%-3.3%

Top 6 holdings by portfolio weight. Block width = holding percentage. Green = new/increased, red = reduced, gray = unchanged.

Largest Trades This Quarter

Largest Reductions2

Exits1

All Holdings

#	Stock	Value↓	Shares	Weight	Change
1	BRK/ABERKSHIRE HATHAWAY INC DEL	$109.45M	145	36.38%	-
2	ISHARES TR	$56.82M	566,000	18.88%	-
3	ISHARES TR	$56.82M	566,000	18.88%	-
4	CROXCROCS INC	$50.85M	594,570	16.90%	-6.0%
5	PDDPDD HOLDINGS INC	$47.06M	415,004	15.64%	-
6	PYPLPAYPAL HLDGS INC	$36.72M	628,907	12.20%	-3.3%

Position Changes

Stock	Value	Shares	Share Chg	% Chg
CROXCROCS INC	$50.85M	594,570	-37.7K	-6.0%
PYPLPAYPAL HLDGS INC	$36.72M	628,907	-21.5K	-3.3%

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