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Punch Card Management L.P.
Punch Card Management LP is a global equity-focused hedge fund partnership that manages a single private pooled investment vehicle. It is known for its concentrated, long-term investment approach, emphasizing deep research and minimal trading. The firm does not actively market to new investors and focuses on serving existing clients.
Investment Strategy
Global equity, concentrated portfolio (typically 4–6 positions), long-term value investing with minimal shorting and no portfolio leverage. The firm emphasizes deep knowledge of each holding and a disciplined, patient approach.
Latest 13F Filing Activity
Punch Card Management L.P. filed their most recent 13F report on Jun 30, 2025 disclosing 6 equity positions with a total 13F market value of $310M. The fund increased holdings in Crocs Inc., Paypal HLDGS Inc., PDD Holdings Inc. among other positions. Punch Card Management L.P. reduced exposure to Berkshire Hathaway Inc. Del, Smith & Wesson Brands Inc., Ishares TR among others.
Top Holdings
Equity Positions (6)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
| BERKSHIRE HATHAWAY INC DEL | 34.10% | $105.7M | 145 | $225999.99 | $728800.00 | -$10.1M | |
S SGOV | ISHARES TR | 18.39% | $57.0M | 566,000 | $100.33 | $100.69 | -$1.5M |
C CROX | CROCS INC | 17.36% | $53.8M | 531,108 | $101.28 | $101.28 | +$53.8M |
P PYPL | PAYPAL HLDGS INC | 15.60% | $48.3M | 650,447 | $74.32 | $74.32 | +$48.3M |
P PDD | PDD HOLDINGS INC | 14.02% | $43.4M | 415,004 | $108.09 | $104.66 | +$7.1M |
Industry Allocation
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