Punch Card Management
Norbert LouWINTER PARK, FLfiles as Punch Card Management L.P.
$256m in 5 US stocks at the end of 30 June 2026. The top 10 are 100.0% of the money. It changed about 13.0% of the portfolio this quarter.
Value
$256m
Stocks
5
Top 10 share
100.0%
Turnover
13.0%
What changed this quarter
New
Bought for the first time this quarter.
None this quarter.
Added
Bought more of a stock they already held.
None this quarter.
Cut
Sold some of their stake.
- CrocsCROX27.2% of the fund-3%
- Ishares TRSGOV7.4% of the fund-59%
Sold out
Sold their entire stake.
None this quarter.
Holdings
- Berkshire Hathaway INC DELBRK-A
- Share
- 42.4%
- Value
- $109m
- Shares
- 145
Held
- PDD HoldingsPDD
- Share
- 12.4%
- Value
- $32m
- Shares
- 415,004
Held
- Ishares TRSGOV
- Share
- 7.4%
- Value
- $19m
- Shares
- 188,000
-59%
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Berkshire Hathaway INC DELBRK-A | 42.4% | $109m | 145 | Held |
| CrocsCROX | 27.2% | $70m | 577,170 | -3% |
| PDD HoldingsPDD | 12.4% | $32m | 415,004 | Held |
| PayPal HoldingsPYPL | 10.6% | $27m | 628,907 | Held |
| Ishares TRSGOV | 7.4% | $19m | 188,000 | -59% |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is down 17.4% since 30 June 2025.
Where the money is
Retail & consumer27.2%
Financial services10.6%
Other62.2%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.