Stocks/Funds/CIK 1631664

Punch Card Management L.P.

long-term holderconcentrated
Quarterly 13F filings · Latest period 2026-03-31 · CIK 1631664
Assets
$271M
+24.9% YoY
Holdings
5
Lifetime alpha vs market
-15.58% annual
Average hold time
3.3 yr
median 1.5 yr

Quarterly history

Cum return -23% vs S&P +52% · α -75% lifetimeAUM $271M · peak $400MFlow $2M (+1%)2016-032017-092019-032020-122022-062023-122025-062026-03
AUM ($B)fundS&P 500(gap = α)/ Flow in/out

Behavior signals (lifetime)

Dip response
+2.56%
adds when stocks drop
when a holding falls −10%+
Middle response
-9.99%
baseline attrition
Rally response
+1.86%
adds into rallies
when a holding rises +10%+

Top positions · 5

Ticker$ value% portYoYHold time
BRK-ABerkshire Hathaway Inc.$104M38.5%10.3 yr
CROXCrocs, Inc.$49M18.2%-21.8%1.0 yr
SGOViShares 0-3 Month Treasu$46M17.1%2.8 yr
PDDPDD Holdings Inc.$42M15.7%-13.7%1.5 yr
PYPLPayPal Holdings, Inc.$28M10.5%-30.3%1.0 yr

Portfolio composition (YoY)

Industry mix
Insurance - Diversified38.5%-15.0pp$104M
Apparel - Footwear & Accessories18.2%$49M
Asset Management - Bonds17.1%-9.9pp$46M
Specialty Retail15.7%-1.1pp$42M
Financial - Credit Services10.5%$28M
Country
US84.3%+1.1pp
IE15.7%-1.1pp
Top 5: 100.0% · Top 10: 100.0% · Top 25: 100.0%

Winners

TickerPrev $PnLYoY %
PDD$36M-0.00B-13.7%

Losers

TickerPrev $PnLYoY %
PDD$36M-0.00B-13.7%

Top buys this quarter · 0

No buys this quarter

Top sells this quarter · 1

SGOV iShares 0-3 Month Treasury Bon$0M

Quarterly history (TTM returns)

PeriodAUM# PosReturn (1yr)SPY (1yr)Alpha (1yr)Flow
2026-03-31$271M5-21.84%+17.59%-39.43%+0.00B
2025-12-31$301M5-1.47%+17.72%-19.19%+0.00B
2025-09-30$322M6-9.94%+17.52%-27.45%+0.02B
2025-06-30$310M6-3.62%+14.94%-18.57%+0.10B
2025-03-31$217M4-13.06%+8.30%-21.36%-0.14B
2024-12-31$315M4-13.56%+24.89%-38.44%+0.03B
2024-09-30$335M4+30.52%+36.04%-5.51%-0.02B
2024-06-30$338M4+18.84%+24.49%-5.65%-0.01B
2024-03-31$400M5+50.63%+29.62%+21.01%-0.03B
2023-12-31$381M5+46.35%+26.18%+20.17%-0.06B
2023-09-30$346M5+6.17%+21.57%-15.40%+0.01B
2023-06-30$347M4+2.17%+19.42%-17.25%-0.01B
2023-03-31$319M4-24.48%-7.82%-16.66%-0.02B
2022-12-31$309M4-7.88%+7.56%-15.44%+0.03B
2022-09-30$301M4-7.87%-4.93%-2.94%+0.00B
2022-06-30$323M4-18.23%-16.11%-2.12%+0.00B