13F Insight
DOSSIER · 13F-HR · Q4 2025

Punch Card Management L.P.

$301M in tracked AUM across 5 positions as of Q4 2025.

PC
CIK 0001631664 · last filed Dec 31, 2025
Total AUM
$301M
as of Q4 2025
Holdings
5
—
positions
Whale Score
65
65
tracked
Activity
—
no data
changes this Q
AI Analysis · Q4 2025

Portfolio Overview

Punch Card Management L.P. has undergone a radical transformation in its portfolio composition during the quarter ending September 30, 2025. The firm reported a total portfolio value of $43.62 million, representing a precipitous decline of 85.9% from the previous quarter's value of $309.88 million. This reduction is not solely attributable to market performance but is primarily driven by a significant deleveraging or capital reallocation strategy, as evidenced by the liqu...

Key Holdings

The portfolio is currently entirely concentrated in PayPal Holdings Inc. (PYPL), which accounts for 100% of the total value at $43.62 million. The position consists of 650,000 shares. This "conviction" holding suggests that the fund manager views PayPal as either significantly undervalued or possessing a specific catalyst that outweighs the benefits of diversification. With no other holdings to offset potential volatility in this single technology stock, the fund's performance is now inextricably linked to the price action of PayPal. This is a high-risk, high-reward profile that deviates significantly from the diversified structure typically seen in institutional asset management.

Analysis generated by 13F Insight from SEC Form 13F filing data · Q4 2025. Methodology

Quarter at a glance — Q4 2025

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q4 2025.

#HoldingValueSharesWeight
01
BRK/A
BERKSHIRE HATHAWAY INC DEL
$109M14536.4%02
SGOV
ISHARES TR
$57M566K18.9%03
CROX
CROCS INC
$51M595K16.9%04
PDD
PDD HOLDINGS INC
$47M415K15.6%05
PYPL
PAYPAL HLDGS INC
$37M629K12.2%

Filing history

2025Q4Dec 31
$301M▲ 589.8%
5 positionsView →2025Q3Sep 30
$44M▼ 85.9%
1 positionsView →2025Q2Jun 30
$310M—
6 positionsLocked2025Q1Mar 31
$0▼ 100.0%
0 positionsLocked2024Q4Dec 31
$315M▼ 5.8%
4 positionsLocked2024Q3Sep 30
$335M▼ 1.1%
4 positionsLocked2024Q2Jun 30
$338M▼ 15.4%
4 positionsLocked2024Q1Mar 31
$400M▲ 5.0%
5 positionsLocked2023Q4Dec 31
$381M▲ 10.1%
5 positionsLocked2023Q3Sep 30
$346M▼ 0.3%
5 positionsLocked2023Q2Jun 30
$347M▲ 8.7%
4 positionsLocked2023Q1Mar 31
$319M▲ 3.4%
4 positionsLocked
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