Punch Card Management L.P.

Est. AUM

$270.6M

13F long equity, this entity only

Positions

Period

Mar 2026 (Q1)

SEC EDGAR

Mar 2026 (Q1)

#	Issuer	Class	Value	Shares	% Portfolio	Discretion
1	BERKSHIRE HATHAWAY INC DEL	CL A	$104.1M	145	38.47%	SOLE
2	CROCS INC	COM	$49.4M	594570	18.24%	SOLE
3	ISHARES TR	0-3 MNTH TREASRY	$46.3M	460000	17.11%	SOLE
4	PDD HOLDINGS INC	SPONSORED ADS	$42.4M	415004	15.67%	SOLE
5	PAYPAL HLDGS INC	COM	$28.4M	628907	10.51%	SOLE

Values in USD (reported in $thousands on 13F). Source: SEC EDGAR.