1y return−5.5%S&P 500 +20.9%
3y return+24.1%S&P 500 +68.5%
5y return+10.2%S&P 500 +74.5%
10y return+214.6%S&P 500 +256.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since June 30, 2016: $315 against $357 in the S&P 500.2
Punch Card Management L.P.S&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| BRK/ABerkshire Hathaway Inc Del | $108.6M | 42.4% | |
| CROXCrocs Inc | $69.6M | 27.2% | −2.9% |
| PDDPdd Holdings Inc | $31.7M | 12.4% | |
| PYPLPaypal Hldgs Inc | $27.2M | 10.6% | |
| SGOVIshares Tr | $18.9M | 7.4% | −59.1% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| BRK/ABerkshire Hathaway Inc Del | June 30, 2020 | +180.2% | $108.6M |
| CROXCrocs Inc | June 30, 2025 | +19.1% | $69.6M |
| SGOVIshares Tr | September 30, 2023 | +0.0% | $18.9M |
| PDDPdd Holdings Inc | December 31, 2024 | −21.4% | $31.7M |
| PYPLPaypal Hldgs Inc | June 30, 2025 | −41.9% | $27.2M |
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +5.5% | +14.8% |
| March 31, 2026 | −6.5% | −4.6% |
| December 31, 2025 | −4.5% | +2.4% |
| September 30, 2025 | +0.4% | +7.8% |
| June 30, 2025 | −6.8% | +10.5% |
| March 31, 2025 | +13.8% | −4.6% |
| December 31, 2024 | −3.1% | +2.1% |
| September 30, 2024 | +9.0% | +5.4% |
| June 30, 2024 | −8.0% | +4.0% |
| March 31, 2024 | +14.0% | +10.0% |
| December 31, 2023 | +13.0% | +11.2% |
| September 30, 2023 | −1.0% | −3.6% |
| June 30, 2023 | +10.4% | +8.3% |
| March 31, 2023 | +3.4% | +7.0% |
| December 31, 2022 | +2.7% | +7.1% |
| September 30, 2022 | −5.2% | −5.3% |
| June 30, 2022 | −20.8% | −16.5% |
| March 31, 2022 | −1.9% | −4.9% |
| December 31, 2021 | +1.3% | +10.7% |
| September 30, 2021 | +1.6% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Punch Card Management L.P. Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1631664&type=13F-HR&dateb=&owner=include&count=40CIK 1631664
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1631664/000139834426014658/Filed August 14, 2026 · accession 0001398344-26-014658