Punch Card Management L.P.

trimmed SGOV. Portfolio down 10% to $270.6M.

$270.6M portfolio5 holdingstop 10 = 100%filed 2026-05-15

1Berkshire Hathaway Inc Del38.47%
$104.1M - 145 shares-
2CROXCrocs Inc18.24%
$49.4M - 595K shares-
3SGOViShares TR17.11%
$46.3M - 460K shares-106K
4PDDPDD Holdings Inc15.67%
$42.4M - 415K shares-
5PYPLPaypal Hldgs Inc10.51%
$28.4M - 629K shares-

#	Stock
1	Berkshire Hathaway Inc Del	38.47%	$104.1M	145	-
2	CROXCrocs Inc	18.24%	$49.4M	595K	-
3	SGOViShares TR	17.11%	$46.3M	460K	-106K
4	PDDPDD Holdings Inc	15.67%	$42.4M	415K	-
5	PYPLPaypal Hldgs Inc	10.51%	$28.4M	629K	-

What a 13F does not show

Filed up to 45 days after the quarter ends, so this is Q1 2026, not today. US-listed shares and some options only. No short bets, cash, bonds, or foreign listings.