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Punch Card Management Portfolio holdings

AUM $271M
1-Year Est. Return 11.49%
This Fund
S&P 500
This Quarter Est. Return
-3.26%
1 Year Est. Return
-11.49%
3 Year Est. Return
+41.04%
5 Year Est. Return
+27.46%
10 Year Est. Return
+260.29%
AUM
$310M
AUM Growth
+$93.3M
Cap. Flow
+$104M
Cap. Flow %
33.62%
Top 10 Hldgs %
100%
Holding
6
New
2
Increased
1
Reduced
2
Closed
–

Top Buys

Rank Stock Value
1
CROX icon
Crocs
CROX
+$54.1M
2
PYPL icon
PayPal
PYPL
+$44.5M
3
PDD icon
Pinduoduo
PDD
+$11.4M

Top Sells

Rank Stock Value
1
SWBI icon
Smith & Wesson
SWBI
+$4.35M
2
SGOV icon
iShares 0-3 Month Treasury Bond ETF
SGOV
+$1.52M

Sector Composition

Rank Sector Weight
1 Financials 49.7%
2 Consumer Discretionary 31.37%
3 Industrials 0.53%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BRK.A icon
1
Berkshire Hathaway Class A
BRK.A
$1.06T
$106M 34.1%
145
– –
SGOV icon
2
iShares 0-3 Month Treasury Bond ETF
SGOV
$97.5B
$57M 18.39%
566,000
-15,100
-3% -$1.52M
CROX icon
3
Crocs
CROX
$6.81B
$53.8M 17.36%
+531,108
New +$54.1M
PYPL icon
4
PayPal
PYPL
$49.9B
$48.3M 15.6%
+650,447
New +$44.5M
PDD icon
5
Pinduoduo
PDD
$120B
$43.4M 14.02%
415,004
+108,253
+35% +$11.4M
SWBI icon
6
Smith & Wesson
SWBI
$665M
$1.65M 0.53%
189,933
-459,023
-71% -$4.35M

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MCM
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PFG
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MLM
Mount Lucas Management Newtown, Pennsylvania $271M AUM 25.49% 1-Year Est. Return
ACH
Axis Capital Holdings Pembroke, Bermuda $270M AUM 16.26% 1-Year Est. Return
VW
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SWM
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MAM
Mullooly Asset Management Wall Township, New Jersey $271M AUM 16.93% 1-Year Est. Return

Punch Card Management's Q2 2025 Portfolio in Review

As of Q2 2025, Punch Card Management held 6 positions worth $310M, up 43% from $217M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Punch Card Management deployed $104M of net new capital in Q2 2025, opening 2 new positions and adding to 1 existing holding. Its largest new stake was Crocs: 531,108 shares worth $53.8M.

By sector, the portfolio is most concentrated in Financials at 50% of assets, down from 53% a quarter earlier, followed by Consumer Discretionary and Industrials.

On the sell side, the largest reduction was Smith & Wesson, an estimated $4.35M trimmed.

  • Punch Card Management's largest Q2 2025 buy was Crocs: 531,108 shares worth $53.8M.
  • Punch Card Management added most to Pinduoduo in Q2 2025, an estimated $11.4M increase.
  • Punch Card Management's biggest Q2 2025 reduction was Smith & Wesson, cutting an estimated $4.35M.
  • Punch Card Management's ten largest holdings make up 100% of its $310M portfolio in Q2 2025.
  • Punch Card Management opened 2 new positions and closed 0 in Q2 2025.
  • Punch Card Management's portfolio value rose 43% quarter-over-quarter to $310M.

Based on Punch Card Management's 13F filing for Q2 2025, filed 14 Aug 2025.