Punch Card Management L.P. Holdings - 4Q25

As of December 31, 2025, Punch Card Management L.P. reported 5 positions comprising 5 stocks worth $300.9M. The top 5 holdings represented 100.0% of the portfolio. During the quarter, the fund entered 0 new positions and exited 1. Explore portfolio value and concentration trends, quarterly position counts, and a detailed breakdown of each holding below.