Punch Card Management L.P.

**Punch Card Management L.P.** manages $301M across a concentrated portfolio of five holdings. The strategy exhibits a blend of defensive stability and targeted growth, anchored by a substantial $109.4M position in BRK/A. Significant allocations are also directed toward short-duration treasuries ($56.8M in SGOV) and consumer discretionary names, notably CROX ($50.8M) and PDD ($47.1M). This structure suggests a tactical approach balancing capital preservation with exposure to cyclical value plays.

📌 Top Holdings