13F filing recap · Q4 2018

What did Punch Card Management buy in Q4 2018?

Reported stock-position changes between this filing and the previous one.

Stock value

$160.83M

Positions

Estimated turnover

15.9%

Turnover is a proxy: verified trade-origin share changes valued at period-end and divided by average reported stock value. SEC holdings reports do not disclose execution dates or prices. Corporate actions and unreconciled activity are excluded.

Increased positions

BIDUBaidu, Inc.$42.23Mreported value+100.7K shares+60.8%WFCWells Fargo & Company/mn$4.46Mreported value+96.7K shares+254494.7%

Exited positions

WFC WSWells Fargo & Company/mn$5.36Mprior reported value-277.9K shares-100.0%