13F filing recap · Q2 2025

What did Punch Card Management buy in Q2 2025?

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

Stock value

$309.88M

Positions

Estimated turnover

45.2%

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.

Quarter in review

Punch Card Management opened new positions in Crocs and PayPal Holdings during the quarter. It also substantially added to its Pdd Holdings stake, while substantially trimming Smith & Wesson Brands and slightly reducing its iShares Trust position.

New positions

CROXCrocs, Inc.$53.79Mreported value+531.1K shares PYPLPayPal Holdings, Inc.$48.34Mreported value+650.4K shares

Increased positions

PDDPdd Holdings Inc.$43.43Mreported value+108.3K shares+35.3%

Reduced positions

SGOViShares Trust$56.99Mreported value-15.1K shares-2.6%SWBISmith & Wesson Brands, Inc.$1.65Mreported value-459.0K shares-70.7%