13F filing recap · Q2 2026

What did Punch Card Management buy in Q2 2026?

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

Stock value

$255.95M

Positions

Estimated turnover

11.2%

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 trimmed its Crocs position slightly and substantially reduced its iShares Trust stake during the period.

Reduced positions

CROXCrocs, Inc.$69.63Mreported value-17.4K shares-2.9%SGOViShares Trust$18.93Mreported value-272.0K shares-59.1%