Punch Card Management L.P. — Quarter-over-Quarter 13F Allocation Shifts Q1 2026
In Q1 2026, Punch Card Management L.P. trimmed 1 position. The fund's 13F equity book declined from $0.30B to $0.27B (-10.1% QoQ) . All deltas are sourced from sequential SEC Form 13F-HR filings; share-count changes reflect explicit trading activity, while weight changes can also include price movement. This page lists every position change reported — the portfolio overview shows a summary of the top shifts.
Net Portfolio Value Change
- $0.30BPrior quarter
- $0.27BCurrent quarter
- $-0.03BNet delta
- -10.1%% change
Largest Allocation Reductions Q1 2026
Largest portfolio-weight decreases in existing positions (positions kept open at a lower allocation).
| Company | Ticker | Δ Weight | Δ Shares | History |
|---|---|---|---|---|
| ISHARES TR | SGOV | -1.77% | -18.73% | History → |
Methodology & FAQ
How Punch Card Management L.P. Quarterly Changes Are Computed
Each row above is computed by joining the most recent 13F-HR filing for Punch Card Management L.P. against the immediately preceding quarterly filing for the same fund. Portfolio weights are normalized to exclude listed options for comparability. A complete description of the methodology — including how confidential treatment filings are handled and why share count rather than weight is the cleaner trading signal — is documented in the Methodology.
Which positions did Punch Card Management L.P. initiate in Q1 2026?
Punch Card Management L.P. established no new positions in Q1 2026.
Which existing positions saw the largest allocation increases for Punch Card Management L.P. in Q1 2026?
Punch Card Management L.P. reported no material allocation increases in existing positions in Q1 2026.
Which positions did Punch Card Management L.P. fully exit in Q1 2026?
Punch Card Management L.P. fully exited no positions in Q1 2026.
Which existing positions saw the largest allocation reductions for Punch Card Management L.P. in Q1 2026?
The largest portfolio-weight reductions in positions kept open were: ISHARES TR (SGOV, -1.77% weight, -18.73% shares).
Do quarter-over-quarter 13F allocation changes constitute explicit trading signals?
No. Quarter-over-quarter changes reflect a combination of active trading and market price movement. A weight increase can result from price appreciation alone, without the manager adding shares. Share-count delta is the cleaner indicator of explicit trading activity.