Punch Card Management L.P. — PDD HOLDINGS INC PDD: Quarterly 13F Position History
Punch Card Management L.P. has reported PDD HOLDINGS INC (PDD) on 6 13F-HR filings in Pactolio's tracked window, first appearing in Q4 2024. As of Q1 2026, the position is sized at 415,004 shares ($42.4M market value, 15.67% of the equity book).
- 415,004Shares Held (Latest Filing)
- $42.4MReported Market Value (Latest Filing)
- 15.67%Portfolio Weight (% of 13F Equity Book)
- 0Quarter-over-Quarter Share Change
- -$4.7MQuarter-over-Quarter Value Change
- 415,004Peak Reported Shares (Historical)
Quarterly 13F-HR Disclosure History Source: SEC 13F-HR filings, 6 quarter s
| Quarter | Shares | QoQ Share Change | Share Change (%) | Market Value | Weight | Implied Price |
|---|---|---|---|---|---|---|
| Q1 2026 | 415,004 | 0 | — | $42.4M | 15.67% | $102.18 |
| Q4 2025 | 415,004 | 0 | — | $47.1M | 15.64% | $113.39 |
| Q3 2025 | 415,004 | 0 | — | $54.9M | 17.01% | $132.17 |
| Q2 2025 | 415,004 | +108,253 | +35.3% | $43.4M | 14.02% | $104.66 |
| Q1 2025 | 306,751 | +176,751 | +136.0% | $36.3M | 16.76% | $118.35 |
| Q4 2024 | 130,000 | — | — | $12.6M | 4.00% | $96.99 |
Methodology & FAQ
How This Position History Is Sourced
Each row is one SEC Form 13F-HR filing disclosing this position. Share count, market value, and reported quarter are taken verbatim from the filing; portfolio weight is recomputed against the same filing's total reported equity book. Implied price-per-share is market value divided by shares — a quarter-end mark, not the manager's cost basis. See the full methodology document for the normalization rules.
When did Punch Card Management L.P. first disclose a PDD position in 13F-HR filings?
Punch Card Management L.P. first reported PDD HOLDINGS INC (PDD) on its 13F-HR filing for the period ending 2024-12-31 (Q4 2024). The position has appeared on 6 reported quarters within Pactolio's tracked window.
What was Punch Card Management L.P.'s most recent quarter-over-quarter share-count change in PDD?
Punch Card Management L.P. held the same 415,004 shares of PDD between Q4 2025 and Q1 2026 — the reported share count was unchanged quarter-over-quarter.
Does the implied price-per-share represent Punch Card Management L.P.'s cost basis in PDD?
No. The implied price-per-share column is the 13F-HR reported market value divided by reported share count on the filing date (end of quarter). It is a quarter-end mark, not a cost basis or transaction price. Use it as a sanity check on the value column, not as an indicator of the manager's entry or exit price.