Punch Card Management LP 13F holdings and portfolio analysis
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Baseline
Analysis messagesPre-generated Q&A about this fund. Use as reference context for your own analysis.
The latest change list shows BRK.A unchanged to 44.84%; CROX unchanged to 20.84%; PDD unchanged to 19.28%. Combined with top 5 100.00%, top 10 100.00%, top 20 100.00%, that tells the user whether the baseline is becoming more concentrated or simply refreshing existing exposure. For a static page, this is the best first check before deciding whether the raw disclosed book is still acceptable.
The baseline is a direct read-through of the disclosed fund portfolio. It is led by BRK.A (Berkshire Hathaway Inc.) 44.84%, CROX (Crocs, Inc.) 20.84%, and PDD 19.28%, with sector exposure of Financials 59.88%, and Consumer Discretionary 40.12%. The baseline metrics show return 9.75%, alpha -1.78%, beta 0.95, Sharpe 0.52, Sortino 0.68, and max drawdown -40.94%, so this should be treated as an equity exposure with its own concentration and timing risk rather than a neutral benchmark clone.
The strongest recent period was 2024-12-31 (4.18% strategy return, -3.63% benchmark, 7.80% excess, 14.05% turnover), while the weakest was 2025-03-31 (-4.44% strategy return, 9.22% benchmark, -13.65% excess, 38.56% turnover). Those periods should be read alongside baseline metrics of return 9.75%, alpha -1.78%, beta 0.95, Sharpe 0.52, Sortino 0.68, and max drawdown -40.94% to judge whether returns came from persistent exposure or a narrow timing window.