Period over period

Punch Card Management LP

2026 Q1 2025 Q4 1 reduce AUM -10.0%

Change periods

Punch Card Management LP · 2026 Q1 vs 2025 Q4

Q4 2025 Q1 2026

later 2026 Q1 $271M 5 holdings · filed 15 May

earlier 2025 Q4 $301M 5 holdings · filed 17 Feb

Δ book −$30M -10.0%

activity manager grid full book

New / Exit first · then largest |Δ port| · signal floor

show all

ticker	action	Δ port	Δ value	shares	issuer
—	Reduce	-1.77 pp 18.9% → 17.1%	−$11M	-18.7%	Ishares Tr

1 signal moves · sorted New / Exit first

full book including unchanged · exportable


			Shares				Value
Ticker	Issuer name	Class	Q1 2026	Q4 2025	Diff	Chg %	Q1 2026	Q4 2025	Diff	Chg %	ID