Punch Card Management provides portfolio management for pooled vehicles. The firm advises 1 private fund.
Punch Card Management reports 1 pooled investment vehicle. These counts refer to investment vehicles, rather than the individual investors in them. Of its assets, 100.0% ($505M across 1 account) are managed with discretion.
| Client type | Clients | Assets |
|---|---|---|
| Pooled investment vehicles | 100% | 100% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Pooled investment vehicles | 1 | $505M | 100.0% | $505M |
| Total | 1 | $505M | 100% | $505M |
- Clients
- 1
- Regulatory AUM
- $505M
- AUM share
- 100.0%
- Avg. per client
- $505M
Total
- Clients
- 1
- Regulatory AUM
- $505M
- AUM share
- 100%
- Avg. per client
- $505M
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 1
Punch Card Management is paid through a percentage of assets under management and performance-based fees; its fees and minimums are set out in its brochures on the SEC website.
Norbert Lou owns 75% or more of Punch Card Management. The leadership team of Punch Card Management includes Chief Operating Officer Francis Chow. It has 4 employees.
Leadership
- Francis ChowChief Operating Officer and Chief Compliance Officer
- Norbert LouLimited Partner
Staff
- 4 employees
- 4 in advisory functions
- Owns 75% or more of Punch Card Management LP
Norbert Lou
Control person · since April 2004
- Owns 10% to 25% of Punch Card Management LP
Gotham Advisers LLC
since April 2004
- Owns 25% to 50% of Gotham Advisers LLC
Joel Greenblatt
Control person · since October 2003
- Owns 25% to 50% of Gotham Advisers LLC
Robert Goldstein
Control person · since October 2003
Punch Card Management’s regulatory assets fell from $582M (March 2021) to $505M (March 2026); clients were 1 in both filings and employees were 4 in both filings.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| March 2026 | $505M | 1 | 4 | 1 |
| March 2025 | $531M | 1 | 4 | 1 |
| March 2024 | $588M | 1 | 4 | 1 |
| March 2023 | $532M | 1 | 4 | 1 |
| March 2022 | $711M | 1 | 4 | 1 |
| March 2021 | $582M | 1 | 4 | 1 |
Besides its headquarters, Punch Card Management has 0 offices, with 1 listed address in Florida.
Florida · 1 listed address
- 533 West New England Ave, Suite C, Winter ParkHQ
Contact and registration details
- Legal name
- Punch Card Management LP
- Headquarters
- 533 West New England Ave, Suite C, Winter Park, FL 32789
- Website
- punchcardcapital.com
- Phone
- 407-367-4347
- SEC file
- 801-79532
- Structure
- Delaware limited partnership
- Fiscal year end
- December
Punch Card Management has custody of client assets.
Punch Card Management’s reported 13F holdings for the quarter ended 30 June 2026 total $256M across 5 positions; the largest are Berkshire Hathaway Inc. Del (42.4%), Crocs Inc. (27.2%) and Pdd Holdings Inc. (12.4%).
Reported 13F holdings
- $256M
- Reported 13F value
- 5
- Positions
- 100.0%
- In the 10 largest
- −5.4%
- Value vs. prior quarter
- Berkshire Hathaway Inc. Del · CL A42.4%
- Crocs Inc.27.2%
- Pdd Holdings Inc. · Sponsored ADS12.4%
- Paypal Hldgs Inc.10.6%
- iShares TR · 0-3 Mth Treasury7.4%
Together, the ten largest are 100.0% of reported value.
How many clients does Punch Card Management have?
Punch Card Management has 1 client and manages $505 million for them, as of March 2026. They include 1 pooled investment vehicle.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 26 March 2026
What services does Punch Card Management offer?
Punch Card Management provides portfolio management for pooled vehicles.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
How many financial advisors does Punch Card Management have?
Punch Card Management has 0 investment adviser representatives registered with state securities authorities, out of 4 employees, and 4 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
Who owns Punch Card Management?
Punch Card Management is owned through a holding company by Joel Greenblatt and Robert Goldstein. Its direct owners are Gotham Advisers LLC (10% to 25%) and Norbert Lou (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 26 March 2026
How does Punch Card Management get paid?
Punch Card Management is paid through a percentage of assets under management and performance-based fees. Its Form ADV lists no commissions among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
How do I contact Punch Card Management?
Punch Card Management’s main office is at 533 West New England Ave, Suite C, Winter Park, FL 32789. Its phone number is 407-367-4347. Its website is punchcardcapital.com.