{"url":"https://nivawealth.com/firms/punch-card-management-162939","iapdUrl":"https://adviserinfo.sec.gov/firm/summary/162939","regulatoryAum":505397719,"crd":"162939","history":[{"filedOn":"2021-03-29","regulatoryAum":581721769,"clients":1,"employees":4,"offices":1},{"filedOn":"2022-03-25","regulatoryAum":710534161,"clients":1,"employees":4,"offices":1},{"filedOn":"2023-03-30","regulatoryAum":531539843,"clients":1,"employees":4,"offices":1},{"filedOn":"2024-03-29","regulatoryAum":588346236,"clients":1,"employees":4,"offices":1},{"filedOn":"2025-03-31","regulatoryAum":530982792,"clients":1,"employees":4,"offices":1},{"filedOn":"2026-03-26","regulatoryAum":505397719,"clients":1,"employees":4,"offices":1}],"secFileNumber":"801-79532","legalName":"Punch Card Management LP","displayName":"Punch Card Management","slug":"punch-card-management-162939","website":"https://punchcardcapital.com/","classification":{"segment":"private_funds","segmentLabel":"Private funds","type":"private_fund_manager","typeLabel":null,"feeDisclosure":"payment_only"},"founded":null,"organization":"Delaware limited partnership","fiscalYearEnd":"December","headquarters":{"street":"533 West New England Ave, Suite C","city":"Winter Park","state":"FL","stateName":"Florida","country":"United States","postalCode":"32789"},"tradeNames":[],"registration":{"secApproved":"22 April 2014","noticeFilings":null,"latestNoticeFiling":null},"wealthAumPerClient":null,"staff":{"employees":4,"advisory":4,"brokerDealerReps":0,"insuranceAgents":0,"promoters":0},"aum":{"regulatory":505397719,"discretionary":505397719,"discretionaryAccounts":1,"nonDiscretionary":0,"nonDiscretionaryAccounts":0,"wrapProgram":null,"nonUsClientsPct":0,"nonAumClients":0},"clientTypes":[{"label":"Pooled investment vehicles","clients":1,"regulatoryAum":505397719}],"feePrograms":[],"brochureCoverage":{"scope":"known_documents","status":"not_processed","checkedAt":null,"documents":[]},"custodians":[],"custodyNote":"Punch Card Management has custody of client assets.","otherCustodians":[],"leadership":[{"name":"Francis Chow","title":"Chief Operating Officer and Chief Compliance Officer","crd":"6449176"},{"name":"Norbert Lou","title":"Limited Partner","crd":"6045229"}],"ownership":[{"label":"Gotham Advisers LLC","detail":"Limited partner in the 10% to 25% ownership band, since April 2004."},{"label":"Norbert Lou","detail":"Limited partner in the 75% or more ownership band and a control person, since April 2004. Also a managing member of Punch Card GP LLC in the 75% or more band and a control person, since April 2004."},{"label":"Joel Greenblatt","detail":"Indirect owner: a managing member of Gotham Advisers LLC in the 25% to 50% band and a control person, since October 2003.","parent":"Gotham Advisers LLC"},{"label":"Robert Goldstein","detail":"Indirect owner: a member of Gotham Advisers LLC in the 25% to 50% band and a control person, since October 2003.","parent":"Gotham Advisers LLC"}],"branchOffices":null,"filedOffices":{"otherThanPrincipal":0,"privateResidences":0},"listedOfficeAddresses":1,"foreignOffices":[],"officesByState":[{"state":"Florida","offices":1,"addresses":[{"street":"533 West New England Ave, Suite C","city":"Winter Park","headquarters":true}]}],"advFacts":{"source":{"file":"ia100226.zip","asOf":"2 October 2026"},"telephone":"407-367-4347","stateRegisteredReps":0,"otherAdviserReps":0,"compensation":["A percentage of assets under management","Performance-based fees"],"activities":["Portfolio management for pooled investment vehicles (other than investment companies)"],"financialPlanningClients":null,"assetMix":[],"privateFunds":1},"sources":{"adv1FilingDate":"26 March 2026","adv1Url":"https://reports.adviserinfo.sec.gov/reports/ADV/162939/PDF/162939.pdf","brochureDate":null,"brochureUrl":null,"iapdCompiledDate":null,"retrievedDate":"15 October 2026","retrievedOn":"2026-10-15","updatedOn":"2026-10-21","holdingsUpdatedOn":"2026-10-21","adv1Pages":{},"brochurePages":{}},"otherBusiness":[],"faq":[{"question":"How many clients does Punch Card Management have?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What services does Punch Card Management offer?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"How many financial advisors does Punch Card Management have?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Who owns Punch Card Management?","answer":"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","sourceRef":{"doc":"adv1","section":"scheduleA"}},{"question":"How does Punch Card Management get paid?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"How do I contact Punch Card Management?","answer":"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.","source":"Form ADV Part 1A, Item 1.F, filed 26 March 2026","sourceRef":{"doc":"adv1","section":"offices"}}],"holdings":{"url":"https://nivawealth.com/firms/punch-card-management-162939/holdings","form":"13F-HR","periodOfReport":"2026-06-30","filedOn":"2026-08-14","filingIndexUrl":"https://www.sec.gov/Archives/edgar/data/1631664/000139834426014658/0001398344-26-014658-index.html","totalValue":255951708,"positionCount":5,"top10Share":1,"top10":[{"issuer":"BERKSHIRE HATHAWAY INC DEL","titleOfClass":"CL A","cusip":"084670108","value":108583250,"shares":145,"shareType":"SH","priorValue":104130300,"priorShares":145},{"issuer":"CROCS INC","titleOfClass":"COM","cusip":"227046109","value":69629789,"shares":577170,"shareType":"SH","priorValue":49361201,"priorShares":594570},{"issuer":"PDD HOLDINGS INC","titleOfClass":"SPONSORED ADS","cusip":"722304102","value":31656505,"shares":415004,"shareType":"SH","priorValue":42405109,"priorShares":415004},{"issuer":"PAYPAL HLDGS INC","titleOfClass":"COM","cusip":"70450Y103","value":27156204,"shares":628907,"shareType":"SH","priorValue":28445464,"priorShares":628907},{"issuer":"ISHARES TR","titleOfClass":"0-3 MTH TREASURY","cusip":"46436E718","value":18925960,"shares":188000,"shareType":"SH","priorValue":46303600,"priorShares":460000}],"positionsListed":5,"positions":[{"issuer":"BERKSHIRE HATHAWAY INC DEL","titleOfClass":"CL A","cusip":"084670108","value":108583250,"shares":145,"shareType":"SH","priorValue":104130300,"priorShares":145},{"issuer":"CROCS INC","titleOfClass":"COM","cusip":"227046109","value":69629789,"shares":577170,"shareType":"SH","priorValue":49361201,"priorShares":594570},{"issuer":"PDD HOLDINGS INC","titleOfClass":"SPONSORED ADS","cusip":"722304102","value":31656505,"shares":415004,"shareType":"SH","priorValue":42405109,"priorShares":415004},{"issuer":"PAYPAL HLDGS INC","titleOfClass":"COM","cusip":"70450Y103","value":27156204,"shares":628907,"shareType":"SH","priorValue":28445464,"priorShares":628907},{"issuer":"ISHARES TR","titleOfClass":"0-3 MTH TREASURY","cusip":"46436E718","value":18925960,"shares":188000,"shareType":"SH","priorValue":46303600,"priorShares":460000}]},"notice":"Compiled from public SEC Form ADV filings on the dates in `sources`. Facts as filed; not a rating, ranking, or recommendation. Niva is not affiliated with this firm. Disciplinary history is deliberately not included here or on the page; the SEC publishes the complete record at the `iapdUrl` above."}