Institutional 13F · Context Only · Never a Buy List机构 13F · 仅供参考 · 非买入清单
Punch Card Management
superinvestor_value
D
Reliability stable可靠性稳定
leaderboard rank榜单排名 #48WATCH观察
Book持仓规模
$256M
long US listed only仅美股多头
Positions持仓数
5
100% resolved已解析
Top-10 concentration前十集中度
100%
% of book占组合%
Turnover换手
LOW
10.3% per quarter每季
Median excess中位超额
-40%
buys vs SPY, since filing买入相对SPY，自披露起 · n 9
Hit rate胜率
22%
share of buys beating SPY跑赢SPY的买入占比
Core lean — the 10-second read核心倾向 — 10秒速读
No thematic add cluster this quarter — the latest buys do not map to a tracked theme.本季度无主题性加仓集群——最新买入未映射到任何跟踪主题。
Descriptive read of the latest filing — themes clustered from curated baskets (Finviz fallback), added-pp = Σ % of book bought this quarter. Not a forecast.基于最新披露的描述性解读——主题按精选篮子聚类（Finviz 兜底），added-pp = 本季度买入占组合百分比之和。非预测。
Grade & excess history评级与超额历史
per-quarter buy cohorts, scored on public filing dates vs SPY — descriptive ranks in a curated survivor cohort按季度买入队列，以公开披露日为锚相对SPY评分——精选幸存者队列中的描述性排名Reliability可靠性: stable稳定 · 2 scored quarters已评分季度 · 0% positive为正 · recent-4 median近4季中位 -21% vs all-time对全期 -21%
Median excess by quarter各季度中位超额: ▁█ (oldest → newest, shifted by the series minimum so negatives render由旧到新，按序列最小值平移以呈现负值)
| Quarter季度 | Buys买入数 | Median excess中位超额 | Hit胜率 | Median fwd 63d中位前瞻63日 |
|---|---|---|---|---|
| 2025-06-30 | 3 | -40% | 33% | -10% |
| 2025-09-30 | 2 | -2% | 50% | +8% |
Sector exposure & rotation行业配置与轮动
value-weighted, latest filing; QoQ deltas vs prior quarter按市值加权，最新披露；季度环比变化对上季Current weights当前权重 · 2026-06-30
Unclassified
49.8%
▼ -5.8pp
Consumer Cyclical
27.2%
▲ +9.0pp
Technology
12.4%
▼ -3.3pp
Financial
10.6%
▲ +0.1pp
Theme categories主题类别
Financials 10.6%
Rotating into (QoQ)轮入（环比）
Consumer Cyclical +9.0pp
Financial +0.1pp
Rotating out of (QoQ)轮出（环比）
Technology -3.3pp
Quarter history — top-3 sectors季度历史 — 前三大行业
| 2026-06-30 | Unclassified 50% · Consumer Cyclical 27% · Technology 12% |
| 2026-03-31 | Unclassified 56% · Consumer Cyclical 18% · Technology 16% |
| 2025-12-31 | Unclassified 55% · Consumer Cyclical 17% · Technology 16% |
| 2025-09-30 | Unclassified 52% · Technology 17% · Consumer Cyclical 16% |
| 2025-06-30 | Unclassified 52% · Consumer Cyclical 17% · Financial 16% |
| 2025-03-31 | Unclassified 80% · Technology 17% · Industrials 3% |
| 2024-12-31 | Unclassified 94% · Technology 4% · Industrials 2% |
| 2024-09-30 | Unclassified 90% · Consumer Cyclical 7% · Industrials 3% |
| 2024-06-30 | Unclassified 80% · Consumer Cyclical 16% · Industrials 4% |
| 2024-03-31 | Unclassified 56% · Financial 22% · Consumer Cyclical 18% |
| 2023-12-31 | Unclassified 50% · Financial 28% · Consumer Cyclical 19% |
| 2023-09-30 | Unclassified 54% · Financial 25% · Consumer Cyclical 17% |
Full book完整持仓
every resolved position as filed — click a column header to sort. Conviction is a descriptive composite, not a forecast.截至披露日的全部已解析持仓——点击列头排序。信念分为描述性综合指标，非预测。5 positions shown项持仓 · resolved已解析 5/5 (100%) · unresolved CUSIPs are excluded from this table but counted in book totals未解析CUSIP不列入本表，但计入组合总额
| #↕ | Ticker标的 ↕ | Company公司 ↕ | % book仓位% ↕ | Value金额 ↕ | Action动作 ↕ | Δ sharesΔ股数 ↕ | Add streak连加季数 ↕ | Conviction信念分 ↕ | Sector行业 ↕ | Themes主题 | Since filing自披露 ↕ |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 |  BRK-A |
Berkshire Hathaway Inc Del | 42.4% | $109M | hold | +0% | — | 70 · HIGH | — | — | +4% |
| 2 |  CROX |
Crocs Inc | 27.2% | $70M | hold | -3% | — | 63 · MODERATE | Consumer Cyclical | — | -12% |
| 3 |  PDD |
Pdd Holdings Inc | 12.4% | $32M | hold | +0% | — | 46 · MODERATE | Technology | E-Commerce, Platforms | -7% |
| 4 |  PYPL |
Paypal Hldgs Inc | 10.6% | $27M | hold | +0% | — | 39 · LOW | Financial | Payments & Fintech, Financials (Equal-Weight) | -9% |
| 5 |  SGOV |
Ishares Tr | 7.4% | $19M | trim | -59% | — | 32 · LOW | — | — | +2% |
Rotation detail轮动明细
this filing cycle, uncapped — adds/new and trims from the resolved book, exits from the rotation feed本披露周期，不设上限——新建/加仓与减持取自已解析持仓，清仓取自轮动数据Rotated into轮入 (0)
| no new buys this cycle本周期无新买入 |
Rotated out of轮出 (1)
| SGOV trim |
-59% | +2% |
Trade log交易记录
last 40 graded trades, filing-date anchored, newest first — variable hold vs SPY最近40笔已评分交易，以披露日为锚，最新在前——持有期不定，相对SPYNo graded trades available for this fund.该基金暂无已评分交易。
Caveats注意事项 —
13F = quarterly, ~45-day lag, reported long positions from managers with at least $100M in Section 13(f) securities. No shorts, no cash, no non-US positions. This desk is context — ownership is never a directional signal here.13F = 季度披露，约45天滞后，仅含美股多头且持仓≥1亿美元。不含空头、现金或非美股仓位。本台仅为背景参考——持仓数据在此永远不是方向性信号。
Grades and reliability are descriptive ranks within a curated survivor cohort — they measure what filings did after their filing dates, not a manager-selection edge. Conviction and core-lean reads are descriptive composites earning a forward record via the pre-registered ledger (L5); sector/theme classification applies the current map to history.评级与可靠性为精选幸存者队列中的描述性排名——衡量披露日之后持仓的表现，而非经理选择能力。信念分与核心倾向为描述性综合指标，通过预注册账本（L5）积累前瞻记录；行业/主题分类将当前映射应用于历史。