Punch Card Management

Punch Card Management, LP, established in 2004, is an investment adviser specializing in providing advisory and management services to a private fund, Punch Card Capital, LP. The firm primarily focuses on managing the Fund's assets in equity securities believed to be undervalued, aiming for long-term capital appreciation. Punch Card operates on a discretionary basis, with assets under management totaling $530,982,782 as of December 31, 2024. The minimum initial investment in the Fund is $3,000,000, subject to potential reductions at the discretion of Punch Card. The firm charges a 1% annual management fee and a performance-based allocation of 20% of net capital appreciation, complying with regulatory standards. Punch Card does not participate in wrap fee programs and does not accept compensation for the sale of securities. The firm's investment strategies involve concentrated portfolios, with less than ten positions typically held. Punch Card discloses potential risks associated with its investment strategies, such as market fluctuations, management risk, and leverage. The firm's Code of Ethics prioritizes clients' interests, and it has no disciplinary history. Punch Card's custody practices involve independent qualified custodians, ensuring safekeeping of client assets. Clients receive regular reports and financial statements, and the firm votes proxies in the best interest of the Fund and its investors. Punch Card does not have financial commitments impairing its ability to meet obligations.