2 managers · $38M totalData: SEC EDGAR 13F · 2026Q1
Manager holders · last 4 qtrsⓘ
2
2025Q2 – 2026Q1 · -1 QoQ
Total position
$38M
Combined value across tracked managers
Net move this quarter
↑ Adding
Weighted by holders' share change
HolderQ actionValue% of port.Style
Punch CardHold$28M10.51%Ultra-concentrated / Deep value
HoskingⓘAdd+4.54%$9M0.34%Contrarian value / Global diversified
What managers sayⓘ
2025-12-31Southeastern Asset ManagementBull4Q25 Partners Fund CommentaryDetail →
2025-03-31Southeastern Asset ManagementBull1Q25 Partners Fund CommentaryDetail →
2025-01-09Horos Asset ManagementNeutralLetter to our co-investors 4T24Detail →
2024-12-31Southeastern Asset ManagementBull4Q24 Partners Fund CommentaryDetail →
2024-09-30Southeastern Asset ManagementBull3Q24 Partners Fund CommentaryDetail →
2023-01-17Horos Asset ManagementBullLetter to our co-investors 4Q22Detail →
2022-12-31FundsmithBearFundsmith Equity Fund Annual Report 2022Detail →
2022-06-30FundsmithNeutralFundsmith Equity Fund Interim Report 2022Detail →
Earnings Callsⓘ
Q1 2026May 5, 2026
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Q1 results in line with expectations, TPV accelerating but profit under pressure, primarily due to strong Venmo and PSP performance being offset by transformation investments.
TPV up 11% to $464B, Venmo TPV up 14%, Non-GAAP EPS $1.34 (+1%).
The new CEO initiated a restructuring into three business lines (Checkout, Consumer Finance, Payment Services), proposing at least $1.5B in cost savings (AI + organizational streamlining), modernizing the technology platform, and expanding stablecoins to 70 countries.
Q2 guidance shows clear pressure: low single-digit revenue growth, TM dollar down ~3%, Non-GAAP EPS down ~9%. Full-year guidance reiterated but expected at the low end.
Management tone is cautious: emphasizing the toughest Q2 comparison, slowing momentum in Europe and travel verticals, and ongoing transformation investments continuing to weigh on near-term profitability.