Punch Card Management — SGOV

How Punch Card Management's position in ISHARES TR changed quarter by quarter. Change badges compare each quarter to the fund's immediately-prior filing.

Quarter	Shares	Value	% of portfolio	Change
Q1 2026	460,000	$46,303,600	17.11%	TRIM
Q4 2025	566,000	$56,815,080	18.88%	NEW