PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.

EDINA, MN · CIK 1238990 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2002 · corporation

Assets managed$2.0bn
Staff34 · 18 in investment roles
Main clients (by assets)High net worth individuals 66%, Private funds 19%, Pension plans 5%
Private funds2 (2 hedge) · $386.5m gross assets
Form ADV · 2026-04-30SEC adviser record

Legal entityPunch & Associates Investment Management, Inc. (US)

$2.0bn reported value +16.6% vs Q1 2026

164positions

23.0%in top 10

12 new 81 added 55 reduced 11 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	STONEX GROUP INC COM SNEX	SNEX	694,090	$82.2m4.07%	4.07%	Reduced -249.5k	-249,489 -26.4%
2	ARCOSA INC COM ACA	ACA	347,540	$50.5m2.50%	2.50%	Reduced -14.8k	-14,786 -4.1%
3	UNIVERSAL TECHNICAL INST INC COM UTI	UTI	1,096,078	$46.9m2.32%	2.32%	Added +19.2k	+19,212 1.8%
4	LAUREATE EDUCATION INC COMMON STOCK LAUR	LAUR	1,240,072	$45.0m2.23%	2.23%	Added +67.2k	+67,191 5.7%
5	A10 NETWORKS INC COM ATEN	ATEN	1,188,747	$44.4m2.20%	2.20%	Reduced -271.2k	-271,163 -18.6%
6	MARVELL TECHNOLOGY INC COM MRVL	MRVL	140,873	$42.0m2.08%	2.08%	Added +736	+736 0.5%
7	ENOVA INTL INC COM ENVA	ENVA	162,629	$39.1m1.94%	1.94%	Added +9.2k	+9,157 6.0%
8	RADNET INC COM RDNT	RDNT	633,272	$39.1m1.93%	1.93%	Added +38.0k	+37,992 6.4%
9	ALPHABET INC CAP STK CL A GOOGL	GOOGL	107,628	$38.5m1.90%	1.90%	Added +335	+335 0.3%
10	LIQUIDITY SVCS INC COM LQDT	LQDT	954,735	$37.3m1.85%	1.85%	Added +34.3k	+34,341 3.7%
11	TRIMAS CORP COM NEW TRS	TRS	807,292	$36.4m1.80%	1.80%	Added +562.6k	+562,573 229.9%
12	SIRIUSPOINT LTD COM SPNT	SPNT	1,501,976	$36.0m1.78%	1.78%	Added +86.4k	+86,447 6.1%
13	DOUGLAS DYNAMICS INC COM PLOW	PLOW	659,319	$35.6m1.76%	1.76%	Added +37.5k	+37,474 6.0%
14	ROYALTY PHARMA PLC SHS CLASS A RPRX	RPRX	597,938	$33.5m1.66%	1.66%	Reduced -679	-679 -0.1%
15	PRICESMART INC COM PSMT	PSMT	171,348	$33.5m1.66%	1.66%	Added +9.2k	+9,155 5.6%
16	CAVCO INDS INC DEL COM CVCO	CVCO	53,930	$33.1m1.64%	1.64%	Added +2.9k	+2,939 5.8%
17	LENDINGTREE INC NEW COM TREE	TREE	725,675	$32.1m1.59%	1.59%	Added +78.6k	+78,637 12.2%
18	GREEN BRICK PARTNERS INC COM GRBK	GRBK	380,387	$30.4m1.51%	1.51%	Added +22.0k	+22,046 6.2%
19	FIRST INTST BANCSYSTEM INC COM FIBK	FIBK	778,006	$30.0m1.48%	1.48%	Added +42.6k	+42,587 5.8%
20	SELECT WATER SOLUTIONS INC CL A COM WTTR	WTTR	1,435,415	$28.7m1.42%	1.42%	Reduced -93.5k	-93,480 -6.1%
21	GLOBAL SHIP LEASE INC NEW COM CL A GSL	GSL	761,080	$28.6m1.42%	1.42%	Added +43.0k	+43,007 6.0%
22	JEFFERSON CAPITAL INC COM JCAP	JCAP	1,446,818	$28.2m1.39%	1.39%	Added +330.9k	+330,933 29.7%
23	NPK INTERNATIONAL INC COM SHS NPKI	NPKI	1,738,857	$27.7m1.37%	1.37%	Reduced -79.9k	-79,933 -4.4%
24	VITESSE ENERGY INC COMMON STOCK VTS	VTS	1,586,924	$25.0m1.24%	1.24%	Added +253.2k	+253,204 19.0%
25	ST JOE CO COM JOE	JOE	376,859	$23.6m1.17%	1.17%	New
26	I3 VERTICALS INC COM CL A IIIV	IIIV	1,099,486	$23.5m1.16%	1.16%	Added +66.9k	+66,880 6.5%
27	TIDEWATER INC NEW COM TDW	TDW	342,356	$22.8m1.13%	1.13%	Reduced -5.6k	-5,557 -1.6%
28	ADDUS HOMECARE CORP COM ADUS	ADUS	208,135	$20.9m1.03%	1.03%	Added +14.2k	+14,245 7.3%
29	BLUELINX HLDGS INC COM NEW BXC	BXC	336,308	$20.8m1.03%	1.03%	Added +14.4k	+14,434 4.5%
30	SPROUTS FMRS MKT INC COM SFM	SFM	245,608	$20.8m1.03%	1.03%	Added +28.0k	+27,993 12.9%
31	ARTISAN PARTNERS ASSET MGMT CL A APAM	APAM	594,780	$20.5m1.02%	1.02%	Added +43.4k	+43,444 7.9%
32	PAR PAC HOLDINGS INC COM NEW PARR	PARR	345,115	$19.4m0.96%	0.96%	Reduced -32.1k	-32,093 -8.5%
33	VIANT TECHNOLOGY INC COM CL A DSP	DSP	1,501,487	$19.0m0.94%	0.94%	Added +154.3k	+154,324 11.5%
34	COHEN & STEERS INC COM CNS	CNS	240,160	$18.3m0.90%	0.90%	New
35	LEGALZOOM COM INC COM LZ	LZ	2,850,501	$17.5m0.86%	0.86%	Added +161.2k	+161,231 6.0%
36	RENTOKIL INITIAL PLC SPONSORED ADR RTO	RTO	603,739	$17.3m0.85%	0.85%	Added +2.8k	+2,826 0.5%
37	PAYSIGN INC COM PAYS	PAYS	2,073,580	$17.0m0.84%	0.84%	Added +15.4k	+15,370 0.8%
38	BRIGHTVIEW HLDGS INC COM BV	BV	1,184,042	$16.8m0.83%	0.83%	Added +67.2k	+67,211 6.0%
39	AGILYSYS INC COM AGYS	AGYS	159,080	$16.6m0.82%	0.82%	Added +96.4k	+96,370 153.7%
40	IQVIA HLDGS INC COM IQV	IQV	84,013	$16.2m0.80%	0.80%	Reduced -4.5k	-4,477 -5.1%
41	MICROSOFT CORP COM MSFT	MSFT	43,112	$16.1m0.80%	0.80%	Added +108	+108 0.2%
42	HILLMAN SOLUTIONS CORP COM HLMN	HLMN	1,880,839	$15.9m0.79%	0.79%	Added +106.7k	+106,730 6.0%
43	MERCADOLIBRE INC COM MELI	MELI	9,288	$15.8m0.78%	0.78%	Reduced -80	-80 -0.8%
44	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	31,198	$15.6m0.77%	0.77%	Added +68	+68 0.2%
45	CSW INDUSTRIALS INC COM CSW	CSW	54,288	$15.1m0.75%	0.75%	Added +3.3k	+3,301 6.5%
46	MADDEN STEVEN LTD COM SHOO	SHOO	357,620	$15.1m0.75%	0.75%	Added +20.6k	+20,565 6.1%
47	AMRIZE LTD SHS AMRZ	AMRZ	280,902	$15.0m0.74%	0.74%	Added +122.7k	+122,676 77.5%
48	KKR & CO INC COM KKR	KKR	161,910	$14.9m0.74%	0.74%	Added +296	+296 0.2%
49	JPMORGAN CHASE & CO COM JPM	JPM	44,647	$14.6m0.72%	0.72%	Added +195	+195 0.4%
50	PIMCO DYNAMIC INCOME STRATEG COM SHS BEN INT PDX	PDX	701,289	$14.6m0.72%	0.72%	Reduced -151.0k	-151,036 -17.7%
51	ALEXANDERS INC COM ALX	ALX	51,409	$14.2m0.70%	0.70%	Added +31.0k	+30,994 151.8%
52	BUNGE GLOBAL SA COM SHS BG	BG	131,519	$14.0m0.69%	0.69%	Reduced -50.7k	-50,687 -27.8%
53	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	27,170	$13.6m0.67%	0.67%	Reduced -155	-155 -0.6%
54	FIRST TR HIGH YIELD OPPRT 20 COM FTHY	FTHY	966,836	$13.2m0.66%	0.66%	Added +80.1k	+80,091 9.0%
55	MATCH GROUP INC NEW COM MTCH	MTCH	346,382	$13.2m0.65%	0.65%	Reduced -33.6k	-33,590 -8.8%
56	BRIGHTSPIRE CAPITAL INC COM CL A BRSP	BRSP	2,395,950	$13.1m0.65%	0.65%	Added +86.2k	+86,176 3.7%
57	CLIMB GLOBAL SOLUTIONS INC COM CLMB	CLMB	551,910	$12.8m0.63%	0.63%	Added +245	+245 0.0%
58	SEA LTD SPONSORD ADS SE	SE	132,705	$12.7m0.63%	0.63%	Reduced -181	-181 -0.1%
59	RF INDS LTD COM PAR $0.01 RFIL	RFIL	588,115	$12.5m0.62%	0.62%	Reduced -234.7k	-234,685 -28.5%
60	ALAMO GROUP INC COM ALG	ALG	75,589	$12.4m0.62%	0.62%	Added +4.7k	+4,652 6.6%
61	EOG RES INC COM EOG	EOG	90,539	$11.7m0.58%	0.58%	Added +211	+211 0.2%
62	SALESFORCE INC COM CRM	CRM	74,875	$11.7m0.58%	0.58%	New
63	APOLLO GLOBAL MGMT INC COM APO	APO	98,139	$11.6m0.57%	0.57%	Added +304	+304 0.3%
64	LEGACY HOUSING CORP COM LEGH	LEGH	427,665	$11.2m0.56%	0.56%	Unchanged
65	UNITEDHEALTH GROUP INC COM UNH	UNH	27,021	$11.2m0.56%	0.56%	Added +65	+65 0.2%
66	TARGET CORP COM TGT	TGT	85,963	$11.2m0.56%	0.56%	Added +178	+178 0.2%
67	DISNEY WALT CO COM DIS	DIS	116,186	$11.2m0.55%	0.55%	Added +71	+71 0.1%
68	CLEARFIELD INC COM CLFD	CLFD	277,610	$11.0m0.55%	0.55%	Reduced -12.0k	-12,000 -4.1%
69	KINDER MORGAN INC DEL COM KMI	KMI	331,678	$10.6m0.52%	0.52%	Added +721	+721 0.2%
70	PIEDMONT OFFICE REALTY TR IN COM CL A PDM	PDM	1,153,153	$10.6m0.52%	0.52%	Added +603.1k	+603,140 109.7%
71	AMERICAN PUB ED INC COM APEI	APEI	195,000	$10.5m0.52%	0.52%	Unchanged
72	INNOVATIVE SOLUTIONS & SUPPO COM IA	IA	569,963	$10.3m0.51%	0.51%	Added +51.3k	+51,345 9.9%
73	WASTE MGMT INC DEL COM WM	WM	45,755	$10.2m0.50%	0.50%	Added +63	+63 0.1%
74	LINCOLN EDL SVCS CORP COM LINC	LINC	200,550	$10.0m0.50%	0.50%	Reduced -51.6k	-51,600 -20.5%
75	CARRIAGE SVCS INC COM CSV	CSV	249,404	$9.6m0.47%	0.47%	Reduced -14.3k	-14,346 -5.4%
76	NORTHRIM BANCORP INC COM NRIM	NRIM	342,960	$9.5m0.47%	0.47%	Added +16.6k	+16,550 5.1%
77	TACTILE SYS TECHNOLOGY INC COM TCMD	TCMD	315,000	$9.4m0.46%	0.46%	Added +15.0k	+15,000 5.0%
78	ARHAUS INC COM CL A ARHS	ARHS	1,110,755	$9.4m0.46%	0.46%	Reduced -4.9k	-4,910 -0.4%
79	ELECTROMED INC COM ELMD	ELMD	218,520	$9.2m0.46%	0.46%	Reduced -6.0k	-6,000 -2.7%
80	BRIDGEWATER BANCSHARES INC COM BWB	BWB	434,660	$9.1m0.45%	0.45%	Unchanged
81	ELEVANCE HEALTH INC COM ELV	ELV	23,223	$9.0m0.44%	0.44%	Reduced -6	-6 -0.0%
82	AMERICAN COASTAL INS CORP COM ACIC	ACIC	808,705	$9.0m0.44%	0.44%	Unchanged
83	BUILDERS FIRSTSOURCE INC COM BLDR	BLDR	100,211	$9.0m0.44%	0.44%	Reduced -28.3k	-28,327 -22.0%
84	ULTA BEAUTY INC COM ULTA	ULTA	19,723	$8.9m0.44%	0.44%	Added +50	+50 0.2%
85	DEERE & CO COM DE	DE	13,825	$8.8m0.43%	0.43%	Added +15	+15 0.1%
86	ORACLE CORP COM ORCL	ORCL	59,742	$8.8m0.43%	0.43%	Added +125	+125 0.2%
87	NVE CORP COM NEW NVEC	NVEC	81,215	$8.5m0.42%	0.42%	Reduced -22.4k	-22,354 -21.6%
88	REPUBLIC SVCS INC COM RSG	RSG	38,646	$8.2m0.41%	0.41%	Reduced -3.4k	-3,415 -8.1%
89	BLACKSTONE MTG TR INC COM CL A BXMT	BXMT	476,188	$8.1m0.40%	0.40%	Reduced -7.4k	-7,436 -1.5%
90	INFUSYSTEM HLDGS INC COM INFU	INFU	834,750	$8.1m0.40%	0.40%	Reduced -3.2k	-3,175 -0.4%
91	CASS INFORMATION SYS INC COM CASS	CASS	156,527	$8.0m0.40%	0.40%	Added +43.5k	+43,467 38.5%
92	MIMEDX GROUP INC COM MDXG	MDXG	2,058,089	$7.9m0.39%	0.39%	Added +38.4k	+38,371 1.9%
93	ARES CAPITAL CORP COM ARCC	ARCC	425,878	$7.9m0.39%	0.39%	Added +34.5k	+34,531 8.8%
94	MILLER INDS INC TENN COM NEW MLR	MLR	153,070	$7.8m0.39%	0.39%	Added +42.6k	+42,593 38.5%
95	ROYCE MICRO-CAP TR INC COM RMT	RMT	522,665	$7.7m0.38%	0.38%	Reduced -23.0k	-23,000 -4.2%
96	TRANSCAT INC COM TRNS	TRNS	80,087	$7.4m0.37%	0.37%	Added +15.3k	+15,312 23.6%
97	NATURES SUNSHINE PRODS INC COM NATR	NATR	340,000	$7.4m0.37%	0.37%	Unchanged
98	IDAHO STRATEGIC RESOURCES COM NEW IDR	IDR	222,220	$7.3m0.36%	0.36%	Added +15.0k	+15,000 7.2%
99	BOEING CO DEP CONV PFD A BA 6 10.15.27	BA 6 10.15.27	104,145	$7.0m0.35%	0.35%	Reduced -1.7k	-1,695 -1.6%
100	SS&C TECHNOLOGIES HLDGS INC COM SSNC	SSNC	111,173	$6.9m0.34%	0.34%	Reduced -37.6k	-37,582 -25.3%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
SILA REALTY TRUST INC		1,347,510	$31.9m1.3m shares
VERRA MOBILITY CORP VRRM	VRRM	1,147,170	$16.4m1.1m shares
JOHNSON & JOHNSON JNJ	JNJ	37,380	$9.1m37.4k shares
AVANOS MED INC AVNS	AVNS	437,085	$6.1m437.1k shares
ORACLE CORP ORCL 6.5 01.15.29 D	ORCL 6.5 01.15.29 D	83,465	$3.8m83.5k shares
FIRST FNDTN INC FFWM	FFWM	400,000	$2.4m400.0k shares
GREENLIGHT CAPITAL RE LTD GLRE	GLRE	79,827	$1.4m79.8k shares
PORTMAN RIDGE FIN CORP BCIC	BCIC	117,950	$887.0k118.0k shares
GRAND CANYON ED INC LOPE	LOPE	1,200	$204.0k1.2k shares
TELADOC HEALTH INC TDOC 1.25 06.01.27	TDOC 1.25 06.01.27	30,000	$28.6k30.0k shares
ISHARES TR SUSA	SUSA	190	$25.1k190 shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
VIANT TECHNOLOGY INC DSP · 13G · filed 2025-08-14	DSP	7.3%≈ $14.6m	+1.2 pts	13G	2025-08-14
RESEARCH SOLUTIONS INC RSSS · 13G · filed 2025-02-14	RSSS	7.2%≈ $5.4m	new	13G	2025-02-14
HERITAGE GLOBAL INC HGBL · 13G · filed 2026-05-15	HGBL	6.5%≈ $2.7m		13G	2026-05-15
I3 VERTICALS INC IIIV · 13G · filed 2026-08-14	IIIV	5.6%≈ $23.5m	new	13G	2026-08-14
RF INDS LTD RFIL · 13G · filed 2026-08-14	RFIL	5.4%≈ $12.5m	-2.2 pts	13G	2026-08-14
LENDINGTREE INC NEW TREE · 13G · filed 2026-08-14	TREE	5.2%≈ $32.1m	new	13G	2026-08-14