PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.

CIK

1238990

Location

EDINA, MN

Portfolio Value

Mid $1,741,569,161

Diversification

Diversified

Filing Date

Global Rank

#1,300 / 8,622 ▲ 30 · as of Mar 2026

Top Industry

Capital Markets 6.7%

3Y Alpha vs SPY

-6.0%

Period ended 4 months ago

Filed May 15, 2026 · 2mo

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.

Cloned portfolio

+43.9%

SPY

+67.9%

Annualised alpha

-5.9%

Max drawdown

−21.6%

Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 100% of reported value on average across 13 quarters. Past performance does not predict future results.

Portfolio Concentration

144 tracked positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

6.6%

+0.6 pts

Top 5

15.3%

−0.5 pts

Top 10

24.2%

−0.5 pts

HHI

145

Diversified+3

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Financial Services	23.3%	$406,223,075	32
Industrials	16.2%	$281,361,301	24
Consumer Cyclical	12.2%	$211,770,580	19
Technology	11.4%	$198,262,522	17
Consumer Defensive	10.9%	$189,063,469	12
Healthcare	10.5%	$183,167,273	18
Energy	7.6%	$131,919,846	8
Real Estate	3.6%	$62,745,966	6
Communication Services	3.2%	$55,063,630	4
Basic Materials	0.9%	$15,519,726	2
Utilities	0.4%	$6,471,773	2

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
SMRT	SmartRent, Inc.	+3,125,595	5,032,880	$7,549,320
PAYS	Paysign, Inc.	+595,650	2,058,210	$12,143,439
CLMB	Climb Global Solutions, Inc.	+416,948	551,665	$10,934,000
IIIV	i3 Verticals, Inc.	+255,079	1,032,606	$23,089,070
SJT	San Juan Basin Royalty Trust	+239,225	939,225	$4,517,672
SNEX	StoneX Group Inc.	+235,744	943,579	$114,149,469
DSP	Viant Technology Inc.	+190,248	1,347,163	$15,088,225
TREE	LendingTree, Inc.	+177,391	647,038	$27,744,989
AVNS	Avanos Medical, Inc.	+167,085	437,085	$6,123,560
APAM	Artisan Partners Asset Management Inc.	+113,491	551,336	$20,063,117
EPSN	Epsilon Energy Ltd.	+99,975	476,880	$2,937,580
SILA	Sila Realty Trust, Inc.	+92,115	1,347,510	$31,909,036
MRVL	Marvell Technology, Inc.	+62,545	140,137	$13,880,569
LZ	Legalzoom.Com, Inc.	+62,223	2,689,270	$15,248,160
FTHY	First Trust High Yield Opportunities 2027 Term Fund	+59,669	886,745	$11,997,659
RSSS	Research Solutions, Inc.	+53,145	2,552,455	$5,768,548
SFM	Sprouts Farmers Market, Inc.	+45,011	217,615	$16,784,644
HTLD	Heartland Express Inc	+40,765	330,765	$3,439,956
ELMD	Electromed, Inc.	+37,500	224,520	$5,256,013
ACIC	AMERICAN COASTAL INSURANCE Corp	+32,305	808,705	$9,097,931
HLMN	Hillman Solutions Corp.	+30,237	1,774,109	$14,760,586
MLR	Miller Industries Inc /Tn/	+29,291	110,477	$5,032,227
SSNC	SS&C Technologies Holdings Inc	+28,219	148,755	$10,051,375
WTTR	Select Water Solutions, Inc.	+27,704	1,528,895	$23,392,093
OPXS	Optex Systems Holdings Inc	+26,515	323,475	$4,277,956
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
GSL	Global Ship Lease, Inc.	−253,717	718,073	$26,733,857
GLRE	Greenlight Capital Re, Ltd.	−237,173	79,827	$1,380,208
PARR	Par Pacific Holdings, Inc.	−204,147	377,208	$23,628,309
PDX	PIMCO Dynamic Income Strategy Fund	−203,276	852,325	$18,802,289
BCIC	BCP Investment Corp	−181,245	117,950	$886,984
HGBL	Heritage Global Inc.	−140,504	2,244,148	$3,052,041
VMD	Viemed Healthcare, Inc.	−133,999	537,361	$4,949,094
LINC	Lincoln Educational Services Corp	−110,145	252,150	$10,257,462
VTS	Vitesse Energy, Inc.	−104,809	1,333,720	$24,220,355
LAUR	Laureate Education, Inc.	−99,572	1,172,881	$40,863,174
KMI	Kinder Morgan, Inc.	−99,428	330,957	$11,096,988
UTI	Universal Technical Institute Inc	−92,977	1,076,866	$38,874,862
ISSC	Innovative Solutions & Support Inc	−76,556	518,618	$10,647,227
TCMD	Tactile Systems Technology Inc	−73,975	300,000	$7,839,000
RMT	Royce Micro-Cap Trust, Inc.	−70,323	545,665	$6,171,471
RDNT	RadNet, Inc.	−55,889	595,280	$33,270,199
RFIL	R F Industries Ltd	−54,350	822,800	$8,483,068
CVEO	Civeo Corp	−38,358	158,260	$4,187,559
NPKI	NPK International Inc.	−34,014	1,818,790	$26,354,267
GOOGL	Alphabet Inc.	−24,358	107,293	$30,853,175
BRSP	BrightSpire Capital, Inc.	−23,845	2,309,774	$12,934,734
AMP	Ameriprise Financial Inc	−23,826	2,490	$1,106,556
MYFW	First Western Financial Inc	−22,750	248,195	$6,100,633
JNJ	Johnson & Johnson	−19,344	37,380	$9,137,167
TAYD	Taylor Devices, Inc.	−19,025	32,300	$1,841,100
No positions match the current search.

New Positions

Positions the filer opened this quarter

19 positions

Ticker	Company	Shares	Value
JCAP	Jefferson Capital, Inc. / DE	1,115,885	$21,458,468
SE	Sea Ltd	132,886	$11,004,289
AMRZ	Amrize Ltd	158,226	$8,863,820
TRS	Trimas Corp	244,719	$8,795,200
ARCC	Ares Capital Corp	391,347	$7,052,072
CASS	Cass Information Systems Inc	113,060	$4,976,901
ALX	Alexanders Inc	20,415	$4,822,023
OXM	Oxford Industries Inc	123,440	$4,753,674
PDM	Piedmont Realty Trust, Inc.	550,013	$3,613,585
SAMG	Silvercrest Asset Management Group Inc.	245,031	$3,293,216
TALK	Talkspace, Inc.	449,630	$2,326,835
OFLX	Omega Flex, Inc.	43,500	$1,350,240
MLCI	Mount Logan Capital Inc.	218,904	$783,676
PDFS	Pdf Solutions Inc	6,480	$211,960
LOPE	Grand Canyon Education, Inc.	1,200	$204,036
BTX	BlackRock Technology & Private Equity Term Trust	24,905	$164,373
WDI	Western Asset Diversified Income Fund (WDI)	11,855	$159,331
TFSL	TFS Financial CORP	11,020	$154,831
ARCO	Arcos Dorados Holdings Inc.	17,755	$146,478
No positions match the current search.

Sold Out

Positions the filer fully exited

9 positions

Ticker	Company	Shares	Value
HSTM	Healthstream Inc	451,794	$10,422,887
FC	Franklin Covey Co	312,870	$5,249,958
T	At&T Inc.	207,818	$5,162,199
ALNT	Allient Inc	89,500	$4,810,625
ACN	Accenture plc	14,545	$3,902,423
FISV	Fiserv Inc	30,151	$2,025,242
AVNW	Aviat Networks, Inc.	49,500	$1,058,310
LFT	Lument Finance Trust, Inc.	267,162	$376,698
JEF	Jefferies Financial Group Inc.	3,685	$228,359
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

144 tracked positions · $1,741,569,161 total · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 144 positions by value · page 1 of 3

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
SNEX	StoneX Group Inc. Financial Services	Added	943,579	+235,744	$114,149,469	+13.0%	6.55%
LAUR	Laureate Education, Inc. Consumer Defensive	Reduced	1,172,881	-99,572	$40,863,174	−4.6%	2.35%
UTI	Universal Technical Institute Inc Consumer Defensive	Reduced	1,076,866	-92,977	$38,874,862	+27.2%	2.23%
ACA	Arcosa, Inc. Industrials	Added	362,326	+832	$38,457,281	+0.1%	2.21%
ATEN	A10 Networks, Inc. Technology	Added	1,459,910	+24,284	$33,753,119	+32.9%	1.94%
RDNT	RadNet, Inc. Healthcare	Reduced	595,280	-55,889	$33,270,199	−28.4%	1.91%
SILA	Sila Realty Trust, Inc. Real Estate	Added	1,347,510	+92,115	$31,909,036	+9.0%	1.83%
GOOGL	Alphabet Inc. Communication Services	Reduced	107,293	-24,358	$30,853,175	−25.1%	1.77%
SPNT	SiriusPoint Ltd Financial Services	Added	1,415,529	+25,438	$30,490,494	+0.2%	1.75%
TDW	Tidewater Inc Energy	Added	347,913	+14,254	$29,068,131	+72.5%	1.67%
RPRX	Royalty Pharma plc Healthcare	Reduced	598,617	-1,549	$28,715,657	+23.8%	1.65%
LQDT	Liquidity Services Inc Consumer Cyclical	Added	920,394	+10,148	$28,136,444	+2.0%	1.62%
TREE	LendingTree, Inc. Financial Services	Added	647,038	+177,391	$27,744,989	+11.3%	1.59%
GSL	Global Ship Lease, Inc. Industrials	Reduced	718,073	-253,717	$26,733,857	−21.5%	1.54%
NPKI	NPK International Inc. Industrials	Reduced	1,818,790	-34,014	$26,354,267	+19.3%	1.51%
PLOW	Douglas Dynamics, Inc Consumer Cyclical	Added	621,845	+7,139	$26,173,456	+30.4%	1.50%
CVCO	Cavco Industries, Inc. Consumer Cyclical	Added	50,991	+8,940	$24,694,431	−0.6%	1.42%
FIBK	First Interstate Bancsystem Inc Financial Services	Added	735,419	+11,601	$24,562,994	−1.9%	1.41%
PSMT	Pricesmart Inc Consumer Defensive	Added	162,193	+2,568	$24,410,046	+24.7%	1.40%
VTS	Vitesse Energy, Inc. Energy	Reduced	1,333,720	-104,809	$24,220,355	−12.6%	1.39%
PARR	Par Pacific Holdings, Inc. Energy	Reduced	377,208	-204,147	$23,628,309	+15.7%	1.36%
WTTR	Select Water Solutions, Inc. Energy	Added	1,528,895	+27,704	$23,392,093	+48.1%	1.34%
BG	Bunge Global SA Consumer Defensive	Reduced	182,206	-7,846	$23,176,603	+36.9%	1.33%
GRBK	Green Brick Partners, Inc. Consumer Cyclical	Added	358,341	+6,095	$23,095,077	+4.6%	1.33%
IIIV	i3 Verticals, Inc. Technology	Added	1,032,606	+255,079	$23,089,070	+17.9%	1.33%
JCAP	Jefferson Capital, Inc. / DE Financial Services	NEW	1,115,885	NEW	$21,458,468	NEW	1.23%
ENVA	Enova International, Inc. Financial Services	Added	153,472	+2,894	$20,846,101	−11.9%	1.20%
APAM	Artisan Partners Asset Management Inc. Financial Services	Added	551,336	+113,491	$20,063,117	+12.5%	1.15%
RTO	Rentokil Initial PLC /Fi Industrials	Reduced	600,913	-1,749	$18,916,741	+6.5%	1.09%
PDX	PIMCO Dynamic Income Strategy Fund Financial Services	Reduced	852,325	-203,276	$18,802,289	−5.2%	1.08%
ADUS	Addus HomeCare Corp Healthcare	Added	193,890	+10,936	$18,157,798	−7.6%	1.04%
BXC	BlueLinx Holdings Inc. Industrials	Added	321,874	+6,538	$17,439,133	−10.0%	1.00%
SFM	Sprouts Farmers Market, Inc. Consumer Defensive	Added	217,615	+45,011	$16,784,644	+22.1%	0.96%
VRRM	VERRA MOBILITY Corp Technology	Added	1,147,170	+19,610	$16,393,059	−35.1%	0.94%
MELI	Mercadolibre Inc Consumer Cyclical	Added	9,368	+798	$16,197,459	−6.2%	0.93%
MSFT	Microsoft Corp Technology	Added	43,004	+6,083	$15,918,790	−10.8%	0.91%
LZ	Legalzoom.Com, Inc. Industrials	Added	2,689,270	+62,223	$15,248,160	−41.5%	0.88%
IQV	Iqvia Holdings Inc. Healthcare	Added	88,490	+98	$15,091,084	−24.3%	0.87%
DSP	Viant Technology Inc. Technology	Added	1,347,163	+190,248	$15,088,225	+8.3%	0.87%
KKR	KKR & Co. Inc. Financial Services	Added	161,614	+109	$14,949,295	−27.4%	0.86%
BRK-B	Berkshire Hathaway Inc Financial Services	Added	31,130	+18	$14,917,496	−4.6%	0.86%
HLMN	Hillman Solutions Corp. Industrials	Added	1,774,109	+30,237	$14,760,586	−2.3%	0.85%
MRVL	Marvell Technology, Inc. Technology	Added	140,137	+62,545	$13,880,569	+110.5%	0.80%
TMO	Thermo Fisher Scientific Inc. Healthcare	Added	27,325	+30	$13,431,057	−15.1%	0.77%
CSW	Csw Industrials, Inc. Industrials	Added	50,987	+969	$13,286,192	−9.5%	0.76%
BV	BrightView Holdings, Inc. Industrials	Added	1,116,831	+22,362	$13,167,437	−5.0%	0.76%
JPM	Jpmorgan Chase & Co Financial Services	Reduced	44,452	-1,587	$13,076,000	−11.9%	0.75%
EOG	Eog Resources Inc Energy	Added	90,328	+431	$13,058,718	+38.3%	0.75%
BRSP	BrightSpire Capital, Inc. Real Estate	Reduced	2,309,774	-23,845	$12,934,734	−1.0%	0.74%
PAYS	Paysign, Inc. Technology	Added	2,058,210	+595,650	$12,143,439	+61.2%	0.70%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.