PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.

CIK

1238990

Location

EDINA, MN

Portfolio Value

Mid $1,703,519,338

Diversification

Diversified

Filing Date

Global Rank

#1,312 / 8,608 ▲ 47 · as of Mar 2026

Top Industry

Education & Training Services 6.1%

3Y Alpha vs SPY

-7.6%

Period ended 3 months ago

Filed May 15, 2026 · 59d

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+43.5%

SPY

+73.9%

Annualised alpha

-7.5%

Max drawdown

−22.5%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

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

Top Position

4.5%

+1.6 pts

Top 5

13.4%

+0.4 pts

Top 10

22.5%

+0.2 pts

HHI

127

Diversified+4

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Financial Services	21.6%	$368,173,252	32
Industrials	16.5%	$281,361,301	24
Consumer Cyclical	12.4%	$211,770,580	19
Technology	11.6%	$198,262,522	17
Consumer Defensive	11.1%	$189,063,469	12
Healthcare	10.8%	$183,167,273	18
Energy	7.7%	$131,919,846	8
Real Estate	3.7%	$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	$76,099,646
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 positions · $1,703,519,338 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	$76,099,646	+69.5%	4.47%
LAUR	Laureate Education, Inc. Consumer Defensive	Reduced	1,172,881	-99,572	$40,863,174	−4.6%	2.40%
UTI	Universal Technical Institute Inc Consumer Defensive	Reduced	1,076,866	-92,977	$38,874,862	+27.2%	2.28%
ACA	Arcosa, Inc. Industrials	Added	362,326	+832	$38,457,281	+0.1%	2.26%
ATEN	A10 Networks, Inc. Technology	Added	1,459,910	+24,284	$33,753,119	+32.9%	1.98%
RDNT	RadNet, Inc. Healthcare	Reduced	595,280	-55,889	$33,270,199	−28.4%	1.95%
SILA	Sila Realty Trust, Inc. Real Estate	Added	1,347,510	+92,115	$31,909,036	+9.0%	1.87%
GOOGL	Alphabet Inc. Communication Services	Reduced	107,293	-24,358	$30,853,175	−25.1%	1.81%
SPNT	SiriusPoint Ltd Financial Services	Added	1,415,529	+25,438	$30,490,494	+0.2%	1.79%
TDW	Tidewater Inc Energy	Added	347,913	+14,254	$29,068,131	+72.5%	1.71%
RPRX	Royalty Pharma plc Healthcare	Reduced	598,617	-1,549	$28,715,657	+23.8%	1.69%
LQDT	Liquidity Services Inc Consumer Cyclical	Added	920,394	+10,148	$28,136,444	+2.0%	1.65%
TREE	LendingTree, Inc. Financial Services	Added	647,038	+177,391	$27,744,989	+11.3%	1.63%
GSL	Global Ship Lease, Inc. Industrials	Reduced	718,073	-253,717	$26,733,857	−21.5%	1.57%
NPKI	NPK International Inc. Industrials	Reduced	1,818,790	-34,014	$26,354,267	+19.3%	1.55%
PLOW	Douglas Dynamics, Inc Consumer Cyclical	Added	621,845	+7,139	$26,173,456	+30.4%	1.54%
CVCO	Cavco Industries, Inc. Consumer Cyclical	Added	50,991	+8,940	$24,694,431	−0.6%	1.45%
FIBK	First Interstate Bancsystem Inc Financial Services	Added	735,419	+11,601	$24,562,994	−1.9%	1.44%
PSMT	Pricesmart Inc Consumer Defensive	Added	162,193	+2,568	$24,410,046	+24.7%	1.43%
VTS	Vitesse Energy, Inc. Energy	Reduced	1,333,720	-104,809	$24,220,355	−12.6%	1.42%
PARR	Par Pacific Holdings, Inc. Energy	Reduced	377,208	-204,147	$23,628,309	+15.7%	1.39%
WTTR	Select Water Solutions, Inc. Energy	Added	1,528,895	+27,704	$23,392,093	+48.1%	1.37%
BG	Bunge Global SA Consumer Defensive	Reduced	182,206	-7,846	$23,176,603	+36.9%	1.36%
GRBK	Green Brick Partners, Inc. Consumer Cyclical	Added	358,341	+6,095	$23,095,077	+4.6%	1.36%
IIIV	i3 Verticals, Inc. Technology	Added	1,032,606	+255,079	$23,089,070	+17.9%	1.36%
JCAP	Jefferson Capital, Inc. / DE Financial Services	NEW	1,115,885	NEW	$21,458,468	NEW	1.26%
ENVA	Enova International, Inc. Financial Services	Added	153,472	+2,894	$20,846,101	−11.9%	1.22%
APAM	Artisan Partners Asset Management Inc. Financial Services	Added	551,336	+113,491	$20,063,117	+12.5%	1.18%
RTO	Rentokil Initial PLC /Fi Industrials	Reduced	600,913	-1,749	$18,916,741	+6.5%	1.11%
PDX	PIMCO Dynamic Income Strategy Fund Financial Services	Reduced	852,325	-203,276	$18,802,289	−5.2%	1.10%
ADUS	Addus HomeCare Corp Healthcare	Added	193,890	+10,936	$18,157,798	−7.6%	1.07%
BXC	BlueLinx Holdings Inc. Industrials	Added	321,874	+6,538	$17,439,133	−10.0%	1.02%
SFM	Sprouts Farmers Market, Inc. Consumer Defensive	Added	217,615	+45,011	$16,784,644	+22.1%	0.99%
VRRM	VERRA MOBILITY Corp Technology	Added	1,147,170	+19,610	$16,393,059	−35.1%	0.96%
MELI	Mercadolibre Inc Consumer Cyclical	Added	9,368	+798	$16,197,459	−6.2%	0.95%
MSFT	Microsoft Corp Technology	Added	43,004	+6,083	$15,918,790	−10.8%	0.93%
LZ	Legalzoom.Com, Inc. Industrials	Added	2,689,270	+62,223	$15,248,160	−41.5%	0.90%
IQV	Iqvia Holdings Inc. Healthcare	Added	88,490	+98	$15,091,084	−24.3%	0.89%
DSP	Viant Technology Inc. Technology	Added	1,347,163	+190,248	$15,088,225	+8.3%	0.89%
KKR	KKR & Co. Inc. Financial Services	Added	161,614	+109	$14,949,295	−27.4%	0.88%
BRK-B	Berkshire Hathaway Inc Financial Services	Added	31,130	+18	$14,917,496	−4.6%	0.88%
HLMN	Hillman Solutions Corp. Industrials	Added	1,774,109	+30,237	$14,760,586	−2.3%	0.87%
MRVL	Marvell Technology, Inc. Technology	Added	140,137	+62,545	$13,880,569	+110.5%	0.81%
TMO	Thermo Fisher Scientific Inc. Healthcare	Added	27,325	+30	$13,431,057	−15.1%	0.79%
CSW	Csw Industrials, Inc. Industrials	Added	50,987	+969	$13,286,192	−9.5%	0.78%
BV	BrightView Holdings, Inc. Industrials	Added	1,116,831	+22,362	$13,167,437	−5.0%	0.77%
JPM	Jpmorgan Chase & Co Financial Services	Reduced	44,452	-1,587	$13,076,000	−11.9%	0.77%
EOG	Eog Resources Inc Energy	Added	90,328	+431	$13,058,718	+38.3%	0.77%
BRSP	BrightSpire Capital, Inc. Real Estate	Reduced	2,309,774	-23,845	$12,934,734	−1.0%	0.76%
PAYS	Paysign, Inc. Technology	Added	2,058,210	+595,650	$12,143,439	+61.2%	0.71%