PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.

Registered adviser

CIK

1238990

Location

EDINA, MN

Portfolio Value

Mid $2,001,914,299

Diversification

Diversified

Filing Date

Global Rank

#1,595 / 8,824 ▲ 18

Top Industry

Asset Management 5.7%

Period ended 4 months ago

Filed Aug 14, 2026 · 3mo

26 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Registered adviser

Form ADV roster, Nov 1, 2026

Form ADV adviser

CRD 117962

Roster of Nov 1, 2026

Regulatory AUM

$2,026,865,282

Main clients

Individuals and high net worth (70% of AUM)

Private funds

2 funds · Hedge funds

Focus by fund count, roster of Nov 1, 2026

$386,524,074 gross assets

LEI

254900DESFPKSCE5ZR28

Private funds on Schedule D 7.B.(1)

As filed Mar 29, 2024; SEC's bulk Form ADV archive ends with 2024 filings.

$316,976,809 gross assets in 2 funds Hedge funds $316,976,809 (2)

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Apr 2026 to Nov 2026	$2,026,865,282	Individuals and high net worth (70%)
Apr 2025 to Mar 2026	$2,086,855,319	Individuals and high net worth (63%)
Apr 2024 to Mar 2025	$1,855,474,674	Individuals and high net worth (63%)
May 2023 to Mar 2024	$1,773,093,800	Individuals and high net worth (65%)
Apr 2023	$1,773,093,800	Individuals and high net worth (65%)
Apr 2022 to Mar 2023	$2,075,143,444	Individuals and high net worth (61%)

3 earlier changes not shown.

Schedule 13D/13G stakes

Stakes of 5% or more disclosed on Schedule 13D or 13G, each on the filer's latest filing for the security. These are event-dated stakes, not the quarter-end 13F portfolio below.

Company	Schedule	Event date	Filed	Shares	% of class	Change	Status
IIIV i3 Verticals, Inc.	13G	Jun 30, 2026	3mo	1,099,486	5.6%	—	Current
RFIL R F Industries Ltd	13G/A	Jun 30, 2026	3mo	588,115	5.4%	-222,744 since Jun 30, 2025	Current
TREE LendingTree, Inc.	13G	Jun 30, 2026	3mo	725,675	5.2%	—	Current
HGBL Heritage Global Inc.	13G/A	Mar 31, 2026	6mo	2,244,148	6.5%	—	Current
DSP Viant Technology Inc.	13G/A	Jun 30, 2025	1y	1,155,133	7.3%	+165,362 since Mar 31, 2025	Current
RSSS Research Solutions, Inc.	13G	Dec 31, 2024	1y	2,330,120	7.2%	—	Current

A 13D or 13G stays in force until its filer amends it and no amendment is due without a material change, so a stake with no filing in 24 months reads unconfirmed, never sold. An amendment reporting under 5% ends the filer's duty to amend, not necessarily the holding. Shares are restated onto today's split basis. Show 5 exited, below-5% or retired stakes

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.

Style

Diversified active

Top 10 weight 23.2%, 78.0 effective positions, active share 92.3% against the S&P 500 as of 2026-06-30; it meets none of the index-like, systematic-like or concentrated tests

Turnover

Low turnover

28.8% over the last four quarters (under 30%)

Horizon

Long horizon

Value-weighted holding period 14.8 quarters (12+), a floor since 22.3% of the book was already held when coverage starts

Closest benchmark: the S&P 500 as of 2026-06-30, active share 92.3%; sector active share 35.3% against the combined 13F book's sector weights.

Over time 26 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

159 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

4.1%

−0.3 pts

Top 5

13.4%

+0.1 pts

Top 10

23.2%

+0.8 pts

HHI

128

Diversified+2

Portfolio Trend

26 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Financial Services	21.8%	$437,215,324	31
Industrials	16.2%	$324,577,549	25
Consumer Cyclical	14.3%	$286,844,942	19
Technology	12.8%	$256,235,762	18
Consumer Defensive	10.1%	$203,172,407	11
Healthcare	10.1%	$201,430,006	20
Energy	6.1%	$123,021,138	8
Real Estate	3.5%	$70,938,752	7
Communication Services	3.2%	$63,806,930	4
Basic Materials	1.1%	$22,249,781	2
Unclassified	0.3%	$6,240,510	12
Utilities	0.3%	$6,181,198	2

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
PDM	Piedmont Realty Trust, Inc.	+603,140	1,153,153	$10,551,349
TRS	Trimas Corp	+562,573	807,292	$36,352,358
JCAP	Jefferson Capital, Inc.	+330,933	1,446,818	$28,169,546
SMRT	SmartRent, Inc.	+260,000	5,292,880	$6,298,527
VTS	Vitesse Energy, Inc.	+253,204	1,586,924	$25,025,791
LZ	Legalzoom.Com, Inc.	+161,231	2,850,501	$17,473,571
DSP	Viant Technology Inc.	+154,324	1,501,487	$19,008,825
AMRZ	Amrize Ltd	+122,676	280,902	$14,972,076
HLMN	Hillman Solutions Corp.	+106,730	1,880,839	$15,874,281
AGYS	Agilysys Inc	+96,370	159,080	$16,623,860
SPNT	SiriusPoint Ltd	+86,447	1,501,976	$36,047,424
BRSP	BrightSpire Capital, Inc.	+86,176	2,395,950	$13,057,927
SAMG	Silvercrest Asset Management Group Inc.	+80,890	325,921	$3,295,061
FTHY	First Trust High Yield Opportunities 2027 Term Fund	+80,091	966,836	$13,245,653
TREE	LendingTree, Inc.	+78,637	725,675	$32,140,145
BV	BrightView Holdings, Inc.	+67,211	1,184,042	$16,777,875
LAUR	Laureate Education, Inc.	+67,191	1,240,072	$45,039,415
IIIV	i3 Verticals, Inc.	+66,880	1,099,486	$23,485,020
IA	Innovative Solutions & Support Inc	+51,345	569,963	$10,259,334
CASS	Cass Information Systems Inc	+43,467	156,527	$8,032,965
APAM	Artisan Partners Asset Management Inc.	+43,444	594,780	$20,537,753
GSL	Global Ship Lease, Inc.	+43,007	761,080	$28,616,608
MLR	Miller Industries Inc	+42,593	153,070	$7,829,530
FIBK	First Interstate Bancsystem Inc	+42,587	778,006	$29,999,911
MDXG	Mimedx Group, Inc.	+38,371	2,058,089	$7,923,642
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
—		−368,956	80,674	$419,504
SJT	San Juan Basin Royalty Trust	−297,811	641,414	$2,058,938
ATEN	A10 Networks, Inc.	−271,163	1,188,747	$44,411,587
SNEX	StoneX Group Inc.	−249,489	694,090	$82,249,665
RFIL	R F Industries Ltd	−234,685	588,115	$12,473,919
HGBL	Heritage Global Inc.	−222,690	2,021,458	$2,445,964
PDX	PIMCO Dynamic Income Strategy Fund	−151,036	701,289	$14,600,836
WTTR	Select Water Solutions, Inc.	−93,480	1,435,415	$28,679,591
LGCY	Legacy Education Inc.	−85,000	100,000	$1,176,000
NPKI	NPK International Inc.	−79,933	1,738,857	$27,665,214
MYFW	First Western Financial Inc	−53,195	195,000	$6,261,450
LINC	Lincoln Educational Services Corp	−51,600	200,550	$10,007,445
BG	Bunge Global SA	−50,687	131,519	$14,037,022
SSNC	SS&C Technologies Holdings Inc	−37,582	111,173	$6,898,284
MLCI	Mount Logan Capital Inc.	−34,312	184,592	$634,996
MTCH	Match Group, Inc.	−33,590	346,382	$13,179,835
PARR	Par Pacific Holdings, Inc.	−32,093	345,115	$19,354,049
BLDR	Builders FirstSource, Inc.	−28,327	100,211	$8,966,880
RMT	Royce Micro-Cap Trust, Inc.	−23,000	522,665	$7,651,815
NVEC	Nve Corp	−22,354	81,215	$8,491,028
MAMA	Mama's Creations, Inc.	−15,000	150,000	$2,677,500
ACA	Arcosa, Inc.	−14,786	347,540	$50,494,086
CSV	Carriage Services Inc	−14,346	249,404	$9,562,149
CVEO	Civeo Corp	−13,260	145,000	$5,075,000
GHM	Graham Corp	−12,533	44,605	$5,521,652
No positions match the current search.

New Positions

Positions the filer opened this quarter

12 positions

Ticker	Company	Shares	Value
JOE	ST JOE Co	376,859	$23,602,679
CNS	Cohen & Steers, Inc.	240,160	$18,285,782
CRM	Salesforce, Inc.	74,875	$11,729,917
LYTS	Lsi Industries Inc	167,579	$4,454,249
DERM	Journey Medical Corp	536,000	$3,794,880
FSUN	Firstsun Capital Bancorp	64,332	$2,494,794
PARK	Park Dental Partners, Inc.	67,020	$1,444,281
ACR	ACRES Commercial Realty Corp.	72,265	$1,285,594
MMED	MiniMed Group, Inc.	19,550	$292,272
KN	Knowles Corp	5,980	$248,050
CHE	Chemed Corp	470	$218,897
IXUS	iShares Core MSCI Total International Stock ETF	42	$4,008
No positions match the current search.

Sold Out

Positions the filer fully exited

9 positions

Ticker	Company	Shares	Value
—		1,347,510	$31,909,039
VRRM	VERRA MOBILITY Corp	1,147,170	$16,393,059
JNJ	Johnson & Johnson	37,380	$9,137,167
—		437,085	$6,123,560
—		400,000	$2,360,000
GLRE	Greenlight Capital Re, Ltd.	79,827	$1,380,208
BCIC	BCP Investment Corp	117,950	$886,984
LOPE	Grand Canyon Education, Inc.	1,200	$204,036
—		190	$25,099
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

159 tracked positions · $2,001,914,299 total · filing declares 164 positions · $2,020,856,805 · as of Jun 30, 2026

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

Showing 1–50 of 159 positions by value · page 1 of 4

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
SNEX	StoneX Group Inc. Financial Services	Reduced	694,090	-249,489	$82,249,665	+8.1%	24	unpriced	4.11%
ACA	Arcosa, Inc. Industrials	Reduced	347,540	-14,786	$50,494,086	+31.3%	23	$57.87	2.52%
UTI	Universal Technical Institute Inc Consumer Defensive	Added	1,096,078	+19,212	$46,879,256	+20.6%	25	$13.29	2.34%
LAUR	Laureate Education, Inc. Consumer Defensive	Added	1,240,072	+67,191	$45,039,415	+10.2%	10	$15.77	2.25%
ATEN	A10 Networks, Inc. Technology	Reduced	1,188,747	-271,163	$44,411,587	+31.6%	18	$14.50	2.22%
MRVL	Marvell Technology, Inc. Technology	Added	140,873	+736	$41,964,657	+202.3%	3	$86.55	2.10%
ENVA	Enova International, Inc. Financial Services	Added	162,629	+9,157	$39,149,679	+87.8%	4	$123.44	1.96%
RDNT	RadNet, Inc. Healthcare	Added	633,272	+37,992	$39,053,884	+17.4%	26+	before history	1.95%
GOOGL	Alphabet Inc. Communication Services	Added	107,628	+335	$38,463,018	+24.7%	20	unpriced	1.92%
LQDT	Liquidity Services Inc Consumer Cyclical	Added	954,735	+34,341	$37,349,233	+32.7%	16	$23.72	1.87%
TRS	Trimas Corp Consumer Cyclical	Added	807,292	+562,573	$36,352,358	+313.3%	2	$38.61	1.82%
SPNT	SiriusPoint Ltd Financial Services	Added	1,501,976	+86,447	$36,047,424	+18.2%	6	$17.55	1.80%
PLOW	Douglas Dynamics, Inc Consumer Cyclical	Added	659,319	+37,474	$35,570,260	+35.9%	26+	before history	1.78%
RPRX	Royalty Pharma plc Healthcare	Reduced	597,938	-679	$33,526,383	+16.8%	10	$29.73	1.67%
PSMT	Pricesmart Inc Consumer Defensive	Added	171,348	+9,155	$33,471,118	+37.1%	6	$95.27	1.67%
CVCO	Cavco Industries, Inc. Consumer Cyclical	Added	53,930	+2,939	$33,133,513	+34.2%	12	$372.37	1.66%
TREE	LendingTree, Inc. Financial Services	Added	725,675	+78,637	$32,140,145	+15.8%	5	$44.92	1.61%
GRBK	Green Brick Partners, Inc. Consumer Cyclical	Added	380,387	+22,046	$30,446,175	+31.8%	26+	before history	1.52%
FIBK	First Interstate Bancsystem Inc Financial Services	Added	778,006	+42,587	$29,999,911	+22.1%	7	$31.23	1.50%
WTTR	Select Water Solutions, Inc. Energy	Reduced	1,435,415	-93,480	$28,679,591	+22.6%	16	$7.64	1.43%
GSL	Global Ship Lease, Inc. Industrials	Added	761,080	+43,007	$28,616,608	+7.0%	26+	before history	1.43%
JCAP	Jefferson Capital, Inc. Financial Services	Added	1,446,818	+330,933	$28,169,546	+31.3%	2	$20.58	1.41%
NPKI	NPK International Inc. Industrials	Reduced	1,738,857	-79,933	$27,665,214	+5.0%	8	$7.56	1.38%
VTS	Vitesse Energy, Inc. Energy	Added	1,586,924	+253,204	$25,025,791	+3.3%	14	$20.97	1.25%
JOE	ST JOE Co Real Estate	NEW	376,859	NEW	$23,602,679	NEW	1	$65.62	1.18%
IIIV	i3 Verticals, Inc. Technology	Added	1,099,486	+66,880	$23,485,020	+1.7%	6	$24.55	1.17%
TDW	Tidewater Inc Energy	Reduced	342,356	-5,557	$22,811,180	−21.5%	11	$66.73	1.14%
ADUS	Addus HomeCare Corp Healthcare	Added	208,135	+14,245	$20,911,323	+15.2%	26+	before history	1.04%
BXC	BlueLinx Holdings Inc. Industrials	Added	336,308	+14,434	$20,810,739	+19.3%	26+	before history	1.04%
SFM	Sprouts Farmers Market, Inc. Consumer Defensive	Added	245,608	+27,993	$20,773,524	+23.8%	22	$41.63	1.04%
APAM	Artisan Partners Asset Management Inc. Financial Services	Added	594,780	+43,444	$20,537,753	+2.4%	7	$41.75	1.03%
PARR	Par Pacific Holdings, Inc. Energy	Reduced	345,115	-32,093	$19,354,049	−18.1%	26+	before history	0.97%
DSP	Viant Technology Inc. Technology	Added	1,501,487	+154,324	$19,008,825	+26.0%	9	$12.27	0.95%
CNS	Cohen & Steers, Inc. Financial Services	NEW	240,160	NEW	$18,285,782	NEW	1	$70.72	0.91%
LZ	Legalzoom.Com, Inc. Industrials	Added	2,850,501	+161,231	$17,473,571	+14.6%	6	$8.96	0.87%
RTO	Rentokil Initial PLC Industrials	Added	603,739	+2,826	$17,272,972	−8.7%	9	$27.00	0.86%
PAYS	Paysign, Inc. Technology	Added	2,073,580	+15,370	$16,982,620	+39.9%	4	$5.28	0.85%
BV	BrightView Holdings, Inc. Industrials	Added	1,184,042	+67,211	$16,777,875	+27.4%	25	$11.45	0.84%
AGYS	Agilysys Inc Technology	Added	159,080	+96,370	$16,623,860	+272.6%	26+	before history	0.83%
IQV	Iqvia Holdings Inc. Healthcare	Reduced	84,013	-4,477	$16,232,991	+7.6%	7	$196.44	0.81%
MSFT	Microsoft Corp Technology	Added	43,112	+108	$16,081,638	+1.0%	26+	before history	0.80%
HLMN	Hillman Solutions Corp. Industrials	Added	1,880,839	+106,730	$15,874,281	+7.5%	13	$8.28	0.79%
MELI	Mercadolibre Inc Consumer Cyclical	Reduced	9,288	-80	$15,765,358	−2.7%	6	$2,031.66	0.79%
BRK-B	Berkshire Hathaway Inc Financial Services	Added	31,198	+68	$15,611,167	+4.7%	26+	before history	0.78%
CSW	Csw Industrials, Inc. Industrials	Added	54,288	+3,301	$15,108,350	+13.7%	26+	before history	0.75%
SHOO	Steven Madden, Ltd. Consumer Cyclical	Added	357,620	+20,565	$15,055,802	+31.7%	26+	before history	0.75%
AMRZ	Amrize Ltd Basic Materials	Added	280,902	+122,676	$14,972,076	+68.9%	2	$55.95	0.75%
KKR	KKR & Co. Inc. Financial Services	Added	161,910	+296	$14,860,099	−0.6%	17	$56.39	0.74%
JPM	Jpmorgan Chase & Co Financial Services	Added	44,647	+195	$14,614,302	+11.8%	26+	before history	0.73%
PDX	PIMCO Dynamic Income Strategy Fund Financial Services	Reduced	701,289	-151,036	$14,600,836	−22.3%	24	$11.71	0.73%

Showing the top 50 of 159 positions. Create a free account to see every position, past quarters, search, filters and CSV export.

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.