# PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1238990. Source: https://holderbook.com/funds/1238990-punch-associates-investment-management-inc/

- Reported value: $2.0B
- Positions: 164
- Weight of the ten largest: 23.0%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| STONEX GROUP INC | [SNEX](https://holderbook.com/stocks/SNEX/) | $82.2M | 694,090 | 4.1% | 24 |
| ARCOSA INC | [ACA](https://holderbook.com/stocks/ACA/) | $50.5M | 347,540 | 2.5% | 23 |
| UNIVERSAL TECHNICAL INST INC | [UTI](https://holderbook.com/stocks/UTI/) | $46.9M | 1,096,078 | 2.3% | 25 |
| LAUREATE ED INC | [LAUR](https://holderbook.com/stocks/LAUR/) | $45.0M | 1,240,072 | 2.2% | 10 |
| A10 NETWORKS INC | [ATEN](https://holderbook.com/stocks/ATEN/) | $44.4M | 1,188,747 | 2.2% | 18 |
| MARVELL TECHNOLOGY INC | [MRVL](https://holderbook.com/stocks/MRVL/) | $42.0M | 140,873 | 2.1% | 3 |
| ENOVA INTL INC | [ENVA](https://holderbook.com/stocks/ENVA/) | $39.1M | 162,629 | 1.9% | 4 |
| RADNET INC | [RDNT](https://holderbook.com/stocks/RDNT/) | $39.1M | 633,272 | 1.9% | 28 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $38.5M | 107,628 | 1.9% | 20 |
| LIQUIDITY SVCS INC | [LQDT](https://holderbook.com/stocks/LQDT/) | $37.3M | 954,735 | 1.8% | 16 |
| TRIMAS CORP | [TRS](https://holderbook.com/stocks/TRS/) | $36.4M | 807,292 | 1.8% | 2 |
| SIRIUSPOINT LTD | [SPNT](https://holderbook.com/stocks/SPNT/) | $36.0M | 1,501,976 | 1.8% | 6 |
| DOUGLAS DYNAMICS INC | [PLOW](https://holderbook.com/stocks/PLOW/) | $35.6M | 659,319 | 1.8% | 31 |
| ROYALTY PHARMA PLC | [RPRX](https://holderbook.com/stocks/RPRX/) | $33.5M | 597,938 | 1.7% | 10 |
| PRICESMART INC | [PSMT](https://holderbook.com/stocks/PSMT/) | $33.5M | 171,348 | 1.7% | 6 |
| CAVCO INDS INC DEL | [CVCO](https://holderbook.com/stocks/CVCO/) | $33.1M | 53,930 | 1.6% | 12 |
| LENDINGTREE INC | [TREE](https://holderbook.com/stocks/TREE/) | $32.1M | 725,675 | 1.6% | 5 |
| GREEN BRICK PARTNERS INC | [GRBK](https://holderbook.com/stocks/GRBK/) | $30.4M | 380,387 | 1.5% | 31 |
| FIRST INTST BANCSYSTEM INC | [FIBK](https://holderbook.com/stocks/FIBK/) | $30.0M | 778,006 | 1.5% | 7 |
| SELECT WATER SOLUTIONS INC | [WTTR](https://holderbook.com/stocks/WTTR/) | $28.7M | 1,435,415 | 1.4% | 16 |
| GLOBAL SHIP LEASE INC | [GSL](https://holderbook.com/stocks/GSL/) | $28.6M | 761,080 | 1.4% | 28 |
| JEFFERSON CAPITAL INC | [JCAP](https://holderbook.com/stocks/JCAP/) | $28.2M | 1,446,818 | 1.4% | 2 |
| NPK INTERNATIONAL INC | [NPKI](https://holderbook.com/stocks/NPKI/) | $27.7M | 1,738,857 | 1.4% | 8 |
| VITESSE ENERGY INC | [VTS](https://holderbook.com/stocks/VTS/) | $25.0M | 1,586,924 | 1.2% | 14 |
| ST JOE CO | [JOE](https://holderbook.com/stocks/JOE/) | $23.6M | 376,859 | 1.2% | 1 |
| I3 VERTICALS INC | [IIIV](https://holderbook.com/stocks/IIIV/) | $23.5M | 1,099,486 | 1.2% | 6 |
| TIDEWATER INC NEW | [TDW](https://holderbook.com/stocks/TDW/) | $22.8M | 342,356 | 1.1% | 11 |
| ADDUS HOMECARE CORP | [ADUS](https://holderbook.com/stocks/ADUS/) | $20.9M | 208,135 | 1.0% | 31 |
| BLUELINX HLDGS INC | [BXC](https://holderbook.com/stocks/BXC/) | $20.8M | 336,308 | 1.0% | 31 |
| SPROUTS FMRS MKT INC | [SFM](https://holderbook.com/stocks/SFM/) | $20.8M | 245,608 | 1.0% | 22 |
| ARTISAN PARTNERS ASSET MGMT | [APAM](https://holderbook.com/stocks/APAM/) | $20.5M | 594,780 | 1.0% | 7 |
| PAR PAC HOLDINGS INC | [PARR](https://holderbook.com/stocks/PARR/) | $19.4M | 345,115 | 1.0% | 31 |
| VIANT TECHNOLOGY INC | [DSP](https://holderbook.com/stocks/DSP/) | $19.0M | 1,501,487 | 0.9% | 9 |
| COHEN & STEERS INC | [CNS](https://holderbook.com/stocks/CNS/) | $18.3M | 240,160 | 0.9% | 1 |
| LEGALZOOM COM INC | [LZ](https://holderbook.com/stocks/LZ/) | $17.5M | 2,850,501 | 0.9% | 6 |
| RENTOKIL INITIAL PLC | [RTO](https://holderbook.com/stocks/RTO/) | $17.3M | 603,739 | 0.9% | 9 |
| PAYSIGN INC | [PAYS](https://holderbook.com/stocks/PAYS/) | $17.0M | 2,073,580 | 0.8% | 4 |
| BRIGHTVIEW HLDGS INC | [BV](https://holderbook.com/stocks/BV/) | $16.8M | 1,184,042 | 0.8% | 25 |
| AGILYSYS INC | [AGYS](https://holderbook.com/stocks/AGYS/) | $16.6M | 159,080 | 0.8% | 31 |
| IQVIA HLDGS INC | [IQV](https://holderbook.com/stocks/IQV/) | $16.2M | 84,013 | 0.8% | 7 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $16.1M | 43,112 | 0.8% | 31 |
| HILLMAN SOLUTIONS CORP | [HLMN](https://holderbook.com/stocks/HLMN/) | $15.9M | 1,880,839 | 0.8% | 13 |
| MERCADOLIBRE INC | [MELI](https://holderbook.com/stocks/MELI/) | $15.8M | 9,288 | 0.8% | 6 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $15.6M | 31,198 | 0.8% | 31 |
| CSW INDUSTRIALS INC | [CSW](https://holderbook.com/stocks/CSW/) | $15.1M | 54,288 | 0.7% | 31 |
| MADDEN STEVEN LTD | [SHOO](https://holderbook.com/stocks/SHOO/) | $15.1M | 357,620 | 0.7% | 31 |
| AMRIZE LTD | [AMRZ](https://holderbook.com/stocks/AMRZ/) | $15.0M | 280,902 | 0.7% | 2 |
| KKR & CO INC | [KKR](https://holderbook.com/stocks/KKR/) | $14.9M | 161,910 | 0.7% | 17 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $14.6M | 44,647 | 0.7% | 31 |
| PIMCO DYNAMIC INCOME STRATEG | [PDX](https://holderbook.com/stocks/PDX/) | $14.6M | 701,289 | 0.7% | 24 |
| ALEXANDERS INC | [ALX](https://holderbook.com/stocks/ALX/) | $14.2M | 51,409 | 0.7% | 2 |
| BUNGE GLOBAL SA | [BG](https://holderbook.com/stocks/BG/) | $14.0M | 131,519 | 0.7% | 11 |
| THERMO FISHER SCIENTIFIC INC | [TMO](https://holderbook.com/stocks/TMO/) | $13.6M | 27,170 | 0.7% | 21 |
| FIRST TR HIGH YIELD OPPRT 20 | [FTHY](https://holderbook.com/stocks/FTHY/) | $13.2M | 966,836 | 0.7% | 23 |
| MATCH GROUP INC NEW | [MTCH](https://holderbook.com/stocks/MTCH/) | $13.2M | 346,382 | 0.7% | 13 |
| BRIGHTSPIRE CAPITAL INC | [BRSP](https://holderbook.com/stocks/BRSP/) | $13.1M | 2,395,950 | 0.6% | 14 |
| CLIMB GLOBAL SOLUTIONS INC | [CLMB](https://holderbook.com/stocks/CLMB/) | $12.8M | 551,910 | 0.6% | 24 |
| SEA LTD | [SE](https://holderbook.com/stocks/SE/) | $12.7M | 132,705 | 0.6% | 2 |
| RF INDS LTD | [RFIL](https://holderbook.com/stocks/RFIL/) | $12.5M | 588,115 | 0.6% | 25 |
| ALAMO GROUP INC | [ALG](https://holderbook.com/stocks/ALG/) | $12.4M | 75,589 | 0.6% | 31 |
| EOG RES INC | [EOG](https://holderbook.com/stocks/EOG/) | $11.7M | 90,539 | 0.6% | 15 |
| SALESFORCE INC | [CRM](https://holderbook.com/stocks/CRM/) | $11.7M | 74,875 | 0.6% | 1 |
| APOLLO GLOBAL MGMT INC | [APO](https://holderbook.com/stocks/APO/) | $11.6M | 98,139 | 0.6% | 4 |
| LEGACY HOUSING CORP | [LEGH](https://holderbook.com/stocks/LEGH/) | $11.2M | 427,665 | 0.6% | 19 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $11.2M | 27,021 | 0.6% | 4 |
| TARGET CORP | [TGT](https://holderbook.com/stocks/TGT/) | $11.2M | 85,963 | 0.6% | 31 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $11.2M | 116,186 | 0.6% | 30 |
| CLEARFIELD INC | [CLFD](https://holderbook.com/stocks/CLFD/) | $11.0M | 277,610 | 0.5% | 10 |
| KINDER MORGAN INC DEL | [KMI](https://holderbook.com/stocks/KMI/) | $10.6M | 331,678 | 0.5% | 22 |
| PIEDMONT REALTY TRUST INC | [PDM](https://holderbook.com/stocks/PDM/) | $10.6M | 1,153,153 | 0.5% | 2 |
| AMERICAN PUB ED INC | [APEI](https://holderbook.com/stocks/APEI/) | $10.5M | 195,000 | 0.5% | 5 |
| INNOVATIVE SOLUTIONS & SUPPO | [ISSC](https://holderbook.com/stocks/ISSC/) | $10.3M | 569,963 | 0.5% | 12 |
| WASTE MGMT INC DEL | [WM](https://holderbook.com/stocks/WM/) | $10.2M | 45,755 | 0.5% | 31 |
| LINCOLN EDL SVCS CORP | [LINC](https://holderbook.com/stocks/LINC/) | $10.0M | 200,550 | 0.5% | 23 |
| CARRIAGE SVCS INC | [CSV](https://holderbook.com/stocks/CSV/) | $9.6M | 249,404 | 0.5% | 6 |
| NORTHRIM BANCORP INC | [NRIM](https://holderbook.com/stocks/NRIM/) | $9.5M | 342,960 | 0.5% | 5 |
| TACTILE SYS TECHNOLOGY INC | [TCMD](https://holderbook.com/stocks/TCMD/) | $9.4M | 315,000 | 0.5% | 7 |
| ARHAUS INC | [ARHS](https://holderbook.com/stocks/ARHS/) | $9.4M | 1,110,755 | 0.5% | 12 |
| ELECTROMED INC | [ELMD](https://holderbook.com/stocks/ELMD/) | $9.2M | 218,520 | 0.5% | 31 |
| BRIDGEWATER BANCSHARES INC | [BWB](https://holderbook.com/stocks/BWB/) | $9.1M | 434,660 | 0.5% | 31 |
| ELEVANCE HEALTH INC FORMERLY | [ELV](https://holderbook.com/stocks/ELV/) | $9.0M | 23,223 | 0.4% | 31 |
| AMERICAN COASTAL INS CORP | [ACIC](https://holderbook.com/stocks/ACIC/) | $9.0M | 808,705 | 0.4% | 8 |
| BUILDERS FIRSTSOURCE INC | [BLDR](https://holderbook.com/stocks/BLDR/) | $9.0M | 100,211 | 0.4% | 22 |
| ULTA BEAUTY INC | [ULTA](https://holderbook.com/stocks/ULTA/) | $8.9M | 19,723 | 0.4% | 8 |
| DEERE & CO | [DE](https://holderbook.com/stocks/DE/) | $8.8M | 13,825 | 0.4% | 31 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $8.8M | 59,742 | 0.4% | 31 |
| NVE CORP | [NVEC](https://holderbook.com/stocks/NVEC/) | $8.5M | 81,215 | 0.4% | 25 |
| REPUBLIC SVCS INC | [RSG](https://holderbook.com/stocks/RSG/) | $8.2M | 38,646 | 0.4% | 31 |
| BLACKSTONE MORTGAGE TRUST IN | [BXMT](https://holderbook.com/stocks/BXMT/) | $8.1M | 476,188 | 0.4% | 7 |
| INFUSYSTEM HLDGS INC | [INFU](https://holderbook.com/stocks/INFU/) | $8.1M | 834,750 | 0.4% | 29 |
| CASS INFORMATION SYS INC | [CASS](https://holderbook.com/stocks/CASS/) | $8.0M | 156,527 | 0.4% | 2 |
| MIMEDX GROUP INC | [MDXG](https://holderbook.com/stocks/MDXG/) | $7.9M | 2,058,089 | 0.4% | 10 |
| ARES CAPITAL CORP | [ARCC](https://holderbook.com/stocks/ARCC/) | $7.9M | 425,878 | 0.4% | 2 |
| MILLER INDS INC TENN | [MLR](https://holderbook.com/stocks/MLR/) | $7.8M | 153,070 | 0.4% | 3 |
| ROYCE MICRO-CAP TR INC | [RMT](https://holderbook.com/stocks/RMT/) | $7.7M | 522,665 | 0.4% | 31 |
| TRANSCAT INC | [TRNS](https://holderbook.com/stocks/TRNS/) | $7.4M | 80,087 | 0.4% | 31 |
| NATURES SUNSHINE PRODS INC | [NATR](https://holderbook.com/stocks/NATR/) | $7.4M | 340,000 | 0.4% | 5 |
| IDAHO STRATEGIC RESOURCES | [IDR](https://holderbook.com/stocks/IDR/) | $7.3M | 222,220 | 0.4% | 5 |
| BOEING CO | [BAPRA](https://holderbook.com/stocks/BAPRA/) | $7.0M | 104,145 | 0.3% | 7 |
| SS&C TECH HLDGS | [SSNC](https://holderbook.com/stocks/SSNC/) | $6.9M | 111,173 | 0.3% | 31 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +14.9% | +14.8% | +0.1% | 100% |
| Q1 2026 | +0.5% | -4.6% | +5.2% | 99% |
| Q4 2025 | -1.5% | +2.4% | -3.8% | 99% |
| Q3 2025 | +7.3% | +7.8% | -0.5% | 99% |
| Q2 2025 | +5.9% | +10.5% | -4.6% | 99% |
| Q1 2025 | -7.2% | -4.6% | -2.7% | 97% |
| Q4 2024 | +0.7% | +2.1% | -1.4% | 99% |
| Q3 2024 | +7.2% | +5.4% | +1.7% | 99% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $2.0B | 164 |
| Q1 2026 | $1.7B | 163 |
| Q4 2025 | $1.7B | 156 |
| Q3 2025 | $1.7B | 160 |
| Q2 2025 | $1.6B | 163 |
| Q1 2025 | $1.5B | 164 |
| Q4 2024 | $1.8B | 168 |
| Q3 2024 | $1.8B | 169 |
| Q2 2024 | $1.7B | 175 |
| Q1 2024 | $1.8B | 176 |
| Q4 2023 | $1.7B | 230 |
| Q3 2023 | $1.6B | 231 |