Punch & Associates Investment Management, Inc.
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Punch & Associates Investment Management, Inc. reported 160 stock positions worth $2.0 billion. Its top holding was Stonex (SNEX) at 4.1% of the portfolio, followed by Arcosa (ACA, 2.5%) and Universal Technical Institut (UTI, 2.3%). Compared with Q1 2026, it opened 12 new positions, sold out of 10, added to 81 and reduced 51. The biggest buy was Trimas (TRS, shares +230%) and the biggest sale an exit from Sila Realty Trust (SILA).
- Most Recent 13F
- Q2 2026
- Location
- EDINA, MN
- CIK
- 0001238990
- Portfolio Value
- $2.0B (Q2 2026)
- SEC Filing
- 0001398344-26-014516 ↗ filed Aug 14, 2026
Holdings Value
Holdings 160 stocks · $2.0B
| SNEX Stonex Group Inc. | 4.10% | 694,090 | $82.2M | Reduce -26.4% |
| ACA Arcosa Inc. | 2.52% | 347,540 | $50.5M | Reduce -4.1% |
| UTI Universal Technical Institut | 2.34% | 1,096,078 | $46.9M | Add +1.8% |
| LAUR Laureate Education Inc. | 2.25% | 1,240,072 | $45.0M | Add +5.7% |
| ATEN A10 Networks Inc. | 2.22% | 1,188,747 | $44.4M | Reduce -18.6% |
| MRVL Marvell Technology Inc. | 2.09% | 140,873 | $42.0M | Add +0.5% |
| ENVA Enova International Inc. | 1.95% | 162,629 | $39.1M | Add +6.0% |
| RDNT Radnet Inc. | 1.95% | 633,272 | $39.1M | Add +6.4% |
| GOOGL Alphabet Inc. Class A | 1.92% | 107,628 | $38.5M | Add +0.3% |
| LQDT Liquidity Services Inc. | 1.86% | 954,735 | $37.3M | Add +3.7% |
| TRS Trimas Corp. | 1.81% | 807,292 | $36.4M | Add +229.9% |
| SPNT Siriuspoint Ltd. | 1.80% | 1,501,976 | $36.0M | Add +6.1% |
| PLOW Douglas Dynamics Inc. | 1.78% | 659,319 | $35.6M | Add +6.0% |
| RPRX Royalty Pharma PLC Class A | 1.67% | 597,938 | $33.5M | Reduce -0.1% |
| PSMT Pricesmart Inc. | 1.67% | 171,348 | $33.5M | Add +5.6% |
| CVCO Cavco Industries Inc. | 1.65% | 53,930 | $33.1M | Add +5.8% |
| TREE Lendingtree Inc. | 1.60% | 725,675 | $32.1M | Add +12.2% |
| GRBK Green Brick Partners Inc. | 1.52% | 380,387 | $30.4M | Add +6.2% |
| FIBK First Interstate Bancsys-A | 1.50% | 778,006 | $30.0M | Add +5.8% |
| WTTR Select Water Solutions Inc. | 1.43% | 1,435,415 | $28.7M | Reduce -6.1% |
| GSL Global Ship Lease Inc. Class A | 1.43% | 761,080 | $28.6M | Add +6.0% |
| JCAP Jefferson Capital Inc. | 1.41% | 1,446,818 | $28.2M | Add +29.7% |
| NPKI NPK International Inc. | 1.38% | 1,738,857 | $27.7M | Reduce -4.4% |
| VTS Vitesse Energy Inc. | 1.25% | 1,586,924 | $25.0M | Add +19.0% |
| JOE The St Joe Co. | 1.18% | 376,859 | $23.6M | New |
| IIIV I3 Verticals Inc. Class A | 1.17% | 1,099,486 | $23.5M | Add +6.5% |
| TDW Tidewater Inc. | 1.14% | 342,356 | $22.8M | Reduce -1.6% |
| ADUS Addus Homecare Corp. | 1.04% | 208,135 | $20.9M | Add +7.3% |
| BXC Bluelinx Holdings Inc. | 1.04% | 336,308 | $20.8M | Add +4.5% |
| SFM Sprouts Farmers Market Inc. | 1.04% | 245,608 | $20.8M | Add +12.9% |
| APAM Artisan Partners Asset Ma -A | 1.02% | 594,780 | $20.5M | Add +7.9% |
| PARR Par Pacific Holdings Inc. | 0.97% | 345,115 | $19.4M | Reduce -8.5% |
| DSP Viant Technology Inc. Class A | 0.95% | 1,501,487 | $19.0M | Add +11.5% |
| CNS Cohen & Steers Inc. | 0.91% | 240,160 | $18.3M | New |
| LZ Legalzoomcom Inc. | 0.87% | 2,850,501 | $17.5M | Add +6.0% |
| RTO Rentokil Initial PLC-SP ADR | 0.86% | 603,739 | $17.3M | Add +0.5% |
| PAYS Paysign Inc. | 0.85% | 2,073,580 | $17.0M | Add +0.8% |
| BV Brightview Holdings Inc. | 0.84% | 1,184,042 | $16.8M | Add +6.0% |
| AGYS Agilysys Inc. | 0.83% | 159,080 | $16.6M | Add +153.7% |
| IQV Iqvia Holdings Inc. | 0.81% | 84,013 | $16.2M | Reduce -5.1% |
| MSFT Microsoft Corp. | 0.80% | 43,112 | $16.1M | Add +0.3% |
| HLMN Hillman Solutions Corp. | 0.79% | 1,880,839 | $15.9M | Add +6.0% |
| MELI MercadoLibre Inc. | 0.79% | 9,288 | $15.8M | Reduce -0.8% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.78% | 31,198 | $15.6M | Add +0.2% |
| CSW CSW Industrials Inc. | 0.75% | 54,288 | $15.1M | Add +6.5% |
| SHOO Steven Madden Ltd. filed as MADDEN STEVEN LTD | 0.75% | 357,620 | $15.1M | Add +6.1% |
| AMRZ Amrize Ltd. | 0.75% | 280,902 | $15.0M | Add +77.5% |
| KKR KKR & Co. Inc. | 0.74% | 161,910 | $14.9M | Add +0.2% |
| JPM JPMorgan Chase & Co. | 0.73% | 44,647 | $14.6M | Add +0.4% |
| PDX PIMCO Dynamic Income Strat | 0.73% | 701,289 | $14.6M | Reduce -17.7% |
| ALX Alexander's Inc. | 0.71% | 51,409 | $14.2M | Add +151.8% |
| BG Bunge Global SA | 0.70% | 131,519 | $14.0M | Reduce -27.8% |
| TMO Thermo Fisher Scientific Inc. | 0.68% | 27,170 | $13.6M | Reduce -0.6% |
| FTHY First Trust Hi YLD Opp 2027 | 0.66% | 966,836 | $13.2M | Add +9.0% |
| MTCH Match Group Inc. | 0.66% | 346,382 | $13.2M | Reduce -8.8% |
| BRSP Brightspire Capital Inc. | 0.65% | 2,395,950 | $13.1M | Add +3.7% |
| CLMB Climb Global Solutions Inc. | 0.64% | 551,910 | $12.8M | Add +0.0% |
| SE Sea Ltd.-ADR | 0.63% | 132,705 | $12.7M | Reduce -0.1% |
| RFIL RF Industries Ltd. filed as RF INDS LTD | 0.62% | 588,115 | $12.5M | Reduce -28.5% |
| ALG Alamo Group Inc. | 0.62% | 75,589 | $12.4M | Add +6.6% |
| EOG EOG Resources Inc. | 0.59% | 90,539 | $11.7M | Add +0.2% |
| CRM Salesforce Inc. | 0.59% | 74,875 | $11.7M | New |
| APO Apollo Global Management Inc. | 0.58% | 98,139 | $11.6M | Add +0.3% |
| LEGH Legacy Housing Corp. | 0.56% | 427,665 | $11.2M | No change |
| UNH Unitedhealth Group Inc. | 0.56% | 27,021 | $11.2M | Add +0.2% |
| TGT Target Corp. | 0.56% | 85,963 | $11.2M | Add +0.2% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.56% | 116,186 | $11.2M | Add +0.1% |
| CLFD Clearfield Inc. | 0.55% | 277,610 | $11.0M | Reduce -4.1% |
| KMI Kinder Morgan Inc. | 0.53% | 331,678 | $10.6M | Add +0.2% |
| PDM Piedmont Realty Trust Inc. | 0.53% | 1,153,153 | $10.6M | Add +109.7% |
| APEI American Public Education | 0.52% | 195,000 | $10.5M | No change |
| IA Innovative Solutions & Supp | 0.51% | 569,963 | $10.3M | Add +9.9% |
| WM Waste Management Inc. | 0.51% | 45,755 | $10.2M | Add +0.1% |
| LINC Lincoln Educational Services | 0.50% | 200,550 | $10.0M | Reduce -20.5% |
| CSV Carriage Services Inc. | 0.48% | 249,404 | $9.6M | Reduce -5.4% |
| NRIM Northrim Bancorp Inc. | 0.47% | 342,960 | $9.5M | Add +5.1% |
| TCMD Tactile Systems Technology I | 0.47% | 315,000 | $9.4M | Add +5.0% |
| ARHS Arhaus Inc. | 0.47% | 1,110,755 | $9.4M | Reduce -0.4% |
| ELMD Electromed Inc. | 0.46% | 218,520 | $9.2M | Reduce -2.7% |
| BWB Bridgewater Bancshares Inc. | 0.46% | 434,660 | $9.1M | No change |
| ELV Elevance Health Inc. | 0.45% | 23,223 | $9.0M | Reduce -0.0% |
| ACIC American Coastal Insurance C | 0.45% | 808,705 | $9.0M | No change |
| BLDR Builders Firstsource Inc. | 0.45% | 100,211 | $9.0M | Reduce -22.0% |
| ULTA Ulta Beauty Inc. | 0.44% | 19,723 | $8.9M | Add +0.3% |
| DE Deere & Co. | 0.44% | 13,825 | $8.8M | Add +0.1% |
| ORCL Oracle Corp. | 0.44% | 59,742 | $8.8M | Add +0.2% |
| NVEC Nve Corp. | 0.42% | 81,215 | $8.5M | Reduce -21.6% |
| RSG Republic Services Inc. | 0.41% | 38,646 | $8.2M | Reduce -8.1% |
| BXMT Blackstone Mortgage Tru Class A | 0.40% | 476,188 | $8.1M | Reduce -1.5% |
| INFU Infusystem Holdings Inc. | 0.40% | 834,750 | $8.1M | Reduce -0.4% |
| CASS Cass Information Systems Inc. | 0.40% | 156,527 | $8.0M | Add +38.5% |
| MDXG Mimedx Group Inc. | 0.40% | 2,058,089 | $7.9M | Add +1.9% |
| ARCC Ares Capital Corp. | 0.39% | 425,878 | $7.9M | Add +8.8% |
| MLR Miller Industries Inc. | 0.39% | 153,070 | $7.8M | Add +38.5% |
| RMT Royce Micro-Cap Trust Inc. | 0.38% | 522,665 | $7.7M | Reduce -4.2% |
| TRNS Transcat Inc. | 0.37% | 80,087 | $7.4M | Add +23.6% |
| NATR Natures Sunshine Prods Inc. | 0.37% | 340,000 | $7.4M | No change |
| IDR Idaho Strategic Resources Inc. | 0.36% | 222,220 | $7.3M | Add +7.2% |
| SSNC Ss&c Technologies Holdings | 0.34% | 111,173 | $6.9M | Reduce -25.3% |
| FLXS Flexsteel Inds | 0.34% | 91,525 | $6.8M | No change |
Other holdings (4): bonds, preferreds, convertibles and warrants · $17.1M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | 104,145 | $7.0M | Reduce -1.6% |
| WHIRLPOOL CORP (WHR 8.5 02/15/29 A) | 8.5 DEP SR A CNV | 99,335 | $3.5M | Reduce -0.9% |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | 85,775 | $3.4M | Reduce -1.2% |
| QXO INC (QXO 5.5 05/15/28 B) | 5.50 DEP PFD | 65,060 | $3.2M | Reduce -1.9% |
Total filed on the 13F, all lines: $2.0B.
Portfolio Sells Q1 2026 → Q2 2026
| SILA Sila Realty Trust Inc. | Sold out | 0.00% | −1.86 |
| VRRM Verra Mobility Corp. | Sold out | 0.00% | −0.96 |
| BG Bunge Global SA | Reduce -27.8% | 0.70% | −0.65 |
| TDW Tidewater Inc. | Reduce -1.6% | 1.14% | −0.56 |
| JNJ Johnson & Johnson | Sold out | 0.00% | −0.53 |
| PARR Par Pacific Holdings Inc. | Reduce -8.5% | 0.97% | −0.41 |
| PDX PIMCO Dynamic Income Strat | Reduce -17.7% | 0.73% | −0.37 |
| AVNS Avanos Medical Inc. | Sold out | 0.00% | −0.36 |
| SNEX Stonex Group Inc. | Reduce -26.4% | 4.10% | −0.34 |
| SSNC Ss&c Technologies Holdings | Reduce -25.3% | 0.34% | −0.24 |
| CSV Carriage Services Inc. | Reduce -5.4% | 0.48% | −0.23 |
| BLDR Builders Firstsource Inc. | Reduce -22.0% | 0.45% | −0.17 |
| SJT San Juan Basin Royalty TR | Reduce -31.7% | 0.10% | −0.16 |
| MELI MercadoLibre Inc. | Reduce -0.8% | 0.79% | −0.16 |
| NPKI NPK International Inc. | Reduce -4.4% | 1.38% | −0.16 |
| BXMT Blackstone Mortgage Tru Class A | Reduce -1.5% | 0.40% | −0.14 |
| FFWM First Foundation Inc. | Sold out | 0.00% | −0.14 |
| RSG Republic Services Inc. | Reduce -8.1% | 0.41% | −0.13 |
| TALK Talkspace Inc. | Reduce -82.1% | 0.02% | −0.12 |
| TMO Thermo Fisher Scientific Inc. | Reduce -0.6% | 0.68% | −0.11 |
| LINC Lincoln Educational Services | Reduce -20.5% | 0.50% | −0.10 |
| GLRE Greenlight Capital Re Ltd. Class A | Sold out | 0.00% | −0.08 |
| LGCY Legacy Education Inc. | Reduce -46.0% | 0.06% | −0.08 |
| IQV Iqvia Holdings Inc. | Reduce -5.1% | 0.81% | −0.07 |
| DUK Duke Energy Corp. | Reduce -1.9% | 0.29% | −0.07 |
| OXM Oxford Industries Inc. | Reduce -0.8% | 0.21% | −0.06 |
| HGBL Heritage Global Inc. | Reduce -9.9% | 0.12% | −0.06 |
| BCIC BCP Investment Corp. | Sold out | 0.00% | −0.05 |
| INFU Infusystem Holdings Inc. | Reduce -0.4% | 0.40% | −0.05 |
| MYFW First Western Financial Inc. | Reduce -21.4% | 0.31% | −0.04 |
| AMLP Alerian MLP ETF | Reduce -1.4% | 0.18% | −0.04 |
| ACCS Access Newswire Inc. | Reduce -1.0% | 0.05% | −0.03 |
| MTCH Match Group Inc. | Reduce -8.8% | 0.66% | −0.02 |
| PDEX Pro-Dex Inc. | Reduce -14.6% | 0.15% | −0.02 |
| MAMA Mama's Creations Inc. | Reduce -9.1% | 0.13% | −0.01 |
| MLCI Mount Logan Capital Inc. | Reduce -15.7% | 0.03% | −0.01 |
| LOPE Grand Canyon Education Inc. | Sold out | 0.00% | −0.01 |
| SE Sea Ltd.-ADR | Reduce -0.1% | 0.63% | −0.01 |
| PLBC Plumas Bancorp | Reduce -5.4% | 0.19% | −0.01 |
| RPRX Royalty Pharma PLC Class A | Reduce -0.1% | 1.67% | −0.01 |
| NBN Northeast Bank | Reduce -5.0% | 0.09% | −0.00 |
| LAMR Lamar Advertising Co. Class A | Reduce -19.4% | 0.01% | −0.00 |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | Sold out | 0.00% | −0.00 |
| SUSA iShares ESG Optimized MSCI U | Sold out | 0.00% | −0.00 |
| TLN Talen Energy Corp. | Reduce -5.3% | 0.01% | −0.00 |
| IVW iShares S&P 500 Growth ETF | Reduce -19.8% | 0.00% | −0.00 |
| PDFS PDF Solutions Inc. | Reduce -20.1% | 0.02% | +0.01 |
| CVEO Civeo Corp. | Reduce -8.4% | 0.25% | +0.01 |
| GHM Graham Corp. | Reduce -21.9% | 0.28% | +0.01 |
| VMD Viemed Healthcare Inc. | Reduce -0.7% | 0.30% | +0.01 |
Portfolio Buys Q1 2026 → Q2 2026
| TRS Trimas Corp. | Add +229.9% | 1.81% | +1.30 |
| MRVL Marvell Technology Inc. | Add +0.5% | 2.09% | +1.28 |
| JOE The St Joe Co. | New | 1.18% | +1.18 |
| CNS Cohen & Steers Inc. | New | 0.91% | +0.91 |
| ENVA Enova International Inc. | Add +6.0% | 1.95% | +0.74 |
| CRM Salesforce Inc. | New | 0.59% | +0.59 |
| AGYS Agilysys Inc. | Add +153.7% | 0.83% | +0.57 |
| ALX Alexander's Inc. | Add +151.8% | 0.71% | +0.43 |
| PDM Piedmont Realty Trust Inc. | Add +109.7% | 0.53% | +0.32 |
| PLOW Douglas Dynamics Inc. | Add +6.0% | 1.78% | +0.25 |
| PSMT Pricesmart Inc. | Add +5.6% | 1.67% | +0.24 |
| AMRZ Amrize Ltd. | Add +77.5% | 0.75% | +0.23 |
| LYTS Lsi Industries Inc. | New | 0.22% | +0.22 |
| LQDT Liquidity Services Inc. | Add +3.7% | 1.86% | +0.22 |
| CVCO Cavco Industries Inc. | Add +5.8% | 1.65% | +0.21 |
| DERM Journey Medical Corp. | New | 0.19% | +0.19 |
| GRBK Green Brick Partners Inc. | Add +6.2% | 1.52% | +0.17 |
| JCAP Jefferson Capital Inc. | Add +29.7% | 1.41% | +0.15 |
| PAYS Paysign Inc. | Add +0.8% | 0.85% | +0.14 |
| UNH Unitedhealth Group Inc. | Add +0.2% | 0.56% | +0.13 |
| FSUN Firstsun Capital Bancorp | New | 0.12% | +0.12 |
| GOOGL Alphabet Inc. Class A | Add +0.3% | 1.92% | +0.12 |
| CASS Cass Information Systems Inc. | Add +38.5% | 0.40% | +0.11 |
| MLR Miller Industries Inc. | Add +38.5% | 0.39% | +0.10 |
| TRNS Transcat Inc. | Add +23.6% | 0.37% | +0.09 |
| SHOO Steven Madden Ltd. | Add +6.1% | 0.75% | +0.08 |
| PARK Park Dental Partners Inc. | New | 0.07% | +0.07 |
| BV Brightview Holdings Inc. | Add +6.0% | 0.84% | +0.07 |
| UTI Universal Technical Institut | Add +1.8% | 2.34% | +0.07 |
| DSP Viant Technology Inc. Class A | Add +11.5% | 0.95% | +0.07 |
| ACR Acres Commercial Realty Corp. | New | 0.06% | +0.06 |
| FIBK First Interstate Bancsys-A | Add +5.8% | 1.50% | +0.06 |
| SFM Sprouts Farmers Market Inc. | Add +12.9% | 1.04% | +0.06 |
| KRT Karat Packaging Inc. | Add +42.3% | 0.16% | +0.05 |
| HTLD Heartland Express Inc. | Add +0.3% | 0.25% | +0.05 |
| NRIM Northrim Bancorp Inc. | Add +5.1% | 0.47% | +0.04 |
| BXC Bluelinx Holdings Inc. | Add +4.5% | 1.04% | +0.02 |
| SPNT Siriuspoint Ltd. | Add +6.1% | 1.80% | +0.02 |
| OFLX Omega Flex Inc. | Add +39.1% | 0.09% | +0.02 |
| MMED Minimed Group Inc. | New | 0.01% | +0.01 |
| KN Knowles Corp. | New | 0.01% | +0.01 |
| CHE Chemed Corp. | New | 0.01% | +0.01 |
| ARCO Arcos Dorados Holdings Inc. Class A | Add +166.4% | 0.02% | +0.01 |
| TCMD Tactile Systems Technology I | Add +5.0% | 0.47% | +0.01 |
| RDNT Radnet Inc. | Add +6.4% | 1.95% | +0.00 |
| IVV iShares Core S&P 500 ETF | Add +40.5% | 0.00% | +0.00 |
| CLMB Climb Global Solutions Inc. | Add +0.0% | 0.64% | +0.00 |
| IXUS iShares Core Intl Stock ETF | New | 0.00% | +0.00 |
| IJR iShares Core S&P Small-Cap E | Add +7.9% | 0.00% | +0.00 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Add +15.7% | 0.00% | 0.00 |
Notes & Other Activity Q1 2026 → Q2 2026
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | Reduce -1.6% | 104,145 | $7.0M |
| ORACLE CORP (ORCL 6.5 01/15/29 D) | 6.5 DEP CUM SR D | Sold out | 83,465 | $3.8Mbefore exit |
| WHIRLPOOL CORP (WHR 8.5 02/15/29 A) | 8.5 DEP SR A CNV | Reduce -0.9% | 99,335 | $3.5M |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | Reduce -1.2% | 85,775 | $3.4M |
| QXO INC (QXO 5.5 05/15/28 B) | 5.50 DEP PFD | Reduce -1.9% | 65,060 | $3.2M |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 160 | $2.0B | SNEX, ACA, UTI, LAUR, ATEN |
| Q1 2026 | 158 | $1.7B | SNEX, LAUR, UTI, ACA, ATEN |
| Q4 2025 | 152 | $1.7B | SNEX, RDNT, LAUR, GOOGL, ACA |
| Q3 2025 | 156 | $1.7B | SNEX, RDNT, LAUR, UTI, ACA |
| Q2 2025 | 157 | $1.6B | SNEX, RDNT, LAUR, UTI, GSL |
| Q1 2025 | 159 | $1.5B | SNEX, RDNT, PDX, LAUR, SFM |
| Q4 2024 | 163 | $1.8B | SNEX, RDNT, UTI, BXC, SFM |
| Q3 2024 | 164 | $1.8B | SNEX, RDNT, BXC, GSL, SFM |
| Q2 2024 | 170 | $1.7B | SNEX, RDNT, GSL, BXC, ACA |
| Q1 2024 | 171 | $1.7B | SNEX, BXC, RDNT, GSL, PARR |