Punch & Associates Investment Management, Inc.
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Punch & Associates Investment Management, Inc. reported 171 stock positions worth $1.7 billion. Its top holding was Stonex (SNEX) at 3.4% of the portfolio, followed by Bluelinx (BXC, 2.9%) and Radnet (RDNT, 2.4%). Compared with Q4 2023, it opened 7 new positions, sold out of 61, added to 63 and reduced 97. The biggest buy was a new position in Royalty Pharma Class A (RPRX) and the biggest sale an exit from Unitedhealth (UNH).
- Most Recent 13F
- Q2 2026
- Location
- EDINA, MN
- CIK
- 0001238990
- Portfolio Value
- $1.7B (Q1 2024)
- SEC Filing
- 0001398344-24-009627 ↗ filed May 15, 2024
Holdings Value
Holdings 171 stocks · $1.7B
| SNEX Stonex Group Inc. | 3.35% | 831,215 | $58.4M | Add +0.2% |
| BXC Bluelinx Holdings Inc. | 2.92% | 391,091 | $50.9M | Reduce -10.9% |
| RDNT Radnet Inc. | 2.39% | 856,699 | $41.7M | Reduce -8.8% |
| GSL Global Ship Lease Inc. Class A | 2.19% | 1,883,451 | $38.2M | Reduce -1.9% |
| PARR Par Pacific Holdings Inc. | 1.97% | 926,639 | $34.3M | Reduce -9.7% |
| ACA Arcosa Inc. | 1.74% | 352,858 | $30.3M | Add +4.2% |
| PDX PIMCO Dynamic Income Strat | 1.57% | 1,286,076 | $27.3M | Add +19.0% |
| SFM Sprouts Farmers Market Inc. | 1.55% | 419,275 | $27.0M | Reduce -28.9% |
| GRBK Green Brick Partners Inc. | 1.55% | 447,462 | $27.0M | Reduce -3.7% |
| VRRM Verra Mobility Corp. | 1.54% | 1,074,661 | $26.8M | Add +5.2% |
| FC Franklin Covey Co. | 1.38% | 611,403 | $24.0M | Add +0.6% |
| HSTM Healthstream Inc. | 1.33% | 869,031 | $23.2M | Add +3.2% |
| EFC Ellington Financial Inc. | 1.33% | 1,958,365 | $23.1M | Add +22.2% |
| CALY Callaway Golf Company filed as TOPGOLF CALLAWAY BRANDS CORP | 1.27% | 1,370,873 | $22.2M | Add +15.4% |
| WTTR Select Water Solutions Inc. | 1.23% | 2,328,641 | $21.5M | Add +0.8% |
| BLDR Builders Firstsource Inc. | 1.23% | 102,621 | $21.4M | Reduce -9.4% |
| AVNW Aviat Networks Inc. | 1.20% | 547,252 | $21.0M | Add +6.8% |
| KKR KKR & Co. Inc. | 1.11% | 193,139 | $19.4M | Reduce -4.5% |
| UTI Universal Technical Institut | 1.08% | 1,176,255 | $18.7M | Reduce -4.9% |
| CMCO Columbus McKinnon Corp. | 1.07% | 418,239 | $18.7M | Add +33.1% |
| GOOGL Alphabet Inc. Class A | 1.05% | 120,918 | $18.3M | Add +2.5% |
| HLMN Hillman Solutions Corp. | 1.04% | 1,695,384 | $18.0M | Add +0.8% |
| MSFT Microsoft Corp. | 1.02% | 42,092 | $17.7M | Reduce -17.5% |
| CIVI Civitas Resources Inc. | 1.01% | 232,134 | $17.6M | Add +6.7% |
| TDW Tidewater Inc. | 1.01% | 190,740 | $17.5M | Add +54.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.00% | 41,604 | $17.5M | Reduce -6.3% |
| VTS Vitesse Energy Inc. | 0.99% | 730,175 | $17.3M | Add +32.2% |
| FISV Fiserv Inc. | 0.98% | 106,898 | $17.1M | Add +2.1% |
| CSWC Capital Southwest Corp. | 0.96% | 669,313 | $16.7M | Reduce -14.4% |
| PLOW Douglas Dynamics Inc. | 0.93% | 670,687 | $16.2M | Add +82.0% |
| ATEN A10 Networks Inc. | 0.93% | 1,179,988 | $16.2M | Add +0.8% |
| ALG Alamo Group Inc. | 0.91% | 69,351 | $15.8M | Add +1.3% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.88% | 125,931 | $15.4M | Add +3.9% |
| AMP Ameriprise Financial Inc. | 0.88% | 35,010 | $15.3M | Add +1.1% |
| PBPB Potbelly Corp. | 0.86% | 1,235,555 | $15.0M | Reduce -6.5% |
| CSW CSW Industrials Inc. | 0.83% | 61,510 | $14.4M | Reduce -29.7% |
| JPM JPMorgan Chase & Co. | 0.82% | 71,380 | $14.3M | Reduce -7.8% |
| DGII Digi International Inc. | 0.82% | 445,477 | $14.2M | Add +1.1% |
| ESGR Enstar Group Ltd. | 0.81% | 45,632 | $14.2M | Add +0.8% |
| OCSL Oaktree Specialty Lending Co. | 0.79% | 698,988 | $13.7M | Reduce -12.4% |
| ADUS Addus Homecare Corp. | 0.77% | 129,861 | $13.4M | Reduce -7.0% |
| ORCL Oracle Corp. | 0.76% | 106,102 | $13.3M | Reduce -5.5% |
| LEGH Legacy Housing Corp. | 0.74% | 602,873 | $13.0M | Reduce -1.8% |
| CDMO Avid Bioservices Inc. | 0.74% | 1,932,390 | $12.9M | Add +45.0% |
| BV Brightview Holdings Inc. | 0.73% | 1,067,324 | $12.7M | Reduce -18.7% |
| RILY BRC Group Holdings Inc. filed as B. RILEY FINANCIAL INC | 0.73% | 598,873 | $12.7M | Reduce -14.5% |
| TMO Thermo Fisher Scientific Inc. | 0.72% | 21,530 | $12.5M | Add +12.8% |
| DSGR Distribution Solutions Group | 0.71% | 347,827 | $12.3M | Reduce -1.8% |
| BG Bunge Global SA | 0.71% | 120,047 | $12.3M | Add +46.6% |
| TTGT Techtarget Holdings Inc. | 0.68% | 358,940 | $11.9M | Add +52.8% |
| ELV Elevance Health Inc. | 0.68% | 22,754 | $11.8M | Reduce -5.2% |
| HBIO Harvard Bioscience Inc. | 0.67% | 2,772,339 | $11.8M | Reduce -5.0% |
| BBDC Barings BDC Inc. | 0.67% | 1,260,346 | $11.7M | Reduce -18.1% |
| CLMB Climb Global Solutions Inc. | 0.66% | 162,350 | $11.5M | Reduce -0.4% |
| ACN Accenture PLC Class A | 0.65% | 32,882 | $11.4M | Reduce -6.5% |
| MTCH Match Group Inc. | 0.65% | 313,319 | $11.4M | Add +8.5% |
| RSG Republic Services Inc. | 0.65% | 59,349 | $11.4M | Reduce -17.8% |
| TRNS Transcat Inc. | 0.65% | 101,922 | $11.4M | Reduce -0.5% |
| RPRX Royalty Pharma PLC Class A | 0.64% | 368,916 | $11.2M | New |
| UFPT Ufp Technologies Inc. | 0.64% | 44,000 | $11.1M | No change |
| WM Waste Management Inc. | 0.64% | 51,928 | $11.1M | Reduce -5.5% |
| BC Brunswick Corp. | 0.63% | 112,860 | $10.9M | Reduce -4.3% |
| CVCO Cavco Industries Inc. | 0.62% | 26,981 | $10.8M | Add +12.7% |
| CVEO Civeo Corp. | 0.61% | 393,230 | $10.6M | Add +15.3% |
| HYI Western Asset High Yield Opp | 0.61% | 882,572 | $10.6M | Reduce -3.0% |
| UHAL.B U-Haul Holding Co.-Non Voting | 0.61% | 158,165 | $10.5M | Add +2.1% |
| ALTG Alta Equipment Group Inc. | 0.60% | 812,900 | $10.5M | Reduce -0.9% |
| CBH Virtus Convertible & Income | 0.60% | 1,193,490 | $10.5M | Reduce -4.3% |
| AGYS Agilysys Inc. | 0.60% | 123,530 | $10.4M | Reduce -3.2% |
| TGT Target Corp. | 0.59% | 57,630 | $10.2M | Reduce -10.7% |
| ARHS Arhaus Inc. | 0.58% | 656,316 | $10.1M | Add +0.3% |
| HCKT The Hackett Group Inc. | 0.58% | 414,468 | $10.1M | Reduce -0.1% |
| GDO Western Ast GLB Corp. Opprnty | 0.57% | 801,418 | $10.0M | Add +8.8% |
| RMT Royce Micro-Cap Trust Inc. | 0.57% | 1,056,987 | $10.0M | Reduce -3.7% |
| KMI Kinder Morgan Inc. | 0.57% | 541,527 | $9.9M | Reduce -4.1% |
| EOG EOG Resources Inc. | 0.56% | 76,774 | $9.8M | Reduce -0.6% |
| CTAS Cintas Corp. | 0.56% | 14,140 | $9.7M | Reduce -29.6% |
| ALNT Allient Inc. | 0.54% | 264,967 | $9.5M | Reduce -10.2% |
| LAUR Laureate Education Inc. | 0.54% | 648,386 | $9.4M | New |
| AMLP Alerian MLP ETF | 0.54% | 198,223 | $9.4M | Reduce -11.4% |
| DE Deere & Co. | 0.53% | 22,663 | $9.3M | Reduce -5.1% |
| PHX PHX Minerals Inc. | 0.53% | 2,727,230 | $9.3M | Reduce -0.7% |
| DEA Easterly Govt Pptys Inc. | 0.53% | 798,808 | $9.2M | Add +88.9% |
| THRM Gentherm Inc. | 0.51% | 155,324 | $8.9M | Add +0.8% |
| BXSL Blackstone Secured Lending F | 0.51% | 282,629 | $8.8M | Reduce -2.8% |
| ALOT Astronova Inc. | 0.50% | 488,531 | $8.7M | Reduce -1.5% |
| LINC Lincoln Educational Services | 0.50% | 839,950 | $8.7M | Add +50.9% |
| JNJ Johnson & Johnson | 0.50% | 54,558 | $8.6M | Reduce -22.7% |
| SKY Champion Homes Inc. filed as SKYLINE CHAMPION CORPORATION | 0.49% | 101,351 | $8.6M | Add +0.7% |
| PHLT Performant Healthcare Inc. | 0.49% | 2,885,200 | $8.5M | Add +8.4% |
| GLRE Greenlight Capital Re Ltd. Class A | 0.48% | 675,780 | $8.4M | Reduce -0.4% |
| XJPIX Nuveen Preferred Securities | 0.48% | 437,719 | $8.4M | Reduce -3.7% |
| EQC Equity Commonwealth | 0.48% | 444,785 | $8.4M | Add +174.7% |
| SHOO Steven Madden Ltd. filed as MADDEN STEVEN LTD | 0.48% | 196,568 | $8.3M | Add +0.5% |
| LQDT Liquidity Services Inc. | 0.47% | 443,124 | $8.2M | Add +2.6% |
| INFU Infusystem Holdings Inc. | 0.47% | 959,656 | $8.2M | Add +2.6% |
| DHIL Diamond Hill Investment Grp | 0.47% | 53,330 | $8.2M | Add +55.5% |
| NVEC Nve Corp. | 0.47% | 91,100 | $8.2M | Reduce -7.4% |
| CARR Carrier Global Corp. | 0.46% | 137,778 | $8.0M | Reduce -3.9% |
| MODN Model N Inc. | 0.45% | 272,537 | $7.8M | New |
Other holdings (4): bonds, preferreds, convertibles and warrants · $14.2M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| WAYFAIR INC (W 0.625 10/01/25) | NOTE 0.625%10/0 · principal | 5,480,000 | $5.1M | Reduce -0.1% |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | 4,695,000 | $4.0M | Reduce -2.3% |
| LENDINGTREE INC (TREE 0.5 07/15/25) | NOTE 0.500% 7/1 · principal | 3,600,000 | $3.3M | Reduce -0.8% |
| EQUITY COMMONWEALTH (EQC 6.5 PERP D) | 6.5% CNV PFD D | 73,170 | $1.8M | Reduce -2.2% |
Lines left out (1) · $10 — a value with no share or principal amount
| Security | Class | Shares | Value |
|---|---|---|---|
| VNQ Vanguard Real Estate ETF | REAL ESTATE ETF | 0 | $10 |
Filed with a value but no share or principal amount (a cash line, a holding rounded to 0 shares), so they are kept out of the holdings, totals and percentages.
Total filed on the 13F, all lines: $1.8B.
Portfolio Sells Q4 2023 → Q1 2024
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −1.20 |
| CION Cion Investment Corp. | Reduce -52.1% | 0.35% | −0.42 |
| PPLI People Inc. | Sold out | 0.00% | −0.42 |
| FTHY First Trust Hi YLD Opp 2027 | Reduce -43.1% | 0.41% | −0.30 |
| IVE iShares S&P 500 Value ETF | Reduce -68.2% | 0.15% | −0.29 |
| DCGO Docgo Inc. | Reduce -19.3% | 0.38% | −0.29 |
| KW Kennedy-Wilson Holdings Inc. | Reduce -27.9% | 0.27% | −0.28 |
| VOO Vanguard S&P 500 ETF | Reduce -99.4% | 0.00% | −0.25 |
| HBIO Harvard Bioscience Inc. | Reduce -5.0% | 0.67% | −0.25 |
| CSW CSW Industrials Inc. | Reduce -29.7% | 0.83% | −0.24 |
| BHB Bar Harbor Bankshares | Sold out | 0.00% | −0.24 |
| IVW iShares S&P 500 Growth ETF | Reduce -68.0% | 0.13% | −0.23 |
| PARR Par Pacific Holdings Inc. | Reduce -9.7% | 1.97% | −0.23 |
| STEW SRH Total Return Fund Inc. | Reduce -67.8% | 0.10% | −0.19 |
| LLY Eli Lilly & Co. | Sold out | 0.00% | −0.19 |
| OCSL Oaktree Specialty Lending Co. | Reduce -12.4% | 0.79% | −0.17 |
| LEGH Legacy Housing Corp. | Reduce -1.8% | 0.74% | −0.17 |
| JNJ Johnson & Johnson | Reduce -22.7% | 0.50% | −0.16 |
| CTAS Cintas Corp. | Reduce -29.6% | 0.56% | −0.16 |
| RVT Royce Small-Cap Trust Inc. | Reduce -71.6% | 0.06% | −0.15 |
| IEMG iShares Core MSCI Emerging | Reduce -67.9% | 0.07% | −0.14 |
| RILY BRC Group Holdings Inc. | Reduce -14.5% | 0.73% | −0.14 |
| CSWC Capital Southwest Corp. | Reduce -14.4% | 0.96% | −0.13 |
| AAPL Apple Inc. | Sold out | 0.00% | −0.13 |
| ACR Acres Commercial Realty Corp. | Reduce -87.2% | 0.03% | −0.12 |
| IEUR iShares Core MSCI Europe ETF | Reduce -67.8% | 0.06% | −0.12 |
| SFM Sprouts Farmers Market Inc. | Reduce -28.9% | 1.55% | −0.12 |
| MMM 3M Co. | Sold out | 0.00% | −0.12 |
| MSFT Microsoft Corp. | Reduce -17.5% | 1.02% | −0.11 |
| DLHC DLH Holdings Corp. | Reduce -2.0% | 0.44% | −0.11 |
| BBDC Barings BDC Inc. | Reduce -18.1% | 0.67% | −0.11 |
| IJS iShares S&P Small-Cap 600 Va | Reduce -68.6% | 0.05% | −0.10 |
| AGNC AGNC Investment Corp. | Reduce -18.8% | 0.41% | −0.10 |
| BWB Bridgewater Bancshares Inc. | Reduce -4.0% | 0.39% | −0.09 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Reduce -84.4% | 0.02% | −0.09 |
| NVDA Nvidia Corp. | Sold out | 0.00% | −0.08 |
| ACN Accenture PLC Class A | Reduce -6.5% | 0.65% | −0.07 |
| SPY SS SPDR S&P 500 ETF Trust-US | Sold out | 0.00% | −0.07 |
| HGBL Heritage Global Inc. | Reduce -8.4% | 0.38% | −0.07 |
| DHX Dhi Group Inc. | Reduce -16.0% | 0.29% | −0.07 |
| GOOG Alphabet Inc. Class C | Sold out | 0.00% | −0.07 |
| BRK.A Berkshire Hathaway Inc. Class A | Sold out | 0.00% | −0.06 |
| WMB Williams Cos Inc. | Reduce -23.1% | 0.32% | −0.06 |
| CELC Celcuity Inc. | Sold out | 0.00% | −0.05 |
| GSL Global Ship Lease Inc. Class A | Reduce -1.9% | 2.19% | −0.05 |
| RSG Republic Services Inc. | Reduce -17.8% | 0.65% | −0.05 |
| INTC Intel Corp. | Sold out | 0.00% | −0.05 |
| BC Brunswick Corp. | Reduce -4.3% | 0.63% | −0.05 |
| USB US Bancorp | Sold out | 0.00% | −0.05 |
| VIOO Vanguard S&P Small-Cap 600 E | Sold out | 0.00% | −0.05 |
Portfolio Buys Q4 2023 → Q1 2024
| RPRX Royalty Pharma PLC Class A | New | 0.64% | +0.64 |
| LAUR Laureate Education Inc. | New | 0.54% | +0.54 |
| TDW Tidewater Inc. | Add +54.9% | 1.01% | +0.48 |
| MODN Model N Inc. | New | 0.45% | +0.45 |
| CMCO Columbus McKinnon Corp. | Add +33.1% | 1.07% | +0.35 |
| EQC Equity Commonwealth | Add +174.7% | 0.48% | +0.30 |
| PLOW Douglas Dynamics Inc. | Add +82.0% | 0.93% | +0.28 |
| VTS Vitesse Energy Inc. | Add +32.2% | 0.99% | +0.28 |
| MDXG Mimedx Group Inc. | New | 0.28% | +0.28 |
| CALY Callaway Golf Company | Add +15.4% | 1.27% | +0.27 |
| PDX PIMCO Dynamic Income Strat | Add +19.0% | 1.57% | +0.26 |
| DIS The Walt Disney Co. | Add +3.9% | 0.88% | +0.24 |
| CDMO Avid Bioservices Inc. | Add +45.0% | 0.74% | +0.23 |
| ALEX Alexander & Baldwin Inc. | New | 0.22% | +0.22 |
| BG Bunge Global SA | Add +46.6% | 0.71% | +0.22 |
| AVNW Aviat Networks Inc. | Add +6.8% | 1.20% | +0.22 |
| WTTR Select Water Solutions Inc. | Add +0.8% | 1.23% | +0.20 |
| TTGT Techtarget Holdings Inc. | Add +52.8% | 0.68% | +0.20 |
| DEA Easterly Govt Pptys Inc. | Add +88.9% | 0.53% | +0.19 |
| LINC Lincoln Educational Services | Add +50.9% | 0.50% | +0.17 |
| FISV Fiserv Inc. | Add +2.1% | 0.98% | +0.16 |
| VRRM Verra Mobility Corp. | Add +5.2% | 1.54% | +0.15 |
| CVEO Civeo Corp. | Add +15.3% | 0.61% | +0.15 |
| DGII Digi International Inc. | Add +1.1% | 0.82% | +0.14 |
| DHIL Diamond Hill Investment Grp | Add +55.5% | 0.47% | +0.14 |
| CIVI Civitas Resources Inc. | Add +6.7% | 1.01% | +0.13 |
| CVCO Cavco Industries Inc. | Add +12.7% | 0.62% | +0.13 |
| EFC Ellington Financial Inc. | Add +22.2% | 1.33% | +0.13 |
| ARHS Arhaus Inc. | Add +0.3% | 0.58% | +0.12 |
| HLMN Hillman Solutions Corp. | Add +0.8% | 1.04% | +0.12 |
| TMO Thermo Fisher Scientific Inc. | Add +12.8% | 0.72% | +0.12 |
| AMP Ameriprise Financial Inc. | Add +1.1% | 0.88% | +0.11 |
| BRSP Brightspire Capital Inc. | Add +118.1% | 0.20% | +0.10 |
| VMD Viemed Healthcare Inc. | Add +11.5% | 0.40% | +0.09 |
| ACA Arcosa Inc. | Add +4.2% | 1.74% | +0.09 |
| TAYD Taylor Devices Inc. | Add +1.4% | 0.15% | +0.08 |
| CLFD Clearfield Inc. | New | 0.08% | +0.08 |
| GOOGL Alphabet Inc. Class A | Add +2.5% | 1.05% | +0.08 |
| T AT&T Inc. | Add +16.4% | 0.38% | +0.06 |
| ALG Alamo Group Inc. | Add +1.3% | 0.91% | +0.06 |
| SKY Champion Homes Inc. | Add +0.7% | 0.49% | +0.05 |
| IVAC Intevac Inc. | New | 0.04% | +0.04 |
| THRM Gentherm Inc. | Add +0.8% | 0.51% | +0.04 |
| LQDT Liquidity Services Inc. | Add +2.6% | 0.47% | +0.03 |
| GHM Graham Corp. | Add +21.2% | 0.08% | +0.03 |
| MTCH Match Group Inc. | Add +8.5% | 0.65% | +0.03 |
| QIPT Quipt Home Medical Corp. | Add +39.4% | 0.20% | +0.03 |
| ESGR Enstar Group Ltd. | Add +0.8% | 0.81% | +0.03 |
| GDO Western Ast GLB Corp. Opprnty | Add +8.8% | 0.57% | +0.02 |
| ATEN A10 Networks Inc. | Add +0.8% | 0.93% | +0.02 |
Notes & Other Activity Q4 2023 → Q1 2024
| WAYFAIR INC (W 0.625 10/01/25) | NOTE 0.625%10/0 · principal | Reduce -0.1% | 5,480,000 | $5.1M |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | Reduce -2.3% | 4,695,000 | $4.0M |
| LENDINGTREE INC (TREE 0.5 07/15/25) | NOTE 0.500% 7/1 · principal | Reduce -0.8% | 3,600,000 | $3.3M |
| EQUITY COMMONWEALTH (EQC 6.5 PERP D) | 6.5% CNV PFD D | Reduce -2.2% | 73,170 | $1.8M |
| VNQ Vanguard Real Estate ETF | REAL ESTATE ETF | Reduce -100.0% | 0 | $10 |
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 |