Punch & Associates Investment Management, Inc.

Name: PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. 13F holdings, Q1 2024
Creator: PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.
Published: 2024-05-15

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024

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
GRSD Grandstand Ltd. filed as GAMBLING COM GROUP LIMITED	0.44%	842,345	$7.7M	Add +2.2%
DLHC DLH Holdings Corp. filed as DLH HLDGS CORP	0.44%	574,100	$7.6M	Reduce -2.0%
SSNC Ss&c Technologies Holdings	0.43%	116,859	$7.5M	Reduce -4.3%
AGNC AGNC Investment Corp.	0.41%	717,967	$7.1M	Reduce -18.8%
SAMG Silvercrest Asset Manageme-A	0.41%	448,150	$7.1M	Add +9.8%
FTHY First Trust Hi YLD Opp 2027	0.41%	485,710	$7.1M	Reduce -43.1%
VMD Viemed Healthcare Inc.	0.40%	745,685	$7.0M	Add +11.5%
BWB Bridgewater Bancshares Inc.	0.39%	582,000	$6.8M	Reduce -4.0%
DCGO Docgo Inc.	0.38%	1,657,713	$6.7M	Reduce -19.3%
HGBL Heritage Global Inc.	0.38%	2,535,292	$6.7M	Reduce -8.4%
T AT&T Inc.	0.38%	377,874	$6.7M	Add +16.4%
NTIC Northern Technologies Intl	0.38%	491,627	$6.6M	Reduce -5.3%
CVS CVS Health Corp.	0.37%	81,246	$6.5M	Reduce -2.7%
ETSY Etsy Inc.	0.37%	93,940	$6.5M	Add +23.4%
XPEL Xpel Inc.	0.37%	118,000	$6.4M	Reduce -1.0%
CION Cion Investment Corp.	0.35%	556,213	$6.1M	Reduce -52.1%
ELMD Electromed Inc.	0.35%	374,100	$6.0M	Reduce -10.3%
WMB Williams Cos Inc.	0.32%	143,013	$5.6M	Reduce -23.1%
TTSH Tile Shop Hldgs Inc.	0.31%	772,400	$5.4M	Reduce -3.2%
BCE Bce Inc.	0.30%	153,698	$5.2M	Add +1.7%
MYFW First Western Financial Inc.	0.29%	346,915	$5.1M	Add +29.8%
DHX Dhi Group Inc.	0.29%	1,950,297	$5.0M	Reduce -16.0%
LRFC Logan Ridge Finance Corp.	0.28%	215,060	$4.8M	Reduce -7.4%
MDXG Mimedx Group Inc.	0.28%	624,180	$4.8M	New
KW Kennedy-Wilson Holdings Inc.	0.27%	543,391	$4.7M	Reduce -27.9%
LUNA Luna Innovations Inc.	0.22%	1,222,500	$3.9M	Add +3.9%
ALEX Alexander & Baldwin Inc.	0.22%	236,725	$3.9M	New
BRSP Brightspire Capital Inc.	0.20%	518,055	$3.6M	Add +118.1%
QIPT Quipt Home Medical Corp.	0.20%	811,800	$3.5M	Add +39.4%
LUMENT FINANCE TRUST INC	0.19%	1,360,562	$3.4M	Reduce -12.1%
OPXS Optex Systems Holdings Inc.	0.18%	415,692	$3.2M	Reduce -5.2%
TURN 180 Degree Capital Corp.	0.18%	734,731	$3.2M	Reduce -0.5%
QRHC Quest Resource Holding Corp.	0.18%	360,400	$3.1M	Reduce -11.3%
RFIL RF Industries Ltd. filed as RF INDS LTD	0.18%	994,084	$3.1M	Reduce -0.0%
FLXS Flexsteel Inds	0.17%	80,000	$3.0M	Reduce -55.2%
EPM Evolution Petroleum Corp.	0.16%	459,775	$2.8M	Reduce -12.2%
TAYD Taylor Devices Inc.	0.15%	51,950	$2.6M	Add +1.4%
IVE iShares S&P 500 Value ETF	0.15%	13,599	$2.5M	Reduce -68.2%
CCB Coastal Financial Corp.	0.13%	56,700	$2.2M	No change
IVW iShares S&P 500 Growth ETF	0.13%	25,914	$2.2M	Reduce -68.0%
BCIC BCP Investment Corp. filed as PORTMAN RIDGE FIN CORP	0.11%	105,220	$2.0M	No change
EPSN Epsilon Energy Ltd.	0.10%	329,355	$1.8M	Reduce -4.8%
STEW SRH Total Return Fund Inc.	0.10%	113,382	$1.7M	Reduce -67.8%
PLBC Plumas Bancorp	0.09%	43,940	$1.6M	Add +2.4%
KRT Karat Packaging Inc.	0.09%	55,400	$1.6M	No change
RSSS Research Solutions Inc.	0.08%	451,600	$1.4M	Add +7.9%
GHM Graham Corp.	0.08%	52,000	$1.4M	Add +21.2%
CLFD Clearfield Inc.	0.08%	44,000	$1.4M	New
PDEX Pro-Dex Inc.	0.08%	75,500	$1.3M	Add +2.9%
IEMG iShares Core MSCI Emerging	0.07%	22,085	$1.1M	Reduce -67.9%
ACCS Access Newswire Inc. filed as ISSUER DIRECT CORP	0.07%	88,000	$1.1M	Reduce -11.8%
IEUR iShares Core MSCI Europe ETF	0.06%	18,118	$1.0M	Reduce -67.8%
RVT Royce Small-Cap Trust Inc.	0.06%	69,074	$1.0M	Reduce -71.6%
BANX Arrowmark Financial Corp.	0.06%	54,000	$1.0M	Reduce -26.9%
UHAL U-Haul Holding Co.	0.05%	14,053	$949K	Reduce -6.8%
IJS iShares S&P Small-Cap 600 Va	0.05%	7,785	$800K	Reduce -68.6%
IVAC Intevac Inc.	0.04%	190,000	$730K	New
IWV iShares Russell 3000 ETF	0.04%	2,221	$666K	Add +20.8%
IA Innovative Solutions & Supp	0.04%	90,502	$662K	Add +105.7%
NDLS Noodles & Co.	0.03%	290,559	$555K	Reduce -27.0%
MAMA Mama's Creations Inc.	0.03%	100,000	$500K	Add +42.9%
ACR Acres Commercial Realty Corp.	0.03%	34,299	$482K	Reduce -87.2%
VBR Vngrd Mrngst SL-CP Val ETF-U	0.02%	1,503	$288K	Reduce -84.4%
NVR NVR Inc.	0.01%	25	$202K	Reduce -16.7%
VTI VG Morningstar TS MKT ETF-US	0.00%	256	$66K	Reduce -63.3%
IWM iShares Russell 2000 ETF	0.00%	140	$29K	Reduce -39.4%
AGG iShares Core U.S. Aggregate	0.00%	300	$29K	Reduce -66.1%
VOO Vanguard S&P 500 ETF	0.00%	58	$28K	Reduce -99.4%
IVV iShares Core S&P 500 ETF	0.00%	23	$12K	Reduce -91.5%
IJR iShares Core S&P Small-Cap E	0.00%	97	$11K	Reduce -83.6%
LQD Ishr Ibx Usd Invgd CB ETF-Ui	0.00%	36	$4K	Add +44.0%

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