Punch & Associates Investment Management, Inc.
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), Punch & Associates Investment Management, Inc. reported 170 stock positions worth $1.7 billion. Its top holding was Stonex (SNEX) at 3.6% of the portfolio, followed by Radnet (RDNT, 2.6%) and Global Ship Lease Class A (GSL, 2.4%). Compared with Q1 2024, it opened 5 new positions, sold out of 6, added to 99 and reduced 50. The biggest buy was a new position in Neogen (NEOG) and the biggest sale Bluelinx (BXC, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- EDINA, MN
- CIK
- 0001238990
- Portfolio Value
- $1.7B (Q2 2024)
- SEC Filing
- 0001398344-24-014600 ↗ filed Aug 14, 2024
Holdings Value
Holdings 170 stocks · $1.7B
| SNEX Stonex Group Inc. | 3.59% | 808,541 | $60.9M | Reduce -2.7% |
| RDNT Radnet Inc. | 2.58% | 741,302 | $43.7M | Reduce -13.5% |
| GSL Global Ship Lease Inc. Class A | 2.35% | 1,386,483 | $39.9M | Reduce -26.4% |
| BXC Bluelinx Holdings Inc. | 2.14% | 389,155 | $36.2M | Reduce -0.5% |
| ACA Arcosa Inc. | 1.74% | 354,324 | $29.6M | Add +0.4% |
| PDX PIMCO Dynamic Income Strat | 1.74% | 1,324,619 | $29.5M | Add +3.0% |
| VRRM Verra Mobility Corp. | 1.73% | 1,078,669 | $29.3M | Add +0.4% |
| SFM Sprouts Farmers Market Inc. | 1.60% | 324,823 | $27.2M | Reduce -22.5% |
| EFC Ellington Financial Inc. | 1.56% | 2,183,965 | $26.4M | Add +11.5% |
| GRBK Green Brick Partners Inc. | 1.52% | 449,905 | $25.8M | Add +0.6% |
| WTTR Select Water Solutions Inc. | 1.47% | 2,328,287 | $24.9M | Reduce -0.0% |
| HSTM Healthstream Inc. | 1.40% | 852,365 | $23.8M | Reduce -1.9% |
| FC Franklin Covey Co. | 1.39% | 619,696 | $23.5M | Add +1.4% |
| PARR Par Pacific Holdings Inc. | 1.34% | 899,692 | $22.7M | Reduce -2.9% |
| GOOGL Alphabet Inc. Class A | 1.32% | 122,713 | $22.4M | Add +1.5% |
| CALY Callaway Golf Company filed as TOPGOLF CALLAWAY BRANDS CORP | 1.24% | 1,377,641 | $21.1M | Add +0.5% |
| VTS Vitesse Energy Inc. | 1.23% | 883,152 | $20.9M | Add +20.9% |
| CDMO Avid Bioservices Inc. | 1.23% | 2,917,040 | $20.8M | Add +51.0% |
| UTI Universal Technical Institut | 1.10% | 1,183,960 | $18.6M | Add +0.7% |
| TDW Tidewater Inc. | 1.08% | 192,559 | $18.3M | Add +0.9% |
| ATEN A10 Networks Inc. | 1.05% | 1,286,721 | $17.8M | Add +9.1% |
| CSWC Capital Southwest Corp. | 1.03% | 669,838 | $17.5M | Add +0.1% |
| KKR KKR & Co. Inc. | 1.03% | 166,057 | $17.5M | Reduce -14.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.00% | 41,812 | $17.0M | Add +0.5% |
| CSW CSW Industrials Inc. | 0.96% | 61,508 | $16.3M | Reduce 0.0% |
| CIVI Civitas Resources Inc. | 0.95% | 234,244 | $16.2M | Add +0.9% |
| FISV Fiserv Inc. | 0.95% | 108,173 | $16.1M | Add +1.2% |
| MSFT Microsoft Corp. | 0.95% | 35,947 | $16.1M | Reduce -14.6% |
| BLDR Builders Firstsource Inc. | 0.94% | 115,160 | $15.9M | Add +12.2% |
| AVNW Aviat Networks Inc. | 0.93% | 550,539 | $15.8M | Add +0.6% |
| PLOW Douglas Dynamics Inc. | 0.93% | 671,999 | $15.7M | Add +0.2% |
| AMP Ameriprise Financial Inc. | 0.89% | 35,402 | $15.1M | Add +1.1% |
| ORCL Oracle Corp. | 0.89% | 106,606 | $15.1M | Add +0.5% |
| HLMN Hillman Solutions Corp. | 0.88% | 1,694,055 | $15.0M | Reduce -0.1% |
| CMCO Columbus McKinnon Corp. | 0.86% | 421,069 | $14.5M | Add +0.7% |
| JPM JPMorgan Chase & Co. | 0.85% | 71,556 | $14.5M | Add +0.3% |
| BV Brightview Holdings Inc. | 0.84% | 1,069,748 | $14.2M | Add +0.2% |
| CVCO Cavco Industries Inc. | 0.84% | 40,966 | $14.2M | Add +51.8% |
| LEGH Legacy Housing Corp. | 0.83% | 613,008 | $14.1M | Add +1.7% |
| ESGR Enstar Group Ltd. | 0.82% | 45,610 | $13.9M | Reduce -0.1% |
| ADUS Addus Homecare Corp. | 0.82% | 119,182 | $13.8M | Reduce -8.2% |
| CLMB Climb Global Solutions Inc. | 0.81% | 218,312 | $13.7M | Add +34.5% |
| BG Bunge Global SA | 0.77% | 122,277 | $13.1M | Add +1.9% |
| LAUR Laureate Education Inc. | 0.77% | 870,696 | $13.0M | Add +34.3% |
| AGYS Agilysys Inc. | 0.76% | 123,530 | $12.9M | No change |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.75% | 127,483 | $12.7M | Add +1.2% |
| ELV Elevance Health Inc. | 0.73% | 22,841 | $12.4M | Add +0.4% |
| BBDC Barings BDC Inc. | 0.72% | 1,261,863 | $12.3M | Add +0.1% |
| TMO Thermo Fisher Scientific Inc. | 0.71% | 21,905 | $12.1M | Add +1.7% |
| ALG Alamo Group Inc. | 0.71% | 69,591 | $12.0M | Add +0.3% |
| TRNS Transcat Inc. | 0.69% | 98,030 | $11.7M | Reduce -3.8% |
| RILY BRC Group Holdings Inc. filed as B. RILEY FINANCIAL INC | 0.69% | 660,920 | $11.7M | Add +10.4% |
| RSG Republic Services Inc. | 0.69% | 59,796 | $11.6M | Add +0.8% |
| TTGT Techtarget Holdings Inc. | 0.67% | 361,695 | $11.3M | Add +0.8% |
| RPRX Royalty Pharma PLC Class A | 0.66% | 424,541 | $11.2M | Add +15.1% |
| ARHS Arhaus Inc. | 0.66% | 657,155 | $11.1M | Add +0.1% |
| WM Waste Management Inc. | 0.66% | 52,090 | $11.1M | Add +0.3% |
| EQC Equity Commonwealth | 0.65% | 569,647 | $11.1M | Add +28.1% |
| LINC Lincoln Educational Services | 0.65% | 924,526 | $11.0M | Add +10.1% |
| KMI Kinder Morgan Inc. | 0.64% | 544,000 | $10.8M | Add +0.5% |
| SKY Champion Homes Inc. filed as SKYLINE CHAMPION CORPORATION | 0.64% | 158,997 | $10.8M | Add +56.9% |
| CBH Virtus Convertible & Income | 0.63% | 1,188,298 | $10.7M | Reduce -0.4% |
| UFPT Ufp Technologies Inc. | 0.62% | 40,100 | $10.6M | Reduce -8.9% |
| DSGR Distribution Solutions Group | 0.61% | 346,358 | $10.4M | Reduce -0.4% |
| HYI Western Asset High Yield Opp | 0.61% | 892,164 | $10.3M | Add +1.1% |
| RMT Royce Micro-Cap Trust Inc. | 0.60% | 1,102,614 | $10.1M | Add +4.3% |
| DEA Easterly Govt Pptys Inc. | 0.60% | 816,207 | $10.1M | Add +2.2% |
| CVEO Civeo Corp. | 0.59% | 404,030 | $10.1M | Add +2.8% |
| PBPB Potbelly Corp. | 0.59% | 1,243,130 | $10.0M | Add +0.6% |
| ACN Accenture PLC Class A | 0.59% | 32,882 | $10.0M | No change |
| GDO Western Ast GLB Corp. Opprnty | 0.59% | 814,268 | $9.9M | Add +1.6% |
| EOG EOG Resources Inc. | 0.57% | 77,263 | $9.7M | Add +0.6% |
| UHAL.B U-Haul Holding Co.-Non Voting | 0.57% | 160,076 | $9.6M | Add +1.2% |
| LQDT Liquidity Services Inc. | 0.55% | 467,524 | $9.3M | Add +5.5% |
| BRSP Brightspire Capital Inc. | 0.55% | 1,631,030 | $9.3M | Add +214.8% |
| NEOG Neogen Corp. | 0.54% | 583,193 | $9.1M | New |
| DHIL Diamond Hill Investment Grp | 0.53% | 63,984 | $9.0M | Add +20.0% |
| HCKT The Hackett Group Inc. | 0.53% | 413,939 | $9.0M | Reduce -0.1% |
| PHX PHX Minerals Inc. | 0.52% | 2,727,230 | $8.9M | No change |
| GLRE Greenlight Capital Re Ltd. Class A | 0.52% | 675,780 | $8.9M | No change |
| XJPIX Nuveen Preferred Securities | 0.52% | 450,411 | $8.8M | Add +2.9% |
| MTCH Match Group Inc. | 0.52% | 287,533 | $8.7M | Reduce -8.2% |
| CARR Carrier Global Corp. | 0.52% | 138,469 | $8.7M | Add +0.5% |
| FTHY First Trust Hi YLD Opp 2027 | 0.51% | 607,187 | $8.7M | Add +25.0% |
| TGT Target Corp. | 0.51% | 58,038 | $8.6M | Add +0.7% |
| DE Deere & Co. | 0.50% | 22,745 | $8.5M | Add +0.4% |
| RTO Rentokil Initial PLC-SP ADR | 0.50% | 286,545 | $8.5M | New |
| PHLT Performant Healthcare Inc. | 0.49% | 2,885,200 | $8.4M | No change |
| SHOO Steven Madden Ltd. filed as MADDEN STEVEN LTD | 0.49% | 196,583 | $8.3M | Add +0.0% |
| AMLP Alerian MLP ETF | 0.49% | 173,013 | $8.3M | Reduce -12.7% |
| BC Brunswick Corp. | 0.49% | 113,436 | $8.3M | Add +0.5% |
| OCSL Oaktree Specialty Lending Co. | 0.49% | 437,698 | $8.2M | Reduce -37.4% |
| BXSL Blackstone Secured Lending F | 0.48% | 267,937 | $8.2M | Reduce -5.2% |
| JNJ Johnson & Johnson | 0.47% | 54,967 | $8.0M | Add +0.8% |
| MDXG Mimedx Group Inc. | 0.47% | 1,149,094 | $8.0M | Add +84.1% |
| HBIO Harvard Bioscience Inc. | 0.47% | 2,772,339 | $7.9M | No change |
| KW Kennedy-Wilson Holdings Inc. | 0.46% | 800,320 | $7.8M | Add +47.3% |
| THRM Gentherm Inc. | 0.45% | 154,782 | $7.6M | Reduce -0.3% |
| ALOT Astronova Inc. | 0.45% | 488,531 | $7.5M | No change |
| GRSD Grandstand Ltd. filed as GAMBLING COM GROUP LIMITED | 0.44% | 913,095 | $7.5M | Add +8.4% |
Options reported separately and not counted above: WAYFAIR INC (W 0.625 10/01/25) puts ($5.2M), TELADOC HEALTH INC (TDOC 1.25 06/01/27) puts ($4.1M), LENDINGTREE INC (TREE 0.5 07/15/25) puts ($3.2M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $1.9M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| EQUITY COMMONWEALTH (EQC 6.5 PERP D) | 6.5% CNV PFD D | 74,795 | $1.9M | Add +2.2% |
Lines left out (1) · $9 — a value with no share or principal amount
| Security | Class | Shares | Value |
|---|---|---|---|
| VNQ Vanguard Real Estate ETF | REAL ESTATE ETF | 0 | $9 |
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: $1.7B.
Portfolio Sells Q1 2024 → Q2 2024
| BXC Bluelinx Holdings Inc. | Reduce -0.5% | 2.14% | −0.79 |
| PARR Par Pacific Holdings Inc. | Reduce -2.9% | 1.34% | −0.63 |
| CTAS Cintas Corp. | Reduce -85.4% | 0.09% | −0.47 |
| MODN Model N Inc. | Sold out | 0.00% | −0.45 |
| DGII Digi International Inc. | Reduce -31.3% | 0.41% | −0.40 |
| CION Cion Investment Corp. | Sold out | 0.00% | −0.35 |
| WMB Williams Cos Inc. | Sold out | 0.00% | −0.32 |
| OCSL Oaktree Specialty Lending Co. | Reduce -37.4% | 0.49% | −0.30 |
| ALTG Alta Equipment Group Inc. | Reduce -10.4% | 0.35% | −0.26 |
| LUNA Luna Innovations Inc. | Reduce -74.2% | 0.06% | −0.17 |
| XPEL Xpel Inc. | Reduce -15.1% | 0.21% | −0.16 |
| HLMN Hillman Solutions Corp. | Reduce -0.1% | 0.88% | −0.15 |
| EPM Evolution Petroleum Corp. | Reduce -84.1% | 0.02% | −0.14 |
| MTCH Match Group Inc. | Reduce -8.2% | 0.52% | −0.14 |
| NTIC Northern Technologies Intl | Reduce -48.7% | 0.25% | −0.13 |
| DSGR Distribution Solutions Group | Reduce -0.4% | 0.61% | −0.10 |
| KKR KKR & Co. Inc. | Reduce -14.0% | 1.03% | −0.08 |
| MSFT Microsoft Corp. | Reduce -14.6% | 0.95% | −0.07 |
| THRM Gentherm Inc. | Reduce -0.3% | 0.45% | −0.06 |
| AMLP Alerian MLP ETF | Reduce -12.7% | 0.49% | −0.05 |
| IVE iShares S&P 500 Value ETF | Reduce -33.8% | 0.10% | −0.05 |
| HCKT The Hackett Group Inc. | Reduce -0.1% | 0.53% | −0.05 |
| BANX Arrowmark Financial Corp. | Reduce -70.7% | 0.02% | −0.04 |
| ELMD Electromed Inc. | Reduce -6.6% | 0.31% | −0.04 |
| STEW SRH Total Return Fund Inc. | Reduce -33.1% | 0.07% | −0.03 |
| IVW iShares S&P 500 Growth ETF | Reduce -34.1% | 0.09% | −0.03 |
| NDLS Noodles & Co. | Sold out | 0.00% | −0.03 |
| ACR Acres Commercial Realty Corp. | Sold out | 0.00% | −0.03 |
| BXSL Blackstone Secured Lending F | Reduce -5.2% | 0.48% | −0.02 |
| TURN 180 Degree Capital Corp. | Reduce -2.5% | 0.16% | −0.02 |
| IEUR iShares Core MSCI Europe ETF | Reduce -33.6% | 0.04% | −0.02 |
| IEMG iShares Core MSCI Emerging | Reduce -33.7% | 0.05% | −0.02 |
| RVT Royce Small-Cap Trust Inc. | Reduce -29.5% | 0.04% | −0.02 |
| IJS iShares S&P Small-Cap 600 Va | Reduce -36.4% | 0.03% | −0.02 |
| UFPT Ufp Technologies Inc. | Reduce -8.9% | 0.62% | −0.01 |
| TAYD Taylor Devices Inc. | Reduce -1.3% | 0.14% | −0.01 |
| NVR NVR Inc. | Sold out | 0.00% | −0.01 |
| OPXS Optex Systems Holdings Inc. | Reduce -1.4% | 0.17% | −0.01 |
| UHAL U-Haul Holding Co. | Reduce -0.8% | 0.05% | −0.00 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Reduce -14.5% | 0.01% | −0.00 |
| TTSH Tile Shop Hldgs Inc. | Reduce -1.3% | 0.31% | +0.00 |
| QRHC Quest Resource Holding Corp. | Reduce -5.0% | 0.18% | +0.00 |
| EPSN Epsilon Energy Ltd. | Reduce -0.0% | 0.11% | +0.00 |
| KRT Karat Packaging Inc. | Reduce -3.4% | 0.09% | +0.00 |
| ESGR Enstar Group Ltd. | Reduce -0.1% | 0.82% | +0.01 |
| CBH Virtus Convertible & Income | Reduce -0.4% | 0.63% | +0.03 |
| TRNS Transcat Inc. | Reduce -3.8% | 0.69% | +0.04 |
| ADUS Addus Homecare Corp. | Reduce -8.2% | 0.82% | +0.05 |
| MYFW First Western Financial Inc. | Reduce -2.3% | 0.34% | +0.05 |
| SFM Sprouts Farmers Market Inc. | Reduce -22.5% | 1.60% | +0.05 |
Portfolio Buys Q1 2024 → Q2 2024
| NEOG Neogen Corp. | New | 0.54% | +0.54 |
| RTO Rentokil Initial PLC-SP ADR | New | 0.50% | +0.50 |
| CDMO Avid Bioservices Inc. | Add +51.0% | 1.23% | +0.49 |
| CLFD Clearfield Inc. | Add +335.2% | 0.44% | +0.36 |
| BRSP Brightspire Capital Inc. | Add +214.8% | 0.55% | +0.34 |
| GOOGL Alphabet Inc. Class A | Add +1.5% | 1.32% | +0.27 |
| VTS Vitesse Energy Inc. | Add +20.9% | 1.23% | +0.24 |
| EFC Ellington Financial Inc. | Add +11.5% | 1.56% | +0.23 |
| LAUR Laureate Education Inc. | Add +34.3% | 0.77% | +0.23 |
| CVCO Cavco Industries Inc. | Add +51.8% | 0.84% | +0.22 |
| LADR Ladder Capital Corp.-REIT | New | 0.21% | +0.21 |
| DSP Viant Technology Inc. Class A | New | 0.21% | +0.21 |
| MDXG Mimedx Group Inc. | Add +84.1% | 0.47% | +0.19 |
| KW Kennedy-Wilson Holdings Inc. | Add +47.3% | 0.46% | +0.19 |
| VRRM Verra Mobility Corp. | Add +0.4% | 1.73% | +0.19 |
| PDX PIMCO Dynamic Income Strat | Add +3.0% | 1.74% | +0.18 |
| EQC Equity Commonwealth | Add +28.1% | 0.65% | +0.17 |
| LINC Lincoln Educational Services | Add +10.1% | 0.65% | +0.15 |
| CLMB Climb Global Solutions Inc. | Add +34.5% | 0.81% | +0.15 |
| BCIC BCP Investment Corp. | Add +114.0% | 0.26% | +0.15 |
| SKY Champion Homes Inc. | Add +56.9% | 0.64% | +0.14 |
| ATEN A10 Networks Inc. | Add +9.1% | 1.05% | +0.12 |
| ORCL Oracle Corp. | Add +0.5% | 0.89% | +0.12 |
| BV Brightview Holdings Inc. | Add +0.2% | 0.84% | +0.11 |
| FTHY First Trust Hi YLD Opp 2027 | Add +25.0% | 0.51% | +0.11 |
| LEGH Legacy Housing Corp. | Add +1.7% | 0.83% | +0.09 |
| LQDT Liquidity Services Inc. | Add +5.5% | 0.55% | +0.08 |
| ARHS Arhaus Inc. | Add +0.1% | 0.66% | +0.08 |
| TDW Tidewater Inc. | Add +0.9% | 1.08% | +0.07 |
| CSWC Capital Southwest Corp. | Add +0.1% | 1.03% | +0.07 |
| DEA Easterly Govt Pptys Inc. | Add +2.2% | 0.60% | +0.07 |
| KMI Kinder Morgan Inc. | Add +0.5% | 0.64% | +0.07 |
| BG Bunge Global SA | Add +1.9% | 0.77% | +0.06 |
| T AT&T Inc. | Add +3.6% | 0.44% | +0.06 |
| DHIL Diamond Hill Investment Grp | Add +20.0% | 0.53% | +0.06 |
| CARR Carrier Global Corp. | Add +0.5% | 0.52% | +0.06 |
| ELV Elevance Health Inc. | Add +0.4% | 0.73% | +0.05 |
| BBDC Barings BDC Inc. | Add +0.1% | 0.72% | +0.05 |
| RSG Republic Services Inc. | Add +0.8% | 0.69% | +0.03 |
| XJPIX Nuveen Preferred Securities | Add +2.9% | 0.52% | +0.03 |
| JPM JPMorgan Chase & Co. | Add +0.3% | 0.85% | +0.03 |
| BWB Bridgewater Bancshares Inc. | Add +5.7% | 0.42% | +0.03 |
| NBN Northeast Bank | New | 0.03% | +0.03 |
| RFIL RF Industries Ltd. | Add +0.4% | 0.21% | +0.03 |
| ALEX Alexander & Baldwin Inc. | Add +5.0% | 0.25% | +0.03 |
| RMT Royce Micro-Cap Trust Inc. | Add +4.3% | 0.60% | +0.02 |
| UTI Universal Technical Institut | Add +0.7% | 1.10% | +0.02 |
| MAMA Mama's Creations Inc. | Add +29.3% | 0.05% | +0.02 |
| WM Waste Management Inc. | Add +0.3% | 0.66% | +0.02 |
| VOO Vanguard S&P 500 ETF | Add +1155.2% | 0.02% | +0.02 |
Options Activity Q1 2024 → Q2 2024
| WAYFAIR INC (W 0.625 10/01/25) | put | New | 5,585,000 | $5.2M |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | put | New | 4,980,000 | $4.1M |
| LENDINGTREE INC (TREE 0.5 07/15/25) | put | New | 3,470,000 | $3.2M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2024 → Q2 2024
| WAYFAIR INC (W 0.625 10/01/25) | NOTE 0.625%10/0 · principal | Sold out | 5,480,000 | $5.1Mbefore exit |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | Sold out | 4,695,000 | $4.0Mbefore exit |
| LENDINGTREE INC (TREE 0.5 07/15/25) | NOTE 0.500% 7/1 · principal | Sold out | 3,600,000 | $3.3Mbefore exit |
| EQUITY COMMONWEALTH (EQC 6.5 PERP D) | 6.5% CNV PFD D | Add +2.2% | 74,795 | $1.9M |
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 |