Punch & Associates Investment Management, Inc.
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Punch & Associates Investment Management, Inc. reported 164 stock positions worth $1.8 billion. Its top holding was Stonex (SNEX) at 3.7% of the portfolio, followed by Radnet (RDNT, 2.6%) and Bluelinx (BXC, 2.2%). Compared with Q2 2024, it opened 10 new positions, sold out of 16, added to 71 and reduced 68. The biggest buy was a new position in Sila Realty Trust (SILA) and the biggest sale an exit from BRC (RILY).
- Most Recent 13F
- Q2 2026
- Location
- EDINA, MN
- CIK
- 0001238990
- Portfolio Value
- $1.8B (Q3 2024)
- SEC Filing
- 0001398344-24-020792 ↗ filed Nov 14, 2024
Holdings Value
Holdings 164 stocks · $1.8B
| SNEX Stonex Group Inc. | 3.71% | 815,611 | $66.8M | Add +0.9% |
| RDNT Radnet Inc. | 2.61% | 677,430 | $47.0M | Reduce -8.6% |
| BXC Bluelinx Holdings Inc. | 2.21% | 377,253 | $39.8M | Reduce -3.1% |
| GSL Global Ship Lease Inc. Class A | 2.02% | 1,363,704 | $36.3M | Reduce -1.6% |
| SFM Sprouts Farmers Market Inc. | 2.01% | 326,534 | $36.1M | Add +0.5% |
| ACA Arcosa Inc. | 1.89% | 359,335 | $34.1M | Add +1.4% |
| CDMO Avid Bioservices Inc. | 1.86% | 2,933,533 | $33.4M | Add +0.6% |
| GRBK Green Brick Partners Inc. | 1.79% | 385,817 | $32.2M | Reduce -14.2% |
| PDX PIMCO Dynamic Income Strat | 1.76% | 1,339,669 | $31.6M | Add +1.1% |
| VRRM Verra Mobility Corp. | 1.69% | 1,092,089 | $30.4M | Add +1.2% |
| EFC Ellington Financial Inc. | 1.55% | 2,156,546 | $27.8M | Reduce -1.3% |
| FC Franklin Covey Co. | 1.44% | 629,666 | $25.9M | Add +1.6% |
| WTTR Select Water Solutions Inc. | 1.43% | 2,310,316 | $25.7M | Reduce -0.8% |
| HSTM Healthstream Inc. | 1.38% | 860,709 | $24.8M | Add +1.0% |
| VTS Vitesse Energy Inc. | 1.27% | 950,769 | $22.8M | Add +7.7% |
| GOOGL Alphabet Inc. Class A | 1.26% | 136,692 | $22.7M | Add +11.4% |
| BLDR Builders Firstsource Inc. | 1.26% | 116,710 | $22.6M | Add +1.4% |
| LAUR Laureate Education Inc. | 1.22% | 1,321,888 | $22.0M | Add +51.8% |
| KKR KKR & Co. Inc. | 1.20% | 165,879 | $21.7M | Reduce -0.1% |
| CLMB Climb Global Solutions Inc. | 1.11% | 200,519 | $20.0M | Reduce -8.2% |
| FISV Fiserv Inc. | 1.09% | 109,259 | $19.6M | Add +1.0% |
| ATEN A10 Networks Inc. | 1.08% | 1,341,824 | $19.4M | Add +4.3% |
| UTI Universal Technical Institut | 1.06% | 1,177,000 | $19.1M | Reduce -0.6% |
| PLOW Douglas Dynamics Inc. | 1.04% | 676,956 | $18.7M | Add +0.7% |
| HLMN Hillman Solutions Corp. | 1.00% | 1,706,174 | $18.0M | Add +0.7% |
| ORCL Oracle Corp. | 1.00% | 105,719 | $18.0M | Reduce -0.8% |
| CVCO Cavco Industries Inc. | 1.00% | 42,012 | $18.0M | Add +2.5% |
| CSW CSW Industrials Inc. | 0.99% | 48,563 | $17.8M | Reduce -21.1% |
| CSWC Capital Southwest Corp. | 0.95% | 675,583 | $17.1M | Add +0.9% |
| BV Brightview Holdings Inc. | 0.94% | 1,077,250 | $17.0M | Add +0.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.94% | 36,597 | $16.8M | Reduce -12.5% |
| TDW Tidewater Inc. | 0.93% | 233,798 | $16.8M | Add +21.4% |
| AMP Ameriprise Financial Inc. | 0.93% | 35,682 | $16.8M | Add +0.8% |
| LEGH Legacy Housing Corp. | 0.92% | 603,008 | $16.5M | Reduce -1.6% |
| PARR Par Pacific Holdings Inc. | 0.90% | 917,533 | $16.1M | Add +2.0% |
| NEOG Neogen Corp. | 0.87% | 928,200 | $15.6M | Add +59.2% |
| CMCO Columbus McKinnon Corp. | 0.86% | 429,038 | $15.4M | Add +1.9% |
| MSFT Microsoft Corp. | 0.86% | 35,783 | $15.4M | Reduce -0.5% |
| SKY Champion Homes Inc. | 0.85% | 161,018 | $15.3M | Add +1.3% |
| CALY Callaway Golf Company filed as TOPGOLF CALLAWAY BRANDS CORP | 0.84% | 1,375,794 | $15.1M | Reduce -0.1% |
| ADUS Addus Homecare Corp. | 0.80% | 108,387 | $14.4M | Reduce -9.1% |
| CIVI Civitas Resources Inc. | 0.79% | 281,133 | $14.2M | Add +20.0% |
| SILA Sila Realty Trust Inc. | 0.79% | 558,366 | $14.1M | New |
| TMO Thermo Fisher Scientific Inc. | 0.77% | 22,338 | $13.8M | Add +2.0% |
| RPRX Royalty Pharma PLC Class A | 0.73% | 461,051 | $13.0M | Add +8.6% |
| BG Bunge Global SA | 0.72% | 134,606 | $13.0M | Add +10.1% |
| ALG Alamo Group Inc. | 0.71% | 70,635 | $12.7M | Add +1.5% |
| DSGR Distribution Solutions Group | 0.70% | 326,388 | $12.6M | Reduce -5.8% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.69% | 129,042 | $12.4M | Add +1.2% |
| BBDC Barings BDC Inc. | 0.69% | 1,259,431 | $12.3M | Reduce -0.2% |
| JPM JPMorgan Chase & Co. | 0.68% | 58,130 | $12.3M | Reduce -18.8% |
| UFPT Ufp Technologies Inc. | 0.68% | 38,600 | $12.2M | Reduce -3.7% |
| MTCH Match Group Inc. | 0.68% | 321,422 | $12.2M | Add +11.8% |
| AVNW Aviat Networks Inc. | 0.67% | 557,671 | $12.1M | Add +1.3% |
| RSG Republic Services Inc. | 0.67% | 59,608 | $12.0M | Reduce -0.3% |
| KMI Kinder Morgan Inc. | 0.66% | 539,183 | $11.9M | Reduce -0.9% |
| KW Kennedy-Wilson Holdings Inc. | 0.66% | 1,071,005 | $11.8M | Add +33.8% |
| ELV Elevance Health Inc. | 0.65% | 22,577 | $11.7M | Reduce -1.2% |
| UHAL.B U-Haul Holding Co.-Non Voting | 0.65% | 161,518 | $11.6M | Add +0.9% |
| ACN Accenture PLC Class A | 0.64% | 32,616 | $11.5M | Reduce -0.8% |
| CVEO Civeo Corp. | 0.63% | 415,352 | $11.4M | Add +2.8% |
| TRNS Transcat Inc. | 0.63% | 93,530 | $11.3M | Reduce -4.6% |
| DEA Easterly Govt Pptys Inc. | 0.62% | 818,690 | $11.1M | Add +0.3% |
| CARR Carrier Global Corp. | 0.62% | 137,563 | $11.1M | Reduce -0.7% |
| LINC Lincoln Educational Services | 0.61% | 923,800 | $11.0M | Reduce -0.1% |
| LQDT Liquidity Services Inc. | 0.61% | 479,020 | $10.9M | Add +2.5% |
| HYI Western Asset High Yield Opp | 0.61% | 881,648 | $10.9M | Reduce -1.2% |
| AGYS Agilysys Inc. | 0.60% | 99,640 | $10.9M | Reduce -19.3% |
| PHLT Performant Healthcare Inc. | 0.60% | 2,885,200 | $10.8M | No change |
| PBPB Potbelly Corp. | 0.60% | 1,290,355 | $10.8M | Add +3.8% |
| HCKT The Hackett Group Inc. | 0.60% | 408,711 | $10.7M | Reduce -1.3% |
| WM Waste Management Inc. | 0.60% | 51,582 | $10.7M | Reduce -1.0% |
| BRSP Brightspire Capital Inc. | 0.59% | 1,897,373 | $10.6M | Add +16.3% |
| DHIL Diamond Hill Investment Grp | 0.58% | 65,000 | $10.5M | Add +1.6% |
| RMT Royce Micro-Cap Trust Inc. | 0.58% | 1,086,464 | $10.4M | Reduce -1.5% |
| MDXG Mimedx Group Inc. | 0.57% | 1,747,524 | $10.3M | Add +52.1% |
| NPKI NPK International Inc. filed as NEWPARK RES INC | 0.54% | 1,407,100 | $9.8M | New |
| SHOO Steven Madden Ltd. filed as MADDEN STEVEN LTD | 0.54% | 197,380 | $9.7M | Add +0.4% |
| EOG EOG Resources Inc. | 0.53% | 76,842 | $9.4M | Reduce -0.5% |
| DE Deere & Co. | 0.52% | 22,549 | $9.4M | Reduce -0.9% |
| TTGT Techtarget Holdings Inc. | 0.52% | 382,498 | $9.4M | Add +5.8% |
| GRSD Grandstand Ltd. filed as GAMBLING COM GROUP LIMITED | 0.52% | 932,900 | $9.3M | Add +2.2% |
| BC Brunswick Corp. | 0.52% | 110,914 | $9.3M | Reduce -2.2% |
| RTO Rentokil Initial PLC-SP ADR | 0.51% | 366,710 | $9.1M | Add +28.0% |
| AGNC AGNC Investment Corp. | 0.50% | 858,185 | $9.0M | Add +17.8% |
| TGT Target Corp. | 0.50% | 57,501 | $9.0M | Reduce -0.9% |
| GLRE Greenlight Capital Re Ltd. Class A | 0.50% | 654,580 | $8.9M | Reduce -3.1% |
| JNJ Johnson & Johnson | 0.49% | 54,343 | $8.8M | Reduce -1.1% |
| ULTA Ulta Beauty Inc. | 0.49% | 22,578 | $8.8M | New |
| FTHY First Trust Hi YLD Opp 2027 | 0.49% | 580,521 | $8.8M | Reduce -4.4% |
| GDO Western Ast GLB Corp. Opprnty | 0.49% | 678,556 | $8.7M | Reduce -16.7% |
| ESGR Enstar Group Ltd. | 0.48% | 27,049 | $8.7M | Reduce -40.7% |
| T AT&T Inc. | 0.48% | 394,565 | $8.7M | Add +0.7% |
| BWB Bridgewater Bancshares Inc. | 0.48% | 611,212 | $8.7M | Reduce -0.6% |
| SSNC Ss&c Technologies Holdings | 0.48% | 116,628 | $8.7M | Reduce -0.6% |
| PHX PHX Minerals Inc. | 0.48% | 2,549,293 | $8.6M | Reduce -6.5% |
| CLFD Clearfield Inc. | 0.47% | 218,480 | $8.5M | Add +14.1% |
| EQC Equity Commonwealth | 0.46% | 419,383 | $8.3M | Reduce -26.4% |
| AMLP Alerian MLP ETF | 0.46% | 174,847 | $8.2M | Add +1.1% |
| ARHS Arhaus Inc. | 0.45% | 663,866 | $8.2M | Add +1.0% |
Options reported separately and not counted above: WAYFAIR INC (W 0.625 10/01/25) puts ($5.3M), TELADOC HEALTH INC (TDOC 1.25 06/01/27) puts ($4.3M), LENDINGTREE INC (TREE 0.5 07/15/25) puts ($3.3M).
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 | 75,450 | $1.9M | Add +0.9% |
Lines left out (1) · $11 — a value with no share or principal amount
| Security | Class | Shares | Value |
|---|---|---|---|
| VNQ Vanguard Real Estate ETF | REAL ESTATE ETF | 0 | $11 |
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 Q2 2024 → Q3 2024
| RILY BRC Group Holdings Inc. | Sold out | 0.00% | −0.69 |
| CBH Virtus Convertible & Income | Sold out | 0.00% | −0.63 |
| XJPIX Nuveen Preferred Securities | Sold out | 0.00% | −0.52 |
| THRM Gentherm Inc. | Sold out | 0.00% | −0.45 |
| DGII Digi International Inc. | Sold out | 0.00% | −0.41 |
| CALY Callaway Golf Company | Reduce -0.1% | 0.84% | −0.40 |
| ESGR Enstar Group Ltd. | Reduce -40.7% | 0.48% | −0.34 |
| GSL Global Ship Lease Inc. Class A | Reduce -1.6% | 2.02% | −0.33 |
| OCSL Oaktree Specialty Lending Co. | Reduce -54.6% | 0.18% | −0.31 |
| CVS CVS Health Corp. | Sold out | 0.00% | −0.28 |
| ALTG Alta Equipment Group Inc. | Reduce -62.7% | 0.10% | −0.24 |
| ALNT Allient Inc. | Reduce -23.5% | 0.23% | −0.19 |
| EQC Equity Commonwealth | Reduce -26.4% | 0.46% | −0.19 |
| JPM JPMorgan Chase & Co. | Reduce -18.8% | 0.68% | −0.17 |
| QIPT Quipt Home Medical Corp. | Sold out | 0.00% | −0.16 |
| AGYS Agilysys Inc. | Reduce -19.3% | 0.60% | −0.16 |
| HGBL Heritage Global Inc. | Reduce -0.6% | 0.24% | −0.13 |
| GDO Western Ast GLB Corp. Opprnty | Reduce -16.7% | 0.49% | −0.10 |
| DHX Dhi Group Inc. | Reduce -25.5% | 0.16% | −0.10 |
| IVE iShares S&P 500 Value ETF | Reduce -99.8% | 0.00% | −0.10 |
| IVW iShares S&P 500 Growth ETF | Sold out | 0.00% | −0.09 |
| MSFT Microsoft Corp. | Reduce -0.5% | 0.86% | −0.09 |
| CTAS Cintas Corp. | Sold out | 0.00% | −0.09 |
| ELV Elevance Health Inc. | Reduce -1.2% | 0.65% | −0.08 |
| NTIC Northern Technologies Intl | Reduce -0.9% | 0.17% | −0.08 |
| TTSH Tile Shop Hldgs Inc. | Reduce -14.8% | 0.24% | −0.07 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -12.5% | 0.94% | −0.07 |
| STEW SRH Total Return Fund Inc. | Sold out | 0.00% | −0.07 |
| TRNS Transcat Inc. | Reduce -4.6% | 0.63% | −0.06 |
| DLHC DLH Holdings Corp. | Reduce -1.2% | 0.30% | −0.06 |
| WM Waste Management Inc. | Reduce -1.0% | 0.60% | −0.06 |
| EOG EOG Resources Inc. | Reduce -0.5% | 0.53% | −0.05 |
| IEMG iShares Core MSCI Emerging | Sold out | 0.00% | −0.05 |
| PHX PHX Minerals Inc. | Reduce -6.5% | 0.48% | −0.05 |
| BCIC BCP Investment Corp. | Reduce -6.3% | 0.22% | −0.04 |
| RVT Royce Small-Cap Trust Inc. | Sold out | 0.00% | −0.04 |
| IEUR iShares Core MSCI Europe ETF | Sold out | 0.00% | −0.04 |
| WTTR Select Water Solutions Inc. | Reduce -0.8% | 1.43% | −0.04 |
| BBDC Barings BDC Inc. | Reduce -0.2% | 0.69% | −0.04 |
| UTI Universal Technical Institut | Reduce -0.6% | 1.06% | −0.03 |
| LINC Lincoln Educational Services | Reduce -0.1% | 0.61% | −0.03 |
| IJS iShares S&P Small-Cap 600 Va | Sold out | 0.00% | −0.03 |
| TURN 180 Degree Capital Corp. | Reduce -0.3% | 0.13% | −0.03 |
| GLRE Greenlight Capital Re Ltd. Class A | Reduce -3.1% | 0.50% | −0.03 |
| FTHY First Trust Hi YLD Opp 2027 | Reduce -4.4% | 0.49% | −0.02 |
| EPM Evolution Petroleum Corp. | Sold out | 0.00% | −0.02 |
| LUNA Luna Innovations Inc. | Reduce -9.5% | 0.04% | −0.02 |
| RSG Republic Services Inc. | Reduce -0.3% | 0.67% | −0.02 |
| VOO Vanguard S&P 500 ETF | Reduce -83.1% | 0.00% | −0.02 |
| BANX Arrowmark Financial Corp. | Sold out | 0.00% | −0.02 |
Portfolio Buys Q2 2024 → Q3 2024
| SILA Sila Realty Trust Inc. | New | 0.79% | +0.79 |
| CDMO Avid Bioservices Inc. | Add +0.6% | 1.86% | +0.63 |
| NPKI NPK International Inc. | New | 0.54% | +0.54 |
| ULTA Ulta Beauty Inc. | New | 0.49% | +0.49 |
| LAUR Laureate Education Inc. | Add +51.8% | 1.22% | +0.45 |
| SFM Sprouts Farmers Market Inc. | Add +0.5% | 2.01% | +0.40 |
| NEOG Neogen Corp. | Add +59.2% | 0.87% | +0.33 |
| BLDR Builders Firstsource Inc. | Add +1.4% | 1.26% | +0.32 |
| ACIC American Coastal Insurance C | New | 0.28% | +0.28 |
| SKY Champion Homes Inc. | Add +1.3% | 0.85% | +0.21 |
| DSP Viant Technology Inc. Class A | Add +87.9% | 0.42% | +0.21 |
| KW Kennedy-Wilson Holdings Inc. | Add +33.8% | 0.66% | +0.20 |
| CVCO Cavco Industries Inc. | Add +2.5% | 1.00% | +0.16 |
| MTCH Match Group Inc. | Add +11.8% | 0.68% | +0.16 |
| ACA Arcosa Inc. | Add +1.4% | 1.89% | +0.15 |
| FISV Fiserv Inc. | Add +1.0% | 1.09% | +0.14 |
| SNEX Stonex Group Inc. | Add +0.9% | 3.71% | +0.12 |
| ELMD Electromed Inc. | Add +3.1% | 0.43% | +0.12 |
| HLMN Hillman Solutions Corp. | Add +0.7% | 1.00% | +0.12 |
| PLOW Douglas Dynamics Inc. | Add +0.7% | 1.04% | +0.11 |
| MDXG Mimedx Group Inc. | Add +52.1% | 0.57% | +0.10 |
| BV Brightview Holdings Inc. | Add +0.7% | 0.94% | +0.10 |
| HCI Hci Group Inc. | New | 0.10% | +0.10 |
| AGNC AGNC Investment Corp. | Add +17.8% | 0.50% | +0.09 |
| UHAL.B U-Haul Holding Co.-Non Voting | Add +0.9% | 0.65% | +0.08 |
| GRSD Grandstand Ltd. | Add +2.2% | 0.52% | +0.08 |
| LADR Ladder Capital Corp.-REIT | Add +35.4% | 0.28% | +0.07 |
| RPRX Royalty Pharma PLC Class A | Add +8.6% | 0.73% | +0.07 |
| LQDT Liquidity Services Inc. | Add +2.5% | 0.61% | +0.06 |
| TMO Thermo Fisher Scientific Inc. | Add +2.0% | 0.77% | +0.05 |
| DHIL Diamond Hill Investment Grp | Add +1.6% | 0.58% | +0.05 |
| FC Franklin Covey Co. | Add +1.6% | 1.44% | +0.05 |
| MYFW First Western Financial Inc. | Add +2.7% | 0.39% | +0.05 |
| SHOO Steven Madden Ltd. | Add +0.4% | 0.54% | +0.05 |
| VB Vanguard Most SM-Cap ETF-Usd | New | 0.04% | +0.04 |
| BRSP Brightspire Capital Inc. | Add +16.3% | 0.59% | +0.04 |
| T AT&T Inc. | Add +0.7% | 0.48% | +0.04 |
| AMP Ameriprise Financial Inc. | Add +0.8% | 0.93% | +0.04 |
| CVEO Civeo Corp. | Add +2.8% | 0.63% | +0.04 |
| CLFD Clearfield Inc. | Add +14.1% | 0.47% | +0.04 |
| VTS Vitesse Energy Inc. | Add +7.7% | 1.27% | +0.04 |
| GHM Graham Corp. | Add +30.6% | 0.12% | +0.03 |
| ATEN A10 Networks Inc. | Add +4.3% | 1.08% | +0.03 |
| DEA Easterly Govt Pptys Inc. | Add +0.3% | 0.62% | +0.02 |
| LRFC Logan Ridge Finance Corp. | Add +2.7% | 0.32% | +0.02 |
| ALEX Alexander & Baldwin Inc. | Add +1.5% | 0.27% | +0.02 |
| IWV iShares Russell 3000 ETF | Add +41.6% | 0.07% | +0.02 |
| SAMG Silvercrest Asset Manageme-A | Add +0.3% | 0.43% | +0.02 |
| ACCS Access Newswire Inc. | Add +2.2% | 0.06% | +0.02 |
| NBN Northeast Bank | Add +27.6% | 0.05% | +0.02 |
Options Activity Q2 2024 → Q3 2024
| WAYFAIR INC (W 0.625 10/01/25) | put | Add +0.6% | 5,618,000 | $5.3M |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | put | Reduce -0.5% | 4,957,000 | $4.3M |
| LENDINGTREE INC (TREE 0.5 07/15/25) | put | Add +1.5% | 3,522,000 | $3.3M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2024 → Q3 2024
| EQUITY COMMONWEALTH (EQC 6.5 PERP D) | 6.5% CNV PFD D | Add +0.9% | 75,450 | $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 |