Punch & Associates Investment Management, Inc.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Punch & Associates Investment Management, Inc. reported 159 stock positions worth $1.5 billion. Its top holding was Stonex (SNEX) at 4.3% of the portfolio, followed by Radnet (RDNT, 2.3%) and PIMCO Dynamic Income Strat (PDX, 2.0%). Compared with Q4 2024, it opened 9 new positions, sold out of 13, added to 55 and reduced 86. The biggest buy was Artisan Partners Asset Ma -A (APAM, shares +3363%) and the biggest sale an exit from Avid Bioservices (CDMO).
- Most Recent 13F
- Q2 2026
- Location
- EDINA, MN
- CIK
- 0001238990
- Portfolio Value
- $1.5B (Q1 2025)
- SEC Filing
- 0001398344-25-009452 ↗ filed May 15, 2025
Holdings Value
Holdings 159 stocks · $1.5B
| SNEX Stonex Group Inc. | 4.29% | 843,524 | $64.4M | Reduce -27.5% |
| RDNT Radnet Inc. | 2.30% | 694,243 | $34.5M | Add +4.4% |
| PDX PIMCO Dynamic Income Strat | 2.05% | 1,255,780 | $30.8M | Reduce -1.5% |
| LAUR Laureate Education Inc. | 2.03% | 1,489,257 | $30.5M | Add +5.2% |
| SFM Sprouts Farmers Market Inc. | 1.93% | 189,863 | $29.0M | Reduce -34.5% |
| SILA Sila Realty Trust Inc. | 1.89% | 1,064,088 | $28.4M | Add +14.5% |
| ACA Arcosa Inc. | 1.85% | 361,582 | $27.9M | Add +2.8% |
| UTI Universal Technical Institut | 1.85% | 1,085,072 | $27.9M | Reduce -31.9% |
| GSL Global Ship Lease Inc. Class A | 1.82% | 1,196,892 | $27.3M | Reduce -14.1% |
| VRRM Verra Mobility Corp. | 1.68% | 1,121,731 | $25.3M | Add +2.4% |
| VTS Vitesse Energy Inc. | 1.67% | 1,020,442 | $25.1M | Reduce -8.2% |
| BXC Bluelinx Holdings Inc. | 1.62% | 324,985 | $24.4M | Reduce -14.0% |
| GRBK Green Brick Partners Inc. | 1.51% | 389,910 | $22.7M | Add +1.9% |
| ATEN A10 Networks Inc. | 1.48% | 1,362,331 | $22.3M | Add +2.0% |
| CVCO Cavco Industries Inc. | 1.47% | 42,522 | $22.1M | Add +1.5% |
| GOOGL Alphabet Inc. Class A | 1.38% | 134,299 | $20.8M | Reduce -0.9% |
| HSTM Healthstream Inc. | 1.31% | 613,971 | $19.8M | Reduce -22.7% |
| FISV Fiserv Inc. | 1.26% | 85,885 | $19.0M | Reduce -20.4% |
| WTTR Select Water Solutions Inc. | 1.23% | 1,765,582 | $18.5M | Reduce -13.3% |
| RPRX Royalty Pharma PLC Class A | 1.19% | 573,603 | $17.9M | Add +21.5% |
| KKR KKR & Co. Inc. | 1.17% | 152,777 | $17.7M | Reduce -6.8% |
| APAM Artisan Partners Asset Ma -A | 1.14% | 437,067 | $17.1M | Add +3362.7% |
| FIBK First Interstate Bancsys-A | 1.12% | 588,427 | $16.9M | Add +150.3% |
| FC Franklin Covey Co. | 1.08% | 586,071 | $16.2M | Reduce -13.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.05% | 29,546 | $15.7M | Reduce -18.5% |
| SKY Champion Homes Inc. | 1.03% | 163,635 | $15.5M | Add +2.0% |
| CSWC Capital Southwest Corp. | 1.02% | 686,513 | $15.3M | Add +2.1% |
| BLDR Builders Firstsource Inc. | 1.02% | 122,462 | $15.3M | Add +5.9% |
| HLMN Hillman Solutions Corp. | 1.01% | 1,730,251 | $15.2M | Add +1.7% |
| CLMB Climb Global Solutions Inc. | 0.96% | 130,250 | $14.4M | Reduce -30.9% |
| CSW CSW Industrials Inc. | 0.95% | 48,833 | $14.2M | Add +3.3% |
| TDW Tidewater Inc. | 0.95% | 336,282 | $14.2M | Add +4.4% |
| PLOW Douglas Dynamics Inc. | 0.94% | 608,664 | $14.1M | Reduce -16.5% |
| JPM JPMorgan Chase & Co. | 0.93% | 57,239 | $14.0M | Reduce -0.2% |
| BG Bunge Global SA | 0.93% | 182,934 | $14.0M | Add +87.3% |
| BV Brightview Holdings Inc. | 0.93% | 1,086,366 | $13.9M | Add +2.0% |
| EFC Ellington Financial Inc. | 0.91% | 1,031,915 | $13.7M | Reduce -44.4% |
| MDXG Mimedx Group Inc. | 0.88% | 1,738,678 | $13.2M | Add +0.7% |
| RTO Rentokil Initial PLC-SP ADR | 0.88% | 576,890 | $13.2M | Add +1.6% |
| MSFT Microsoft Corp. | 0.88% | 35,103 | $13.2M | Reduce -1.9% |
| MELI MercadoLibre Inc. | 0.87% | 6,722 | $13.1M | New |
| PSMT Pricesmart Inc. | 0.87% | 149,222 | $13.1M | New |
| TMO Thermo Fisher Scientific Inc. | 0.87% | 26,292 | $13.1M | Add +18.7% |
| ALG Alamo Group Inc. | 0.85% | 71,964 | $12.8M | Add +2.1% |
| AMP Ameriprise Financial Inc. | 0.84% | 26,159 | $12.7M | Reduce -0.4% |
| ORCL Oracle Corp. | 0.84% | 90,037 | $12.6M | Add +0.5% |
| SPNT Siriuspoint Ltd. | 0.83% | 724,110 | $12.5M | New |
| DSP Viant Technology Inc. Class A | 0.82% | 989,771 | $12.3M | Add +37.0% |
| IQV Iqvia Holdings Inc. | 0.81% | 68,765 | $12.1M | Add +16.6% |
| PARR Par Pacific Holdings Inc. | 0.80% | 848,290 | $12.1M | Reduce -8.9% |
| HCKT The Hackett Group Inc. | 0.80% | 410,741 | $12.0M | Add +1.6% |
| RSG Republic Services Inc. | 0.80% | 49,542 | $12.0M | Reduce -16.1% |
| KMI Kinder Morgan Inc. | 0.77% | 406,263 | $11.6M | Reduce -23.8% |
| ULTA Ulta Beauty Inc. | 0.77% | 31,559 | $11.6M | Add +18.5% |
| IIIV I3 Verticals Inc. Class A | 0.75% | 454,272 | $11.2M | New |
| KW Kennedy-Wilson Holdings Inc. | 0.75% | 1,291,042 | $11.2M | Add +2.6% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.73% | 110,576 | $10.9M | Reduce -13.6% |
| ADUS Addus Homecare Corp. | 0.73% | 110,286 | $10.9M | Add +2.1% |
| NEOG Neogen Corp. | 0.71% | 1,224,898 | $10.6M | Add +4.6% |
| LEGH Legacy Housing Corp. | 0.70% | 419,520 | $10.6M | Reduce -34.3% |
| DE Deere & Co. | 0.69% | 22,223 | $10.4M | Reduce -0.7% |
| BRSP Brightspire Capital Inc. | 0.68% | 1,836,035 | $10.2M | Reduce -17.6% |
| CIVI Civitas Resources Inc. | 0.66% | 286,014 | $10.0M | Add +17.7% |
| ACN Accenture PLC Class A | 0.66% | 31,906 | $10.0M | Reduce -0.4% |
| WM Waste Management Inc. | 0.66% | 42,811 | $9.9M | Reduce -16.0% |
| MTCH Match Group Inc. | 0.65% | 314,094 | $9.8M | Add +0.3% |
| EOG EOG Resources Inc. | 0.65% | 75,854 | $9.7M | Add +0.8% |
| ELV Elevance Health Inc. | 0.64% | 22,233 | $9.7M | Reduce -0.7% |
| SSNC Ss&c Technologies Holdings | 0.64% | 114,572 | $9.6M | Reduce -0.8% |
| HYI Western Asset High Yield Opp | 0.64% | 806,469 | $9.5M | Reduce -2.6% |
| LQDT Liquidity Services Inc. | 0.63% | 303,358 | $9.4M | Reduce -39.1% |
| ARHS Arhaus Inc. | 0.62% | 1,079,256 | $9.4M | Add +3.2% |
| JNJ Johnson & Johnson | 0.59% | 53,749 | $8.9M | Reduce -0.3% |
| TGT Target Corp. | 0.58% | 84,190 | $8.8M | Add +48.1% |
| T AT&T Inc. | 0.58% | 309,417 | $8.8M | Reduce -16.9% |
| SHOO Steven Madden Ltd. filed as MADDEN STEVEN LTD | 0.58% | 327,422 | $8.7M | Add +67.8% |
| AGNC AGNC Investment Corp. | 0.57% | 896,626 | $8.6M | Reduce -1.1% |
| CARR Carrier Global Corp. | 0.57% | 135,158 | $8.6M | Reduce -0.5% |
| FTHY First Trust Hi YLD Opp 2027 | 0.53% | 555,898 | $8.0M | Reduce -1.7% |
| GLRE Greenlight Capital Re Ltd. Class A | 0.53% | 588,464 | $8.0M | Reduce -8.1% |
| PBPB Potbelly Corp. | 0.53% | 837,355 | $8.0M | Reduce -35.0% |
| LINC Lincoln Educational Services | 0.52% | 488,800 | $7.8M | Reduce -43.0% |
| AMLP Alerian MLP ETF | 0.50% | 144,436 | $7.5M | Reduce -16.4% |
| GRSD Grandstand Ltd. filed as GAMBLING COM GROUP LIMITED | 0.49% | 580,900 | $7.3M | Reduce -39.1% |
| BXMT Blackstone Mortgage Tru Class A | 0.49% | 365,164 | $7.3M | Add +18.7% |
| TTGT Techtarget Inc. | 0.47% | 477,370 | $7.1M | Add +2.4% |
| NPKI NPK International Inc. | 0.47% | 1,207,100 | $7.0M | Reduce -27.0% |
| LADR Ladder Capital Corp.-REIT | 0.47% | 614,505 | $7.0M | Reduce -0.8% |
| LZ Legalzoomcom Inc. | 0.46% | 801,080 | $6.9M | New |
| CVEO Civeo Corp. | 0.42% | 273,470 | $6.3M | Reduce -37.0% |
| PHX PHX Minerals Inc. | 0.42% | 1,582,234 | $6.2M | Reduce -35.3% |
| RSSS Research Solutions Inc. | 0.41% | 2,367,771 | $6.2M | Add +1.6% |
| PHLT Performant Healthcare Inc. | 0.41% | 2,062,100 | $6.1M | Reduce -29.9% |
| DCGO Docgo Inc. | 0.39% | 2,201,667 | $5.8M | Add +17.4% |
| DHIL Diamond Hill Investment Grp | 0.38% | 39,955 | $5.7M | Reduce -42.0% |
| HGBL Heritage Global Inc. | 0.36% | 2,454,467 | $5.4M | Reduce -1.9% |
| BWB Bridgewater Bancshares Inc. | 0.35% | 382,500 | $5.3M | Reduce -39.8% |
| ACIC American Coastal Insurance C | 0.35% | 455,400 | $5.3M | Reduce -17.4% |
| CLFD Clearfield Inc. | 0.35% | 177,000 | $5.3M | Reduce -30.9% |
| RMT Royce Micro-Cap Trust Inc. | 0.34% | 610,323 | $5.1M | Reduce -43.8% |
Other holdings (5): bonds, preferreds, convertibles and warrants · $22.7M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | 104,265 | $6.2M | Reduce -1.0% |
| WAYFAIR INC (W 0.625 10/01/25) | NOTE 0.625%10/0 · principal | 5,563,000 | $5.4M | Reduce -0.5% |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | 5,032,000 | $4.6M | Reduce -0.9% |
| LENDINGTREE INC (TREE 0.5 07/15/25) | NOTE 0.500% 7/1 · principal | 3,637,000 | $3.6M | Reduce -0.1% |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | 58,595 | $2.9M | New |
Total filed on the 13F, all lines: $1.5B.
Portfolio Sells Q4 2024 → Q1 2025
| CDMO Avid Bioservices Inc. | Sold out | 0.00% | −1.97 |
| CMCO Columbus McKinnon Corp. | Sold out | 0.00% | −0.88 |
| BBDC Barings BDC Inc. | Sold out | 0.00% | −0.64 |
| DEA Easterly Govt Pptys Inc. | Sold out | 0.00% | −0.54 |
| CALY Callaway Golf Company | Sold out | 0.00% | −0.54 |
| BXC Bluelinx Holdings Inc. | Reduce -14.0% | 1.62% | −0.51 |
| AGYS Agilysys Inc. | Reduce -38.5% | 0.30% | −0.43 |
| UTI Universal Technical Institut | Reduce -31.9% | 1.85% | −0.41 |
| CLMB Climb Global Solutions Inc. | Reduce -30.9% | 0.96% | −0.36 |
| FC Franklin Covey Co. | Reduce -13.7% | 1.08% | −0.33 |
| EFC Ellington Financial Inc. | Reduce -44.4% | 0.91% | −0.33 |
| HBIO Harvard Bioscience Inc. | Reduce -99.1% | 0.00% | −0.32 |
| UHAL.B U-Haul Holding Co.-Non Voting | Sold out | 0.00% | −0.31 |
| LQDT Liquidity Services Inc. | Reduce -39.1% | 0.63% | −0.26 |
| TRNS Transcat Inc. | Reduce -38.5% | 0.28% | −0.26 |
| WTTR Select Water Solutions Inc. | Reduce -13.3% | 1.23% | −0.26 |
| GRSD Grandstand Ltd. | Reduce -39.1% | 0.49% | −0.25 |
| ADM Archer-Daniels-Midland Co. | Sold out | 0.00% | −0.25 |
| RMT Royce Micro-Cap Trust Inc. | Reduce -43.8% | 0.34% | −0.24 |
| NPKI NPK International Inc. | Reduce -27.0% | 0.47% | −0.23 |
| LINC Lincoln Educational Services | Reduce -43.0% | 0.52% | −0.23 |
| INFU Infusystem Holdings Inc. | Reduce -36.0% | 0.22% | −0.23 |
| DSGR Distribution Solutions Group | Reduce -45.8% | 0.25% | −0.22 |
| DHIL Diamond Hill Investment Grp | Reduce -42.0% | 0.38% | −0.21 |
| UFPT Ufp Technologies Inc. | Reduce -39.0% | 0.30% | −0.20 |
| SAMG Silvercrest Asset Manageme-A | Reduce -46.7% | 0.25% | −0.19 |
| CCB Coastal Financial Corp. | Sold out | 0.00% | −0.18 |
| NVEC Nve Corp. | Reduce -40.5% | 0.23% | −0.18 |
| ELMD Electromed Inc. | Reduce -39.6% | 0.26% | −0.18 |
| DLHC DLH Holdings Corp. | Reduce -49.6% | 0.08% | −0.17 |
| BCIC BCP Investment Corp. | Sold out | 0.00% | −0.17 |
| LEGH Legacy Housing Corp. | Reduce -34.3% | 0.70% | −0.17 |
| KKR KKR & Co. Inc. | Reduce -6.8% | 1.17% | −0.16 |
| BXSL Blackstone Secured Lending F | Reduce -42.7% | 0.33% | −0.15 |
| PBPB Potbelly Corp. | Reduce -35.0% | 0.53% | −0.14 |
| ALOT Astronova Inc. | Reduce -37.7% | 0.18% | −0.14 |
| XPEL Xpel Inc. | Reduce -58.1% | 0.08% | −0.13 |
| CVEO Civeo Corp. | Reduce -37.0% | 0.42% | −0.13 |
| AVNW Aviat Networks Inc. | Reduce -46.2% | 0.27% | −0.12 |
| PHX PHX Minerals Inc. | Reduce -35.3% | 0.42% | −0.12 |
| BWB Bridgewater Bancshares Inc. | Reduce -39.8% | 0.35% | −0.12 |
| NTIC Northern Technologies Intl | Reduce -60.6% | 0.07% | −0.12 |
| MYFW First Western Financial Inc. | Reduce -40.8% | 0.28% | −0.11 |
| ALNT Allient Inc. | Reduce -43.3% | 0.17% | −0.11 |
| SFM Sprouts Farmers Market Inc. | Reduce -34.5% | 1.93% | −0.10 |
| FLXS Flexsteel Inds | Reduce -35.7% | 0.10% | −0.10 |
| VMD Viemed Healthcare Inc. | Reduce -31.4% | 0.28% | −0.09 |
| CLFD Clearfield Inc. | Reduce -30.9% | 0.35% | −0.09 |
| PHLT Performant Healthcare Inc. | Reduce -29.9% | 0.41% | −0.08 |
| HSTM Healthstream Inc. | Reduce -22.7% | 1.31% | −0.08 |
Portfolio Buys Q4 2024 → Q1 2025
| APAM Artisan Partners Asset Ma -A | Add +3362.7% | 1.14% | +1.11 |
| MELI MercadoLibre Inc. | New | 0.87% | +0.87 |
| PSMT Pricesmart Inc. | New | 0.87% | +0.87 |
| SPNT Siriuspoint Ltd. | New | 0.83% | +0.83 |
| IIIV I3 Verticals Inc. Class A | New | 0.75% | +0.75 |
| FIBK First Interstate Bancsys-A | Add +150.3% | 1.12% | +0.70 |
| SILA Sila Realty Trust Inc. | Add +14.5% | 1.89% | +0.64 |
| LAUR Laureate Education Inc. | Add +5.2% | 2.03% | +0.60 |
| RPRX Royalty Pharma PLC Class A | Add +21.5% | 1.19% | +0.52 |
| BG Bunge Global SA | Add +87.3% | 0.93% | +0.51 |
| LZ Legalzoomcom Inc. | New | 0.46% | +0.46 |
| CVCO Cavco Industries Inc. | Add +1.5% | 1.47% | +0.44 |
| GRBK Green Brick Partners Inc. | Add +1.9% | 1.51% | +0.32 |
| SKY Champion Homes Inc. | Add +2.0% | 1.03% | +0.25 |
| CSV Carriage Services Inc. | New | 0.24% | +0.24 |
| TMO Thermo Fisher Scientific Inc. | Add +18.7% | 0.87% | +0.23 |
| VRRM Verra Mobility Corp. | Add +2.4% | 1.68% | +0.22 |
| CSWC Capital Southwest Corp. | Add +2.1% | 1.02% | +0.21 |
| BXMT Blackstone Mortgage Tru Class A | Add +18.7% | 0.49% | +0.19 |
| IQV Iqvia Holdings Inc. | Add +16.6% | 0.81% | +0.17 |
| TGT Target Corp. | Add +48.1% | 0.58% | +0.16 |
| EOG EOG Resources Inc. | Add +0.8% | 0.65% | +0.14 |
| ULTA Ulta Beauty Inc. | Add +18.5% | 0.77% | +0.13 |
| ALG Alamo Group Inc. | Add +2.1% | 0.85% | +0.13 |
| ATEN A10 Networks Inc. | Add +2.0% | 1.48% | +0.13 |
| SHOO Steven Madden Ltd. | Add +67.8% | 0.58% | +0.12 |
| HCKT The Hackett Group Inc. | Add +1.6% | 0.80% | +0.11 |
| BLDR Builders Firstsource Inc. | Add +5.9% | 1.02% | +0.11 |
| HLMN Hillman Solutions Corp. | Add +1.7% | 1.01% | +0.10 |
| MTCH Match Group Inc. | Add +0.3% | 0.65% | +0.09 |
| RTO Rentokil Initial PLC-SP ADR | Add +1.6% | 0.88% | +0.09 |
| ARHS Arhaus Inc. | Add +3.2% | 0.62% | +0.08 |
| RCMT RCM Technologies Inc. | New | 0.08% | +0.08 |
| DSP Viant Technology Inc. Class A | Add +37.0% | 0.82% | +0.06 |
| KEQU Kewaunee Scientific CP | New | 0.05% | +0.05 |
| KW Kennedy-Wilson Holdings Inc. | Add +2.6% | 0.75% | +0.05 |
| TCMD Tactile Systems Technology I | Add +34.3% | 0.25% | +0.05 |
| CIVI Civitas Resources Inc. | Add +17.7% | 0.66% | +0.05 |
| LGCY Legacy Education Inc. | New | 0.04% | +0.04 |
| ETSY Etsy Inc. | Add +2.6% | 0.32% | +0.03 |
| IA Innovative Solutions & Supp | Add +68.0% | 0.09% | +0.03 |
| CSW CSW Industrials Inc. | Add +3.3% | 0.95% | +0.03 |
| LRFC Logan Ridge Finance Corp. | Add +0.9% | 0.33% | +0.02 |
| ACCS Access Newswire Inc. | Add +12.1% | 0.07% | +0.02 |
| ORCL Oracle Corp. | Add +0.5% | 0.84% | +0.01 |
| VTI VG Morningstar TS MKT ETF-US | Add +27.2% | 0.01% | +0.00 |
| CLVT Clarivate PLC | Add +52.9% | 0.00% | +0.00 |
| FFWM First Foundation Inc. | Add +10.8% | 0.01% | +0.00 |
| IVV iShares Core S&P 500 ETF | Add +16.7% | 0.00% | +0.00 |
| IJR iShares Core S&P Small-Cap E | Add +24.0% | 0.00% | +0.00 |
Notes & Other Activity Q4 2024 → Q1 2025
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | Reduce -1.0% | 104,265 | $6.2M |
| WAYFAIR INC (W 0.625 10/01/25) | NOTE 0.625%10/0 · principal | Reduce -0.5% | 5,563,000 | $5.4M |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | Reduce -0.9% | 5,032,000 | $4.6M |
| LENDINGTREE INC (TREE 0.5 07/15/25) | NOTE 0.500% 7/1 · principal | Reduce -0.1% | 3,637,000 | $3.6M |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | New | 58,595 | $2.9M |
| VNQ Vanguard Real Estate ETF | REAL ESTATE ETF | Sold out | 0 | $10before exit |
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 |