Punch & Associates Investment Management, Inc.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Punch & Associates Investment Management, Inc. reported 157 stock positions worth $1.6 billion. Its top holding was Stonex (SNEX) at 4.1% of the portfolio, followed by Radnet (RDNT, 2.5%) and Laureate Education (LAUR, 2.2%). Compared with Q1 2025, it opened 10 new positions, sold out of 12, added to 93 and reduced 29. The biggest buy was a new position in Lendingtree (TREE) and the biggest sale an exit from Capital Southwest (CSWC).
- Most Recent 13F
- Q2 2026
- Location
- EDINA, MN
- CIK
- 0001238990
- Portfolio Value
- $1.6B (Q2 2025)
- SEC Filing
- 0001398344-25-015398 ↗ filed Aug 14, 2025
Holdings Value
Holdings 157 stocks · $1.6B
| SNEX Stonex Group Inc. | 4.14% | 726,426 | $66.2M | Reduce -13.9% |
| RDNT Radnet Inc. | 2.48% | 697,275 | $39.7M | Add +0.4% |
| LAUR Laureate Education Inc. | 2.20% | 1,501,764 | $35.1M | Add +0.8% |
| UTI Universal Technical Institut | 2.15% | 1,016,160 | $34.4M | Reduce -6.3% |
| GSL Global Ship Lease Inc. Class A | 1.98% | 1,202,687 | $31.6M | Add +0.5% |
| ACA Arcosa Inc. | 1.97% | 363,796 | $31.5M | Add +0.6% |
| VRRM Verra Mobility Corp. | 1.79% | 1,128,770 | $28.7M | Add +0.6% |
| SFM Sprouts Farmers Market Inc. | 1.77% | 171,709 | $28.3M | Reduce -9.6% |
| SILA Sila Realty Trust Inc. | 1.68% | 1,133,672 | $26.8M | Add +6.5% |
| ATEN A10 Networks Inc. | 1.67% | 1,375,889 | $26.6M | Add +1.0% |
| PDX PIMCO Dynamic Income Strat | 1.65% | 1,071,547 | $26.4M | Reduce -14.7% |
| GOOGL Alphabet Inc. Class A | 1.52% | 138,189 | $24.4M | Add +2.9% |
| BXC Bluelinx Holdings Inc. | 1.51% | 323,710 | $24.1M | Reduce -0.4% |
| VTS Vitesse Energy Inc. | 1.49% | 1,079,800 | $23.9M | Add +5.8% |
| GRBK Green Brick Partners Inc. | 1.46% | 369,920 | $23.3M | Reduce -5.1% |
| RPRX Royalty Pharma PLC Class A | 1.34% | 595,963 | $21.5M | Add +3.9% |
| KKR KKR & Co. Inc. | 1.33% | 159,352 | $21.2M | Add +4.3% |
| IIIV I3 Verticals Inc. Class A | 1.32% | 766,643 | $21.1M | Add +68.8% |
| PARR Par Pacific Holdings Inc. | 1.31% | 791,675 | $21.0M | Reduce -6.7% |
| MELI MercadoLibre Inc. | 1.27% | 7,797 | $20.4M | Add +16.0% |
| FIBK First Interstate Bancsys-A | 1.25% | 693,685 | $20.0M | Add +17.9% |
| APAM Artisan Partners Asset Ma -A | 1.22% | 439,609 | $19.5M | Add +0.6% |
| CVCO Cavco Industries Inc. | 1.16% | 42,675 | $18.5M | Add +0.4% |
| BV Brightview Holdings Inc. | 1.14% | 1,094,474 | $18.2M | Add +0.8% |
| MSFT Microsoft Corp. | 1.14% | 36,631 | $18.2M | Add +4.3% |
| PLOW Douglas Dynamics Inc. | 1.13% | 612,631 | $18.1M | Add +0.7% |
| ORCL Oracle Corp. | 1.12% | 81,755 | $17.9M | Reduce -9.2% |
| JPM JPMorgan Chase & Co. | 1.08% | 59,590 | $17.3M | Add +4.1% |
| ALG Alamo Group Inc. | 1.00% | 72,913 | $15.9M | Add +1.3% |
| NPKI NPK International Inc. | 0.99% | 1,867,372 | $15.9M | Add +54.7% |
| PSMT Pricesmart Inc. | 0.99% | 151,201 | $15.9M | Add +1.3% |
| TDW Tidewater Inc. | 0.98% | 339,672 | $15.7M | Add +1.0% |
| LQDT Liquidity Services Inc. | 0.97% | 654,868 | $15.4M | Add +115.9% |
| ULTA Ulta Beauty Inc. | 0.96% | 32,888 | $15.4M | Add +4.2% |
| WTTR Select Water Solutions Inc. | 0.96% | 1,779,600 | $15.4M | Add +0.8% |
| DSP Viant Technology Inc. Class A | 0.96% | 1,155,133 | $15.3M | Add +16.7% |
| FISV Fiserv Inc. | 0.96% | 88,616 | $15.3M | Add +3.2% |
| BG Bunge Global SA | 0.95% | 188,970 | $15.2M | Add +3.3% |
| HSTM Healthstream Inc. | 0.95% | 545,982 | $15.1M | Reduce -11.1% |
| SPNT Siriuspoint Ltd. | 0.94% | 736,248 | $15.0M | Add +1.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.93% | 30,746 | $14.9M | Add +4.1% |
| BLDR Builders Firstsource Inc. | 0.93% | 127,838 | $14.9M | Add +4.4% |
| RTO Rentokil Initial PLC-SP ADR | 0.90% | 597,610 | $14.3M | Add +3.6% |
| CSW CSW Industrials Inc. | 0.89% | 49,674 | $14.2M | Add +1.7% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.89% | 114,848 | $14.2M | Add +3.9% |
| LZ Legalzoomcom Inc. | 0.89% | 1,590,970 | $14.2M | Add +98.6% |
| AMP Ameriprise Financial Inc. | 0.89% | 26,520 | $14.2M | Add +1.4% |
| IQV Iqvia Holdings Inc. | 0.86% | 87,166 | $13.7M | Add +26.8% |
| CLMB Climb Global Solutions Inc. | 0.86% | 128,340 | $13.7M | Reduce -1.5% |
| FC Franklin Covey Co. | 0.84% | 589,507 | $13.5M | Add +0.6% |
| ADUS Addus Homecare Corp. | 0.80% | 111,300 | $12.8M | Add +0.9% |
| TREE Lendingtree Inc. | 0.80% | 344,583 | $12.8M | New |
| KMI Kinder Morgan Inc. | 0.78% | 424,423 | $12.5M | Add +4.5% |
| HLMN Hillman Solutions Corp. | 0.78% | 1,742,389 | $12.4M | Add +0.7% |
| MDXG Mimedx Group Inc. | 0.75% | 1,973,932 | $12.1M | Add +13.5% |
| DE Deere & Co. | 0.74% | 23,160 | $11.8M | Add +4.2% |
| PBPB Potbelly Corp. | 0.73% | 954,334 | $11.7M | Add +14.0% |
| TMO Thermo Fisher Scientific Inc. | 0.69% | 27,140 | $11.0M | Add +3.2% |
| HCKT The Hackett Group Inc. | 0.68% | 427,401 | $10.9M | Add +4.1% |
| EOG EOG Resources Inc. | 0.67% | 89,180 | $10.7M | Add +17.6% |
| EFC Ellington Financial Inc. | 0.66% | 811,582 | $10.5M | Reduce -21.4% |
| BRSP Brightspire Capital Inc. | 0.65% | 2,051,924 | $10.4M | Add +11.8% |
| SKY Champion Homes Inc. | 0.65% | 165,404 | $10.4M | Add +1.1% |
| CARR Carrier Global Corp. | 0.64% | 140,567 | $10.3M | Add +4.0% |
| WM Waste Management Inc. | 0.64% | 44,807 | $10.3M | Add +4.7% |
| RSG Republic Services Inc. | 0.64% | 41,555 | $10.2M | Reduce -16.1% |
| MTCH Match Group Inc. | 0.63% | 323,636 | $10.0M | Add +3.0% |
| LINC Lincoln Educational Services | 0.63% | 433,650 | $10.0M | Reduce -11.3% |
| ACN Accenture PLC Class A | 0.62% | 33,176 | $9.9M | Add +4.0% |
| SSNC Ss&c Technologies Holdings | 0.62% | 119,065 | $9.9M | Add +3.9% |
| HYI Western Asset High Yield Opp | 0.60% | 806,469 | $9.7M | No change |
| LEGH Legacy Housing Corp. | 0.59% | 419,520 | $9.5M | No change |
| ARHS Arhaus Inc. | 0.59% | 1,079,391 | $9.4M | Add +0.0% |
| PHLT Performant Healthcare Inc. | 0.57% | 2,258,100 | $9.0M | Add +9.5% |
| ELV Elevance Health Inc. | 0.56% | 23,163 | $9.0M | Add +4.2% |
| TGT Target Corp. | 0.54% | 86,678 | $8.6M | Add +3.0% |
| JNJ Johnson & Johnson | 0.53% | 55,942 | $8.5M | Add +4.1% |
| FTHY First Trust Hi YLD Opp 2027 | 0.52% | 558,705 | $8.3M | Add +0.5% |
| BXMT Blackstone Mortgage Tru Class A | 0.52% | 430,155 | $8.3M | Add +17.8% |
| SHOO Steven Madden Ltd. filed as MADDEN STEVEN LTD | 0.50% | 330,429 | $7.9M | Add +0.9% |
| GLRE Greenlight Capital Re Ltd. Class A | 0.49% | 544,288 | $7.8M | Reduce -7.5% |
| CLFD Clearfield Inc. | 0.48% | 177,000 | $7.7M | No change |
| GRSD Grandstand Ltd. filed as GAMBLING COM GROUP LIMITED | 0.46% | 617,900 | $7.3M | Add +6.4% |
| MYFW First Western Financial Inc. | 0.44% | 314,737 | $7.1M | Add +49.5% |
| CIVI Civitas Resources Inc. | 0.44% | 257,882 | $7.1M | Reduce -9.8% |
| AGYS Agilysys Inc. | 0.44% | 61,850 | $7.1M | Add +0.7% |
| RSSS Research Solutions Inc. | 0.43% | 2,418,100 | $6.9M | Add +2.1% |
| BWB Bridgewater Bancshares Inc. | 0.42% | 424,000 | $6.7M | Add +10.8% |
| ACIC American Coastal Insurance C | 0.41% | 596,329 | $6.6M | Add +30.9% |
| CVEO Civeo Corp. | 0.40% | 273,470 | $6.3M | No change |
| CSV Carriage Services Inc. | 0.38% | 132,695 | $6.1M | Add +45.0% |
| T AT&T Inc. | 0.38% | 208,314 | $6.0M | Reduce -32.7% |
| NEOG Neogen Corp. | 0.37% | 1,240,537 | $5.9M | Add +1.3% |
| RMT Royce Micro-Cap Trust Inc. | 0.36% | 616,718 | $5.7M | Add +1.1% |
| DUK Duke Energy Corp. | 0.35% | 47,422 | $5.6M | New |
| UFPT Ufp Technologies Inc. | 0.35% | 22,700 | $5.5M | No change |
| INFU Infusystem Holdings Inc. | 0.34% | 878,500 | $5.5M | Add +42.9% |
| HGBL Heritage Global Inc. | 0.34% | 2,454,053 | $5.4M | Reduce -0.0% |
| RFIL RF Industries Ltd. filed as RF INDS LTD | 0.33% | 810,859 | $5.2M | Add +19.5% |
| ETSY Etsy Inc. | 0.32% | 102,635 | $5.1M | Add +0.6% |
Other holdings (6): bonds, preferreds, convertibles and warrants · $27.5M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | 105,990 | $7.2M | Add +1.6% |
| WAYFAIR INC (W 0.625 10/01/25) | NOTE 0.625%10/0 · principal | 5,558,000 | $5.4M | Reduce -0.1% |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | 5,072,000 | $4.7M | Add +0.8% |
| QXO INC (QXO 5.5 05/15/28 B) | 5.50 DEP PFD | 56,770 | $3.5M | New |
| LENDINGTREE INC (TREE 0.5 07/15/25) | NOTE 0.500% 7/1 · principal | 3,527,000 | $3.5M | Reduce -3.0% |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | 59,840 | $3.2M | Add +2.1% |
Total filed on the 13F, all lines: $1.6B.
Portfolio Sells Q1 2025 → Q2 2025
| CSWC Capital Southwest Corp. | Sold out | 0.00% | −1.02 |
| KW Kennedy-Wilson Holdings Inc. | Sold out | 0.00% | −0.75 |
| AGNC AGNC Investment Corp. | Sold out | 0.00% | −0.57 |
| PHX PHX Minerals Inc. | Sold out | 0.00% | −0.42 |
| PDX PIMCO Dynamic Income Strat | Reduce -14.7% | 1.65% | −0.40 |
| DCGO Docgo Inc. | Sold out | 0.00% | −0.39 |
| HSTM Healthstream Inc. | Reduce -11.1% | 0.95% | −0.37 |
| BXSL Blackstone Secured Lending F | Sold out | 0.00% | −0.33 |
| EFC Ellington Financial Inc. | Reduce -21.4% | 0.66% | −0.25 |
| SAMG Silvercrest Asset Manageme-A | Sold out | 0.00% | −0.25 |
| AMLP Alerian MLP ETF | Reduce -39.5% | 0.27% | −0.23 |
| CIVI Civitas Resources Inc. | Reduce -9.8% | 0.44% | −0.22 |
| T AT&T Inc. | Reduce -32.7% | 0.38% | −0.20 |
| LADR Ladder Capital Corp.-REIT | Reduce -31.4% | 0.28% | −0.18 |
| DSGR Distribution Solutions Group | Reduce -66.1% | 0.08% | −0.17 |
| SFM Sprouts Farmers Market Inc. | Reduce -9.6% | 1.77% | −0.16 |
| RSG Republic Services Inc. | Reduce -16.1% | 0.64% | −0.16 |
| SNEX Stonex Group Inc. | Reduce -13.9% | 4.14% | −0.14 |
| AVNW Aviat Networks Inc. | Reduce -52.5% | 0.15% | −0.12 |
| BXC Bluelinx Holdings Inc. | Reduce -0.4% | 1.51% | −0.11 |
| CLMB Climb Global Solutions Inc. | Reduce -1.5% | 0.86% | −0.10 |
| DHIL Diamond Hill Investment Grp | Reduce -20.7% | 0.29% | −0.09 |
| PDEX Pro-Dex Inc. | Reduce -36.7% | 0.09% | −0.08 |
| DLHC DLH Holdings Corp. | Sold out | 0.00% | −0.08 |
| XPEL Xpel Inc. | Sold out | 0.00% | −0.08 |
| NTIC Northern Technologies Intl | Sold out | 0.00% | −0.07 |
| GRBK Green Brick Partners Inc. | Reduce -5.1% | 1.46% | −0.06 |
| LUMENT FINANCE TRUST INC | Reduce -9.8% | 0.12% | −0.05 |
| QRHC Quest Resource Holding Corp. | Reduce -65.9% | 0.01% | −0.04 |
| GLRE Greenlight Capital Re Ltd. Class A | Reduce -7.5% | 0.49% | −0.04 |
| HGBL Heritage Global Inc. | Reduce -0.0% | 0.34% | −0.02 |
| CLVT Clarivate PLC | Sold out | 0.00% | −0.00 |
| ALOT Astronova Inc. | Reduce -16.8% | 0.18% | −0.00 |
| HBIO Harvard Bioscience Inc. | Sold out | 0.00% | −0.00 |
| ALNT Allient Inc. | Reduce -13.6% | 0.23% | +0.06 |
| GHM Graham Corp. | Reduce -3.9% | 0.23% | +0.08 |
| OPXS Optex Systems Holdings Inc. | Reduce -11.0% | 0.24% | +0.10 |
| LINC Lincoln Educational Services | Reduce -11.3% | 0.63% | +0.11 |
| ORCL Oracle Corp. | Reduce -9.2% | 1.12% | +0.28 |
| UTI Universal Technical Institut | Reduce -6.3% | 2.15% | +0.30 |
| PARR Par Pacific Holdings Inc. | Reduce -6.7% | 1.31% | +0.51 |
Portfolio Buys Q1 2025 → Q2 2025
| TREE Lendingtree Inc. | New | 0.80% | +0.80 |
| IIIV I3 Verticals Inc. Class A | Add +68.8% | 1.32% | +0.57 |
| NPKI NPK International Inc. | Add +54.7% | 0.99% | +0.53 |
| LZ Legalzoomcom Inc. | Add +98.6% | 0.89% | +0.43 |
| MELI MercadoLibre Inc. | Add +16.0% | 1.27% | +0.40 |
| DUK Duke Energy Corp. | New | 0.35% | +0.35 |
| LQDT Liquidity Services Inc. | Add +115.9% | 0.97% | +0.34 |
| NATR Natures Sunshine Prods Inc. | New | 0.28% | +0.28 |
| APEI American Public Education | New | 0.28% | +0.28 |
| MSFT Microsoft Corp. | Add +4.3% | 1.14% | +0.26 |
| BV Brightview Holdings Inc. | Add +0.8% | 1.14% | +0.21 |
| PBPB Potbelly Corp. | Add +14.0% | 0.73% | +0.20 |
| ULTA Ulta Beauty Inc. | Add +4.2% | 0.96% | +0.19 |
| PLOW Douglas Dynamics Inc. | Add +0.7% | 1.13% | +0.19 |
| RDNT Radnet Inc. | Add +0.4% | 2.48% | +0.19 |
| ATEN A10 Networks Inc. | Add +1.0% | 1.67% | +0.18 |
| LAUR Laureate Education Inc. | Add +0.8% | 2.20% | +0.17 |
| MYFW First Western Financial Inc. | Add +49.5% | 0.44% | +0.17 |
| DIS The Walt Disney Co. | Add +3.9% | 0.89% | +0.17 |
| GSL Global Ship Lease Inc. Class A | Add +0.5% | 1.98% | +0.16 |
| PHLT Performant Healthcare Inc. | Add +9.5% | 0.57% | +0.16 |
| RPRX Royalty Pharma PLC Class A | Add +3.9% | 1.34% | +0.16 |
| KKR KKR & Co. Inc. | Add +4.3% | 1.33% | +0.15 |
| IDR Idaho Strategic Resources Inc. | New | 0.15% | +0.15 |
| AGYS Agilysys Inc. | Add +0.7% | 0.44% | +0.15 |
| JPM JPMorgan Chase & Co. | Add +4.1% | 1.08% | +0.15 |
| CSV Carriage Services Inc. | Add +45.0% | 0.38% | +0.14 |
| ALG Alamo Group Inc. | Add +1.3% | 1.00% | +0.14 |
| GOOGL Alphabet Inc. Class A | Add +2.9% | 1.52% | +0.14 |
| DSP Viant Technology Inc. Class A | Add +16.7% | 0.96% | +0.14 |
| FIBK First Interstate Bancsys-A | Add +17.9% | 1.25% | +0.13 |
| INFU Infusystem Holdings Inc. | Add +42.9% | 0.34% | +0.12 |
| PSMT Pricesmart Inc. | Add +1.3% | 0.99% | +0.12 |
| ACA Arcosa Inc. | Add +0.6% | 1.97% | +0.12 |
| RFIL RF Industries Ltd. | Add +19.5% | 0.33% | +0.12 |
| NRIM Northrim Bancorp Inc. | New | 0.12% | +0.12 |
| VRRM Verra Mobility Corp. | Add +0.6% | 1.79% | +0.11 |
| KEQU Kewaunee Scientific CP | Add +116.5% | 0.16% | +0.11 |
| SPNT Siriuspoint Ltd. | Add +1.7% | 0.94% | +0.11 |
| APAM Artisan Partners Asset Ma -A | Add +0.6% | 1.22% | +0.08 |
| ADUS Addus Homecare Corp. | Add +0.9% | 0.80% | +0.08 |
| CARR Carrier Global Corp. | Add +4.0% | 0.64% | +0.07 |
| LGCY Legacy Education Inc. | Add +88.0% | 0.11% | +0.07 |
| BWB Bridgewater Bancshares Inc. | Add +10.8% | 0.42% | +0.07 |
| ACIC American Coastal Insurance C | Add +30.9% | 0.41% | +0.06 |
| IQV Iqvia Holdings Inc. | Add +26.8% | 0.86% | +0.05 |
| AMP Ameriprise Financial Inc. | Add +1.4% | 0.89% | +0.04 |
| DE Deere & Co. | Add +4.2% | 0.74% | +0.04 |
| TDW Tidewater Inc. | Add +1.0% | 0.98% | +0.03 |
| RCMT RCM Technologies Inc. | Add +0.8% | 0.11% | +0.03 |
Notes & Other Activity Q1 2025 → Q2 2025
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | Add +1.6% | 105,990 | $7.2M |
| WAYFAIR INC (W 0.625 10/01/25) | NOTE 0.625%10/0 · principal | Reduce -0.1% | 5,558,000 | $5.4M |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | Add +0.8% | 5,072,000 | $4.7M |
| QXO INC (QXO 5.5 05/15/28 B) | 5.50 DEP PFD | New | 56,770 | $3.5M |
| LENDINGTREE INC (TREE 0.5 07/15/25) | NOTE 0.500% 7/1 · principal | Reduce -3.0% | 3,527,000 | $3.5M |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | Add +2.1% | 59,840 | $3.2M |
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 |