Punch & Associates Investment Management, Inc.

Name: PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. 13F holdings, Q2 2025
Creator: PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.
Published: 2025-08-14

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

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%
TRNS Transcat Inc.	0.31%	57,530	$4.9M	No change
DHIL Diamond Hill Investment Grp	0.29%	31,683	$4.6M	Reduce -20.7%
ALEX Alexander & Baldwin Inc.	0.29%	257,451	$4.6M	Add +2.4%
LADR Ladder Capital Corp.-REIT	0.28%	421,618	$4.5M	Reduce -31.4%
NATR Natures Sunshine Prods Inc.	0.28%	300,000	$4.4M	New
APEI American Public Education	0.28%	145,178	$4.4M	New
LRFC Logan Ridge Finance Corp.	0.27%	227,960	$4.3M	No change
AMLP Alerian MLP ETF	0.27%	87,344	$4.3M	Reduce -39.5%
VMD Viemed Healthcare Inc.	0.27%	613,000	$4.2M	Add +5.7%
NVEC Nve Corp.	0.25%	55,055	$4.1M	No change
OPXS Optex Systems Holdings Inc.	0.24%	331,495	$3.8M	Reduce -11.0%
TTGT Techtarget Inc.	0.24%	483,855	$3.8M	Add +1.4%
ALNT Allient Inc.	0.23%	102,000	$3.7M	Reduce -13.6%
TCMD Tactile Systems Technology I	0.23%	365,000	$3.7M	Add +29.4%
GHM Graham Corp.	0.23%	73,255	$3.6M	Reduce -3.9%
ELMD Electromed Inc.	0.23%	163,594	$3.6M	No change
IA Innovative Solutions & Supp	0.18%	210,000	$2.9M	No change
ALOT Astronova Inc.	0.18%	250,900	$2.9M	Reduce -16.8%
TURN 180 Degree Capital Corp.	0.18%	714,156	$2.8M	No change
KEQU Kewaunee Scientific CP	0.16%	43,300	$2.5M	Add +116.5%
AVNW Aviat Networks Inc.	0.15%	101,944	$2.5M	Reduce -52.5%
IDR Idaho Strategic Resources Inc.	0.15%	182,557	$2.4M	New
TAYD Taylor Devices Inc.	0.14%	50,000	$2.2M	Add +2.3%
FLXS Flexsteel Inds	0.14%	60,000	$2.2M	Add +40.0%
LUMENT FINANCE TRUST INC	0.12%	898,833	$2.0M	Reduce -9.8%
PLBC Plumas Bancorp	0.12%	43,940	$2.0M	No change
NRIM Northrim Bancorp Inc.	0.12%	19,827	$1.8M	New
HCI Hci Group Inc.	0.11%	12,000	$1.8M	No change
LGCY Legacy Education Inc.	0.11%	159,808	$1.8M	Add +88.0%
RCMT RCM Technologies Inc.	0.11%	75,600	$1.8M	Add +0.8%
IWV iShares Russell 3000 ETF	0.10%	4,675	$1.6M	Add +1.3%
ACCS Access Newswire Inc.	0.10%	128,300	$1.6M	Add +2.6%
KRT Karat Packaging Inc.	0.10%	56,000	$1.6M	Add +4.7%
EPSN Epsilon Energy Ltd.	0.10%	211,200	$1.6M	No change
PDEX Pro-Dex Inc.	0.09%	34,200	$1.5M	Reduce -36.7%
NBN Northeast Bank	0.08%	15,050	$1.3M	Add +40.6%
DSGR Distribution Solutions Group	0.08%	45,401	$1.2M	Reduce -66.1%
MAMA Mama's Creations Inc.	0.07%	130,000	$1.1M	No change
VBR Vngrd Mrngst SL-CP Val ETF-U	0.02%	1,608	$314K	Add +39.6%
JEF Jefferies Financial Group Inc.	0.02%	5,275	$288K	New
TLN Talen Energy Corp.	0.02%	930	$270K	New
QRHC Quest Resource Holding Corp.	0.01%	115,000	$232K	Reduce -65.9%
KD Kyndryl Holdings Inc.	0.01%	5,325	$223K	New
VTI VG Morningstar TS MKT ETF-US	0.01%	689	$209K	Add +67.2%
FFWM First Foundation Inc.	0.01%	27,960	$143K	Add +77.1%
VOO Vanguard S&P 500 ETF	0.00%	129	$73K	Add +108.1%
IWC iShares Micro-Cap ETF	0.00%	366	$47K	No change
IWM iShares Russell 2000 ETF	0.00%	140	$30K	No change
AGG iShares Core U.S. Aggregate	0.00%	300	$30K	No change
SUSA iShares ESG Optimized MSCI U	0.00%	190	$24K	No change
IVV iShares Core S&P 500 ETF	0.00%	28	$17K	No change
IJR iShares Core S&P Small-Cap E	0.00%	93	$10K	No change
HYG Ishr Ibx Usd Hiyld CB ETF-Ui	0.00%	96	$8K	No change
IEFA iShares Core MSCI Eafe ETF	0.00%	67	$6K	No change
LQD Ishr Ibx Usd Invgd CB ETF-Ui	0.00%	45	$5K	No change
IVE iShares S&P 500 Value ETF	0.00%	15	$3K	No change
ITB iShares U.S. Home Constructi	0.00%	28	$3K	New

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