Punch & Associates Investment Management, Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Punch & Associates Investment Management, Inc. reported 156 stock positions worth $1.7 billion. Its top holding was Stonex (SNEX) at 4.2% of the portfolio, followed by Radnet (RDNT, 2.9%) and Laureate Education (LAUR, 2.4%). Compared with Q2 2025, it opened 10 new positions, sold out of 11, added to 89 and reduced 49. The biggest buy was a new position in Enova International (ENVA) and the biggest sale an exit from Ellington Financial (EFC).
- Most Recent 13F
- Q2 2026
- Location
- EDINA, MN
- CIK
- 0001238990
- Portfolio Value
- $1.7B (Q3 2025)
- SEC Filing
- 0001398344-25-020910 ↗ filed Nov 14, 2025
Holdings Value
Holdings 156 stocks · $1.7B
| SNEX Stonex Group Inc. | 4.20% | 710,853 | $71.7M | Reduce -2.1% |
| RDNT Radnet Inc. | 2.90% | 649,378 | $49.5M | Reduce -6.9% |
| LAUR Laureate Education Inc. | 2.38% | 1,285,802 | $40.6M | Reduce -14.4% |
| UTI Universal Technical Institut | 2.22% | 1,162,277 | $37.8M | Add +14.4% |
| ACA Arcosa Inc. | 2.00% | 363,595 | $34.1M | Reduce -0.1% |
| GSL Global Ship Lease Inc. Class A | 1.97% | 1,097,441 | $33.7M | Reduce -8.8% |
| GOOGL Alphabet Inc. Class A | 1.91% | 134,083 | $32.6M | Reduce -3.0% |
| VTS Vitesse Energy Inc. | 1.73% | 1,272,995 | $29.6M | Add +17.9% |
| SILA Sila Realty Trust Inc. | 1.67% | 1,135,388 | $28.5M | Add +0.1% |
| VRRM Verra Mobility Corp. | 1.63% | 1,128,672 | $27.9M | Reduce -0.0% |
| PDX PIMCO Dynamic Income Strat | 1.55% | 1,061,415 | $26.5M | Reduce -0.9% |
| GRBK Green Brick Partners Inc. | 1.54% | 354,901 | $26.2M | Reduce -4.1% |
| ATEN A10 Networks Inc. | 1.52% | 1,431,358 | $26.0M | Add +4.0% |
| PARR Par Pacific Holdings Inc. | 1.48% | 713,430 | $25.3M | Reduce -9.9% |
| IIIV I3 Verticals Inc. Class A | 1.48% | 777,477 | $25.2M | Add +1.4% |
| LQDT Liquidity Services Inc. | 1.46% | 909,743 | $25.0M | Add +38.9% |
| CVCO Cavco Industries Inc. | 1.45% | 42,686 | $24.8M | Add +0.0% |
| BXC Bluelinx Holdings Inc. | 1.38% | 321,231 | $23.5M | Reduce -0.8% |
| FIBK First Interstate Bancsys-A | 1.35% | 724,155 | $23.1M | Add +4.4% |
| TREE Lendingtree Inc. | 1.32% | 347,654 | $22.5M | Add +0.9% |
| LZ Legalzoomcom Inc. | 1.29% | 2,126,260 | $22.1M | Add +33.6% |
| NPKI NPK International Inc. | 1.26% | 1,894,726 | $21.4M | Add +1.5% |
| RPRX Royalty Pharma PLC Class A | 1.23% | 595,891 | $21.0M | Reduce -0.0% |
| KKR KKR & Co. Inc. | 1.22% | 159,705 | $20.8M | Add +0.2% |
| PSMT Pricesmart Inc. | 1.13% | 159,681 | $19.4M | Add +5.6% |
| PLOW Douglas Dynamics Inc. | 1.13% | 614,815 | $19.2M | Add +0.4% |
| APAM Artisan Partners Asset Ma -A | 1.12% | 441,852 | $19.2M | Add +0.5% |
| WTTR Select Water Solutions Inc. | 1.12% | 1,782,526 | $19.1M | Add +0.2% |
| MSFT Microsoft Corp. | 1.11% | 36,680 | $19.0M | Add +0.1% |
| SFM Sprouts Farmers Market Inc. | 1.10% | 172,883 | $18.8M | Add +0.7% |
| MELI MercadoLibre Inc. | 1.07% | 7,851 | $18.3M | Add +0.7% |
| TDW Tidewater Inc. | 1.07% | 342,081 | $18.2M | Add +0.7% |
| ULTA Ulta Beauty Inc. | 1.06% | 32,950 | $18.0M | Add +0.2% |
| CLMB Climb Global Solutions Inc. | 1.01% | 128,340 | $17.3M | No change |
| SPNT Siriuspoint Ltd. | 1.00% | 941,379 | $17.0M | Add +27.9% |
| ADUS Addus Homecare Corp. | 0.99% | 143,655 | $16.9M | Add +29.1% |
| IQV Iqvia Holdings Inc. | 0.97% | 87,418 | $16.6M | Add +0.3% |
| ORCL Oracle Corp. | 0.97% | 58,962 | $16.6M | Reduce -27.9% |
| HLMN Hillman Solutions Corp. | 0.94% | 1,743,304 | $16.0M | Add +0.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.91% | 30,810 | $15.5M | Add +0.2% |
| BLDR Builders Firstsource Inc. | 0.91% | 127,659 | $15.5M | Reduce -0.1% |
| BG Bunge Global SA | 0.90% | 188,110 | $15.3M | Reduce -0.5% |
| RTO Rentokil Initial PLC-SP ADR | 0.88% | 597,185 | $15.1M | Reduce -0.1% |
| BV Brightview Holdings Inc. | 0.86% | 1,099,128 | $14.7M | Add +0.4% |
| JPM JPMorgan Chase & Co. | 0.84% | 45,573 | $14.4M | Reduce -23.5% |
| MDXG Mimedx Group Inc. | 0.82% | 2,005,014 | $14.0M | Add +1.6% |
| ALG Alamo Group Inc. | 0.78% | 69,872 | $13.3M | Reduce -4.2% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.77% | 115,177 | $13.2M | Add +0.3% |
| TMO Thermo Fisher Scientific Inc. | 0.77% | 27,129 | $13.2M | Reduce -0.0% |
| AMP Ameriprise Financial Inc. | 0.76% | 26,246 | $12.9M | Reduce -1.0% |
| HSTM Healthstream Inc. | 0.75% | 452,384 | $12.8M | Reduce -17.1% |
| BRSP Brightspire Capital Inc. | 0.74% | 2,335,970 | $12.7M | Add +13.8% |
| SKY Champion Homes Inc. | 0.73% | 164,045 | $12.5M | Reduce -0.8% |
| CSW CSW Industrials Inc. | 0.71% | 49,928 | $12.1M | Add +0.5% |
| KMI Kinder Morgan Inc. | 0.71% | 426,162 | $12.1M | Add +0.4% |
| LEGH Legacy Housing Corp. | 0.69% | 429,110 | $11.8M | Add +2.3% |
| ARHS Arhaus Inc. | 0.68% | 1,091,153 | $11.6M | Add +1.1% |
| FC Franklin Covey Co. | 0.67% | 591,318 | $11.5M | Add +0.3% |
| FISV Fiserv Inc. | 0.67% | 88,518 | $11.4M | Reduce -0.1% |
| MTCH Match Group Inc. | 0.67% | 322,558 | $11.4M | Reduce -0.3% |
| ENVA Enova International Inc. | 0.65% | 96,452 | $11.1M | New |
| SHOO Steven Madden Ltd. filed as MADDEN STEVEN LTD | 0.65% | 331,551 | $11.1M | Add +0.3% |
| DE Deere & Co. | 0.62% | 23,239 | $10.6M | Add +0.3% |
| SSNC Ss&c Technologies Holdings | 0.62% | 119,331 | $10.6M | Add +0.2% |
| JNJ Johnson & Johnson | 0.61% | 55,892 | $10.4M | Reduce -0.1% |
| DSP Viant Technology Inc. Class A | 0.61% | 1,199,490 | $10.4M | Add +3.8% |
| EOG EOG Resources Inc. | 0.59% | 89,691 | $10.1M | Add +0.6% |
| WM Waste Management Inc. | 0.58% | 45,117 | $10.0M | Add +0.7% |
| RSG Republic Services Inc. | 0.56% | 41,686 | $9.6M | Add +0.3% |
| CSV Carriage Services Inc. | 0.55% | 211,425 | $9.4M | Add +59.3% |
| RSSS Research Solutions Inc. | 0.55% | 2,499,310 | $9.3M | Add +3.4% |
| UNH Unitedhealth Group Inc. | 0.54% | 26,572 | $9.2M | New |
| CLFD Clearfield Inc. | 0.53% | 262,610 | $9.0M | Add +48.4% |
| APO Apollo Global Management Inc. | 0.52% | 66,756 | $8.9M | New |
| BXMT Blackstone Mortgage Tru Class A | 0.52% | 479,793 | $8.8M | Add +11.5% |
| LINC Lincoln Educational Services | 0.51% | 371,750 | $8.7M | Reduce -14.3% |
| CIVI Civitas Resources Inc. | 0.49% | 259,248 | $8.4M | Add +0.5% |
| INFU Infusystem Holdings Inc. | 0.49% | 809,750 | $8.4M | Reduce -7.8% |
| ACIC American Coastal Insurance C | 0.48% | 723,900 | $8.2M | Add +21.4% |
| ACN Accenture PLC Class A | 0.48% | 33,295 | $8.2M | Add +0.4% |
| HCKT The Hackett Group Inc. | 0.48% | 428,654 | $8.1M | Add +0.3% |
| FTHY First Trust Hi YLD Opp 2027 | 0.47% | 556,742 | $8.1M | Reduce -0.3% |
| TGT Target Corp. | 0.45% | 86,262 | $7.7M | Reduce -0.5% |
| APEI American Public Education | 0.45% | 195,316 | $7.7M | Add +34.5% |
| BWB Bridgewater Bancshares Inc. | 0.45% | 433,960 | $7.6M | Add +2.4% |
| ELV Elevance Health Inc. | 0.44% | 23,249 | $7.5M | Add +0.4% |
| MYFW First Western Financial Inc. | 0.42% | 311,502 | $7.2M | Reduce -1.0% |
| IDR Idaho Strategic Resources Inc. | 0.42% | 209,655 | $7.1M | Add +14.8% |
| RFIL RF Industries Ltd. filed as RF INDS LTD | 0.39% | 803,059 | $6.6M | Reduce -1.0% |
| AGYS Agilysys Inc. | 0.38% | 61,930 | $6.5M | Add +0.1% |
| RMT Royce Micro-Cap Trust Inc. | 0.38% | 616,718 | $6.4M | No change |
| CVEO Civeo Corp. | 0.37% | 275,585 | $6.3M | Add +0.8% |
| GLRE Greenlight Capital Re Ltd. Class A | 0.36% | 482,250 | $6.1M | Reduce -11.4% |
| ARE Alexandria Real Estate Equit | 0.35% | 72,480 | $6.0M | New |
| T AT&T Inc. | 0.35% | 208,578 | $5.9M | Add +0.1% |
| DUK Duke Energy Corp. | 0.34% | 47,448 | $5.9M | Add +0.1% |
| PBPB Potbelly Corp. | 0.34% | 338,779 | $5.8M | Reduce -64.5% |
| NVEC Nve Corp. | 0.33% | 86,690 | $5.7M | Add +57.5% |
| NRIM Northrim Bancorp Inc. | 0.31% | 247,496 | $5.4M | Add +212.1% |
| GRSD Grandstand Ltd. filed as GAMBLING COM GROUP LIMITED | 0.30% | 628,315 | $5.1M | Add +1.7% |
Other holdings (4): bonds, preferreds, convertibles and warrants · $18.3M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | 106,235 | $7.4M | Add +0.2% |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | 4,997,000 | $4.7M | Reduce -1.5% |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | 60,250 | $3.2M | Add +0.7% |
| QXO INC (QXO 5.5 05/15/28 B) | 5.50 DEP PFD | 57,000 | $3.1M | Add +0.4% |
Total filed on the 13F, all lines: $1.7B.
Portfolio Sells Q2 2025 → Q3 2025
| EFC Ellington Financial Inc. | Sold out | 0.00% | −0.66 |
| CARR Carrier Global Corp. | Sold out | 0.00% | −0.64 |
| HYI Western Asset High Yield Opp | Sold out | 0.00% | −0.60 |
| PBPB Potbelly Corp. | Reduce -64.5% | 0.34% | −0.39 |
| NEOG Neogen Corp. | Sold out | 0.00% | −0.37 |
| ETSY Etsy Inc. | Sold out | 0.00% | −0.32 |
| PHLT Performant Healthcare Inc. | Reduce -75.7% | 0.25% | −0.32 |
| FISV Fiserv Inc. | Reduce -0.1% | 0.67% | −0.29 |
| LRFC Logan Ridge Finance Corp. | Sold out | 0.00% | −0.27 |
| JPM JPMorgan Chase & Co. | Reduce -23.5% | 0.84% | −0.24 |
| TTGT Techtarget Inc. | Sold out | 0.00% | −0.24 |
| ALG Alamo Group Inc. | Reduce -4.2% | 0.78% | −0.21 |
| HSTM Healthstream Inc. | Reduce -17.1% | 0.75% | −0.20 |
| ALOT Astronova Inc. | Sold out | 0.00% | −0.18 |
| TURN 180 Degree Capital Corp. | Sold out | 0.00% | −0.18 |
| VRRM Verra Mobility Corp. | Reduce -0.0% | 1.63% | −0.16 |
| ORCL Oracle Corp. | Reduce -27.9% | 0.97% | −0.15 |
| BXC Bluelinx Holdings Inc. | Reduce -0.8% | 1.38% | −0.13 |
| GLRE Greenlight Capital Re Ltd. Class A | Reduce -11.4% | 0.36% | −0.13 |
| AMP Ameriprise Financial Inc. | Reduce -1.0% | 0.76% | −0.13 |
| LINC Lincoln Educational Services | Reduce -14.3% | 0.51% | −0.11 |
| RPRX Royalty Pharma PLC Class A | Reduce -0.0% | 1.23% | −0.11 |
| PDX PIMCO Dynamic Income Strat | Reduce -0.9% | 1.55% | −0.10 |
| TGT Target Corp. | Reduce -0.5% | 0.45% | −0.08 |
| DSGR Distribution Solutions Group | Sold out | 0.00% | −0.08 |
| DHIL Diamond Hill Investment Grp | Reduce -19.0% | 0.21% | −0.08 |
| AVNW Aviat Networks Inc. | Reduce -28.9% | 0.10% | −0.06 |
| BG Bunge Global SA | Reduce -0.5% | 0.90% | −0.05 |
| FTHY First Trust Hi YLD Opp 2027 | Reduce -0.3% | 0.47% | −0.05 |
| LUMENT FINANCE TRUST INC | Reduce -21.3% | 0.08% | −0.04 |
| BLDR Builders Firstsource Inc. | Reduce -0.1% | 0.91% | −0.03 |
| MYFW First Western Financial Inc. | Reduce -1.0% | 0.42% | −0.02 |
| LADR Ladder Capital Corp.-REIT | Reduce -0.0% | 0.27% | −0.01 |
| RTO Rentokil Initial PLC-SP ADR | Reduce -0.1% | 0.88% | −0.01 |
| GHM Graham Corp. | Reduce -7.5% | 0.22% | −0.01 |
| GSL Global Ship Lease Inc. Class A | Reduce -8.8% | 1.97% | −0.01 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Reduce -27.1% | 0.01% | −0.01 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -35.7% | 0.01% | −0.00 |
| QRHC Quest Resource Holding Corp. | Reduce -2.9% | 0.01% | −0.00 |
| VOO Vanguard S&P 500 ETF | Reduce -51.9% | 0.00% | −0.00 |
| FFWM First Foundation Inc. | Reduce -5.7% | 0.01% | −0.00 |
| ITB iShares U.S. Home Constructi | Sold out | 0.00% | −0.00 |
| ALNT Allient Inc. | Reduce -12.3% | 0.23% | +0.00 |
| NBN Northeast Bank | Reduce -1.4% | 0.09% | +0.00 |
| OPXS Optex Systems Holdings Inc. | Reduce -3.5% | 0.24% | +0.00 |
| TLN Talen Energy Corp. | Reduce -7.5% | 0.02% | +0.00 |
| ACA Arcosa Inc. | Reduce -0.1% | 2.00% | +0.02 |
| MTCH Match Group Inc. | Reduce -0.3% | 0.67% | +0.04 |
| TCMD Tactile Systems Technology I | Reduce -5.2% | 0.28% | +0.05 |
| RFIL RF Industries Ltd. | Reduce -1.0% | 0.39% | +0.06 |
Portfolio Buys Q2 2025 → Q3 2025
| ENVA Enova International Inc. | New | 0.65% | +0.65 |
| UNH Unitedhealth Group Inc. | New | 0.54% | +0.54 |
| APO Apollo Global Management Inc. | New | 0.52% | +0.52 |
| TREE Lendingtree Inc. | Add +0.9% | 1.32% | +0.52 |
| LQDT Liquidity Services Inc. | Add +38.9% | 1.46% | +0.50 |
| LZ Legalzoomcom Inc. | Add +33.6% | 1.29% | +0.41 |
| ARE Alexandria Real Estate Equit | New | 0.35% | +0.35 |
| CVCO Cavco Industries Inc. | Add +0.0% | 1.45% | +0.29 |
| IDR Idaho Strategic Resources Inc. | Add +14.8% | 0.42% | +0.27 |
| NPKI NPK International Inc. | Add +1.5% | 1.26% | +0.26 |
| BCIC BCP Investment Corp. | New | 0.25% | +0.25 |
| VTS Vitesse Energy Inc. | Add +17.9% | 1.73% | +0.24 |
| PAYS Paysign Inc. | New | 0.20% | +0.20 |
| NRIM Northrim Bancorp Inc. | Add +212.1% | 0.31% | +0.20 |
| ADUS Addus Homecare Corp. | Add +29.1% | 0.99% | +0.19 |
| MLCI Mount Logan Capital Inc. | New | 0.19% | +0.19 |
| APEI American Public Education | Add +34.5% | 0.45% | +0.17 |
| CSV Carriage Services Inc. | Add +59.3% | 0.55% | +0.17 |
| IIIV I3 Verticals Inc. Class A | Add +1.4% | 1.48% | +0.16 |
| HLMN Hillman Solutions Corp. | Add +0.1% | 0.94% | +0.16 |
| SJT San Juan Basin Royalty TR | New | 0.16% | +0.16 |
| SHOO Steven Madden Ltd. | Add +0.3% | 0.65% | +0.15 |
| WTTR Select Water Solutions Inc. | Add +0.2% | 1.12% | +0.15 |
| PSMT Pricesmart Inc. | Add +5.6% | 1.13% | +0.14 |
| IQV Iqvia Holdings Inc. | Add +0.3% | 0.97% | +0.11 |
| RSSS Research Solutions Inc. | Add +3.4% | 0.55% | +0.11 |
| FIBK First Interstate Bancsys-A | Add +4.4% | 1.35% | +0.10 |
| LEGH Legacy Housing Corp. | Add +2.3% | 0.69% | +0.10 |
| BRSP Brightspire Capital Inc. | Add +13.8% | 0.74% | +0.09 |
| ARHS Arhaus Inc. | Add +1.1% | 0.68% | +0.09 |
| ULTA Ulta Beauty Inc. | Add +0.2% | 1.06% | +0.09 |
| TDW Tidewater Inc. | Add +0.7% | 1.07% | +0.09 |
| NVEC Nve Corp. | Add +57.5% | 0.33% | +0.08 |
| IRMD Iradimed Corp. | New | 0.07% | +0.07 |
| ACIC American Coastal Insurance C | Add +21.4% | 0.48% | +0.07 |
| MDXG Mimedx Group Inc. | Add +1.6% | 0.82% | +0.07 |
| FLXS Flexsteel Inds | Add +22.5% | 0.20% | +0.06 |
| UTI Universal Technical Institut | Add +14.4% | 2.22% | +0.06 |
| SPNT Siriuspoint Ltd. | Add +27.9% | 1.00% | +0.06 |
| CIVI Civitas Resources Inc. | Add +0.5% | 0.49% | +0.05 |
| CLFD Clearfield Inc. | Add +48.4% | 0.53% | +0.05 |
| IA Innovative Solutions & Supp | Add +46.0% | 0.22% | +0.04 |
| RCMT RCM Technologies Inc. | Add +28.6% | 0.15% | +0.04 |
| PLBC Plumas Bancorp | Add +42.3% | 0.16% | +0.04 |
| MAMA Mama's Creations Inc. | Add +26.9% | 0.10% | +0.03 |
| ELMD Electromed Inc. | Add +7.3% | 0.25% | +0.03 |
| BWB Bridgewater Bancshares Inc. | Add +2.4% | 0.45% | +0.03 |
| HCI Hci Group Inc. | Add +2.3% | 0.14% | +0.02 |
| KEQU Kewaunee Scientific CP | Add +61.9% | 0.18% | +0.02 |
| LOPE Grand Canyon Education Inc. | New | 0.01% | +0.01 |
Notes & Other Activity Q2 2025 → Q3 2025
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | Add +0.2% | 106,235 | $7.4M |
| WAYFAIR INC (W 0.625 10/01/25) | NOTE 0.625%10/0 · principal | Sold out | 5,558,000 | $5.4Mbefore exit |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | Reduce -1.5% | 4,997,000 | $4.7M |
| LENDINGTREE INC (TREE 0.5 07/15/25) | NOTE 0.500% 7/1 · principal | Sold out | 3,527,000 | $3.5Mbefore exit |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | Add +0.7% | 60,250 | $3.2M |
| QXO INC (QXO 5.5 05/15/28 B) | 5.50 DEP PFD | Add +0.4% | 57,000 | $3.1M |
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 |