Punch & Associates Investment Management, Inc.

Name: PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. 13F holdings, Q3 2025
Creator: PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.
Published: 2025-11-14

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

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%
NATR Natures Sunshine Prods Inc.	0.28%	312,000	$4.8M	Add +4.0%
TCMD Tactile Systems Technology I	0.28%	346,125	$4.8M	Reduce -5.2%
ALEX Alexander & Baldwin Inc.	0.28%	260,449	$4.7M	Add +1.2%
LADR Ladder Capital Corp.-REIT	0.27%	421,594	$4.6M	Reduce -0.0%
VMD Viemed Healthcare Inc.	0.27%	671,360	$4.6M	Add +9.5%
UFPT Ufp Technologies Inc.	0.27%	22,700	$4.5M	No change
ELMD Electromed Inc.	0.25%	175,520	$4.3M	Add +7.3%
PHLT Performant Healthcare Inc.	0.25%	549,000	$4.2M	Reduce -75.7%
TRNS Transcat Inc.	0.25%	57,530	$4.2M	No change
BCIC BCP Investment Corp.	0.25%	365,149	$4.2M	New
OPXS Optex Systems Holdings Inc.	0.24%	319,863	$4.1M	Reduce -3.5%
HGBL Heritage Global Inc.	0.24%	2,475,228	$4.1M	Add +0.9%
AMLP Alerian MLP ETF	0.24%	87,483	$4.1M	Add +0.2%
ALNT Allient Inc.	0.23%	89,500	$4.0M	Reduce -12.3%
IA Innovative Solutions & Supp	0.22%	306,695	$3.8M	Add +46.0%
GHM Graham Corp.	0.22%	67,755	$3.7M	Reduce -7.5%
DHIL Diamond Hill Investment Grp	0.21%	25,653	$3.6M	Reduce -19.0%
PAYS Paysign Inc.	0.20%	552,735	$3.5M	New
FLXS Flexsteel Inds	0.20%	73,502	$3.4M	Add +22.5%
MLCI Mount Logan Capital Inc.	0.19%	405,343	$3.2M	New
KEQU Kewaunee Scientific CP	0.18%	70,085	$3.0M	Add +61.9%
PLBC Plumas Bancorp	0.16%	62,535	$2.7M	Add +42.3%
SJT San Juan Basin Royalty TR	0.16%	443,701	$2.7M	New
RCMT RCM Technologies Inc.	0.15%	97,206	$2.6M	Add +28.6%
TAYD Taylor Devices Inc.	0.15%	51,325	$2.5M	Add +2.6%
HCI Hci Group Inc.	0.14%	12,280	$2.4M	Add +2.3%
IWV iShares Russell 3000 ETF	0.11%	4,927	$1.9M	Add +5.4%
MAMA Mama's Creations Inc.	0.10%	165,000	$1.7M	Add +26.9%
AVNW Aviat Networks Inc.	0.10%	72,500	$1.7M	Reduce -28.9%
PDEX Pro-Dex Inc.	0.10%	48,608	$1.6M	Add +42.1%
LGCY Legacy Education Inc.	0.09%	168,500	$1.6M	Add +5.4%
EPSN Epsilon Energy Ltd.	0.09%	311,905	$1.6M	Add +47.7%
KRT Karat Packaging Inc.	0.09%	61,515	$1.6M	Add +9.8%
NBN Northeast Bank	0.09%	14,835	$1.5M	Reduce -1.4%
ACCS Access Newswire Inc.	0.09%	138,260	$1.5M	Add +7.8%
LUMENT FINANCE TRUST INC	0.08%	707,312	$1.4M	Reduce -21.3%
IRMD Iradimed Corp.	0.07%	17,000	$1.2M	New
TLN Talen Energy Corp.	0.02%	860	$366K	Reduce -7.5%
JEF Jefferies Financial Group Inc.	0.02%	5,495	$359K	Add +4.2%
VBR Vngrd Mrngst SL-CP Val ETF-U	0.01%	1,173	$245K	Reduce -27.1%
LOPE Grand Canyon Education Inc.	0.01%	1,105	$243K	New
KD Kyndryl Holdings Inc.	0.01%	6,770	$203K	Add +27.1%
QRHC Quest Resource Holding Corp.	0.01%	111,654	$174K	Reduce -2.9%
FFWM First Foundation Inc.	0.01%	26,375	$147K	Reduce -5.7%
VTI VG Morningstar TS MKT ETF-US	0.01%	443	$145K	Reduce -35.7%
IWC iShares Micro-Cap ETF	0.00%	367	$55K	Add +0.3%
IWM iShares Russell 2000 ETF	0.00%	185	$45K	Add +32.1%
VOO Vanguard S&P 500 ETF	0.00%	62	$38K	Reduce -51.9%
AGG iShares Core U.S. Aggregate	0.00%	300	$30K	No change
SUSA iShares ESG Optimized MSCI U	0.00%	190	$26K	No change
IVV iShares Core S&P 500 ETF	0.00%	28	$19K	No change
IJR iShares Core S&P Small-Cap E	0.00%	95	$11K	Add +2.1%
HYG Ishr Ibx Usd Hiyld CB ETF-Ui	0.00%	98	$8K	Add +2.1%
IEFA iShares Core MSCI Eafe ETF	0.00%	68	$6K	Add +1.5%
LQD Ishr Ibx Usd Invgd CB ETF-Ui	0.00%	47	$5K	Add +4.4%
IVE iShares S&P 500 Value ETF	0.00%	15	$3K	No change

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