Punch & Associates Investment Management, Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Punch & Associates Investment Management, Inc. reported 152 stock positions worth $1.7 billion. Its top holding was Stonex (SNEX) at 4.0% of the portfolio, followed by Radnet (RDNT, 2.7%) and Laureate Education (LAUR, 2.5%). Compared with Q3 2025, it opened 7 new positions, sold out of 11, added to 78 and reduced 50. The biggest buy was Siriuspoint (SPNT, shares +48%) and the biggest sale an exit from Champion Homes (SKY).
- Most Recent 13F
- Q2 2026
- Location
- EDINA, MN
- CIK
- 0001238990
- Portfolio Value
- $1.7B (Q4 2025)
- SEC Filing
- 0001398344-26-003220 ↗ filed Feb 17, 2026
Holdings Value
Holdings 152 stocks · $1.7B
| SNEX Stonex Group Inc. | 3.97% | 707,835 | $67.3M | Reduce -0.4% |
| RDNT Radnet Inc. | 2.74% | 651,169 | $46.5M | Add +0.3% |
| LAUR Laureate Education Inc. | 2.53% | 1,272,453 | $42.8M | Reduce -1.0% |
| GOOGL Alphabet Inc. Class A | 2.43% | 131,651 | $41.2M | Reduce -1.8% |
| ACA Arcosa Inc. | 2.27% | 361,494 | $38.4M | Reduce -0.6% |
| GSL Global Ship Lease Inc. Class A | 2.01% | 971,790 | $34.1M | Reduce -11.4% |
| UTI Universal Technical Institut | 1.80% | 1,169,843 | $30.6M | Add +0.7% |
| SPNT Siriuspoint Ltd. | 1.80% | 1,390,091 | $30.4M | Add +47.7% |
| SILA Sila Realty Trust Inc. | 1.73% | 1,255,395 | $29.3M | Add +10.6% |
| VTS Vitesse Energy Inc. | 1.64% | 1,438,529 | $27.7M | Add +13.0% |
| LQDT Liquidity Services Inc. | 1.63% | 910,246 | $27.6M | Add +0.1% |
| LZ Legalzoomcom Inc. | 1.54% | 2,627,047 | $26.1M | Add +23.6% |
| ATEN A10 Networks Inc. | 1.50% | 1,435,626 | $25.4M | Add +0.3% |
| VRRM Verra Mobility Corp. | 1.49% | 1,127,560 | $25.3M | Reduce -0.1% |
| FIBK First Interstate Bancsys-A | 1.48% | 723,818 | $25.0M | Reduce -0.1% |
| TREE Lendingtree Inc. | 1.47% | 469,647 | $24.9M | Add +35.1% |
| CVCO Cavco Industries Inc. | 1.47% | 42,051 | $24.8M | Reduce -1.5% |
| ENVA Enova International Inc. | 1.40% | 150,578 | $23.7M | Add +56.1% |
| RPRX Royalty Pharma PLC Class A | 1.37% | 600,166 | $23.2M | Add +0.7% |
| NPKI NPK International Inc. | 1.30% | 1,852,804 | $22.1M | Reduce -2.2% |
| GRBK Green Brick Partners Inc. | 1.30% | 352,246 | $22.1M | Reduce -0.8% |
| KKR KKR & Co. Inc. | 1.22% | 161,505 | $20.6M | Add +1.1% |
| PARR Par Pacific Holdings Inc. | 1.21% | 581,355 | $20.4M | Reduce -18.5% |
| PLOW Douglas Dynamics Inc. | 1.18% | 614,706 | $20.1M | Reduce -0.0% |
| IQV Iqvia Holdings Inc. | 1.18% | 88,392 | $19.9M | Add +1.1% |
| PDX PIMCO Dynamic Income Strat | 1.17% | 1,055,601 | $19.8M | Reduce -0.6% |
| ADUS Addus Homecare Corp. | 1.16% | 182,954 | $19.6M | Add +27.4% |
| IIIV I3 Verticals Inc. Class A | 1.16% | 777,527 | $19.6M | Add +0.0% |
| PSMT Pricesmart Inc. | 1.16% | 159,625 | $19.6M | Reduce -0.0% |
| BXC Bluelinx Holdings Inc. | 1.14% | 315,336 | $19.4M | Reduce -1.8% |
| ULTA Ulta Beauty Inc. | 1.11% | 31,125 | $18.8M | Reduce -5.5% |
| MSFT Microsoft Corp. | 1.05% | 36,921 | $17.9M | Add +0.7% |
| APAM Artisan Partners Asset Ma -A | 1.05% | 437,845 | $17.8M | Reduce -0.9% |
| RTO Rentokil Initial PLC-SP ADR | 1.05% | 602,662 | $17.8M | Add +0.9% |
| MELI MercadoLibre Inc. | 1.02% | 8,570 | $17.3M | Add +9.2% |
| BG Bunge Global SA | 1.00% | 190,052 | $16.9M | Add +1.0% |
| TDW Tidewater Inc. | 0.99% | 333,659 | $16.9M | Reduce -2.5% |
| TMO Thermo Fisher Scientific Inc. | 0.93% | 27,295 | $15.8M | Add +0.6% |
| WTTR Select Water Solutions Inc. | 0.93% | 1,501,191 | $15.8M | Reduce -15.8% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.92% | 31,112 | $15.6M | Add +1.0% |
| HLMN Hillman Solutions Corp. | 0.89% | 1,743,872 | $15.1M | Add +0.0% |
| JPM JPMorgan Chase & Co. | 0.88% | 46,039 | $14.8M | Add +1.0% |
| CSW CSW Industrials Inc. | 0.87% | 50,018 | $14.7M | Add +0.2% |
| DSP Viant Technology Inc. Class A | 0.82% | 1,156,915 | $13.9M | Reduce -3.5% |
| BV Brightview Holdings Inc. | 0.82% | 1,094,469 | $13.9M | Reduce -0.4% |
| CLMB Climb Global Solutions Inc. | 0.82% | 134,717 | $13.8M | Add +5.0% |
| SHOO Steven Madden Ltd. filed as MADDEN STEVEN LTD | 0.82% | 331,943 | $13.8M | Add +0.1% |
| SFM Sprouts Farmers Market Inc. | 0.81% | 172,604 | $13.8M | Reduce -0.2% |
| MDXG Mimedx Group Inc. | 0.80% | 2,007,194 | $13.6M | Add +0.1% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.78% | 116,337 | $13.2M | Add +1.0% |
| BLDR Builders Firstsource Inc. | 0.78% | 128,045 | $13.2M | Add +0.3% |
| BRSP Brightspire Capital Inc. | 0.77% | 2,333,619 | $13.1M | Reduce -0.1% |
| AMP Ameriprise Financial Inc. | 0.76% | 26,316 | $12.9M | Add +0.3% |
| ARHS Arhaus Inc. | 0.72% | 1,093,085 | $12.3M | Add +0.2% |
| APO Apollo Global Management Inc. | 0.71% | 83,639 | $12.1M | Add +25.3% |
| MTCH Match Group Inc. | 0.70% | 366,995 | $11.9M | Add +13.8% |
| KMI Kinder Morgan Inc. | 0.70% | 430,385 | $11.8M | Add +1.0% |
| JNJ Johnson & Johnson | 0.69% | 56,724 | $11.7M | Add +1.5% |
| ALG Alamo Group Inc. | 0.69% | 69,924 | $11.7M | Add +0.1% |
| FTHY First Trust Hi YLD Opp 2027 | 0.69% | 827,076 | $11.6M | Add +48.6% |
| ORCL Oracle Corp. | 0.68% | 59,501 | $11.6M | Add +0.9% |
| IA Innovative Solutions & Supp | 0.67% | 595,174 | $11.3M | Add +94.1% |
| DE Deere & Co. | 0.64% | 23,438 | $10.9M | Add +0.9% |
| TCMD Tactile Systems Technology I | 0.64% | 373,975 | $10.8M | Add +8.1% |
| SSNC Ss&c Technologies Holdings | 0.62% | 120,536 | $10.5M | Add +1.0% |
| CSV Carriage Services Inc. | 0.62% | 246,699 | $10.4M | Add +16.7% |
| HSTM Healthstream Inc. | 0.62% | 451,794 | $10.4M | Reduce -0.1% |
| UNH Unitedhealth Group Inc. | 0.60% | 30,725 | $10.1M | Add +15.6% |
| WM Waste Management Inc. | 0.59% | 45,589 | $10.0M | Add +1.1% |
| ACIC American Coastal Insurance C | 0.58% | 776,400 | $9.8M | Add +7.3% |
| EOG EOG Resources Inc. | 0.56% | 89,897 | $9.4M | Add +0.2% |
| BXMT Blackstone Mortgage Tru Class A | 0.54% | 480,653 | $9.2M | Add +0.2% |
| RSG Republic Services Inc. | 0.53% | 41,987 | $8.9M | Add +0.7% |
| LINC Lincoln Educational Services | 0.52% | 362,295 | $8.7M | Reduce -2.5% |
| TGT Target Corp. | 0.49% | 85,772 | $8.4M | Reduce -0.6% |
| HCKT The Hackett Group Inc. | 0.49% | 427,053 | $8.4M | Reduce -0.4% |
| LEGH Legacy Housing Corp. | 0.49% | 429,110 | $8.4M | No change |
| IDR Idaho Strategic Resources Inc. | 0.49% | 206,365 | $8.3M | Reduce -1.6% |
| CLFD Clearfield Inc. | 0.48% | 278,110 | $8.1M | Add +5.9% |
| NRIM Northrim Bancorp Inc. | 0.48% | 302,900 | $8.1M | Add +22.4% |
| BWB Bridgewater Bancshares Inc. | 0.45% | 438,960 | $7.7M | Add +1.1% |
| PAYS Paysign Inc. | 0.44% | 1,462,560 | $7.5M | Add +164.6% |
| INFU Infusystem Holdings Inc. | 0.44% | 824,750 | $7.4M | Add +1.9% |
| APEI American Public Education | 0.44% | 195,316 | $7.4M | No change |
| RSSS Research Solutions Inc. | 0.43% | 2,499,310 | $7.3M | No change |
| NATR Natures Sunshine Prods Inc. | 0.43% | 340,000 | $7.3M | Add +9.0% |
| AGYS Agilysys Inc. | 0.43% | 61,700 | $7.3M | Reduce -0.4% |
| MYFW First Western Financial Inc. | 0.43% | 270,945 | $7.3M | Reduce -13.0% |
| ALEX Alexander & Baldwin Inc. | 0.42% | 348,665 | $7.2M | Add +33.9% |
| ELV Elevance Health Inc. | 0.41% | 19,599 | $6.9M | Reduce -15.7% |
| MRVL Marvell Technology Inc. | 0.39% | 77,592 | $6.6M | New |
| RMT Royce Micro-Cap Trust Inc. | 0.38% | 615,988 | $6.4M | Reduce -0.1% |
| NVEC Nve Corp. | 0.36% | 101,770 | $6.0M | Add +17.4% |
| DUK Duke Energy Corp. | 0.33% | 47,624 | $5.6M | Add +0.4% |
| ELMD Electromed Inc. | 0.32% | 187,020 | $5.4M | Add +6.5% |
| FC Franklin Covey Co. | 0.31% | 312,870 | $5.2M | Reduce -47.1% |
| T AT&T Inc. | 0.30% | 207,818 | $5.2M | Reduce -0.4% |
| RFIL RF Industries Ltd. filed as RF INDS LTD | 0.30% | 877,150 | $5.1M | Add +9.2% |
| UFPT Ufp Technologies Inc. | 0.30% | 22,700 | $5.0M | No change |
| VMD Viemed Healthcare Inc. | 0.29% | 671,360 | $5.0M | 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 | 106,005 | $7.3M | Reduce -0.2% |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | 4,987,000 | $4.7M | Reduce -0.2% |
| QXO INC (QXO 5.5 05/15/28 B) | 5.50 DEP PFD | 57,015 | $3.1M | Add +0.0% |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | 60,405 | $3.1M | Add +0.3% |
Total filed on the 13F, all lines: $1.7B.
Portfolio Sells Q3 2025 → Q4 2025
| SKY Champion Homes Inc. | Sold out | 0.00% | −0.73 |
| FISV Fiserv Inc. | Reduce -65.9% | 0.12% | −0.55 |
| CIVI Civitas Resources Inc. | Sold out | 0.00% | −0.49 |
| PDX PIMCO Dynamic Income Strat | Reduce -0.6% | 1.17% | −0.38 |
| FC Franklin Covey Co. | Reduce -47.1% | 0.31% | −0.36 |
| ARE Alexandria Real Estate Equit | Sold out | 0.00% | −0.35 |
| PBPB Potbelly Corp. | Sold out | 0.00% | −0.34 |
| GRSD Grandstand Ltd. | Sold out | 0.00% | −0.30 |
| SFM Sprouts Farmers Market Inc. | Reduce -0.2% | 0.81% | −0.29 |
| PARR Par Pacific Holdings Inc. | Reduce -18.5% | 1.21% | −0.28 |
| LADR Ladder Capital Corp.-REIT | Sold out | 0.00% | −0.27 |
| ACN Accenture PLC Class A | Reduce -56.3% | 0.23% | −0.25 |
| PHLT Performant Healthcare Inc. | Sold out | 0.00% | −0.25 |
| GRBK Green Brick Partners Inc. | Reduce -0.8% | 1.30% | −0.23 |
| BXC Bluelinx Holdings Inc. | Reduce -1.8% | 1.14% | −0.23 |
| SNEX Stonex Group Inc. | Reduce -0.4% | 3.97% | −0.23 |
| DHIL Diamond Hill Investment Grp | Sold out | 0.00% | −0.21 |
| WTTR Select Water Solutions Inc. | Reduce -15.8% | 0.93% | −0.18 |
| VRRM Verra Mobility Corp. | Reduce -0.1% | 1.49% | −0.14 |
| HSTM Healthstream Inc. | Reduce -0.1% | 0.62% | −0.13 |
| CVEO Civeo Corp. | Reduce -28.6% | 0.27% | −0.11 |
| GLRE Greenlight Capital Re Ltd. Class A | Reduce -34.3% | 0.27% | −0.09 |
| TDW Tidewater Inc. | Reduce -2.5% | 0.99% | −0.07 |
| APAM Artisan Partners Asset Ma -A | Reduce -0.9% | 1.05% | −0.07 |
| HGBL Heritage Global Inc. | Reduce -3.7% | 0.17% | −0.07 |
| LUMENT FINANCE TRUST INC | Reduce -62.2% | 0.02% | −0.06 |
| BV Brightview Holdings Inc. | Reduce -0.4% | 0.82% | −0.04 |
| T AT&T Inc. | Reduce -0.4% | 0.30% | −0.04 |
| BCIC BCP Investment Corp. | Reduce -18.1% | 0.21% | −0.04 |
| AVNW Aviat Networks Inc. | Reduce -31.7% | 0.06% | −0.03 |
| ELV Elevance Health Inc. | Reduce -15.7% | 0.41% | −0.03 |
| LOPE Grand Canyon Education Inc. | Sold out | 0.00% | −0.01 |
| MLCI Mount Logan Capital Inc. | Reduce -12.4% | 0.17% | −0.01 |
| KD Kyndryl Holdings Inc. | Sold out | 0.00% | −0.01 |
| QRHC Quest Resource Holding Corp. | Sold out | 0.00% | −0.01 |
| JEF Jefferies Financial Group Inc. | Reduce -32.9% | 0.01% | −0.01 |
| TLN Talen Energy Corp. | Reduce -11.6% | 0.02% | −0.00 |
| HCI Hci Group Inc. | Reduce -2.3% | 0.14% | −0.00 |
| AMLP Alerian MLP ETF | Reduce -0.4% | 0.24% | +0.00 |
| NBN Northeast Bank | Reduce -0.6% | 0.09% | +0.00 |
| RMT Royce Micro-Cap Trust Inc. | Reduce -0.1% | 0.38% | +0.00 |
| LINC Lincoln Educational Services | Reduce -2.5% | 0.52% | +0.00 |
| OPXS Optex Systems Holdings Inc. | Reduce -7.2% | 0.25% | +0.01 |
| MYFW First Western Financial Inc. | Reduce -13.0% | 0.43% | +0.01 |
| CVCO Cavco Industries Inc. | Reduce -1.5% | 1.47% | +0.01 |
| HCKT The Hackett Group Inc. | Reduce -0.4% | 0.49% | +0.02 |
| PSMT Pricesmart Inc. | Reduce -0.0% | 1.16% | +0.02 |
| BRSP Brightspire Capital Inc. | Reduce -0.1% | 0.77% | +0.03 |
| GHM Graham Corp. | Reduce -3.3% | 0.25% | +0.03 |
| GSL Global Ship Lease Inc. Class A | Reduce -11.4% | 2.01% | +0.04 |
Portfolio Buys Q3 2025 → Q4 2025
| SPNT Siriuspoint Ltd. | Add +47.7% | 1.80% | +0.80 |
| ENVA Enova International Inc. | Add +56.1% | 1.40% | +0.75 |
| IA Innovative Solutions & Supp | Add +94.1% | 0.67% | +0.44 |
| MRVL Marvell Technology Inc. | New | 0.39% | +0.39 |
| TCMD Tactile Systems Technology I | Add +8.1% | 0.64% | +0.36 |
| LZ Legalzoomcom Inc. | Add +23.6% | 1.54% | +0.25 |
| PAYS Paysign Inc. | Add +164.6% | 0.44% | +0.24 |
| SMRT Smartrent Inc. | New | 0.23% | +0.23 |
| FTHY First Trust Hi YLD Opp 2027 | Add +48.6% | 0.69% | +0.21 |
| IQV Iqvia Holdings Inc. | Add +1.1% | 1.18% | +0.20 |
| APO Apollo Global Management Inc. | Add +25.3% | 0.71% | +0.19 |
| MLR Miller Industries Inc. | New | 0.18% | +0.18 |
| AVNS Avanos Medical Inc. | New | 0.18% | +0.18 |
| ADUS Addus Homecare Corp. | Add +27.4% | 1.16% | +0.17 |
| LQDT Liquidity Services Inc. | Add +0.1% | 1.63% | +0.17 |
| SHOO Steven Madden Ltd. | Add +0.1% | 0.82% | +0.17 |
| RTO Rentokil Initial PLC-SP ADR | Add +0.9% | 1.05% | +0.16 |
| TMO Thermo Fisher Scientific Inc. | Add +0.6% | 0.93% | +0.16 |
| NRIM Northrim Bancorp Inc. | Add +22.4% | 0.48% | +0.16 |
| CSW CSW Industrials Inc. | Add +0.2% | 0.87% | +0.16 |
| HTLD Heartland Express Inc. | New | 0.15% | +0.15 |
| TREE Lendingtree Inc. | Add +35.1% | 1.47% | +0.15 |
| NATR Natures Sunshine Prods Inc. | Add +9.0% | 0.43% | +0.15 |
| ALEX Alexander & Baldwin Inc. | Add +33.9% | 0.42% | +0.15 |
| FFWM First Foundation Inc. | Add +1477.2% | 0.15% | +0.14 |
| RPRX Royalty Pharma PLC Class A | Add +0.7% | 1.37% | +0.14 |
| BG Bunge Global SA | Add +1.0% | 1.00% | +0.10 |
| ACIC American Coastal Insurance C | Add +7.3% | 0.58% | +0.10 |
| IJR iShares Core S&P Small-Cap E | Add +12927.4% | 0.09% | +0.09 |
| JNJ Johnson & Johnson | Add +1.5% | 0.69% | +0.09 |
| SJT San Juan Basin Royalty TR | Add +57.8% | 0.23% | +0.08 |
| ELMD Electromed Inc. | Add +6.5% | 0.32% | +0.07 |
| CSV Carriage Services Inc. | Add +16.7% | 0.62% | +0.06 |
| UNH Unitedhealth Group Inc. | Add +15.6% | 0.60% | +0.06 |
| SILA Sila Realty Trust Inc. | Add +10.6% | 1.73% | +0.06 |
| ARHS Arhaus Inc. | Add +0.2% | 0.72% | +0.04 |
| PDEX Pro-Dex Inc. | Add +23.4% | 0.14% | +0.04 |
| JPM JPMorgan Chase & Co. | Add +1.0% | 0.88% | +0.03 |
| MTCH Match Group Inc. | Add +13.8% | 0.70% | +0.03 |
| BXMT Blackstone Mortgage Tru Class A | Add +0.2% | 0.54% | +0.03 |
| NVEC Nve Corp. | Add +17.4% | 0.36% | +0.02 |
| PLBC Plumas Bancorp | Add +10.8% | 0.18% | +0.02 |
| DE Deere & Co. | Add +0.9% | 0.64% | +0.02 |
| LGCY Legacy Education Inc. | Add +9.8% | 0.11% | +0.02 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +1.0% | 0.92% | +0.02 |
| RCMT RCM Technologies Inc. | Add +40.0% | 0.16% | +0.01 |
| FLXS Flexsteel Inds | Add +23.8% | 0.21% | +0.01 |
| LAMR Lamar Advertising Co. Class A | New | 0.01% | +0.01 |
| EPSN Epsilon Energy Ltd. | Add +20.8% | 0.10% | +0.01 |
| DIS The Walt Disney Co. | Add +1.0% | 0.78% | +0.01 |
Notes & Other Activity Q3 2025 → Q4 2025
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | Reduce -0.2% | 106,005 | $7.3M |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | Reduce -0.2% | 4,987,000 | $4.7M |
| QXO INC (QXO 5.5 05/15/28 B) | 5.50 DEP PFD | Add +0.0% | 57,015 | $3.1M |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | Add +0.3% | 60,405 | $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 |