Punch & Associates Investment Management, Inc.

Name: PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. 13F holdings, Q4 2025
Creator: PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.
Published: 2026-02-17

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

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
ALNT Allient Inc.	0.28%	89,500	$4.8M	No change
GLRE Greenlight Capital Re Ltd. Class A	0.27%	317,000	$4.6M	Reduce -34.3%
CVEO Civeo Corp.	0.27%	196,618	$4.5M	Reduce -28.6%
OPXS Optex Systems Holdings Inc.	0.25%	296,960	$4.2M	Reduce -7.2%
GHM Graham Corp.	0.25%	65,503	$4.2M	Reduce -3.3%
AMLP Alerian MLP ETF	0.24%	87,148	$4.1M	Reduce -0.4%
SJT San Juan Basin Royalty TR	0.23%	700,000	$3.9M	Add +57.8%
ACN Accenture PLC Class A	0.23%	14,545	$3.9M	Reduce -56.3%
SMRT Smartrent Inc.	0.23%	1,907,285	$3.9M	New
FLXS Flexsteel Inds	0.21%	90,980	$3.6M	Add +23.8%
BCIC BCP Investment Corp.	0.21%	299,195	$3.5M	Reduce -18.1%
TRNS Transcat Inc.	0.20%	59,235	$3.4M	Add +3.0%
PLBC Plumas Bancorp	0.18%	69,275	$3.1M	Add +10.8%
KEQU Kewaunee Scientific CP	0.18%	81,835	$3.1M	Add +16.8%
MLR Miller Industries Inc.	0.18%	81,186	$3.0M	New
AVNS Avanos Medical Inc.	0.18%	270,000	$3.0M	New
TAYD Taylor Devices Inc.	0.18%	51,325	$3.0M	No change
HGBL Heritage Global Inc.	0.17%	2,384,652	$3.0M	Reduce -3.7%
MLCI Mount Logan Capital Inc.	0.17%	355,018	$2.9M	Reduce -12.4%
RCMT RCM Technologies Inc.	0.16%	136,078	$2.8M	Add +40.0%
HTLD Heartland Express Inc.	0.15%	290,000	$2.6M	New
FFWM First Foundation Inc.	0.15%	415,980	$2.6M	Add +1477.2%
PDEX Pro-Dex Inc.	0.14%	60,000	$2.3M	Add +23.4%
HCI Hci Group Inc.	0.14%	12,000	$2.3M	Reduce -2.3%
MAMA Mama's Creations Inc.	0.13%	165,000	$2.2M	No change
FISV Fiserv Inc.	0.12%	30,151	$2.0M	Reduce -65.9%
IWV iShares Russell 3000 ETF	0.12%	5,093	$2.0M	Add +3.4%
LGCY Legacy Education Inc.	0.11%	185,000	$1.9M	Add +9.8%
EPSN Epsilon Energy Ltd.	0.10%	376,905	$1.7M	Add +20.8%
IRMD Iradimed Corp.	0.10%	17,000	$1.7M	No change
NBN Northeast Bank	0.09%	14,740	$1.5M	Reduce -0.6%
IJR iShares Core S&P Small-Cap E	0.09%	12,376	$1.5M	Add +12927.4%
KRT Karat Packaging Inc.	0.08%	62,615	$1.4M	Add +1.8%
ACCS Access Newswire Inc.	0.08%	142,410	$1.3M	Add +3.0%
AVNW Aviat Networks Inc.	0.06%	49,500	$1.1M	Reduce -31.7%
LUMENT FINANCE TRUST INC	0.02%	267,162	$377K	Reduce -62.2%
TLN Talen Energy Corp.	0.02%	760	$285K	Reduce -11.6%
VBR Vngrd Mrngst SL-CP Val ETF-U	0.02%	1,208	$256K	Add +3.0%
JEF Jefferies Financial Group Inc.	0.01%	3,685	$228K	Reduce -32.9%
LAMR Lamar Advertising Co. Class A	0.01%	1,620	$205K	New
VTI VG Morningstar TS MKT ETF-US	0.01%	448	$150K	Add +1.1%
IWM iShares Russell 2000 ETF	0.01%	505	$124K	Add +173.0%
CION Cion Investment Corp.	0.01%	10,435	$101K	New
IWC iShares Micro-Cap ETF	0.00%	367	$58K	No change
VOO Vanguard S&P 500 ETF	0.00%	62	$39K	No change
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
HYG Ishr Ibx Usd Hiyld CB ETF-Ui	0.00%	98	$8K	No change
IEFA iShares Core MSCI Eafe ETF	0.00%	68	$6K	No change
LQD Ishr Ibx Usd Invgd CB ETF-Ui	0.00%	47	$5K	No change
IVE iShares S&P 500 Value ETF	0.00%	20	$4K	Add +33.3%

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