Punch & Associates Investment Management, Inc.
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Punch & Associates Investment Management, Inc. reported 158 stock positions worth $1.7 billion. Its top holding was Stonex (SNEX) at 4.4% of the portfolio, followed by Laureate Education (LAUR, 2.4%) and Universal Technical Institut (UTI, 2.3%). Compared with Q4 2025, it opened 20 new positions, sold out of 14, added to 83 and reduced 44. The biggest buy was a new position in Jefferson Capital (JCAP) and the biggest sale Radnet (RDNT, shares −9%).
- Most Recent 13F
- Q2 2026
- Location
- EDINA, MN
- CIK
- 0001238990
- Portfolio Value
- $1.7B (Q1 2026)
- SEC Filing
- 0001398344-26-009222 ↗ filed May 15, 2026
Holdings Value
Holdings 158 stocks · $1.7B
| SNEX Stonex Group Inc. | 4.45% | 943,579 | $76.1M | Add +33.3% |
| LAUR Laureate Education Inc. | 2.39% | 1,172,881 | $40.9M | Reduce -7.8% |
| UTI Universal Technical Institut | 2.27% | 1,076,866 | $38.9M | Reduce -8.0% |
| ACA Arcosa Inc. | 2.25% | 362,326 | $38.5M | Add +0.2% |
| ATEN A10 Networks Inc. | 1.97% | 1,459,910 | $33.8M | Add +1.7% |
| RDNT Radnet Inc. | 1.94% | 595,280 | $33.3M | Reduce -8.6% |
| SILA Sila Realty Trust Inc. | 1.86% | 1,347,510 | $31.9M | Add +7.3% |
| GOOGL Alphabet Inc. Class A | 1.80% | 107,293 | $30.9M | Reduce -18.5% |
| SPNT Siriuspoint Ltd. | 1.78% | 1,415,529 | $30.5M | Add +1.8% |
| TDW Tidewater Inc. | 1.70% | 347,913 | $29.1M | Add +4.3% |
| RPRX Royalty Pharma PLC Class A | 1.68% | 598,617 | $28.7M | Reduce -0.3% |
| LQDT Liquidity Services Inc. | 1.64% | 920,394 | $28.1M | Add +1.1% |
| TREE Lendingtree Inc. | 1.62% | 647,038 | $27.7M | Add +37.8% |
| GSL Global Ship Lease Inc. Class A | 1.56% | 718,073 | $26.7M | Reduce -26.1% |
| NPKI NPK International Inc. | 1.54% | 1,818,790 | $26.4M | Reduce -1.8% |
| PLOW Douglas Dynamics Inc. | 1.53% | 621,845 | $26.2M | Add +1.2% |
| CVCO Cavco Industries Inc. | 1.44% | 50,991 | $24.7M | Add +21.3% |
| FIBK First Interstate Bancsys-A | 1.44% | 735,419 | $24.6M | Add +1.6% |
| PSMT Pricesmart Inc. | 1.43% | 162,193 | $24.4M | Add +1.6% |
| VTS Vitesse Energy Inc. | 1.42% | 1,333,720 | $24.2M | Reduce -7.3% |
| PARR Par Pacific Holdings Inc. | 1.38% | 377,208 | $23.6M | Reduce -35.1% |
| WTTR Select Water Solutions Inc. | 1.37% | 1,528,895 | $23.4M | Add +1.9% |
| BG Bunge Global SA | 1.35% | 182,206 | $23.2M | Reduce -4.1% |
| GRBK Green Brick Partners Inc. | 1.35% | 358,341 | $23.1M | Add +1.7% |
| IIIV I3 Verticals Inc. Class A | 1.35% | 1,032,606 | $23.1M | Add +32.8% |
| JCAP Jefferson Capital Inc. | 1.25% | 1,115,885 | $21.5M | New |
| ENVA Enova International Inc. | 1.22% | 153,472 | $20.8M | Add +1.9% |
| APAM Artisan Partners Asset Ma -A | 1.17% | 551,336 | $20.1M | Add +25.9% |
| RTO Rentokil Initial PLC-SP ADR | 1.11% | 600,913 | $18.9M | Reduce -0.3% |
| PDX PIMCO Dynamic Income Strat | 1.10% | 852,325 | $18.8M | Reduce -19.3% |
| ADUS Addus Homecare Corp. | 1.06% | 193,890 | $18.2M | Add +6.0% |
| BXC Bluelinx Holdings Inc. | 1.02% | 321,874 | $17.4M | Add +2.1% |
| SFM Sprouts Farmers Market Inc. | 0.98% | 217,615 | $16.8M | Add +26.1% |
| VRRM Verra Mobility Corp. | 0.96% | 1,147,170 | $16.4M | Add +1.7% |
| MELI MercadoLibre Inc. | 0.95% | 9,368 | $16.2M | Add +9.3% |
| MSFT Microsoft Corp. | 0.93% | 43,004 | $15.9M | Add +16.5% |
| LZ Legalzoomcom Inc. | 0.89% | 2,689,270 | $15.2M | Add +2.4% |
| IQV Iqvia Holdings Inc. | 0.88% | 88,490 | $15.1M | Add +0.1% |
| DSP Viant Technology Inc. Class A | 0.88% | 1,347,163 | $15.1M | Add +16.4% |
| KKR KKR & Co. Inc. | 0.87% | 161,614 | $14.9M | Add +0.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.87% | 31,130 | $14.9M | Add +0.1% |
| HLMN Hillman Solutions Corp. | 0.86% | 1,774,109 | $14.8M | Add +1.7% |
| MRVL Marvell Technology Inc. | 0.81% | 140,137 | $13.9M | Add +80.6% |
| TMO Thermo Fisher Scientific Inc. | 0.78% | 27,325 | $13.4M | Add +0.1% |
| CSW CSW Industrials Inc. | 0.78% | 50,987 | $13.3M | Add +1.9% |
| BV Brightview Holdings Inc. | 0.77% | 1,116,831 | $13.2M | Add +2.0% |
| JPM JPMorgan Chase & Co. | 0.76% | 44,452 | $13.1M | Reduce -3.5% |
| EOG EOG Resources Inc. | 0.76% | 90,328 | $13.1M | Add +0.5% |
| BRSP Brightspire Capital Inc. | 0.76% | 2,309,774 | $12.9M | Reduce -1.0% |
| PAYS Paysign Inc. | 0.71% | 2,058,210 | $12.1M | Add +40.7% |
| CSV Carriage Services Inc. | 0.70% | 263,750 | $12.0M | Add +6.9% |
| FTHY First Trust Hi YLD Opp 2027 | 0.70% | 886,745 | $12.0M | Add +7.2% |
| ALG Alamo Group Inc. | 0.68% | 70,937 | $11.7M | Add +1.4% |
| MTCH Match Group Inc. | 0.68% | 379,972 | $11.7M | Add +3.5% |
| SHOO Steven Madden Ltd. filed as MADDEN STEVEN LTD | 0.67% | 337,055 | $11.4M | Add +1.5% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.65% | 116,115 | $11.2M | Reduce -0.2% |
| KMI Kinder Morgan Inc. | 0.65% | 330,957 | $11.1M | Reduce -23.1% |
| APEI American Public Education | 0.65% | 195,000 | $11.1M | Reduce -0.2% |
| SE Sea Ltd.-ADR | 0.64% | 132,886 | $11.0M | New |
| CLMB Climb Global Solutions Inc. | 0.64% | 551,665 | $10.9M | Add +2.4% |
| APO Apollo Global Management Inc. | 0.64% | 97,835 | $10.9M | Add +17.0% |
| IA Innovative Solutions & Supp | 0.62% | 518,618 | $10.6M | Reduce -12.9% |
| BLDR Builders Firstsource Inc. | 0.62% | 128,538 | $10.6M | Add +0.4% |
| WM Waste Management Inc. | 0.61% | 45,692 | $10.5M | Add +0.2% |
| TGT Target Corp. | 0.61% | 85,785 | $10.4M | Add +0.0% |
| ULTA Ulta Beauty Inc. | 0.60% | 19,673 | $10.3M | Reduce -36.8% |
| LINC Lincoln Educational Services | 0.60% | 252,150 | $10.3M | Reduce -30.4% |
| SSNC Ss&c Technologies Holdings | 0.59% | 148,755 | $10.1M | Add +23.4% |
| BXMT Blackstone Mortgage Tru Class A | 0.54% | 483,624 | $9.3M | Add +0.6% |
| RSG Republic Services Inc. | 0.54% | 42,061 | $9.2M | Add +0.2% |
| JNJ Johnson & Johnson | 0.53% | 37,380 | $9.1M | Reduce -34.1% |
| ACIC American Coastal Insurance C | 0.53% | 808,705 | $9.1M | Add +4.2% |
| AMRZ Amrize Ltd. | 0.52% | 158,226 | $8.9M | New |
| TRS Trimas Corp. | 0.51% | 244,719 | $8.8M | New |
| ORCL Oracle Corp. | 0.51% | 59,617 | $8.8M | Add +0.2% |
| LEGH Legacy Housing Corp. | 0.51% | 427,665 | $8.7M | Reduce -0.3% |
| RFIL RF Industries Ltd. filed as RF INDS LTD | 0.50% | 822,800 | $8.5M | Reduce -6.2% |
| NATR Natures Sunshine Prods Inc. | 0.48% | 340,000 | $8.2M | No change |
| MDXG Mimedx Group Inc. | 0.47% | 2,019,718 | $8.0M | Add +0.6% |
| TCMD Tactile Systems Technology I | 0.46% | 300,000 | $7.8M | Reduce -19.8% |
| DE Deere & Co. | 0.45% | 13,810 | $7.8M | Reduce -41.1% |
| INFU Infusystem Holdings Inc. | 0.45% | 837,925 | $7.7M | Add +1.6% |
| BWB Bridgewater Bancshares Inc. | 0.45% | 434,660 | $7.7M | Reduce -1.0% |
| CLFD Clearfield Inc. | 0.45% | 289,610 | $7.7M | Add +4.1% |
| ARHS Arhaus Inc. | 0.44% | 1,115,665 | $7.6M | Add +2.1% |
| SMRT Smartrent Inc. | 0.44% | 5,032,880 | $7.5M | Add +163.9% |
| NRIM Northrim Bancorp Inc. | 0.44% | 326,410 | $7.5M | Add +7.8% |
| UNH Unitedhealth Group Inc. | 0.43% | 26,956 | $7.3M | Reduce -12.3% |
| ARCC Ares Capital Corp. | 0.41% | 391,347 | $7.1M | New |
| ELV Elevance Health Inc. | 0.40% | 23,229 | $6.8M | Add +18.5% |
| NVEC Nve Corp. | 0.40% | 103,569 | $6.8M | Add +1.8% |
| IDR Idaho Strategic Resources Inc. | 0.39% | 207,220 | $6.7M | Add +0.4% |
| DUK Duke Energy Corp. | 0.36% | 47,597 | $6.2M | Reduce -0.1% |
| RMT Royce Micro-Cap Trust Inc. | 0.36% | 545,665 | $6.2M | Reduce -11.4% |
| AVNS Avanos Medical Inc. | 0.36% | 437,085 | $6.1M | Add +61.9% |
| MYFW First Western Financial Inc. | 0.36% | 248,195 | $6.1M | Reduce -8.4% |
| HCKT The Hackett Group Inc. | 0.34% | 445,800 | $5.8M | Add +4.4% |
| RSSS Research Solutions Inc. | 0.34% | 2,552,455 | $5.8M | Add +2.1% |
| ELMD Electromed Inc. | 0.31% | 224,520 | $5.3M | Add +20.1% |
| MLR Miller Industries Inc. | 0.29% | 110,477 | $5.0M | Add +36.1% |
Other holdings (5): bonds, preferreds, convertibles and warrants · $21.9M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | 105,840 | $6.9M | Reduce -0.2% |
| WHIRLPOOL CORP (WHR 8.5 02/15/29 A) | 8.5 DEP SR A CNV | 100,255 | $4.1M | New |
| ORACLE CORP (ORCL 6.5 01/15/29 D) | 6.5 DEP CUM SR D | 83,465 | $3.8M | New |
| QXO INC (QXO 5.5 05/15/28 B) | 5.50 DEP PFD | 66,315 | $3.6M | Add +16.3% |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | 86,810 | $3.5M | Add +43.7% |
Total filed on the 13F, all lines: $1.7B.
Portfolio Sells Q4 2025 → Q1 2026
| RDNT Radnet Inc. | Reduce -8.6% | 1.94% | −0.80 |
| AMP Ameriprise Financial Inc. | Reduce -90.5% | 0.06% | −0.70 |
| GOOGL Alphabet Inc. Class A | Reduce -18.5% | 1.80% | −0.63 |
| HSTM Healthstream Inc. | Sold out | 0.00% | −0.62 |
| ULTA Ulta Beauty Inc. | Reduce -36.8% | 0.60% | −0.51 |
| GSL Global Ship Lease Inc. Class A | Reduce -26.1% | 1.56% | −0.45 |
| ALEX Alexander & Baldwin Inc. | Sold out | 0.00% | −0.42 |
| FC Franklin Covey Co. | Sold out | 0.00% | −0.31 |
| T AT&T Inc. | Sold out | 0.00% | −0.30 |
| ALNT Allient Inc. | Sold out | 0.00% | −0.28 |
| ACN Accenture PLC Class A | Sold out | 0.00% | −0.23 |
| VTS Vitesse Energy Inc. | Reduce -7.3% | 1.42% | −0.22 |
| GLRE Greenlight Capital Re Ltd. Class A | Reduce -74.8% | 0.08% | −0.19 |
| DE Deere & Co. | Reduce -41.1% | 0.45% | −0.19 |
| TCMD Tactile Systems Technology I | Reduce -19.8% | 0.46% | −0.18 |
| UNH Unitedhealth Group Inc. | Reduce -12.3% | 0.43% | −0.17 |
| JNJ Johnson & Johnson | Reduce -34.1% | 0.53% | −0.16 |
| BCIC BCP Investment Corp. | Reduce -60.6% | 0.05% | −0.16 |
| LAUR Laureate Education Inc. | Reduce -7.8% | 2.39% | −0.14 |
| DIS The Walt Disney Co. | Reduce -0.2% | 0.65% | −0.13 |
| MLCI Mount Logan Capital Inc. | Reduce -38.3% | 0.05% | −0.13 |
| FISV Fiserv Inc. | Sold out | 0.00% | −0.12 |
| JPM JPMorgan Chase & Co. | Reduce -3.5% | 0.76% | −0.11 |
| IJR iShares Core S&P Small-Cap E | Reduce -98.8% | 0.00% | −0.09 |
| MYFW First Western Financial Inc. | Reduce -8.4% | 0.36% | −0.07 |
| PDX PIMCO Dynamic Income Strat | Reduce -19.3% | 1.10% | −0.07 |
| TAYD Taylor Devices Inc. | Reduce -37.1% | 0.11% | −0.07 |
| AVNW Aviat Networks Inc. | Sold out | 0.00% | −0.06 |
| KMI Kinder Morgan Inc. | Reduce -23.1% | 0.65% | −0.05 |
| IA Innovative Solutions & Supp | Reduce -12.9% | 0.62% | −0.04 |
| AMLP Alerian MLP ETF | Reduce -19.8% | 0.21% | −0.03 |
| LUMENT FINANCE TRUST INC | Sold out | 0.00% | −0.02 |
| CVEO Civeo Corp. | Reduce -19.5% | 0.24% | −0.02 |
| RMT Royce Micro-Cap Trust Inc. | Reduce -11.4% | 0.36% | −0.02 |
| BRSP Brightspire Capital Inc. | Reduce -1.0% | 0.76% | −0.02 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Sold out | 0.00% | −0.02 |
| JEF Jefferies Financial Group Inc. | Sold out | 0.00% | −0.01 |
| FFWM First Foundation Inc. | Reduce -3.8% | 0.14% | −0.01 |
| VTI VG Morningstar TS MKT ETF-US | Sold out | 0.00% | −0.01 |
| VMD Viemed Healthcare Inc. | Reduce -20.0% | 0.29% | −0.01 |
| IWM iShares Russell 2000 ETF | Reduce -63.4% | 0.00% | −0.00 |
| BWB Bridgewater Bancshares Inc. | Reduce -1.0% | 0.45% | −0.00 |
| TLN Talen Energy Corp. | Reduce -1.3% | 0.01% | −0.00 |
| VOO Vanguard S&P 500 ETF | Sold out | 0.00% | −0.00 |
| IVE iShares S&P 500 Value ETF | Sold out | 0.00% | −0.00 |
| HGBL Heritage Global Inc. | Reduce -5.9% | 0.18% | +0.00 |
| GHM Graham Corp. | Reduce -12.8% | 0.26% | +0.02 |
| LEGH Legacy Housing Corp. | Reduce -0.3% | 0.51% | +0.02 |
| DUK Duke Energy Corp. | Reduce -0.1% | 0.36% | +0.03 |
| RTO Rentokil Initial PLC-SP ADR | Reduce -0.3% | 1.11% | +0.06 |
Portfolio Buys Q4 2025 → Q1 2026
| JCAP Jefferson Capital Inc. | New | 1.25% | +1.25 |
| TDW Tidewater Inc. | Add +4.3% | 1.70% | +0.70 |
| SE Sea Ltd.-ADR | New | 0.64% | +0.64 |
| AMRZ Amrize Ltd. | New | 0.52% | +0.52 |
| TRS Trimas Corp. | New | 0.51% | +0.51 |
| ATEN A10 Networks Inc. | Add +1.7% | 1.97% | +0.47 |
| SNEX Stonex Group Inc. | Add +33.3% | 4.45% | +0.47 |
| WTTR Select Water Solutions Inc. | Add +1.9% | 1.37% | +0.43 |
| MRVL Marvell Technology Inc. | Add +80.6% | 0.81% | +0.42 |
| ARCC Ares Capital Corp. | New | 0.41% | +0.41 |
| PLOW Douglas Dynamics Inc. | Add +1.2% | 1.53% | +0.35 |
| CASS Cass Information Systems Inc. | New | 0.29% | +0.29 |
| ALX Alexander's Inc. | New | 0.28% | +0.28 |
| OXM Oxford Industries Inc. | New | 0.28% | +0.28 |
| PSMT Pricesmart Inc. | Add +1.6% | 1.43% | +0.27 |
| PAYS Paysign Inc. | Add +40.7% | 0.71% | +0.27 |
| SMRT Smartrent Inc. | Add +163.9% | 0.44% | +0.21 |
| PDM Piedmont Realty Trust Inc. | New | 0.21% | +0.21 |
| EOG EOG Resources Inc. | Add +0.5% | 0.76% | +0.21 |
| IIIV I3 Verticals Inc. Class A | Add +32.8% | 1.35% | +0.19 |
| SAMG Silvercrest Asset Manageme-A | New | 0.19% | +0.19 |
| AVNS Avanos Medical Inc. | Add +61.9% | 0.36% | +0.18 |
| SFM Sprouts Farmers Market Inc. | Add +26.1% | 0.98% | +0.17 |
| TREE Lendingtree Inc. | Add +37.8% | 1.62% | +0.15 |
| SILA Sila Realty Trust Inc. | Add +7.3% | 1.86% | +0.14 |
| TALK Talkspace Inc. | New | 0.14% | +0.14 |
| APAM Artisan Partners Asset Ma -A | Add +25.9% | 1.17% | +0.12 |
| MLR Miller Industries Inc. | Add +36.1% | 0.29% | +0.12 |
| TGT Target Corp. | Add +0.0% | 0.61% | +0.11 |
| CSV Carriage Services Inc. | Add +6.9% | 0.70% | +0.09 |
| TRNS Transcat Inc. | Add +9.3% | 0.28% | +0.08 |
| OFLX Omega Flex Inc. | New | 0.08% | +0.08 |
| EPSN Epsilon Energy Ltd. | Add +26.5% | 0.17% | +0.07 |
| DSP Viant Technology Inc. Class A | Add +16.4% | 0.88% | +0.06 |
| GRBK Green Brick Partners Inc. | Add +1.7% | 1.35% | +0.05 |
| HTLD Heartland Express Inc. | Add +14.1% | 0.20% | +0.05 |
| PDEX Pro-Dex Inc. | Add +2.9% | 0.18% | +0.04 |
| NVEC Nve Corp. | Add +1.8% | 0.40% | +0.04 |
| SJT San Juan Basin Royalty TR | Add +34.2% | 0.26% | +0.03 |
| KRT Karat Packaging Inc. | Add +10.4% | 0.11% | +0.03 |
| FLXS Flexsteel Inds | Add +0.6% | 0.24% | +0.03 |
| WM Waste Management Inc. | Add +0.2% | 0.61% | +0.02 |
| KEQU Kewaunee Scientific CP | Add +23.1% | 0.20% | +0.02 |
| LQDT Liquidity Services Inc. | Add +1.1% | 1.64% | +0.02 |
| INFU Infusystem Holdings Inc. | Add +1.6% | 0.45% | +0.02 |
| FTHY First Trust Hi YLD Opp 2027 | Add +7.2% | 0.70% | +0.01 |
| RSG Republic Services Inc. | Add +0.2% | 0.54% | +0.01 |
| PDFS PDF Solutions Inc. | New | 0.01% | +0.01 |
| LOPE Grand Canyon Education Inc. | New | 0.01% | +0.01 |
| BTX BlackRock Tech & Priv Eqty | New | 0.01% | +0.01 |
Notes & Other Activity Q4 2025 → Q1 2026
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | Reduce -0.2% | 105,840 | $6.9M |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | Sold out | 4,987,000 | $4.7Mbefore exit |
| WHIRLPOOL CORP (WHR 8.5 02/15/29 A) | 8.5 DEP SR A CNV | New | 100,255 | $4.1M |
| ORACLE CORP (ORCL 6.5 01/15/29 D) | 6.5 DEP CUM SR D | New | 83,465 | $3.8M |
| QXO INC (QXO 5.5 05/15/28 B) | 5.50 DEP PFD | Add +16.3% | 66,315 | $3.6M |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | Add +43.7% | 86,810 | $3.5M |
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 |