PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.

Open in PORT →← all managers

CIK 1238990

13F portfolio (2026-Q1)

$1.7B

Positions

163

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

Open in PORT →

As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2026-Q1)

Holdings

163

Top 5

13.2%

Top 10

22.1%

Effective N

81.2

HHI

0.012

This quarter

22 new · 0 exit →

By sector

Industrials19.8%

Financials19.1%

Consumer Discretionary13.7%

Information Technology12.6%

Health Care9.5%

Unclassified6.8%

Energy5.0%

Real Estate3.6%

Other9.8%

By market cap

Mid ($2–10B)33.5%

Small ($300M–2B)33.0%

Large ($10–200B)13.3%

Unknown9.9%

Mega (>$200B)6.5%

Micro (<$300M)3.8%

By region

North America93.2%

Other6.8%

By industry group GICS — finer than sector

Industry group	Weight	Names
Banks	7.64%	10
Unclassified	7.64%	33
Commercial Services & Supplies	7.52%	11
Capital Markets	7.34%	7
Diversified Consumer Services	6.67%	7
Machinery	6.66%	9
Software & IT Services	5.51%	7
Oil, Gas & Consumable Fuels	5.03%	5
Specialty Retail	3.65%	5
Technology Hardware & Equipment	3.44%	5
Equity Real Estate Investment Trusts (REITs)	3.41%	5
Health Care Providers & Services	3.39%	4
Software	3.35%	5
Insurance	3.28%	6
Pharmaceuticals & Biotechnology	2.65%	3
Health Care Equipment & Supplies	2.54%	8
Paper & Forest Products	1.93%	2
Semiconductors & Semiconductor Equipment	1.68%	3
Marine	1.68%	1
Distributors	1.64%	2
Professional Services	1.50%	3
Food Products	1.48%	2
Construction & Engineering	1.33%	1
Utilities	1.01%	3
Food & Staples Retailing	0.97%	1
Transportation Infrastructure	0.95%	1
Textiles, Apparel & Luxury Goods	0.93%	2
Chemicals	0.88%	2
Life Sciences Tools & Services	0.87%	1
Agricultural Products	0.76%	1
Entertainment	0.65%	1
Communications Equipment	0.44%	1
Metals & Mining	0.38%	1
Automobiles & Components	0.29%	1
Hotels, Restaurants & Leisure	0.24%	1
Household Durables	0.24%	1
Real Estate Management & Development	0.21%	1
Road & Rail	0.20%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	SNEX	StoneX Group Inc.	Financials	4.39%
2	LAUR	LAUREATE EDUCATION, INC.	Consumer Discretionary	2.36%
3	UTI	UNIVERSAL TECHNICAL INSTITUTE INC	Consumer Discretionary	2.24%
4	ACA	Arcosa, Inc.	Industrials	2.22%
5	ATEN	A10 Networks, Inc.	Information Technology	1.95%
6	RDNT	RadNet, Inc.	Health Care	1.92%
7	SILA	Sila Realty Trust, Inc.	Real Estate	1.84%
8	GOOGL	Alphabet Inc.	Communication Services	1.78%
9	SPNT	SiriusPoint Ltd	Financials	1.76%
10	TDW	TIDEWATER INC	Industrials	1.68%

131/163 names classified · sector 93.2% of weight · industry 92.4% · mkt cap 90.1%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 52 quarters

IndustrialsFC, GRBK, MBUU, ACA, VRRM · other

FinancialsSNEX, RILY, TREE, FIBK, SPNT · other

Consumer DiscretionaryCALY, BXC, UTI, DXLG, LAUR · other

Information TechnologyDGII, HSTM, ATEN, IIIV, LZ · other

Health CareRDNT, ADUS, USPH, RPRX, IQV · other

Communication ServicesTTGT, SSP, SPOK, GOOGL, DLX · other

Real EstateABR, SILA, OUT, EFC, BRSP · other

EnergyPARR, NGS, WTTR, VTS, EOG · other

Consumer StaplesSFM, CVS, BV, JJSF, BG · other

MaterialsCSW, CVCO, LEGH, PACK, SKY · other

UtilitiesKMI, WMB, OTTR, DUK, XEL · other

UnclassifiedIVW, CSWC, INTL FCSTONE INC, GSL, FRANCHISE GROUP INC · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 93.2% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2026-Q1), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

holdings, colored by sector (113 classified)PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. centroid (Small Core)

IndustrialsFinancialsConsumer DiscretionaryInformation TechnologyHealth CareEnergyConsumer StaplesMaterialsReal EstateCommunication ServicesUtilities

Style box summary for PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.: centroid Small Core. Heaviest cells: Small Core 33.3%, Small Growth 25.3%, Small Value 6.0%.

Classified: 81.0% of book weight (113/158 names) · unclassified 19.0%: RDNT, RPRX, GSL, WTTR, , JCAP, RTO, PDX, KKR, BRK.B +35 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 163 positions (2026-Q1) · largest first · Δ vs 2025-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	SNEXSTONEX GROUP INC	943,579	$76M	4.4%	ADD 33%
2	LAURLAUREATE EDUCATION INC	1,172,881	$41M	2.4%	TRIM −8%
3	UTIUNIVERSAL TECHNICAL INST INC	1,076,866	$39M	2.2%	TRIM −8%
4	ACAARCOSA INC	362,326	$38M	2.2%	HOLD
5	ATENA10 NETWORKS INC	1,459,910	$34M	1.9%	HOLD
6	RDNTRADNET INC	595,280	$33M	1.9%	TRIM −9%
7	SILASILA REALTY TRUST INC	1,347,510	$32M	1.8%	ADD 7%
8	GOOGLALPHABET INC	107,293	$31M	1.8%	TRIM −19%
9	SPNTSIRIUSPOINT LTD	1,415,529	$30M	1.8%	HOLD
10	TDWTIDEWATER INC NEW	347,913	$29M	1.7%	ADD 4%
11	RPRXROYALTY PHARMA PLC	598,617	$29M	1.7%	HOLD
12	LQDTLIQUIDITY SVCS INC	920,394	$28M	1.6%	HOLD
13	TREELENDINGTREE INC NEW	647,038	$28M	1.6%	ADD 38%
14	GSLGLOBAL SHIP LEASE INC NEW	718,073	$27M	1.5%	TRIM −26%
15	NPKINPK INTERNATIONAL INC	1,818,790	$26M	1.5%	HOLD
16	PLOWDOUGLAS DYNAMICS INC	621,845	$26M	1.5%	HOLD
17	CVCOCAVCO INDS INC DEL	50,991	$25M	1.4%	ADD 21%
18	FIBKFIRST INTST BANCSYSTEM INC	735,419	$25M	1.4%	HOLD
19	PSMTPRICESMART INC	162,193	$24M	1.4%	HOLD
20	VTSVITESSE ENERGY INC	1,333,720	$24M	1.4%	TRIM −7%
21	PARRPAR PAC HOLDINGS INC	377,208	$24M	1.4%	TRIM −35%
22	WTTRSELECT WATER SOLUTIONS INC	1,528,895	$23M	1.3%	HOLD
23	BGBUNGE GLOBAL SA	182,206	$23M	1.3%	TRIM −4%
24	GRBKGREEN BRICK PARTNERS INC	358,341	$23M	1.3%	HOLD
25	IIIVI3 VERTICALS INC	1,032,606	$23M	1.3%	ADD 33%
26	JCAPJEFFERSON CAPITAL INC	1,115,885	$21M	1.2%	NEW
27	ENVAENOVA INTL INC	153,472	$21M	1.2%	HOLD
28	APAMARTISAN PARTNERS ASSET MGMT	551,336	$20M	1.2%	ADD 26%
29	RTORENTOKIL INITIAL PLC	600,913	$19M	1.1%	HOLD
30	PDXPIMCO DYNAMIC INCOME STRATEG	852,325	$19M	1.1%	TRIM −19%
31	ADUSADDUS HOMECARE CORP	193,890	$18M	1.0%	ADD 6%
32	BXCBLUELINX HLDGS INC	321,874	$17M	1.0%	ADD 2%
33	SFMSPROUTS FMRS MKT INC	217,615	$17M	1.0%	ADD 26%
34	VRRMVERRA MOBILITY CORP	1,147,170	$16M	0.9%	HOLD
35	MELIMERCADOLIBRE INC	9,368	$16M	0.9%	ADD 9%
36	MSFTMICROSOFT CORP	43,004	$16M	0.9%	ADD 16%
37	LZLEGALZOOM COM INC	2,689,270	$15M	0.9%	ADD 2%
38	IQVIQVIA HLDGS INC	88,490	$15M	0.9%	HOLD
39	DSPVIANT TECHNOLOGY INC	1,347,163	$15M	0.9%	ADD 16%
40	KKRKKR & CO INC	161,614	$15M	0.9%	HOLD
41	BRK.BBERKSHIRE HATHAWAY INC DEL	31,130	$15M	0.9%	HOLD
42	HLMNHILLMAN SOLUTIONS CORP	1,774,109	$15M	0.9%	HOLD
43	MRVLMARVELL TECHNOLOGY INC	140,137	$14M	0.8%	ADD 81%
44	TMOTHERMO FISHER SCIENTIFIC INC	27,325	$13M	0.8%	HOLD
45	CSWCSW INDUSTRIALS INC	50,987	$13M	0.8%	HOLD
46	BVBRIGHTVIEW HLDGS INC	1,116,831	$13M	0.8%	ADD 2%
47	JPMJPMORGAN CHASE & CO	44,452	$13M	0.8%	TRIM −3%
48	EOGEOG RES INC	90,328	$13M	0.8%	HOLD
49	BRSPBRIGHTSPIRE CAPITAL INC	2,309,774	$13M	0.7%	HOLD
50	PAYSPAYSIGN INC	2,058,210	$12M	0.7%	ADD 41%
51	CSVCARRIAGE SVCS INC	263,750	$12M	0.7%	ADD 7%
52	FTHYFIRST TR HIGH YIELD OPPRT 20	886,745	$12M	0.7%	ADD 7%
53	ALGALAMO GROUP INC	70,937	$12M	0.7%	HOLD
54	MTCHMATCH GROUP INC NEW	379,972	$12M	0.7%	ADD 4%
55	SHOOMADDEN STEVEN LTD	337,055	$11M	0.7%	HOLD
56	DISDISNEY WALT CO	116,115	$11M	0.6%	HOLD
57	KMIKINDER MORGAN INC DEL	330,957	$11M	0.6%	TRIM −23%
58	APEIAMERICAN PUB ED INC	195,000	$11M	0.6%	HOLD
59	SESEA LTD	132,886	$11M	0.6%	NEW
60	CLMBCLIMB GLOBAL SOLUTIONS INC	551,665	$11M	0.6%	ADD 309%
61	APOAPOLLO GLOBAL MGMT INC	97,835	$11M	0.6%	ADD 17%
62	ISSCINNOVATIVE SOLUTIONS & SUPPO	518,618	$11M	0.6%	TRIM −13%
63	BLDRBUILDERS FIRSTSOURCE INC	128,538	$11M	0.6%	HOLD
64	WMWASTE MGMT INC DEL	45,692	$10M	0.6%	HOLD
65	TGTTARGET CORP	85,785	$10M	0.6%	HOLD
66	ULTAULTA BEAUTY INC	19,673	$10M	0.6%	TRIM −37%
67	LINCLINCOLN EDL SVCS CORP	252,150	$10M	0.6%	TRIM −30%
68	SSNCSS&C TECHNOLOGIES HLDGS INC	148,755	$10M	0.6%	ADD 23%
69	BXMTBLACKSTONE MTG TR INC	483,624	$9M	0.5%	HOLD
70	RSGREPUBLIC SVCS INC	42,061	$9M	0.5%	HOLD
71	JNJJOHNSON & JOHNSON	37,380	$9M	0.5%	TRIM −34%
72	ACICAMERICAN COASTAL INS CORP	808,705	$9M	0.5%	ADD 4%
73	AMRZAMRIZE LTD	158,226	$9M	0.5%	NEW
74	TRSTRIMAS CORP	244,719	$9M	0.5%	NEW
75	ORCLORACLE CORP	59,617	$9M	0.5%	HOLD
76	LEGHLEGACY HOUSING CORP	427,665	$9M	0.5%	HOLD
77	RFILRF INDS LTD	822,800	$8M	0.5%	TRIM −6%
78	NATRNATURES SUNSHINE PRODS INC	340,000	$8M	0.5%	HOLD
79	MDXGMIMEDX GROUP INC	2,019,718	$8M	0.5%	HOLD
80	TCMDTACTILE SYS TECHNOLOGY INC	300,000	$8M	0.5%	TRIM −20%
81	DEDEERE & CO	13,810	$8M	0.4%	TRIM −41%
82	INFUINFUSYSTEM HLDGS INC	837,925	$8M	0.4%	HOLD
83	BWBBRIDGEWATER BANCSHARES INC	434,660	$8M	0.4%	HOLD
84	CLFDCLEARFIELD INC	289,610	$8M	0.4%	ADD 4%
85	ARHSARHAUS INC	1,115,665	$8M	0.4%	ADD 2%
86	SMRTSMARTRENT INC	5,032,880	$8M	0.4%	ADD 164%
87	NRIMNORTHRIM BANCORP INC	326,410	$7M	0.4%	ADD 8%
88	UNHUNITEDHEALTH GROUP INC	26,956	$7M	0.4%	TRIM −12%
89	ARCCARES CAPITAL CORP	391,347	$7M	0.4%	NEW
90	BOEING CO	105,840	$7M	0.4%	HOLD
91	ELVELEVANCE HEALTH INC FORMERLY	23,229	$7M	0.4%	ADD 19%
92	NVECNVE CORP	103,569	$7M	0.4%	HOLD
93	IDRIDAHO STRATEGIC RESOURCES	207,220	$7M	0.4%	HOLD
94	DUKDUKE ENERGY CORP NEW	47,597	$6M	0.4%	HOLD
95	RMTROYCE MICRO-CAP TR INC	545,665	$6M	0.4%	TRIM −11%
96	AVNSAVANOS MED INC	437,085	$6M	0.4%	ADD 62%
97	MYFWFIRST WESTN FINL INC	248,195	$6M	0.4%	TRIM −8%
98	HCKTHACKETT GROUP INC	445,800	$6M	0.3%	ADD 4%
99	RSSSRESEARCH SOLUTIONS INC	2,552,455	$6M	0.3%	ADD 2%
100	ELMDELECTROMED INC	224,520	$5M	0.3%	ADD 20%
101	MLRMILLER INDS INC TENN	110,477	$5M	0.3%	ADD 36%
102	CASSCASS INFORMATION SYS INC	113,060	$5M	0.3%	NEW
103	VMDVIEMED HEALTHCARE INC	537,361	$5M	0.3%	TRIM −20%
104	ALXALEXANDERS INC	20,415	$5M	0.3%	NEW
105	TRNSTRANSCAT INC	64,775	$5M	0.3%	ADD 9%
106	OXMOXFORD INDS INC	123,440	$5M	0.3%	NEW
107	SJTSAN JUAN BASIN RTY TR	939,225	$5M	0.3%	ADD 34%
108	GHMGRAHAM CORP	57,138	$5M	0.3%	TRIM −13%
109	AGYSAGILYSYS INC	62,710	$4M	0.3%	HOLD
110	UFPTUFP TECHNOLOGIES INC	22,700	$4M	0.3%	HOLD
111	OPXSOPTEX SYS HLDGS INC	323,475	$4M	0.2%	ADD 9%
112	CVEOCIVEO CORP CDA	158,260	$4M	0.2%	TRIM −20%
113	FLXSFLEXSTEEL INDS INC	91,525	$4M	0.2%	HOLD
114	WHIRLPOOL CORP	100,255	$4M	0.2%	NEW
115	ORACLE CORP	83,465	$4M	0.2%	NEW
116	AMLPALPS ETF TR	69,891	$4M	0.2%	TRIM −20%
117	QXO INC	66,315	$4M	0.2%	ADD 16%
118	PDMPIEDMONT REALTY TRUST INC	550,013	$4M	0.2%	NEW
119	KKR & CO INC	86,810	$3M	0.2%	ADD 44%
120	KEQUKEWAUNEE SCIENTIFIC CORP	100,702	$3M	0.2%	ADD 23%
121	HTLDHEARTLAND EXPRESS INC	330,765	$3M	0.2%	ADD 14%
122	PLBCPLUMAS BANCORP	69,275	$3M	0.2%	HOLD
123	SAMGSILVERCREST ASSET MGMT GROUP	245,031	$3M	0.2%	NEW
124	HGBLHERITAGE GLOBAL INC	2,244,148	$3M	0.2%	TRIM −6%
125	PDEXPRO-DEX INC COLO	61,735	$3M	0.2%	ADD 3%
126	RCMTRCM TECHNOLOGIES INC	153,511	$3M	0.2%	ADD 13%
127	EPSNEPSILON ENERGY LTD	476,880	$3M	0.2%	ADD 27%
128	MAMAMAMAS CREATIONS INC	165,000	$3M	0.1%	HOLD
129	FFWMFIRST FNDTN INC	400,000	$2M	0.1%	TRIM −4%
130	TALKTALKSPACE INC	449,630	$2M	0.1%	NEW
131	LGCYLEGACY ED INC	185,000	$2M	0.1%	HOLD
132	IWVISHARES TR	5,487	$2M	0.1%	ADD 8%
133	KRTKARAT PACKAGING INC	69,115	$2M	0.1%	ADD 10%
134	HCIHCI GROUP INC	12,000	$2M	0.1%	HOLD
135	TAYDTAYLOR DEVICES INC	32,300	$2M	0.1%	TRIM −37%
136	NBNNORTHEAST BK PORTLAND ME	14,740	$2M	0.1%	HOLD
137	IRMDIRADIMED CORP	17,000	$2M	0.1%	HOLD
138	GLREGREENLIGHT CAPITAL RE LTD	79,827	$1M	0.1%	TRIM −75%
139	ACCSACCESS NEWSWIRE INC	152,410	$1M	0.1%	ADD 7%
140	OFLXOMEGA FLEX INC	43,500	$1M	0.1%	NEW
141	AMPAMERIPRISE FINL INC	2,490	$1M	0.1%	TRIM −91%
142	BCICBCP INVESTMENT CORPORATION	117,950	$886,984	0.1%	TRIM −61%
143	MLCIMOUNT LOGAN CAP INC	218,904	$783,676	0.0%	TRIM −38%
144	TLNTALEN ENERGY CORP	750	$239,422	0.0%	HOLD
145	PDFSPDF SOLUTIONS INC	6,480	$211,961	0.0%	NEW
146	LAMRLAMAR ADVERTISING CO	1,620	$205,189	0.0%	HOLD
147	LOPEGRAND CANYON ED INC	1,200	$204,036	0.0%	NEW
148	BTXBLACKROCK TECH AND PRIVATE E	24,905	$164,373	0.0%	NEW
149	WDIWESTERN ASSET DIVERSIFIED IN	11,855	$159,331	0.0%	NEW
150	TFSLTFS FINL CORP	11,020	$154,831	0.0%	NEW
151	ARCOARCOS DORADOS HOLDINGS INC	17,755	$146,479	0.0%	NEW
152	CIONCION INVT CORP	14,845	$101,540	0.0%	ADD 42%
153	IWCISHARES TR	398	$63,525	0.0%	ADD 8%
154	IWMISHARES TR	185	$45,880	0.0%	TRIM −63%
155	AGGISHARES TR	300	$29,781	0.0%	HOLD
156	TELADOC HEALTH INC	30,000	$28,620	0.0%	NEW
157	IVVISHARES TR	42	$27,435	0.0%	ADD 50%
158	SUSAISHARES TR	190	$25,099	0.0%	HOLD
159	IVWISHARES TR	182	$20,586	0.0%	NEW
160	IJRISHARES TR	152	$18,895	0.0%	TRIM −99%
161	HYGISHARES TR	168	$13,366	0.0%	ADD 71%
162	IEFAISHARES TR	104	$9,415	0.0%	ADD 53%
163	LQDISHARES TR	83	$9,046	0.0%	ADD 77%

Position trends· top 15 holdings · shares held over 6 quarters

green added · red trimmed

Security

2024-Q4

2025-Q1

2025-Q2

2025-Q3

2025-Q4

2026-Q1

Latest value

SNEXSTONEX GROUP INC

776K

844K

726K

711K

708K

944K

$76M

LAURLAUREATE EDUCATION INC

1.4M

1.5M

1.3M

1.2M

$41M

UTIUNIVERSAL TECHNICAL INST INC

1.6M

1.1M

1.0M

1.2M

1.1M

$39M

ACAARCOSA INC

352K

362K

364K

361K

362K

$38M

ATENA10 NETWORKS INC

1.3M

1.4M

1.5M

$34M

RDNTRADNET INC

665K

694K

697K

649K

651K

595K

$33M

SILASILA REALTY TRUST INC

930K

1.1M

1.3M

$32M

GOOGLALPHABET INC

136K

134K

138K

134K

132K

107K

$31M

SPNTSIRIUSPOINT LTD

—

724K

736K

941K

1.4M

$30M

TDWTIDEWATER INC NEW

322K

336K

340K

342K

334K

348K

$29M

RPRXROYALTY PHARMA PLC

472K

574K

596K

600K

599K

$29M

LQDTLIQUIDITY SVCS INC

498K

303K

655K

910K

920K

$28M

TREELENDINGTREE INC NEW

—

345K

348K

470K

647K

$28M

GSLGLOBAL SHIP LEASE INC NEW

1.4M

1.2M

1.1M

972K

718K

$27M

NPKINPK INTERNATIONAL INC

1.7M

1.2M

1.9M

1.8M

$26M

Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.

☆PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.

Implied return what this book implies · modeled, not advice methodology →

Exposures · what this manager owns, by sector & size (2026-Q1)

By sector

By market cap

By region

By industry group GICS — finer than sector

Top holdings

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

Style box · size × value-growth placement of the reported book (2026-Q1), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

Contribution holdings-based, any period

Holdings· 163 positions (2026-Q1) · largest first · Δ vs 2025-Q4

Position trends· top 15 holdings · shares held over 6 quarters

Related· where to look next

PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.