PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.

CIK 0001238990 • 6 13F filings • May 15, 2025 – Aug 14, 2026

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Filer information

Filed by: PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC., Chief Investment Officer
Address: 7701 FRANCE AVE. SOUTH, SUITE 300, EDINA, MN, 55435
Phone: 952-224-4350
AUM: $1.71B

AUM over time

$2.02B latest

Sector allocation over time

Past 5 quarters

Q4 2025

Q3 2025

Q2 2026

Q2 2025

Q1 2026

TechnologyHealthcareFinancialsIndustrialsReal EstateOther

Holdings by filing

Portfolio value: $1.71B156 positionsView on SEC.gov

			% of Portfolio
A10 NETWORKS INC	COM	$25.4M	1.5%Prev: 1.5%	1,435,626 SH	Decreased+4,268 SH
ACCENTURE PLC IRELAND	SHS CLASS A	$3.9M	0.2%Prev: 0.5%	14,545 SH	Decreased-18,750 SH
ACCESS NEWSWIRE INC	COM NEW	$1.3M	0.1%Prev: 0.1%	142,410 SH	Decreased+4,150 SH
ADDUS HOMECARE CORP	COM	$19.6M	1.1%Prev: 1.0%	182,954 SH	Increased+39,299 SH
AGILYSYS INC	COM	$7.3M	0.4%Prev: 0.4%	61,700 SH	Increased-230 SH
ALAMO GROUP INC	COM	$11.7M	0.7%Prev: 0.8%	69,924 SH	Decreased+52 SH
ALEXANDER & BALDWIN INC NEW	COM	$7.2M	0.4%Prev: 0.3%	348,665 SH	Increased+88,216 SH
ALLIENT INC	COM	$4.8M	0.3%Prev: 0.2%	89,500 SH	Increased
ALPHABET INC	CAP STK CL A	$41.2M	2.4%Prev: 1.9%	131,651 SH	Increased-2,432 SH
ALPS ETF TR	ALERIAN MLP	$4.1M	0.2%Prev: 0.2%	87,148 SH	Decreased-335 SH
AMERICAN COASTAL INS CORP	COM	$9.8M	0.6%Prev: 0.5%	776,400 SH	Increased+52,500 SH
AMERICAN PUB ED INC	COM	$7.4M	0.4%Prev: 0.4%	195,316 SH	Decreased
AMERIPRISE FINL INC	COM	$12.9M	0.8%Prev: 0.7%	26,316 SH	Increased+70 SH
APOLLO GLOBAL MGMT INC	COM	$12.1M	0.7%Prev: 0.5%	83,639 SH	Increased+16,883 SH
ARCOSA INC	COM	$38.4M	2.2%Prev: 2.0%	361,494 SH	Increased-2,101 SH
ARHAUS INC	COM CL A	$12.3M	0.7%Prev: 0.7%	1,093,085 SH	Increased+1,932 SH
ARTISAN PARTNERS ASSET MGMT	CL A	$17.8M	1.0%Prev: 1.1%	437,845 SH	Decreased-4,007 SH
AT&T INC	COM	$5.2M	0.3%Prev: 0.3%	207,818 SH	Decreased-760 SH
AVANOS MED INC	COM	$3.0M	0.2%	270,000 SH	New
AVIAT NETWORKS INC	COM NEW	$1.1M	0.1%Prev: 0.1%	49,500 SH	Decreased-23,000 SH
BCP INVESTMENT CORPORATION	COM NEW	$3.5M	0.2%Prev: 0.2%	299,195 SH	Decreased-65,954 SH
BERKSHIRE HATHAWAY INC DEL	CL B NEW	$15.6M	0.9%Prev: 0.9%	31,112 SH	Increased+302 SH
BLACKSTONE MTG TR INC	COM CL A	$9.2M	0.5%Prev: 0.5%	480,653 SH	Increased+860 SH
BLUELINX HLDGS INC	COM NEW	$19.4M	1.1%Prev: 1.4%	315,336 SH	Decreased-5,895 SH
BOEING CO	DEP CONV PFD A	$7.3M	0.4%Prev: 0.4%	106,005 SH	Decreased-230 SH
BRIDGEWATER BANCSHARES INC	COM	$7.7M	0.4%Prev: 0.4%	438,960 SH	Increased+5,000 SH
BRIGHTSPIRE CAPITAL INC	COM CL A	$13.1M	0.8%Prev: 0.7%	2,333,619 SH	Increased-2,351 SH
BRIGHTVIEW HLDGS INC	COM	$13.9M	0.8%Prev: 0.9%	1,094,469 SH	Decreased-4,659 SH
BUILDERS FIRSTSOURCE INC	COM	$13.2M	0.8%Prev: 0.9%	128,045 SH	Decreased+386 SH
BUNGE GLOBAL SA	COM SHS	$16.9M	1.0%Prev: 0.9%	190,052 SH	Increased+1,942 SH
CARRIAGE SVCS INC	COM	$10.4M	0.6%Prev: 0.5%	246,699 SH	Increased+35,274 SH
CAVCO INDS INC DEL	COM	$24.8M	1.5%Prev: 1.4%	42,051 SH	Increased-635 SH
CION INVT CORP	COM	$101K	0.0%	10,435 SH	New
CIVEO CORP CDA	COM NEW	$4.5M	0.3%Prev: 0.4%	196,618 SH	Decreased-78,967 SH
CLEARFIELD INC	COM	$8.1M	0.5%Prev: 0.5%	278,110 SH	Decreased+15,500 SH
CLIMB GLOBAL SOLUTIONS INC	COM	$13.8M	0.8%Prev: 1.0%	134,717 SH	Decreased+6,377 SH
CSW INDUSTRIALS INC	COM	$14.7M	0.9%Prev: 0.7%	50,018 SH	Increased+90 SH
DEERE & CO	COM	$10.9M	0.6%Prev: 0.6%	23,438 SH	Increased+199 SH
DISNEY WALT CO	COM	$13.2M	0.8%Prev: 0.8%	116,337 SH	Increased+1,160 SH
DOUGLAS DYNAMICS INC	COM	$20.1M	1.2%Prev: 1.1%	614,706 SH	Increased-109 SH
DUKE ENERGY CORP NEW	COM NEW	$5.6M	0.3%Prev: 0.3%	47,624 SH	Decreased+176 SH
ELECTROMED INC	COM	$5.4M	0.3%Prev: 0.2%	187,020 SH	Increased+11,500 SH
ELEVANCE HEALTH INC FORMERLY	COM	$6.9M	0.4%Prev: 0.4%	19,599 SH	Decreased-3,650 SH
ENOVA INTL INC	COM	$23.7M	1.4%Prev: 0.6%	150,578 SH	Increased+54,126 SH
EOG RES INC	COM	$9.4M	0.6%Prev: 0.6%	89,897 SH	Decreased+206 SH
EPSILON ENERGY LTD	COM	$1.7M	0.1%Prev: 0.1%	376,905 SH	Increased+65,000 SH
FIRST FNDTN INC	COM	$2.6M	0.1%Prev: 0.0%	415,980 SH	Increased+389,605 SH
FIRST INTST BANCSYSTEM INC	COM	$25.0M	1.5%Prev: 1.3%	723,818 SH	Increased-337 SH
FIRST TR HIGH YIELD OPPRT 20	COM	$11.6M	0.7%Prev: 0.5%	827,076 SH	Increased+270,334 SH
FIRST WESTN FINL INC	COM	$7.3M	0.4%Prev: 0.4%	270,945 SH	Increased-40,557 SH
FISERV INC	COM	$2.0M	0.1%Prev: 0.7%	30,151 SH	Decreased-58,367 SH
FLEXSTEEL INDS INC	COM	$3.6M	0.2%Prev: 0.2%	90,980 SH	Increased+17,478 SH
FRANKLIN COVEY CO	COM	$5.2M	0.3%Prev: 0.7%	312,870 SH	Decreased-278,448 SH
GLOBAL SHIP LEASE INC NEW	COM CL A	$34.1M	2.0%Prev: 2.0%	971,790 SH	Increased-125,651 SH
GRAHAM CORP	COM	$4.2M	0.2%Prev: 0.2%	65,503 SH	Increased-2,252 SH
GREEN BRICK PARTNERS INC	COM	$22.1M	1.3%Prev: 1.5%	352,246 SH	Decreased-2,655 SH
GREENLIGHT CAPITAL RE LTD	CLASS A	$4.6M	0.3%Prev: 0.4%	317,000 SH	Decreased-165,250 SH
HACKETT GROUP INC	COM	$8.4M	0.5%Prev: 0.5%	427,053 SH	Increased-1,601 SH
HCI GROUP INC	COM	$2.3M	0.1%Prev: 0.1%	12,000 SH	Decreased-280 SH
HEALTHSTREAM INC	COM	$10.4M	0.6%Prev: 0.7%	451,794 SH	Decreased-590 SH
HEARTLAND EXPRESS INC	COM	$2.6M	0.2%	290,000 SH	New
HERITAGE GLOBAL INC	COM	$3.0M	0.2%Prev: 0.2%	2,384,652 SH	Decreased-90,576 SH
HILLMAN SOLUTIONS CORP	COM	$15.1M	0.9%Prev: 0.9%	1,743,872 SH	Decreased+568 SH
I3 VERTICALS INC	COM CL A	$19.6M	1.1%Prev: 1.5%	777,527 SH	Decreased+50 SH
IDAHO STRATEGIC RESOURCES	COM NEW	$8.3M	0.5%Prev: 0.4%	206,365 SH	Increased-3,290 SH
INFUSYSTEM HLDGS INC	COM	$7.4M	0.4%Prev: 0.5%	824,750 SH	Decreased+15,000 SH
INNOVATIVE SOLUTIONS & SUPPO	COM	$11.3M	0.7%Prev: 0.2%	595,174 SH	Increased+288,479 SH
IQVIA HLDGS INC	COM	$19.9M	1.2%Prev: 1.0%	88,392 SH	Increased+974 SH
IRADIMED CORP	COM	$1.7M	0.1%Prev: 0.1%	17,000 SH	Increased
ISHARES TR	CORE MSCI EAFE	$6K	0.0%Prev: 0.0%	68 SH	Increased
ISHARES TR	CORE S&P SCP ETF	$1.5M	0.1%Prev: 0.0%	12,376 SH	Increased+12,281 SH
ISHARES TR	CORE S&P500 ETF	$19K	0.0%Prev: 0.0%	28 SH	Increased
ISHARES TR	CORE US AGGBD ET	$30K	0.0%Prev: 0.0%	300 SH	Decreased
ISHARES TR	ESG OPTIMIZED	$26K	0.0%Prev: 0.0%	190 SH	Increased
ISHARES TR	IBOXX HI YD ETF	$8K	0.0%Prev: 0.0%	98 SH	Decreased
ISHARES TR	IBOXX INV CP ETF	$5K	0.0%Prev: 0.0%	47 SH	Decreased
ISHARES TR	MICRO-CAP ETF	$58K	0.0%Prev: 0.0%	367 SH	Increased
ISHARES TR	RUSSELL 2000 ETF	$124K	0.0%Prev: 0.0%	505 SH	Increased+320 SH
ISHARES TR	RUSSELL 3000 ETF	$2.0M	0.1%Prev: 0.1%	5,093 SH	Increased+166 SH
ISHARES TR	S&P 500 VAL ETF	$4K	0.0%Prev: 0.0%	20 SH	Increased+5 SH
JEFFERIES FINL GROUP INC	COM	$228K	0.0%Prev: 0.0%	3,685 SH	Decreased-1,810 SH
JOHNSON & JOHNSON	COM	$11.7M	0.7%Prev: 0.6%	56,724 SH	Increased+832 SH
JPMORGAN CHASE & CO.	COM	$14.8M	0.9%Prev: 0.8%	46,039 SH	Increased+466 SH
KARAT PACKAGING INC	COM	$1.4M	0.1%Prev: 0.1%	62,615 SH	Decreased+1,100 SH
KEWAUNEE SCIENTIFIC CORP	COM	$3.1M	0.2%Prev: 0.2%	81,835 SH	Increased+11,750 SH
KINDER MORGAN INC DEL	COM	$11.8M	0.7%Prev: 0.7%	430,385 SH	Decreased+4,223 SH
KKR & CO INC	6.25 CON SER D	$3.1M	0.2%Prev: 0.2%	60,405 SH	Decreased+155 SH
KKR & CO INC	COM	$20.6M	1.2%Prev: 1.2%	161,505 SH	Decreased+1,800 SH
LAMAR ADVERTISING CO NEW	CL A	$205K	0.0%	1,620 SH	New
LAUREATE EDUCATION INC	COMMON STOCK	$42.8M	2.5%Prev: 2.4%	1,272,453 SH	Increased-13,349 SH
LEGACY ED INC	COM	$1.9M	0.1%Prev: 0.1%	185,000 SH	Increased+16,500 SH
LEGACY HOUSING CORP	COM	$8.4M	0.5%Prev: 0.7%	429,110 SH	Decreased
LEGALZOOM COM INC	COM	$26.1M	1.5%Prev: 1.3%	2,627,047 SH	Increased+500,787 SH
LENDINGTREE INC NEW	COM	$24.9M	1.5%Prev: 1.3%	469,647 SH	Increased+121,993 SH
LINCOLN EDL SVCS CORP	COM	$8.7M	0.5%Prev: 0.5%	362,295 SH	Increased-9,455 SH
LIQUIDITY SVCS INC	COM	$27.6M	1.6%Prev: 1.4%	910,246 SH	Increased+503 SH
LUMENT FINANCE TRUST INC	COM	$377K	0.0%Prev: 0.1%	267,162 SH	Decreased-440,150 SH
MADDEN STEVEN LTD	COM	$13.8M	0.8%Prev: 0.6%	331,943 SH	Increased+392 SH
MAMAS CREATIONS INC	COM	$2.2M	0.1%Prev: 0.1%	165,000 SH	Increased
MARVELL TECHNOLOGY INC	COM	$6.6M	0.4%	77,592 SH	New
MATCH GROUP INC NEW	COM	$11.9M	0.7%Prev: 0.7%	366,995 SH	Increased+44,437 SH
MERCADOLIBRE INC	COM	$17.3M	1.0%Prev: 1.1%	8,570 SH	Decreased+719 SH
MICROSOFT CORP	COM	$17.9M	1.0%Prev: 1.1%	36,921 SH	Decreased+241 SH
MILLER INDS INC TENN	COM NEW	$3.0M	0.2%	81,186 SH	New
MIMEDX GROUP INC	COM	$13.6M	0.8%Prev: 0.8%	2,007,194 SH	Decreased+2,180 SH
MOUNT LOGAN CAP INC	COM	$2.9M	0.2%Prev: 0.2%	355,018 SH	Decreased-50,325 SH
NATURES SUNSHINE PRODS INC	COM	$7.3M	0.4%Prev: 0.3%	340,000 SH	Increased+28,000 SH
NORTHEAST BK PORTLAND ME	COM	$1.5M	0.1%Prev: 0.1%	14,740 SH	Increased-95 SH
NORTHRIM BANCORP INC	COM	$8.1M	0.5%Prev: 0.3%	302,900 SH	Increased+55,404 SH
NPK INTERNATIONAL INC	COM SHS	$22.1M	1.3%Prev: 1.2%	1,852,804 SH	Increased-41,922 SH
NVE CORP	COM NEW	$6.0M	0.4%Prev: 0.3%	101,770 SH	Increased+15,080 SH
OPTEX SYS HLDGS INC	COM NEW	$4.2M	0.2%Prev: 0.2%	296,960 SH	Increased-22,903 SH
ORACLE CORP	COM	$11.6M	0.7%Prev: 1.0%	59,501 SH	Decreased+539 SH
PAR PAC HOLDINGS INC	COM NEW	$20.4M	1.2%Prev: 1.5%	581,355 SH	Decreased-132,075 SH
PAYSIGN INC	COM	$7.5M	0.4%Prev: 0.2%	1,462,560 SH	Increased+909,825 SH
PIMCO DYNAMIC INCOME STRATEG	COM SHS BEN INT	$19.8M	1.2%Prev: 1.5%	1,055,601 SH	Decreased-5,814 SH
PLUMAS BANCORP	COM	$3.1M	0.2%Prev: 0.2%	69,275 SH	Increased+6,740 SH
PRICESMART INC	COM	$19.6M	1.1%Prev: 1.1%	159,625 SH	Increased-56 SH
PRO-DEX INC COLO	COM NEW	$2.3M	0.1%Prev: 0.1%	60,000 SH	Increased+11,392 SH
QXO INC	5.50 DEP PFD	$3.1M	0.2%Prev: 0.2%	57,015 SH	Increased+15 SH
RADNET INC	COM	$46.5M	2.7%Prev: 2.9%	651,169 SH	Decreased+1,791 SH
RCM TECHNOLOGIES INC	COM NEW	$2.8M	0.2%Prev: 0.1%	136,078 SH	Increased+38,872 SH
RENTOKIL INITIAL PLC	SPONSORED ADR	$17.8M	1.0%Prev: 0.9%	602,662 SH	Increased+5,477 SH
REPUBLIC SVCS INC	COM	$8.9M	0.5%Prev: 0.6%	41,987 SH	Decreased+301 SH
RESEARCH SOLUTIONS INC	COM	$7.3M	0.4%Prev: 0.5%	2,499,310 SH	Decreased
RF INDS LTD	COM PAR $0.01	$5.1M	0.3%Prev: 0.4%	877,150 SH	Decreased+74,091 SH
ROYALTY PHARMA PLC	SHS CLASS A	$23.2M	1.4%Prev: 1.2%	600,166 SH	Increased+4,275 SH
ROYCE MICRO-CAP TR INC	COM	$6.4M	0.4%Prev: 0.4%	615,988 SH	Increased-730 SH
SAN JUAN BASIN RTY TR	UNIT BEN INT	$3.9M	0.2%Prev: 0.2%	700,000 SH	Increased+256,299 SH
SELECT WATER SOLUTIONS INC	CL A COM	$15.8M	0.9%Prev: 1.1%	1,501,191 SH	Decreased-281,335 SH
SILA REALTY TRUST INC	COMMON STOCK	$29.3M	1.7%Prev: 1.7%	1,255,395 SH	Increased+120,007 SH
SIRIUSPOINT LTD	COM	$30.4M	1.8%Prev: 1.0%	1,390,091 SH	Increased+448,712 SH
SMARTRENT INC	COM CL A	$3.9M	0.2%	1,907,285 SH	New
SPROUTS FMRS MKT INC	COM	$13.8M	0.8%Prev: 1.1%	172,604 SH	Decreased-279 SH
SS&C TECHNOLOGIES HLDGS INC	COM	$10.5M	0.6%Prev: 0.6%	120,536 SH	Decreased+1,205 SH
STONEX GROUP INC	COM	$67.3M	3.9%Prev: 4.2%	707,835 SH	Decreased-3,018 SH
TACTILE SYS TECHNOLOGY INC	COM	$10.8M	0.6%Prev: 0.3%	373,975 SH	Increased+27,850 SH
TALEN ENERGY CORP	COM	$285K	0.0%Prev: 0.0%	760 SH	Decreased-100 SH
TARGET CORP	COM	$8.4M	0.5%Prev: 0.4%	85,772 SH	Increased-490 SH
TAYLOR DEVICES INC	COM	$3.0M	0.2%Prev: 0.1%	51,325 SH	Increased
TELADOC HEALTH INC	NOTE 1.250% 6/0	$4.7M	0.3%Prev: 0.3%	4,987,000 PRN	Increased-10,000 PRN
THERMO FISHER SCIENTIFIC INC	COM	$15.8M	0.9%Prev: 0.8%	27,295 SH	Increased+166 SH
TIDEWATER INC NEW	COM	$16.9M	1.0%Prev: 1.1%	333,659 SH	Decreased-8,422 SH
TRANSCAT INC	COM	$3.4M	0.2%Prev: 0.2%	59,235 SH	Decreased+1,705 SH
UFP TECHNOLOGIES INC	COM	$5.0M	0.3%Prev: 0.3%	22,700 SH	Increased
ULTA BEAUTY INC	COM	$18.8M	1.1%Prev: 1.0%	31,125 SH	Increased-1,825 SH
UNITEDHEALTH GROUP INC	COM	$10.1M	0.6%Prev: 0.5%	30,725 SH	Increased+4,153 SH
UNIVERSAL TECHNICAL INST INC	COM	$30.6M	1.8%Prev: 2.2%	1,169,843 SH	Decreased+7,566 SH
VANGUARD INDEX FDS	S&P 500 ETF SHS	$39K	0.0%Prev: 0.0%	62 SH	Increased
VANGUARD INDEX FDS	SM CP VAL ETF	$256K	0.0%Prev: 0.0%	1,208 SH	Increased+35 SH
VANGUARD INDEX FDS	TOTAL STK MKT	$150K	0.0%Prev: 0.0%	448 SH	Increased+5 SH
VERRA MOBILITY CORP	CL A COM STK	$25.3M	1.5%Prev: 1.6%	1,127,560 SH	Decreased-1,112 SH
VIANT TECHNOLOGY INC	COM CL A	$13.9M	0.8%Prev: 0.6%	1,156,915 SH	Increased-42,575 SH
VIEMED HEALTHCARE INC	COM	$5.0M	0.3%Prev: 0.3%	671,360 SH	Increased
VITESSE ENERGY INC	COMMON STOCK	$27.7M	1.6%Prev: 1.7%	1,438,529 SH	Decreased+165,534 SH
WASTE MGMT INC DEL	COM	$10.0M	0.6%Prev: 0.6%	45,589 SH	Increased+472 SH

Sold (vs prior filing)

ALEXANDRIA REAL ESTATE EQ IN — $6.0M
CHAMPION HOMES INC — $12.5M
CIVITAS RESOURCES INC — $8.4M
DIAMOND HILL INVT GROUP INC — $3.6M
GAMBLING COM GROUP LIMITED — $5.1M
GRAND CANYON ED INC — $243K
KYNDRYL HLDGS INC — $203K
LADDER CAP CORP — $4.6M
PERFORMANT HEALTHCARE INC — $4.2M
POTBELLY CORP — $5.8M
QUEST RESOURCE HLDG CORP — $174K

All filings

Open a filing on Jive Data

Filing Date	Quarter	Form	Accession	Portfolio	Filing
Feb 17, 2026	Q4 2025	13F-HR	0001398344-26-003220	$1.71B	View
Nov 14, 2025	Q3 2025	13F-HR	0001398344-25-020910	$1.73B	View
Aug 14, 2026	Q2 2026