Q4 2025 · 13F-HR
PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.holdings as filed
Filed 2026-02-17 · accession 0001398344-26-003220
$1.71B
Reported value
156
Positions
2025-12-31
Period end
The Brief · PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. · Q4 2025
AI · grounded in 13F
PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. exited its position in SKY for a reduction of $12.5M. The fund also closed its position in CIVI for $8.4M and established a new position in MRVL worth $6.6M. Additionally, the manager increased its holdings in ISSC by 94.1% and ENVA by 56.1%.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 861896108 | SNEX | STONEX GROUP INC | $67.3M | 3.93% | 707,835 | Common | NONE |
| 750491102 | RDNT | RADNET INC | $46.5M | 2.71% | 651,169 | Common | NONE |
| 518613203 | LAUR | LAUREATE EDUCATION INC | $42.8M | 2.50% | 1,272,453 | Common | NONE |
| 02079K305 | GOOGL | ALPHABET INC | $41.2M | 2.41% | 131,651 | Common | NONE |
| 039653100 | ACA | ARCOSA INC | $38.4M | 2.24% | 361,494 | Common | NONE |
| Y27183600 | GSL | GLOBAL SHIP LEASE INC NEW | $34.1M | 1.99% | 971,790 | Common | NONE |
| 913915104 | UTI | UNIVERSAL TECHNICAL INST INC | $30.6M | 1.78% | 1,169,843 | Common | NONE |
| G8192H106 | SPNT | SIRIUSPOINT LTD | $30.4M | 1.78% | 1,390,091 | Common | NONE |
| 146280508 | SILA | SILA REALTY TRUST INC | $29.3M | 1.71% | 1,255,395 | Common | NONE |
| 92852X103 | VTS | VITESSE ENERGY INC | $27.7M | 1.62% | 1,438,529 | Common | NONE |
| 53635B107 | LQDT | LIQUIDITY SVCS INC | $27.6M | 1.61% | 910,246 | Common | NONE |
| 52466B103 | LZ | LEGALZOOM COM INC | $26.1M | 1.52% | 2,627,047 | Common | NONE |
| 002121101 | ATEN | A10 NETWORKS INC | $25.4M | 1.48% | 1,435,626 | Common | NONE |
| 92511U102 | VRRM | VERRA MOBILITY CORP | $25.3M | 1.48% | 1,127,560 | Common | NONE |
| 32055Y201 | FIBK | FIRST INTST BANCSYSTEM INC | $25.0M | 1.46% | 723,818 | Common | NONE |
| 52603B107 | TREE | LENDINGTREE INC NEW | $24.9M | 1.46% | 469,647 | Common | NONE |
| 149568107 | CVCO | CAVCO INDS INC DEL | $24.8M | 1.45% | 42,051 | Common | NONE |
| 29357K103 | ENVA | ENOVA INTL INC | $23.7M | 1.38% | 150,578 | Common | NONE |
| G7709Q104 | RPRX | ROYALTY PHARMA PLC | $23.2M | 1.35% | 600,166 | Common | NONE |
| 651718504 | NPKI | NPK INTERNATIONAL INC | $22.1M | 1.29% | 1,852,804 | Common | NONE |
| 392709101 | GRBK | GREEN BRICK PARTNERS INC | $22.1M | 1.29% | 352,246 | Common | NONE |
| 48251W104 | KKR | KKR & CO INC | $20.6M | 1.20% | 161,505 | Common | NONE |
| 69888T207 | PARR | PAR PAC HOLDINGS INC | $20.4M | 1.19% | 581,355 | Common | NONE |
| 25960R105 | PLOW | DOUGLAS DYNAMICS INC | $20.1M | 1.17% | 614,706 | Common | NONE |
| 46266C105 | IQV | IQVIA HLDGS INC | $19.9M | 1.16% | 88,392 | Common | NONE |
| 69346N107 | PDX | PIMCO DYNAMIC INCOME STRATEG | $19.8M | 1.16% | 1,055,601 | Common | NONE |
| 006739106 | ADUS | ADDUS HOMECARE CORP | $19.6M | 1.15% | 182,954 | Common | NONE |
| 46571Y107 | IIIV | I3 VERTICALS INC | $19.6M | 1.14% | 777,527 | Common | NONE |
| 741511109 | PSMT | PRICESMART INC | $19.6M | 1.14% | 159,625 | Common | NONE |
| 09624H208 | BXC | BLUELINX HLDGS INC | $19.4M | 1.13% | 315,336 | Common | NONE |
| 90384S303 | ULTA | ULTA BEAUTY INC | $18.8M | 1.10% | 31,125 | Common | NONE |
| 594918104 | MSFT | MICROSOFT CORP | $17.9M | 1.04% | 36,921 | Common | NONE |
| 04316A108 | APAM | ARTISAN PARTNERS ASSET MGMT | $17.8M | 1.04% | 437,845 | Common | NONE |
| 760125104 | RTO | RENTOKIL INITIAL PLC | $17.8M | 1.04% | 602,662 | Common | NONE |
| 58733R102 | MELI | MERCADOLIBRE INC | $17.3M | 1.01% | 8,570 | Common | NONE |
| H11356104 | BG | BUNGE GLOBAL SA | $16.9M | 0.99% | 190,052 | Common | NONE |
| 88642R109 | TDW | TIDEWATER INC NEW | $16.9M | 0.98% | 333,659 | Common | NONE |
| 883556102 | TMO | THERMO FISHER SCIENTIFIC INC | $15.8M | 0.92% | 27,295 | Common | NONE |
| 81617J301 | WTTR | SELECT WATER SOLUTIONS INC | $15.8M | 0.92% | 1,501,191 | Common | NONE |
| 084670702 | BRK/B | BERKSHIRE HATHAWAY INC DEL | $15.6M | 0.91% | 31,112 | Common | NONE |
| 431636109 | HLMN | HILLMAN SOLUTIONS CORP | $15.1M | 0.88% | 1,743,872 | Common | NONE |
| 46625H100 | JPM | JPMORGAN CHASE & CO. | $14.8M | 0.87% | 46,039 | Common | NONE |
| 126402106 | CSW | CSW INDUSTRIALS INC | $14.7M | 0.86% | 50,018 | Common | NONE |
| 92557A101 | DSP | VIANT TECHNOLOGY INC | $13.9M | 0.81% | 1,156,915 | Common | NONE |
| 10948C107 | BV | BRIGHTVIEW HLDGS INC | $13.9M | 0.81% | 1,094,469 | Common | NONE |
| 946760105 | CLMB | CLIMB GLOBAL SOLUTIONS INC | $13.8M | 0.81% | 134,717 | Common | NONE |
| 556269108 | SHOO | MADDEN STEVEN LTD | $13.8M | 0.81% | 331,943 | Common | NONE |
| 85208M102 | SFM | SPROUTS FMRS MKT INC | $13.8M | 0.80% | 172,604 | Common | NONE |
| 602496101 | MDXG | MIMEDX GROUP INC | $13.6M | 0.79% | 2,007,194 | Common | NONE |
| 254687106 | DIS | DISNEY WALT CO | $13.2M | 0.77% | 116,337 | Common | NONE |
| 12008R107 | BLDR | BUILDERS FIRSTSOURCE INC | $13.2M | 0.77% | 128,045 | Common | NONE |
| 10949T109 | BRSP | BRIGHTSPIRE CAPITAL INC | $13.1M | 0.76% | 2,333,619 | Common | NONE |
| 03076C106 | AMP | AMERIPRISE FINL INC | $12.9M | 0.75% | 26,316 | Common | NONE |
| 04035M102 | ARHS | ARHAUS INC | $12.3M | 0.72% | 1,093,085 | Common | NONE |
| 03769M106 | APO | APOLLO GLOBAL MGMT INC | $12.1M | 0.71% | 83,639 | Common | NONE |
| 57667L107 | MTCH | MATCH GROUP INC NEW | $11.9M | 0.69% | 366,995 | Common | NONE |
| 49456B101 | KMI | KINDER MORGAN INC DEL | $11.8M | 0.69% | 430,385 | Common | NONE |
| 478160104 | JNJ | JOHNSON & JOHNSON | $11.7M | 0.69% | 56,724 | Common | NONE |
| 011311107 | ALG | ALAMO GROUP INC | $11.7M | 0.69% | 69,924 | Common | NONE |
| 33741Q107 | FTHY | FIRST TR HIGH YIELD OPPRT 20 | $11.6M | 0.68% | 827,076 | Common | NONE |
| 68389X105 | ORCL | ORACLE CORP | $11.6M | 0.68% | 59,501 | Common | NONE |
| 45769N105 | ISSC | INNOVATIVE SOLUTIONS & SUPPO | $11.3M | 0.66% | 595,174 | Common | NONE |
| 244199105 | DE | DEERE & CO | $10.9M | 0.64% | 23,438 | Common | NONE |
| 87357P100 | TCMD | TACTILE SYS TECHNOLOGY INC | $10.8M | 0.63% | 373,975 | Common | NONE |
| 78467J100 | SSNC | SS&C TECHNOLOGIES HLDGS INC | $10.5M | 0.62% | 120,536 | Common | NONE |
| 143905107 | CSV | CARRIAGE SVCS INC | $10.4M | 0.61% | 246,699 | Common | NONE |
| 42222N103 | HSTM | HEALTHSTREAM INC | $10.4M | 0.61% | 451,794 | Common | NONE |
| 91324P102 | UNH | UNITEDHEALTH GROUP INC | $10.1M | 0.59% | 30,725 | Common | NONE |
| 94106L109 | WM | WASTE MGMT INC DEL | $10.0M | 0.58% | 45,589 | Common | NONE |
| 910710102 | ACIC | AMERICAN COASTAL INS CORP | $9.8M | 0.57% | 776,400 | Common | NONE |
| 26875P101 | EOG | EOG RES INC | $9.4M | 0.55% | 89,897 | Common | NONE |
| 09257W100 | BXMT | BLACKSTONE MTG TR INC | $9.2M | 0.54% | 480,653 | Common | NONE |
| 760759100 | RSG | REPUBLIC SVCS INC | $8.9M | 0.52% | 41,987 | Common | NONE |
| 533535100 | LINC | LINCOLN EDL SVCS CORP | $8.7M | 0.51% | 362,295 | Common | NONE |
| 87612E106 | TGT | TARGET CORP | $8.4M | 0.49% | 85,772 | Common | NONE |
| 404609109 | HCKT | HACKETT GROUP INC | $8.4M | 0.49% | 427,053 | Common | NONE |
| 52472M101 | LEGH | LEGACY HOUSING CORP | $8.4M | 0.49% | 429,110 | Common | NONE |
| 645827205 | IDR | IDAHO STRATEGIC RESOURCES | $8.3M | 0.49% | 206,365 | Common | NONE |
| 18482P103 | CLFD | CLEARFIELD INC | $8.1M | 0.47% | 278,110 | Common | NONE |
| 666762109 | NRIM | NORTHRIM BANCORP INC | $8.1M | 0.47% | 302,900 | Common | NONE |
| 108621103 | BWB | BRIDGEWATER BANCSHARES INC | $7.7M | 0.45% | 438,960 | Common | NONE |
| 70451A104 | PAYS | PAYSIGN INC | $7.5M | 0.44% | 1,462,560 | Common | NONE |
| 45685K102 | INFU | INFUSYSTEM HLDGS INC | $7.4M | 0.43% | 824,750 | Common | NONE |
| 02913V103 | APEI | AMERICAN PUB ED INC | $7.4M | 0.43% | 195,316 | Common | NONE |
| 761025105 | RSSS | RESEARCH SOLUTIONS INC | $7.3M | 0.43% | 2,499,310 | Common | NONE |
| 639027101 | NATR | NATURES SUNSHINE PRODS INC | $7.3M | 0.43% | 340,000 | Common | NONE |
| 00847J105 | AGYS | AGILYSYS INC | $7.3M | 0.43% | 61,700 | Common | NONE |
| 097023204 | BA 6 10/15/27 | BOEING CO | $7.3M | 0.43% | 106,005 | Common | NONE |
| 33751L105 | MYFW | FIRST WESTN FINL INC | $7.3M | 0.42% | 270,945 | Common | NONE |
| 014491104 | ALEX | ALEXANDER & BALDWIN INC NEW | $7.2M | 0.42% | 348,665 | Common | NONE |
| 036752103 | ELV | ELEVANCE HEALTH INC FORMERLY | $6.9M | 0.40% | 19,599 | Common | NONE |
| 573874104 | MRVL | MARVELL TECHNOLOGY INC | $6.6M | 0.38% | 77,592 | Common | NONE |
| 780915104 | RMT | ROYCE MICRO-CAP TR INC | $6.4M | 0.38% | 615,988 | Common | NONE |
| 629445206 | NVEC | NVE CORP | $6.0M | 0.35% | 101,770 | Common | NONE |
| 26441C204 | DUK | DUKE ENERGY CORP NEW | $5.6M | 0.33% | 47,624 | Common | NONE |
| 285409108 | ELMD | ELECTROMED INC | $5.4M | 0.32% | 187,020 | Common | NONE |
| 353469109 | FC | FRANKLIN COVEY CO | $5.2M | 0.31% | 312,870 | Common | NONE |
| 00206R102 | T | AT&T INC | $5.2M | 0.30% | 207,818 | Common | NONE |
| 749552105 | RFIL | RF INDS LTD | $5.1M | 0.30% | 877,150 | Common | NONE |
| 902673102 | UFPT | UFP TECHNOLOGIES INC | $5.0M | 0.29% | 22,700 | Common | NONE |
| 92663R105 | VMD | VIEMED HEALTHCARE INC | $5.0M | 0.29% | 671,360 | Common | NONE |
| 019330109 | ALNT | ALLIENT INC | $4.8M | 0.28% | 89,500 | Common | NONE |
| 87918AAF2 | TDOC 1.25 06/01/27 | TELADOC HEALTH INC | $4.7M | 0.28% | 4,987,000 | Common | NONE |
| G4095J109 | GLRE | GREENLIGHT CAPITAL RE LTD | $4.6M | 0.27% | 317,000 | Common | NONE |
| 17878Y207 | CVEO | CIVEO CORP CDA | $4.5M | 0.26% | 196,618 | Common | NONE |
| 68384X209 | OPXS | OPTEX SYS HLDGS INC | $4.2M | 0.25% | 296,960 | Common | NONE |
| 384556106 | GHM | GRAHAM CORP | $4.2M | 0.25% | 65,503 | Common | NONE |
| 00162Q452 | AMLP | ALPS ETF TR | $4.1M | 0.24% | 87,148 | Common | NONE |
| 798241105 | SJT | SAN JUAN BASIN RTY TR | $3.9M | 0.23% | 700,000 | Common | NONE |
| G1151C101 | ACN | ACCENTURE PLC IRELAND | $3.9M | 0.23% | 14,545 | Common | NONE |
| 83193G107 | SMRT | SMARTRENT INC | $3.9M | 0.22% | 1,907,285 | Common | NONE |
| 339382103 | FLXS | FLEXSTEEL INDS INC | $3.6M | 0.21% | 90,980 | Common | NONE |
| 73688F201 | BCIC | BCP INVESTMENT CORPORATION | $3.5M | 0.21% | 299,195 | Common | NONE |
| 893529107 | TRNS | TRANSCAT INC | $3.4M | 0.20% | 59,235 | Common | NONE |
| 82846H504 | QXO 5.5 05/15/28 | QXO INC | $3.1M | 0.18% | 57,015 | Common | NONE |
| 48251W500 | KKR 6.25 03/01/28 D | KKR & CO INC | $3.1M | 0.18% | 60,405 | Common | NONE |
| 729273102 | PLBC | PLUMAS BANCORP | $3.1M | 0.18% | 69,275 | Common | NONE |
| 492854104 | KEQU | KEWAUNEE SCIENTIFIC CORP | $3.1M | 0.18% | 81,835 | Common | NONE |
| 600551204 | MLR | MILLER INDS INC TENN | $3.0M | 0.18% | 81,186 | Common | NONE |
| 05350V106 | AVNS | AVANOS MED INC | $3.0M | 0.18% | 270,000 | Common | NONE |
| 877163105 | TAYD | TAYLOR DEVICES INC | $3.0M | 0.18% | 51,325 | Common | NONE |
| 42727E103 | HGBL | HERITAGE GLOBAL INC | $3.0M | 0.17% | 2,384,652 | Common | NONE |
| 62188E103 | MLCI | MOUNT LOGAN CAP INC | $2.9M | 0.17% | 355,018 | Common | NONE |
| 749360400 | RCMT | RCM TECHNOLOGIES INC | $2.8M | 0.16% | 136,078 | Common | NONE |
| 422347104 | HTLD | HEARTLAND EXPRESS INC | $2.6M | 0.15% | 290,000 | Common | NONE |
| 32026V104 | FFWM | FIRST FNDTN INC | $2.6M | 0.15% | 415,980 | Common | NONE |
| 74265M205 | PDEX | PRO-DEX INC COLO | $2.3M | 0.13% | 60,000 | Common | NONE |
| 40416E103 | HCI | HCI GROUP INC | $2.3M | 0.13% | 12,000 | Common | NONE |
| 56146T103 | MAMA | MAMAS CREATIONS INC | $2.2M | 0.13% | 165,000 | Common | NONE |
| 337738108 | FISV | FISERV INC | $2.0M | 0.12% | 30,151 | Common | NONE |
| 464287689 | IWV | ISHARES TR | $2.0M | 0.12% | 5,093 | Common | NONE |
| 52474R207 | LGCY | LEGACY ED INC | $1.9M | 0.11% | 185,000 | Common | NONE |
| 294375209 | EPSN | EPSILON ENERGY LTD | $1.7M | 0.10% | 376,905 | Common | NONE |
| 46266A109 | IRMD | IRADIMED CORP | $1.7M | 0.10% | 17,000 | Common | NONE |
| 66405S100 | NBN | NORTHEAST BK PORTLAND ME | $1.5M | 0.09% | 14,740 | Common | NONE |
| 464287804 | IJR | ISHARES TR | $1.5M | 0.09% | 12,376 | Common | NONE |
| 48563L101 | KRT | KARAT PACKAGING INC | $1.4M | 0.08% | 62,615 | Common | NONE |
| 46520M204 | ACCS | ACCESS NEWSWIRE INC | $1.3M | 0.08% | 142,410 | Common | NONE |
| 05366Y201 | AVNW | AVIAT NETWORKS INC | $1.1M | 0.06% | 49,500 | Common | NONE |
| 55025L108 | LFT | LUMENT FINANCE TRUST INC | $376,698 | 0.02% | 267,162 | Common | NONE |
| 87422Q109 | TLN | TALEN ENERGY CORP | $284,878 | 0.02% | 760 | Common | NONE |
| 922908611 | VBR | VANGUARD INDEX FDS | $255,754 | 0.01% | 1,208 | Common | NONE |
| 47233W109 | JEF | JEFFERIES FINL GROUP INC | $228,359 | 0.01% | 3,685 | Common | NONE |
| 512816109 | LAMR | LAMAR ADVERTISING CO NEW | $205,060 | 0.01% | 1,620 | Common | NONE |
| 922908769 | VTI | VANGUARD INDEX FDS | $150,057 | 0.01% | 448 | Common | NONE |
| 464287655 | IWM | ISHARES TR | $124,311 | 0.01% | 505 | Common | NONE |
| 17259U204 | CION | CION INVT CORP | $100,906 | 0.01% | 10,435 | Common | NONE |
| 464288869 | IWC | ISHARES TR | $57,876 | 0.00% | 367 | Common | NONE |
| 922908363 | VOO | VANGUARD INDEX FDS | $38,882 | 0.00% | 62 | Common | NONE |
| 464287226 | AGG | ISHARES TR | $29,964 | 0.00% | 300 | Common | NONE |
| 464288802 | SUSA | ISHARES TR | $26,476 | 0.00% | 190 | Common | NONE |
| 464287200 | IVV | ISHARES TR | $19,178 | 0.00% | 28 | Common | NONE |
| 464288513 | HYG | ISHARES TR | $7,902 | 0.00% | 98 | Common | NONE |
| 46432F842 | IEFA | ISHARES TR | $6,083 | 0.00% | 68 | Common | NONE |
| 464287242 | LQD | ISHARES TR | $5,179 | 0.00% | 47 | Common | NONE |
| 464287408 | IVE | ISHARES TR | $4,293 | 0.00% | 20 | Common | NONE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.