P&
Punch & Associates Investment Management, Inc. SEC 13F Filing (Q2 2026) — Holdings & Portfolio
Punch & Associates Investment Management, Inc.CIK: 0001238990
Diversified strategyMomentum followerQuality / disciplined sizing
Total reported value
$2.0B
Reporting period: 2026-06-30 · Number of holdings: 164
PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. disclosed 164 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $2.0B and a quarterly turnover rate of 28.6%.
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Personality snowflake
- Concentration
- 5.04
- Portfolio Stability
- 28.57
- Momentum
- 100
- Sector conviction
- 41.01
- Diversification
- 100
- Sizing Uniformity
- 89.64
Punch & Associates Investment Management, Inc.'s disclosed holdings carry a Herfindahl concentration index of 0.013 — mathematically equivalent to about 79 equally-sized positions, well below its 164 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 1.04), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 41% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govSold out SILA
Add TRS
+229.9% $27.6M
Add MRVL
+0.5% $28.1M
New buy JOE
Sold out VRRM
New buy CNS
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | SNEX | Stonex Group Inc | Stock-Financials | 4.07% | -0.32% | -26.44% | |
| 2 | ACA | Arcosa Inc | Stock-Industrials | 2.50% | +0.28% | -4.08% | |
| 3 | UTI | Universal Technical Institut | Stock-Other | 2.32% | +0.08% | +1.78% | |
| 4 | LAUR | Laureate Education Inc | Stock-Other | 2.23% | -0.13% | +5.73% | |
| 5 | ATEN | A10 Networks Inc | Stock-Other | 2.20% | +0.25% | -18.57% | |
| 6 | MRVL | Marvell Technology Inc | Stock-Tech | 2.08% | +1.28% | +0.53% | |
| 7 | ENVA | Enova International Inc | Stock-Financials | 1.94% | +0.74% | +5.97% | |
| 8 | RDNT | Radnet Inc | Stock-Healthcare | 1.93% | +0.01% | +6.38% | |
| 9 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 1.90% | +0.12% | +0.31% | |
| 10 | LQDT | Liquidity Services Inc | Stock-Other | 1.85% | +0.23% | +3.73% | |
| 11 | TRS | Trimas CORP | Stock-Other | 1.80% | +1.29% | +229.89% | |
| 12 | SPNT | SiriusPoint Ltd. | Stock-Other | 1.78% | +0.02% | +6.11% | |
| 13 | PLOW | Douglas Dynamics Inc | Stock-Other | 1.76% | +0.25% | +6.03% | |
| 14 | RPRX | Royalty Pharma plc | Stock-Healthcare | 1.66% | — | -0.11% | |
| 15 | PSMT | Pricesmart Inc | Stock-Consumer Staples | 1.66% | +0.25% | +5.64% | |
| 16 | CVCO | Cavco Industries Inc | Stock-Consumer Disc | 1.64% | +0.22% | +5.76% | |
| 17 | TREE | Lendingtree Inc | Stock-Other | 1.59% | -0.01% | +12.15% | |
| 18 | GRBK | Green Brick Partners Inc | Stock-Other | 1.51% | +0.18% | +6.15% | |
| 19 | FIBK | First Interstate Bancsys-a | Stock-Other | 1.48% | +0.06% | +5.79% | |
| 20 | WTTR | Select Water Solutions Inc | Stock-Other | 1.42% | +0.07% | -6.11% | |
| 21 | GSL | Global Ship Lease, Inc. | Stock-Other | 1.42% | -0.12% | +5.99% | |
| 22 | JCAP | Jefferson Capital Inc | Stock-Other | 1.39% | +0.15% | +29.66% | |
| 23 | NPKI | Npk International Inc | Stock-Other | 1.37% | -0.15% | -4.39% | |
| 24 | VTS | Vitesse Energy Inc | Stock-Other | 1.24% | -0.16% | +18.98% | |
| 25 | JOE | St Joe Co/the | Stock-Other | 1.17% | +1.17% | NEW | |
| 26 | IIIV | I3 Verticals Inc-class A | Stock-Other | 1.16% | -0.17% | +6.48% | |
| 27 | TDW | Tidewater Inc | Stock-Energy | 1.13% | -0.55% | -1.60% | |
| 28 | ADUS | Addus Homecare CORP | Stock-Other | 1.03% | -0.02% | +7.35% | |
| 29 | BXC | Bluelinx Holdings Inc | Stock-Other | 1.03% | +0.02% | +4.48% | |
| 30 | SFM | Sprouts Farmers Market Inc | Stock-Consumer Staples | 1.03% | +0.06% | +12.86% | |
| 31 | APAM | Artisan Partners Asset Ma -a | Stock-Financials | 1.02% | -0.14% | +7.88% | |
| 32 | PARR | Par Pacific Holdings Inc | Stock-Energy | 0.96% | -0.40% | -8.51% | |
| 33 | DSP | Viant Technology Inc-a | Stock-Other | 0.94% | +0.07% | +11.46% | |
| 34 | CNS | Cohen & Steers Inc | Stock-Other | 0.90% | +0.90% | NEW | |
| 35 | LZ | Legalzoomcom Inc | Stock-Other | 0.86% | -0.02% | +6.00% | |
| 36 | RTO | Rentokil Initial Plc-sp Adr | Stock-Other | 0.85% | -0.24% | +0.47% | |
| 37 | PAYS | Paysign Inc | Stock-Other | 0.84% | +0.14% | +0.75% | |
| 38 | BV | Brightview Holdings Inc | Stock-Other | 0.83% | +0.07% | +6.02% | |
| 39 | AGYS | Agilysys Inc | Stock-Other | 0.82% | +0.56% | +153.68% | |
| 40 | IQV | Iqvia Holdings Inc | Stock-Healthcare | 0.80% | -0.07% | -5.06% | |
| 41 | MSFT | Microsoft CORP | Stock-Tech | 0.80% | -0.12% | +0.25% | |
| 42 | HLMN | Hillman Solutions CORP | Stock-Other | 0.79% | -0.06% | +6.02% | |
| 43 | MELI | Mercadolibre Inc | Stock-Consumer Disc | 0.78% | -0.15% | -0.85% | |
| 44 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.77% | -0.09% | +0.22% | |
| 45 | CSW | Csw Industrials Inc | Stock-Industrials | 0.75% | -0.02% | +6.47% | |
| 46 | SHOO | Steven Madden LTD | Stock-Other | 0.75% | +0.08% | +6.10% | |
| 47 | AMRZ | Amrize Ltd | Stock-Materials | 0.74% | +0.23% | +77.53% | |
| 48 | KKR | Kkr & Co Inc | Stock-Financials | 0.74% | -0.12% | +0.18% | |
| 49 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.72% | -0.03% | +0.44% | |
| 50 | PDX | Pimco Dynamic Income Strat | Stock-Other | 0.72% | -0.36% | -17.72% |
1–50 of 164
Portfolio Performance
Performance for Q3 2026
+5.6%
Performance Last 4 Quarters
+13.8%
- Stdev
- +16.2%
- Beta
- +0.91
- Alpha
- -5.3%
- Max Drawdown
- -16.2%
- Annualized Perf
- +12.2%
- Batting Avg vs S&P
- +33.3%
- Sortino
- +1.48
- Stutzer
- +0.23
- Treynor
- +0.14
- Sterling
- +0.68
- Calmar
- +0.75
- Information Ratio
- -0.64
- Tracking Error
- +11.3%
- Stdev Down
- +8.6%
- Winning Months %
- +58.3%
- Losing Months %
- +41.7%
- Best 12 Months
- +33.7%
- Worst 12 Months
- -3.6%
- Efficiency Ratio
- +0.29
- Sharpe
- +0.79
- Stdev Sectors
- +6.5%
- Skewness
- +0.23
- Kurtosis
- -0.94
- Upside Potential
- +3.45
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 164 | $2.0B | 29 | ||
| 2026 Q1 | 163 | $1.7B | 26 | ||
| 2025 Q4 | 156 | $1.7B | 19 | ||
| 2025 Q3 | 160 | $1.7B | 38 | ||
| 2025 Q2 | 163 | $1.6B | 0 | ||
| 2025 Q1 | 164 | $1.5B | 100 | ||
| 2024 Q4 | 168 | $1.8B | 0 | ||
| 2024 Q3 | 169 | $1.8B | 0 | ||
| 2024 Q2 | 175 | $1.7B | 0 | ||
| 2024 Q1 | 176 | $1.8B | 0 | ||
| 2023 Q4 | 230 | $1.7B | 0 | ||
| 2023 Q3 | 231 | $1.6B | 0 | ||
| 2023 Q2 | 236 | $1.6B | 0 | ||
| 2023 Q1 | 231 | $1.6B | 0 | ||
| 2022 Q4 | 224 | $1.5B | 0 | ||
| 2022 Q3 | 221 | $1.4B | 0 | ||
| 2022 Q2 | 237 | $1.4B | 0 | ||
| 2022 Q1 | 238 | $1.8B | 0 | ||
| 2021 Q4 | 246 | $1.9B | 0 | ||
| 2021 Q3 | 241 | $1.7B | 0 | ||
| 2021 Q2 | 245 | $1.8B | 21 | ||
| 2021 Q1 | 238 | $1.7B | 26 | ||
| 2020 Q4 | 235 | $1.4B | 34 | ||
| 2020 Q3 | 235 | $1.2B | 25 | ||
| 2020 Q2 | 228 | $1.1B | 39 | ||
| 2020 Q1 | 222 | $839.2M | 50 | ||
| 2019 Q4 | 235 | $1.3B | 22 | ||
| 2019 Q3 | 212 | $1.2B | 16 | ||
| 2019 Q2 | 205 | $1.2B | 13 | ||
| 2019 Q1 | 205 | $1.2B | 22 | ||
| 2018 Q4 | 215 | $1.0B | 25 | ||
| 2018 Q3 | 212 | $1.3B | 16 | ||
| 2018 Q2 | 204 | $1.2B | 19 | ||
| 2018 Q1 | 183 | $1.1B | 17 | ||
| 2017 Q4 | 183 | $1.2B | 17 | ||
| 2017 Q3 | 180 | $1.1B | 17 | ||
| 2017 Q2 | 181 | $1.1B | 18 | ||
| 2017 Q1 | 182 | $1.0B | 98 | ||
| 2016 Q4 | 180 | $1.0B | 23 | ||
| 2016 Q3 | 175 | $933.7M | 19 | ||
| 2016 Q2 | 171 | $865.4M | 21 | ||
| 2016 Q1 | 166 | $824.7M | 20 | ||
| 2015 Q4 | 274 | $827.8M | 26 | ||
| 2015 Q3 | 181 | $730.4M | 20 | ||
| 2015 Q2 | 178 | $795.9M | 23 | ||
| 2015 Q1 | 173 | $803.3M | 100 | ||
| 2014 Q4 | 170 | $767.0M | 0 | ||
| 2014 Q3 | 174 | $715.3M | 19 | ||
| 2014 Q2 | 173 | $746.1M | 18 | ||
| 2014 Q1 | 173 | $730.5M | 17 | ||
| 2013 Q4 | 174 | $742.4M | 24 | ||
| 2013 Q3 | 204 | $642.3M | 21 | ||
| 2013 Q2 | 165 | $568.8M | 0 |
Holding changes this quarter
Punch & Associates Investment Management, Inc.'s most significant position changes for 2026-06-30: Sold out: Sila Realty Trust Inc (SILA); New buy: St Joe Co/the (JOE); New buy: Cohen & Steers Inc (CNS); Sold out: Verra Mobility CORP (VRRM); New buy: Salesforce Inc (CRM).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | TRS | Trimas CORP | +1.3% | +229.89% | Add |
| 2 | MRVL | Marvell Technology Inc | +1.3% | +0.53% | Add |
| 3 | JOE | St Joe Co/the | +1.2% | NEW | New buy |
| 4 | CNS | Cohen & Steers Inc | +0.9% | NEW | New buy |
| 5 | ENVA | Enova International Inc | +0.7% | +5.97% | Add |
| 6 | CRM | Salesforce Inc | +0.6% | NEW | New buy |
| 7 | AGYS | Agilysys Inc | +0.6% | +153.68% | Add |
| 8 | ALX | Alexander's Inc | +0.4% | +151.82% | Add |
| 9 | PDM | Piedmont Realty Trust Inc | +0.3% | +109.66% | Add |
| 10 | ACA | Arcosa Inc | +0.3% | -4.08% | Trim |
| 11 | ATEN | A10 Networks Inc | +0.3% | -18.57% | Trim |
| 12 | PLOW | Douglas Dynamics Inc | +0.3% | +6.03% | Add |
| 13 | PSMT | Pricesmart Inc | +0.3% | +5.64% | Add |
| 14 | LQDT | Liquidity Services Inc | +0.2% | +3.73% | Add |
| 15 | AMRZ | Amrize Ltd | +0.2% | +77.53% | Add |
| 16 | CVCO | Cavco Industries Inc | +0.2% | +5.76% | Add |
| 17 | LYTS | Lsi Industries Inc | +0.2% | NEW | New buy |
| 18 | DERM | Journey Medical CORP | +0.2% | NEW | New buy |
| 19 | GRBK | Green Brick Partners Inc | +0.2% | +6.15% | Add |
| 20 | ELMD | Electromed Inc | +0.2% | -2.67% | Trim |
| 21 | JCAP | Jefferson Capital Inc | +0.2% | +29.66% | Add |
| 22 | PAYS | Paysign Inc | +0.1% | +0.75% | Add |
| 23 | UNH | Unitedhealth Group Inc | +0.1% | +0.24% | Add |
| 24 | RFIL | Rf Industries LTD | +0.1% | -28.52% | Trim |
| 25 | GOOGL | Alphabet Inc-cl A | +0.1% | +0.31% | Add |
| 26 | FSUN | Firstsun Capital Bancorp | +0.1% | NEW | New buy |
| 27 | CLFD | Clearfield Inc | +0.1% | -4.14% | Trim |
| 28 | CASS | Cass Information Systems Inc | +0.1% | +38.45% | Add |
| 29 | MLR | Miller Industries Inc/tenn | +0.1% | +38.55% | Add |
| 30 | FLXS | Flexsteel Inds | +0.1% | — | Unchanged |
| 31 | TRNS | Transcat Inc | +0.1% | +23.64% | Add |
| 32 | UTI | Universal Technical Institut | +0.1% | +1.78% | Add |
| 33 | SHOO | Steven Madden LTD | +0.1% | +6.10% | Add |
| 34 | WTTR | Select Water Solutions Inc | +0.1% | -6.11% | Trim |
| 35 | DSP | Viant Technology Inc-a | +0.1% | +11.46% | Add |
| 36 | BV | Brightview Holdings Inc | +0.1% | +6.02% | Add |
| 37 | PARK | Park Dental Partners Inc | +0.1% | NEW | New buy |
| 38 | FIBK | First Interstate Bancsys-a | +0.1% | +5.79% | Add |
| 39 | SFM | Sprouts Farmers Market Inc | +0.1% | +12.86% | Add |
| 40 | LEGH | Legacy Housing CORP | +0.1% | — | Unchanged |
| 41 | ACR | Acres Commercial Realty CORP | +0.1% | NEW | New buy |
| 42 | ELV | Elevance Health Inc | +0.1% | -0.03% | Trim |
| 43 | UFPT | Ufp Technologies Inc | +0.1% | — | Unchanged |
| 44 | HTLD | Heartland Express Inc | +0.1% | +0.30% | Add |
| 45 | KRT | Karat Packaging Inc | +0.1% | +42.26% | Add |
| 46 | NRIM | Northrim Bancorp Inc | 0% | +5.07% | Add |
| 47 | NVEC | Nve CORP | 0% | -21.58% | Trim |
| 48 | RCMT | Rcm Technologies Inc | 0% | -5.43% | Trim |
| 49 | SPNT | SiriusPoint Ltd. | 0% | +6.11% | Add |
| 50 | BXC | Bluelinx Holdings Inc | 0% | +4.48% | Add |
1–50 of 175
Filing History
FAQ
What is Punch & Associates Investment Management, Inc. and what type of investor is it?
Punch & Associates Investment Management, Inc. is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $2.0B, spread across 164 disclosed positions.
What are Punch & Associates Investment Management, Inc.'s largest equity positions?
Based on the latest 13F filing, Punch & Associates Investment Management, Inc.'s top holdings by market value are:
1. Stonex Group Inc (SNEX) — $82.2M (4.1%)
2. Arcosa Inc (ACA) — $50.5M (2.5%)
3. Universal Technical Institut (UTI) — $46.9M (2.3%)
4. Laureate Education Inc (LAUR) — $45.0M (2.2%)
5. A10 Networks Inc (ATEN) — $44.4M (2.2%)
What changes did Punch & Associates Investment Management, Inc. make in its most recent portfolio filing?
In the latest reported quarter, Punch & Associates Investment Management, Inc. made 159 notable position adjustments: 12 new positions were initiated, 81 existing holdings were added to, 55 positions were partially reduced, and 11 were completely exited. The largest of these moves: Sold out: Sila Realty Trust Inc (SILA); New buy: St Joe Co/the (JOE); New buy: Cohen & Steers Inc (CNS); Sold out: Verra Mobility CORP (VRRM); New buy: Salesforce Inc (CRM)
What sectors does Punch & Associates Investment Management, Inc. focus on?
Punch & Associates Investment Management, Inc. is concentrated in the following sectors based on its current disclosed equity portfolio:
• Financials: 23.7%
• Health Care: 14.9%
• Industrials: 13.6%
• Information Technology: 10.3%
• Communication Services: 9.2%
• Consumer Discretionary: 8.8%
Investment Profile
Punch & Associates Investment Management, Inc. returned an annualized 12.2% over the trailing 36 months — underperforming the S&P 500 by 5.3 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.91 (roughly in line with the market) and a 33% quarterly batting average against the index.
Its portfolio is broadly diversified and moderately active.
Its turnover score has risen from 0 to 29 over the past 4 quarters — a shift toward more active trading.
It has added to its MRVL position over the past two quarters (+$35.4M, now $42.0M), while trimming ULTA over the same stretch (-$9.9M, still holding $8.9M).
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