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PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. — 13F Holdings & Portfolio

CIK 1238990 · latest 13F-HR filed 2026-08-14

Backtest portfolio

PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. manages $2.02B in 13F-reported U.S. long-equity assets across 164 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are SNEX (4.07%), ACA (2.50%), UTI (2.32%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 12 new positions and exited 11; 93 existing positions rose in reported value and 27 fell.

AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.

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AUM
$2.02B

Long-equity book

Holdings
164

Distinct positions

Period
2026-06-30

Filed 2026-08-14

Q/Q Activity
+12 / −11 / ↑93 / ↓27

vs 2026-03-31

Portfolio charts

Latest quarter's book, what changed, and how the portfolio has evolved across filings.

Portfolio map

Q2 26
SNEX4.1% · -26%ACA2.5% · -4%UTI2.3% · +2%LAUR2.2% · +6%ATEN2.2% · -19%MRVL2.1% · +0%ENVA1.9% · +6%RDNT1.9% · +6%GOOGL1.9% · +0%LQDT1.8% · +4%TRS1.8% · +230%SPNT1.8% · +6%PLOW1.8% · +6%RPRX1.7% · -0%PSMT1.7% · +6%CVCO1.6% · +6%TREE1.6% · +12%GRBK1.5% · +6%FIBK1.5% · +6%WTTR1.4% · -6%GSL1.4% · +6%JCAP1.4% · +30%NPKI1.4% · -4%VTS1.2% · +19%JOE1.2% · newIIIV1.2% · +6%TDW1.1% · -2%ADUS1.0% · +7%BXC1.0% · +4%SFM1.0% · +13%APAM1.0% · +8%PARR1.0% · -8%DSP0.9% · +12%CNS0.9% · newLZ0.9% · +6%RTO0.9% · +0%PAYS0.8% · +1%BV0.8% · +6%AGYS0.8% · +154%IQV0.8% · -5%MSFT0.8% · +0%HLMN0.8% · +6%MELI0.8% · -1%BRK.B0.8% · +0%CSW0.7% · +6%SHOO0.7% · +6%AMRZ0.7% · +78%KKR0.7% · +0%JPM0.7% · +0%PDX0.7% · -18%ALX0.7% · +152%BG0.7% · -28%TMO0.7% · -1%FTHY0.7% · +9%MTCH0.7% · -9%BRSP0.6% · +4%CLMB0.6% · 0%SE0.6% · -0%RFIL0.6% · -28%ALG0.6% · +7%

Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.

Sector mix

% of 13F value

Sectors from each company's SIC code; funds and ETFs grouped separately.

Biggest buys and sells

Q1 26 → Q2 26

Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.

13F assets and positions

4 quarters

Total reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.

Top positions over time

reported value

The eight largest current positions, valued at each quarter end.

Concentration

top 10 = 23%

Cumulative share of the portfolio held in the largest N positions.

Firm Profile & Key People

As of the firm’s regulatory filing dated Apr 30, 2026.

Assets Under Management
$2.03B
Discretionary
$2.03B
Employees
34
Accounts
559
Address
7701 FRANCE AVENUE SOUTH
#300
EDINA, MN 55435
Phone
(952) 224-4350
Website
Name Title / Status Ownership Type
CARRAUX, JOHN, CLAUDE ControlMANAGING PARTNER & PORTFOLIO MANAGER
since Jan 2013
10–25%Individual
DWYER, PAUL, TRUEMAN ControlMANAGING PARTNER & PORTFOLIO MANAGER
since Jul 2023
5–10%Individual
Johnson, Jessica, Brooke ControlMANAGING PARTNER
since Jul 2017
5–10%Individual
Kiner, Cory, Stewart ControlCHIEF FINANCIAL OFFICER
since Nov 2022
Less than 5%Individual
MATYSIK, ANDREW, JOHN ControlCHIEF EXECUTIVE OFFICER
since Jan 2024
10–25%Individual
PUNCH, HOWARD, DEAN ControlCHIEF INVESTMENT OFFICER
since Jul 2001
50–75%Individual
SPICER, TODD, LEWIS ControlCHIEF COMPLIANCE OFFICER
since Jun 2023
Less than 5%Individual
Ownership & leadership changes · 9 filings with changes since Mar 30, 2012

From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.

Mar 31, 2026 filing
  • ChangedDWYER, PAUL, TRUEMAN · ownership Less than 5% → 5–10%
Mar 29, 2024 filing
  • ChangedDWYER, PAUL, TRUEMAN · title MANAGING PARTNER → MANAGING PARTNER & PORTFOLIO MANAGER
  • ChangedMATYSIK, ANDREW, JOHN · title MANAGING PARTNER → CHIEF EXECUTIVE OFFICER
  • ChangedPUNCH, HOWARD, DEAN · title PRESIDENT & CHIEF INVESTMENT OFFICER → CHIEF INVESTMENT OFFICER
Jul 11, 2023 filing
  • AddedDWYER, PAUL, TRUEMAN · MANAGING PARTNER · Less than 5% · control person
  • ChangedCARRAUX, JOHN, CLAUDE · ownership 5–10% → 10–25%
  • ChangedJohnson, Jessica, Brooke · ownership Less than 5% → 5–10%
  • ChangedPUNCH, HOWARD, DEAN · ownership 75% or more → 50–75%
Jun 23, 2023 filing
  • No longer listedCASELLI, NANCY, (NMN) · CHIEF COMPLIANCE OFFICER · Less than 5% · control person · listed since Oct 2004
  • AddedSPICER, TODD, LEWIS · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
Mar 31, 2023 filing
  • AddedKiner, Cory, Stewart · CHIEF FINANCIAL OFFICER · Less than 5% · control person
Mar 30, 2018 filing
  • AddedJohnson, Jessica, Brooke · MANAGING PARTNER · Less than 5% · control person
Mar 30, 2016 filing
  • ChangedCASELLI, NANCY, (NMN) · title DIRECTOR OF OPERATIONS / CHIEF COMPLIANCE OFFICER → CHIEF COMPLIANCE OFFICER
Mar 27, 2015 filing
  • ChangedCARRAUX, JOHN, CLAUDE · title SENIOR ANALYST → MANAGING PARTNER & PORTFOLIO MANAGER
  • ChangedPUNCH, HOWARD, DEAN · title PRESIDENT → PRESIDENT & CHIEF INVESTMENT OFFICER
Apr 1, 2013 filing
  • AddedCARRAUX, JOHN, CLAUDE · SENIOR ANALYST · 5–10% · control person
Mar 30, 2012 filing (earliest on record)
  • ListedCASELLI, NANCY, (NMN) · DIRECTOR OF OPERATIONS / CHIEF COMPLIANCE OFFICER · Less than 5% · control person
  • ListedMATYSIK, ANDREW, JOHN · MANAGING PARTNER · 10–25% · control person
  • ListedPUNCH, HOWARD, DEAN · PRESIDENT · 75% or more · control person

Quarter-over-quarter changes

Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.

Top Adds (vs prior quarter)

Show all 93 →

Top Trims

Show all 27 →

New Positions

Show all 12 →

Exited Positions

Show all 11 →

PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. Holdings (2026-06-30)

Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).

# Issuer Symbol CUSIP Value Weight Shares Type
1 STONEX GROUP INC SNEX 861896108 $82.2M 4.07% 694,090 SH
2 ARCOSA INC ACA 039653100 $50.5M 2.50% 347,540 SH
3 UNIVERSAL TECHNICAL INST INC UTI 913915104 $46.9M 2.32% 1,096,078 SH
4 LAUREATE ED INC LAUR 518613203 $45.0M 2.23% 1,240,072 SH
5 A10 NETWORKS INC ATEN 002121101 $44.4M 2.20% 1,188,747 SH
6 MARVELL TECHNOLOGY INC MRVL 573874104 $42.0M 2.08% 140,873 SH
7 ENOVA INTL INC ENVA 29357K103 $39.1M 1.94% 162,629 SH
8 RADNET INC RDNT 750491102 $39.1M 1.93% 633,272 SH
9 ALPHABET INC GOOGL 02079K305 $38.5M 1.90% 107,628 SH
10 LIQUIDITY SVCS INC LQDT 53635B107 $37.3M 1.85% 954,735 SH
11 TRIMAS CORP TRS 896215209 $36.4M 1.80% 807,292 SH
12 SIRIUSPOINT LTD SPNT G8192H106 $36.0M 1.78% 1,501,976 SH
13 DOUGLAS DYNAMICS INC PLOW 25960R105 $35.6M 1.76% 659,319 SH
14 ROYALTY PHARMA PLC RPRX G7709Q104 $33.5M 1.66% 597,938 SH
15 PRICESMART INC PSMT 741511109 $33.5M 1.66% 171,348 SH
16 CAVCO INDS INC DEL CVCO 149568107 $33.1M 1.64% 53,930 SH
17 LENDINGTREE INC TREE 52603B107 $32.1M 1.59% 725,675 SH
18 GREEN BRICK PARTNERS INC GRBK 392709101 $30.4M 1.51% 380,387 SH
19 FIRST INTST BANCSYSTEM INC FIBK 32055Y201 $30.0M 1.48% 778,006 SH
20 SELECT WATER SOLUTIONS INC WTTR 81617J301 $28.7M 1.42% 1,435,415 SH
21 GLOBAL SHIP LEASE INC GSL Y27183600 $28.6M 1.42% 761,080 SH
22 JEFFERSON CAPITAL INC JCAP 47248R103 $28.2M 1.39% 1,446,818 SH
23 NPK INTERNATIONAL INC NPKI 651718504 $27.7M 1.37% 1,738,857 SH
24 VITESSE ENERGY INC VTS 92852X103 $25.0M 1.24% 1,586,924 SH
25 ST JOE CO JOE 790148100 $23.6M 1.17% 376,859 SH
26 I3 VERTICALS INC IIIV 46571Y107 $23.5M 1.16% 1,099,486 SH
27 TIDEWATER INC NEW TDW 88642R109 $22.8M 1.13% 342,356 SH
28 ADDUS HOMECARE CORP ADUS 006739106 $20.9M 1.03% 208,135 SH
29 BLUELINX HLDGS INC BXC 09624H208 $20.8M 1.03% 336,308 SH
30 SPROUTS FMRS MKT INC SFM 85208M102 $20.8M 1.03% 245,608 SH
31 ARTISAN PARTNERS ASSET MGMT APAM 04316A108 $20.5M 1.02% 594,780 SH
32 PAR PAC HOLDINGS INC PARR 69888T207 $19.4M 0.96% 345,115 SH
33 VIANT TECHNOLOGY INC DSP 92557A101 $19.0M 0.94% 1,501,487 SH
34 COHEN & STEERS INC CNS 19247A100 $18.3M 0.90% 240,160 SH
35 LEGALZOOM COM INC LZ 52466B103 $17.5M 0.86% 2,850,501 SH
36 RENTOKIL INITIAL PLC RTO 760125104 $17.3M 0.85% 603,739 SH
37 PAYSIGN INC PAYS 70451A104 $17.0M 0.84% 2,073,580 SH
38 BRIGHTVIEW HLDGS INC BV 10948C107 $16.8M 0.83% 1,184,042 SH
39 AGILYSYS INC AGYS 00847J105 $16.6M 0.82% 159,080 SH
40 IQVIA HLDGS INC IQV 46266C105 $16.2M 0.80% 84,013 SH
41 MICROSOFT CORP MSFT 594918104 $16.1M 0.80% 43,112 SH
42 HILLMAN SOLUTIONS CORP HLMN 431636109 $15.9M 0.79% 1,880,839 SH
43 MERCADOLIBRE INC MELI 58733R102 $15.8M 0.78% 9,288 SH
44 BERKSHIRE HATHAWAY INC DEL BRK.B 084670702 $15.6M 0.77% 31,198 SH
45 CSW INDUSTRIALS INC CSW 126402106 $15.1M 0.75% 54,288 SH
46 MADDEN STEVEN LTD SHOO 556269108 $15.1M 0.75% 357,620 SH
47 AMRIZE LTD AMRZ H2927K103 $15.0M 0.74% 280,902 SH
48 KKR & CO INC KKR 48251W104 $14.9M 0.74% 161,910 SH
49 JPMORGAN CHASE & CO JPM 46625H100 $14.6M 0.72% 44,647 SH
50 PIMCO DYNAMIC INCOME STRATEG PDX 69346N107 $14.6M 0.72% 701,289 SH
Filing History
Period Filed AUM Holdings Accession
2026-06-30 2026-08-14 $2.02B 164 0001398344-26-014516
2026-03-31 2026-05-15 $1.73B 163 0001398344-26-009222
2025-12-31 2026-02-17 $1.71B 156 0001398344-26-003220
2025-09-30 2025-11-14 $1.73B 160 0001398344-25-020910
Filer Information
Address
7701 FRANCE AVE. SOUTH
SUITE 300
EDINA, MN 55435
Phone
(952) 224-4350
Filing Manager
PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.
EDINA, MN
Signatory
Howard D. Punch, Jr.
Chief Investment Officer