PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.

13F filer, CIK 1238990, EDINA, MN

PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. reported $1,812,892,351 across 169 holdings for the quarter ended 2024-09-30, in a 13F-HR filed 2024-11-14. Its ten largest share positions make up 21.53% of the portfolio.

Filed 2024-11-14 (acceptance time not in the bulk data set), ingested 2026-10-07 18:26:56 UTC13F-HR 0001398344-24-020792

Period: 2024-09-30
Reported value: $1.81B
Holdings: 169
Top 10 weight: 21.53%
New: 10
Sold out: 16

Largest buys vs the previous quarter

Security	Shares change	Approx. value
SILAnew	+558,366	$14.1M
NPKInew	+1,407,100	$9.75M
ULTAnew	+22,578	$8.79M
LAURadded	+451,192	$7.49M
NEOGadded	+345,007	$5.8M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

Security	Shares change	Approx. value
RILYexited	-660,920	-$11.7M
VIRTUS CONVERTIBLE & INC 202exited	-1,188,298	-$10.7M
NUVEEN PREFERRED & INCO…exited	-450,411	-$8.76M
THRMexited	-154,782	-$7.63M
DGIIexited	-305,860	-$7.01M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q3 2024

Share positions as resolved from 13F-HR 0001398344-24-020792, largest first. % of portfolio is the value over $1,799,974,917, the sum of the share positions whose value is usable for ratios (method).

Security	Shares	Value	% of portfolio	Change	Latest event	Timeline
SNEXSTONEX GROUP INC	815,611	$66.8M	3.71%	+7,070		Timeline
RDNTRADNET INC	677,430	$47M	2.61%	-63,872		Timeline
BXCBLUELINX HLDGS INC	377,253	$39.8M	2.21%	-11,902		Timeline
GSLGLOBAL SHIP LEASE INC	1,363,704	$36.3M	2.02%	-22,779		Timeline
SFMSPROUTS FMRS MKT INC	326,534	$36.1M	2%	+1,711		Timeline
ACAARCOSA INC	359,335	$34.1M	1.89%	+5,011		Timeline
AVID BIOSERVICES INCAVID BIOSERVICES INC	2,933,533	$33.4M	1.85%	+16,493
GRBKGREEN BRICK PARTNERS INC	385,817	$32.2M	1.79%	-64,088		Timeline
PDXPIMCO DYNAMIC INCOME STRATEG	1,339,669	$31.6M	1.76%	+15,050		Timeline
VRRMVERRA MOBILITY CORP	1,092,089	$30.4M	1.69%	+13,420		Timeline
EFCELLINGTON FINANCIAL INC	2,156,546	$27.8M	1.54%	-27,419		Timeline
FCFRANKLIN COVEY CO	629,666	$25.9M	1.44%	+9,970		Timeline
WTTRSELECT WATER SOLUTIONS INC	2,310,316	$25.7M	1.43%	-17,971		Timeline
HSTMHEALTHSTREAM INC	860,709	$24.8M	1.38%	+8,344		Timeline
VTSVITESSE ENERGY INC	950,769	$22.8M	1.27%	+67,617		Timeline
GOOGLALPHABET INC	136,692	$22.7M	1.26%	+13,979		Timeline
BLDRBUILDERS FIRSTSOURCE INC	116,710	$22.6M	1.26%	+1,550		Timeline
LAURLAUREATE ED INC	1,321,888	$22M	1.22%	+451,192		Timeline
KKRKKR & CO INC	165,879	$21.7M	1.2%	-178		Timeline
CLMBCLIMB GLOBAL SOLUTIONS INC	200,519	$20M	1.11%	-17,793		Timeline
FISVFISERV INC	109,259	$19.6M	1.09%	+1,086		Timeline
ATENA10 NETWORKS INC	1,341,824	$19.4M	1.08%	+55,103		Timeline
UTIUNIVERSAL TECHNICAL INST INC	1,177,000	$19.1M	1.06%	-6,960		Timeline
PLOWDOUGLAS DYNAMICS INC	676,956	$18.7M	1.04%	+4,957		Timeline
HLMNHILLMAN SOLUTIONS CORP	1,706,174	$18M	1%	+12,119		Timeline
ORCLORACLE CORP	105,719	$18M	1%	-887		Timeline
CVCOCAVCO INDS INC DEL	42,012	$18M	1%	+1,046		Timeline
CSWCSW INDUSTRIALS INC	48,563	$17.8M	0.99%	-12,945		Timeline
CSWCCAPITAL SOUTHWEST CORP	675,583	$17.1M	0.95%	+5,745		Timeline
BVBRIGHTVIEW HLDGS INC	1,077,250	$17M	0.94%	+7,502		Timeline
BRK-BBERKSHIRE HATHAWAY INC DEL	36,597	$16.8M	0.94%	-5,215		Timeline
TDWTIDEWATER INC NEW	233,798	$16.8M	0.93%	+41,239		Timeline
AMPAMERIPRISE FINL INC	35,682	$16.8M	0.93%	+280		Timeline
LEGHLEGACY HOUSING CORP	603,008	$16.5M	0.92%	-10,000		Timeline
PARRPAR PAC HOLDINGS INC	917,533	$16.1M	0.9%	+17,841		Timeline
NEOGNEOGEN CORP	928,200	$15.6M	0.87%	+345,007		Timeline
CMCOCOLUMBUS MCKINNON CORP N Y	429,038	$15.4M	0.86%	+7,969		Timeline
MSFTMICROSOFT CORP	35,783	$15.4M	0.86%	-164		Timeline
SKYCHAMPION HOMES INC	161,018	$15.3M	0.85%	+2,021		Timeline
CALYCALLAWAY GOLF CO	1,375,794	$15.1M	0.84%	-1,847		Timeline
ADUSADDUS HOMECARE CORP	108,387	$14.4M	0.8%	-10,795		Timeline
CIVICIVITAS RESOURCES INC	281,133	$14.2M	0.79%	+46,889		Timeline
SILASILA REALTY TRUST INC	558,366	$14.1M	0.78%	new		Timeline
TMOTHERMO FISHER SCIENTIFIC INC	22,338	$13.8M	0.77%	+433		Timeline
RPRXROYALTY PHARMA PLC	461,051	$13M	0.72%	+36,510		Timeline
BGBUNGE GLOBAL SA	134,606	$13M	0.72%	+12,329		Timeline
ALGALAMO GROUP INC	70,635	$12.7M	0.71%	+1,044		Timeline
DSGRDISTRIBUTION SOLUTIONS GRP I	326,388	$12.6M	0.7%	-19,970		Timeline
DISDISNEY WALT CO	129,042	$12.4M	0.69%	+1,559		Timeline
BBDCBARINGS BDC INC	1,259,431	$12.3M	0.69%	-2,432		Timeline
JPMJPMORGAN CHASE & CO	58,130	$12.3M	0.68%	-13,426		Timeline
UFPTUFP TECHNOLOGIES INC	38,600	$12.2M	0.68%	-1,500		Timeline
MTCHMATCH GROUP INC NEW	321,422	$12.2M	0.68%	+33,889		Timeline
AVNWAVIAT NETWORKS INC	557,671	$12.1M	0.67%	+7,132		Timeline
RSGREPUBLIC SVCS INC	59,608	$12M	0.67%	-188		Timeline
KMIKINDER MORGAN INC DEL	539,183	$11.9M	0.66%	-4,817		Timeline
KWKENNEDY-WILSON HOLDINGS INC	1,071,005	$11.8M	0.66%	+270,685		Timeline
ELVELEVANCE HEALTH INC FORMERLY	22,577	$11.7M	0.65%	-264		Timeline
UHAL-BU HAUL HOLDING COMPANY	161,518	$11.6M	0.65%	+1,442		Timeline
ACNACCENTURE PLC IRELAND	32,616	$11.5M	0.64%	-266		Timeline
CVEOCIVEO CORP CDA	415,352	$11.4M	0.63%	+11,322		Timeline
TRNSTRANSCAT INC	93,530	$11.3M	0.63%	-4,500		Timeline
EASTERLY GOVERNMENT PROPERT…EASTERLY GOVERNMENT PROPERTIES	818,690	$11.1M	0.62%	+2,483
CARRCARRIER GLOBAL CORPORATION	137,563	$11.1M	0.62%	-906		Timeline
LINCLINCOLN EDL SVCS CORP	923,800	$11M	0.61%	-726		Timeline
LQDTLIQUIDITY SVCS INC	479,020	$10.9M	0.61%	+11,496		Timeline
HYIWESTERN ASSET HIGH YIELD OPP	881,648	$10.9M	0.61%	-10,516		Timeline
AGYSAGILYSYS INC	99,640	$10.9M	0.6%	-23,890		Timeline
PERFORMANT HEALTHCARE INCPERFORMANT HEALTHCARE INC	2,885,200	$10.8M	0.6%	0
POTBELLY CORPPOTBELLY CORP	1,290,355	$10.8M	0.6%	+47,225
HCKTHACKETT GROUP INC	408,711	$10.7M	0.6%	-5,228		Timeline
WMWASTE MGMT INC DEL	51,582	$10.7M	0.59%	-508		Timeline
BRSPBRIGHTSPIRE CAPITAL INC	1,897,373	$10.6M	0.59%	+266,343		Timeline
DHILDIAMOND HILL INVT GROUP INC	65,000	$10.5M	0.58%	+1,016		Timeline
RMTROYCE MICRO-CAP TR INC	1,086,464	$10.4M	0.58%	-16,150		Timeline
MDXGMIMEDX GROUP INC	1,747,524	$10.3M	0.57%	+598,430		Timeline
NPKINPK INTERNATIONAL INC	1,407,100	$9.75M	0.54%	new		Timeline
SHOOMADDEN STEVEN LTD	197,380	$9.67M	0.54%	+797		Timeline
EOGEOG RES INC	76,842	$9.45M	0.52%	-421		Timeline
DEDEERE & CO	22,549	$9.41M	0.52%	-196		Timeline
TECHTARGET INCTECHTARGET INC	382,498	$9.35M	0.52%	+20,803
GRSDGRANDSTAND LTD	932,900	$9.35M	0.52%	+19,805		Timeline
BCBRUNSWICK CORP	110,914	$9.3M	0.52%	-2,522		Timeline
RTORENTOKIL INITIAL PLC	366,710	$9.14M	0.51%	+80,165		Timeline
AGNCAGNC INVT CORP	858,185	$8.98M	0.5%	+129,760		Timeline
TGTTARGET CORP	57,501	$8.96M	0.5%	-537		Timeline
GLREGREENLIGHT CAP RE LTD	654,580	$8.94M	0.5%	-21,200		Timeline
JNJJOHNSON & JOHNSON	54,343	$8.81M	0.49%	-624		Timeline
ULTAULTA BEAUTY INC	22,578	$8.79M	0.49%	new		Timeline
FTHYFIRST TR HIGH YIELD OPPRT 20	580,521	$8.78M	0.49%	-26,666		Timeline
GDOWSTRN AST GLBL CORP OPP FD I	678,556	$8.73M	0.49%	-135,712		Timeline
ENSTAR GROUP LIMITEDENSTAR GROUP LIMITED	27,049	$8.7M	0.48%	-18,561
TAT&T INC	394,565	$8.68M	0.48%	+2,897		Timeline
BWBBRIDGEWATER BANCSHARES INC	611,212	$8.66M	0.48%	-3,788		Timeline
SSNCSS&C TECH HLDGS	116,628	$8.65M	0.48%	-679		Timeline
PHX MINERALS INC CL APHX MINERALS INC CL A	2,549,293	$8.62M	0.48%	-177,937
CLFDCLEARFIELD INC	218,480	$8.51M	0.47%	+27,000		Timeline
EQCEQUITY COMMONWEALTH	419,383	$8.35M	0.46%	-150,264		Timeline
AMLPALPS ETF TR	174,847	$8.24M	0.46%	+1,834		Timeline
ARHSARHAUS INC	663,866	$8.17M	0.45%	+6,711		Timeline
BXSLBLACKSTONE SECD LENDING FD	269,961	$7.91M	0.44%	+2,024		Timeline
SAMGSILVERCREST ASSET MGMT GROUP	453,500	$7.82M	0.43%	+1,545		Timeline
ELMDELECTROMED INC	360,244	$7.73M	0.43%	+10,802		Timeline
DSPVIANT TECHNOLOGY INC	676,422	$7.49M	0.42%	+316,422		Timeline
HBIOHARVARD BIOSCIENCE INC	2,772,700	$7.46M	0.41%	+361		Timeline
NVECNVE CORP	91,100	$7.28M	0.4%	0		Timeline
MYFWFIRST WESTN FINL INC	347,915	$6.96M	0.39%	+9,078		Timeline
ALOTASTRONOVA INC	488,531	$6.58M	0.37%	0		Timeline
INFUINFUSYSTEM HLDGS INC	959,656	$6.43M	0.36%	0		Timeline
VMDVIEMED HEALTHCARE INC	796,025	$5.83M	0.32%	0		Timeline
BCEBCE INC	167,538	$5.83M	0.32%	+1,200		Timeline
LOGAN RIDGE FINANCE CORPLOGAN RIDGE FINANCE CORP	229,614	$5.7M	0.32%	+6,121
DCGODOCGO INC	1,667,006	$5.53M	0.31%	+9,069		Timeline
ETSYETSY INC	97,049	$5.39M	0.3%	+1,960		Timeline
DLHCDLH HLDGS CORP	567,100	$5.31M	0.29%	-7,000		Timeline
ACICAMERICAN COASTAL INS CORP	448,298	$5.05M	0.28%	new		Timeline
LADRLADDER CAP CORP	427,332	$4.96M	0.28%	+111,747		Timeline
ALEXALEXANDER & BALDWIN INC	252,221	$4.84M	0.27%	+3,629		Timeline
HGBLHERITAGE GLOBAL INC	2,521,335	$4.29M	0.24%	-13,957		Timeline
TILE SHOP HLDGS INCTILE SHOP HLDGS INC	649,492	$4.28M	0.24%	-112,908
ALNTALLIENT INC	215,000	$4.08M	0.23%	-65,967		Timeline
RFILRF INDS LTD	998,404	$4.07M	0.23%	0		Timeline
XPELXPEL INC	92,000	$3.99M	0.22%	-8,230		Timeline
BCICBCP INVESTMENT CORPORATION	211,139	$3.92M	0.22%	-14,081		Timeline
FLXSFLEXSTEEL INDS INC	82,000	$3.63M	0.2%	-4,000		Timeline
LFTLUMENT FINANCE TRUST INC	1,406,562	$3.56M	0.2%	-40,500		Timeline
OCSLOAKTREE SPECIALTY LENDING	198,764	$3.24M	0.18%	-238,934		Timeline
OPXSOPTEX SYS HLDGS INC	406,000	$3.1M	0.17%	-3,768		Timeline
NTICNORTHERN TECHNOLOGIES INTL C	249,857	$3.07M	0.17%	-2,177		Timeline
CCBCOASTAL FINL CORP WA	56,700	$3.06M	0.17%	0		Timeline
DHXDHI GROUP INC	1,539,429	$2.83M	0.16%	-525,744		Timeline
QRHCQUEST RESOURCE HLDG CORP	342,450	$2.73M	0.15%	0		Timeline
TAYDTAYLOR DEVICES INC	51,270	$2.56M	0.14%	0		Timeline
180 DEGREE CAP CORP180 DEGREE CAP CORP	714,156	$2.41M	0.13%	-1,825
GHMGRAHAM CORP	75,106	$2.22M	0.12%	+17,605		Timeline
PDEXPRO-DEX INC COLO	68,000	$2.03M	0.11%	-7,500		Timeline
RSSSRESEARCH SOLUTIONS INC	703,176	$1.92M	0.11%	+89,676		Timeline
EQUITY COMWLTHEQUITY COMWLTH	75,450	$1.91M	0.11%	+655
ALTGALTA EQUIPMENT GROUP INC	271,600	$1.83M	0.1%	-456,500		Timeline
PLBCPLUMAS BANCORP	43,940	$1.79M	0.1%	0		Timeline
EPSNEPSILON ENERGY LTD	304,355	$1.78M	0.1%	-24,900		Timeline
HCIHCI GROUP INC	16,238	$1.74M	0.1%	new		Timeline
KRTKARAT PACKAGING INC	53,500	$1.39M	0.08%	0		Timeline
IWVISHARES TR	3,787	$1.24M	0.07%	+1,113		Timeline
ACCSACCESS NEWSWIRE INC	89,900	$1.07M	0.06%	+1,900		Timeline
UHALU HAUL HOLDING COMPANY	13,388	$1.04M	0.06%	-560		Timeline
MAMAMAMAS CREATIONS INC	130,000	$949K	0.05%	+675		Timeline
NBNNORTHEAST BK PORTLAND ME	11,550	$891K	0.05%	+2,500		Timeline
IAINNOVATIVE SOLUTIONS & SUPPO	125,000	$815K	0.05%	0		Timeline
INTEVAC INCINTEVAC INC	238,500	$811K	0.05%	+10,500
VBVANGUARD INDEX FDS	3,340	$792K	0.04%	new		Timeline
LUNALUNA INNOVATIONS INC COM STK	285,000	$670K	0.04%	-30,000		Timeline
VBRVANGUARD INDEX FDS	1,283	$258K	0.01%	-2		Timeline
VTIVANGUARD INDEX FDS	290	$82.1K	<0.01%	+17		Timeline
VOOVANGUARD INDEX FDS	123	$64.9K	<0.01%	-605		Timeline
AGGISHARES TR	605	$61.3K	<0.01%	0		Timeline
IWCISHARES TR	354	$43.7K	<0.01%	new		Timeline
SUSAISHARES TR	275	$33.1K	<0.01%	new		Timeline
IWMISHARES TR	140	$30.9K	<0.01%	-3		Timeline
ITBISHARES TR	145	$18.4K	<0.01%	new		Timeline
IVVISHARES TR	23	$13.3K	<0.01%	0		Timeline
IJRISHARES TR	75	$8.77K	<0.01%	-23		Timeline
HYGISHARES TR	78	$6.26K	<0.01%	new		Timeline
LQDISHARES TR	37	$4.18K	<0.01%	0		Timeline
IVEISHARES TR	15	$2.94K	<0.01%	-8,990		Timeline
VNQVANGUARD INDEX FDS	0	$11	<0.01%	0	Amount filed as zero, left out of ratios.	Timeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

Security	Type	Amount	Value	Change
WAYFAIR INCWAYFAIR INC NOTE 0.625%10/0	put	5,618,000	$5.34M	+33,000
TELADOC HEALTH INCTELADOC HEALTH INC NOTE 1.250% 6/0	put	4,957,000	$4.28M	-23,000
LENDINGTREE INCLENDINGTREE INC NOTE 0.500% 7/1	put	3,522,000	$3.29M	+52,000

Sold out in Q3 2024

Positions in the previous quarter's report that this quarter's report no longer lists.

Security	Shares before	Value before	Type
RILYBRC GROUP HOLDINGS INC	660,920	$11.7M	shares
VIRTUS CONVERTIBLE & INC 202VIRTUS CONVERTIBLE & INC 202	1,188,298	$10.7M	shares
NUVEEN PREFERRED & INCO…NUVEEN PREFERRED & INCOME	450,411	$8.76M	shares
THRMGENTHERM INC	154,782	$7.63M	shares
DGIIDIGI INTL INC	305,860	$7.01M	shares
CVSCVS HEALTH CORP	81,316	$4.8M	shares
QIPTQUIPT HOME MEDICAL CORP	861,900	$2.78M	shares
IVWISHARES TR	17,082	$1.58M	shares
CTASCINTAS CORP	2,060	$1.44M	shares
STEWSRH TOTAL RETURN FUND INC	75,839	$1.1M	shares
IEMGISHARES INC	14,641	$784K	shares
RVTROYCE SMALL CAP TRUST INC	48,680	$704K	shares
IEURISHARES TR	12,033	$685K	shares
IJSISHARES TR	4,948	$481K	shares
EPMEVOLUTION PETE CORP	73,062	$385K	shares
BANXARROWMARK FINANCIAL CORP	15,815	$292K	shares

How Q3 2024 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

Filing	Role	Amendment	Filed	Accepted	Ingested
13F-HR 0001398344-24-020792	base		2024-11-14	acceptance time not in the bulk data set	2026-10-07 18:26:56 UTC