PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.

CIK 0001238990 · Q2 2026

13F Equity AUM

$2.0B

+16.6% QoQ

Positions

164

+1 QoQ

AUM Rank

#1,530

Top 17%

Skill Alpha (FF)

-1.2%/yr^ns

No Clear Edge

Rank #4,689 · Top 56%

vs S&P -2.6%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 13.3%Top 10: 23.0%Top 20: 39.3%

SNEX4.1%

ACA2.5%

UTI2.3%

LAUR2.2%

ATEN2.2%

MRVL2.1%

ENVA1.9%

RDNT1.9%

GOOGL1.9%

L1S1.9%

Others (154)77.0%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services18.6%

Industrials15.2%

Consumer Cyclical13.9%

Technology12.9%

Healthcare10.0%

Consumer Defensive9.5%

Energy6.0%

Real Estate3.5%

Other10.3%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 164Median: 0.44%Avg: 0.61%

0–0.5%

91(18.7%)

0.5–1%

42(29.0%)

1–3%

30(48.2%)

3–5%

1(4.1%)

5%+

0(0.0%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 164vs 20 funds

0%Low

164

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New12Increased81Decreased55Exited11

New Positions

JOE1.2%

+377K

CNS0.9%

+240K

CRM0.6%

+75K

LYTS0.2%

+168K

DERM0.2%

+536K

FSUN0.1%

+64K

PARK0.1%

+67K

ACR0.1%

+72K

MINIMED GROUP INC0.0%

+20K

KN0.0%

+6K

Increased

PDM0.5%

+603K(+110%)

TRS1.8%

+563K(+230%)

JCAP1.4%

+331K(+30%)

SMRT0.3%

+260K(+5%)

VTS1.2%

+253K(+19%)

LZ0.9%

+161K(+6%)

DSP0.9%

+154K(+11%)

AMRZ0.7%

+123K(+78%)

HLMN0.8%

+107K(+6%)

AGYS0.8%

+96K(+154%)

Decreased

TALK0.0%

-368,956(-82%)

SJT0.1%

-297,811(-32%)

ATEN2.2%

-271,163(-19%)

SNEX4.1%

-249,489(-26%)

RFIL0.6%

-234,685(-29%)

HGBL0.1%

-222,690(-10%)

PDX0.7%

-151,036(-18%)

WTTR1.4%

-93,480(-6%)

LGCY0.1%

-85,000(-46%)

NPKI1.4%

-79,933(-4%)

Exited

-1,347,510

-1,147,170

-37,380

-437,085

ORACLE CORP

-83,465

-400,000

-79,827

-117,950

-1,200

-30,000

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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