PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.

CIK 0001238990 · Q1 2026

13F Equity AUM

$1.7B

+1.2% QoQ

Positions

163

+7 QoQ

AUM Rank

#1,956

Top 16%

Skill Alpha (FF)

-1.2%/yr^ns

No Clear Edge

Rank #3,975 · Top 48%

vs S&P -5.6%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 13.2%Top 10: 22.1%Top 20: 37.2%

SNEX4.4%

LAUR2.4%

UTI2.2%

ACA2.2%

ATEN1.9%

RDNT1.9%

SILA1.8%

GOOGL1.8%

SSPFF1.8%

TDW1.7%

Others (153)77.9%

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

Sector Allocation

Financial Services18.3%

Industrials15.6%

Consumer Cyclical12.0%

Technology11.4%

Healthcare10.6%

Consumer Defensive10.3%

Energy7.8%

Real Estate3.6%

Other10.5%

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

Position Sizing

Positions: 163Median: 0.45%Avg: 0.61%

0–0.5%

87(17.6%)

0.5–1%

44(30.6%)

1–3%

31(47.4%)

3–5%

1(4.4%)

5%+

0(0.0%)

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

Loading summary cards...

Portfolio Overlap

Shared: 160Unique: 3vs 20 funds

2.2%Low

163

Fund positions

7,299

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.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

2.8%

BlackRock, Inc.

3.6%

VANGUARD CAPITAL MANAGEMENT LLC

3.8%

STATE STREET CORP

3.8%

GEODE CAPITAL MANAGEMENT, LLC

3.7%

BANK OF AMERICA CORP /DE/

2.6%

JPMORGAN CHASE & CO

2.4%

VANGUARD PORTFOLIO MANAGEMENT LLC

FMR LLC

2.8%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

Loading overlap analysis...

Position Changes This Quarter

New21Increased85Decreased46Exited14

New Positions

JCAP1.2%

+1.1M

SE0.6%

+133K

AMRZ0.5%

+158K

TRS0.5%

+245K

ARCC0.4%

+391K

CASS0.3%

+113K

ALX0.3%

+20K

OXM0.3%

+123K

WHIRLPOOL CORP0.2%

+100K

ORACLE CORP0.2%

+83K

Increased

SMRT0.4%

+3.1M(+164%)

PAYS0.7%

+596K(+41%)

CLMB0.6%

+417K(+310%)

IIIV1.3%

+255K(+33%)

SJT0.3%

+239K(+34%)

SNEX4.4%

+236K(+33%)

DSP0.9%

+190K(+16%)

T771.6%

+177K(+38%)

AVNS0.3%

+167K(+62%)

APAM1.2%

+113K(+26%)

Decreased

TDOC 1.25 06/01/270.0%

-4,957,000(-99%)

GLOBAL SHIP LEASE IN…1.5%

-253,717(-26%)

GLRE0.1%

-237,173(-75%)

PARR1.4%

-204,147(-35%)

PDX1.1%

-203,276(-19%)

BCIC0.1%

-181,245(-61%)

HGBL0.2%

-140,504(-6%)

MLCI0.1%

-136,114(-38%)

VMD0.3%

-133,999(-20%)

LINC0.6%

-110,145(-30%)

Exited

HSTM

-451,794

ALEX

-348,665

-312,870

-207,818

-89,500

-14,545

-30,151

-49,500

-267,162

-448

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

Loading position changes...

Holdings

Loading holdings...