Punch & Associates Investment Management, Inc.

All holdings · as of Mar 31, 2026

Company	Class	Value	Shares	% of portfolio
CARRIAGE SERVICES INC	—	$12.04M	263,750	0.7%
FIRST TR HIGH YIELD OPPRT 20	—	$12.00M	886,745	0.7%
ALAMO GROUP INC	—	$11.70M	70,937	0.7%
Match Group, Inc.	—	$11.67M	379,972	0.7%
STEVEN MADDEN, LTD.	—	$11.43M	337,055	0.7%
Walt Disney Co	—	$11.19M	116,115	0.6%
KINDER MORGAN, INC.	—	$11.10M	330,957	0.6%
AMERICAN PUBLIC EDUCATION INC	—	$11.09M	195,000	0.6%
Sea Ltd	—	$11.00M	132,886	0.6%
Climb Global Solutions, Inc.	—	$10.93M	551,665	0.6%
Apollo Global Management, Inc.	—	$10.90M	97,835	0.6%
INNOVATIVE SOLUTIONS & SUPPORT INCISSC	Common Stock	$10.65M	518,618	0.6%
Builders FirstSource Inc	—	$10.58M	128,538	0.6%
WASTE MANAGEMENT INC	—	$10.50M	45,692	0.6%
TARGET CORP	—	$10.40M	85,785	0.6%
Ulta Beauty, Inc.	—	$10.28M	19,673	0.6%
LINCOLN EDUCATIONAL SERVICES CORPORATION	—	$10.26M	252,150	0.6%
SS&C TECHNOLOGIES HOLDINGS, INC.	—	$10.05M	148,755	0.6%
Blackstone Mortgage Trust Inc	—	$9.26M	483,624	0.5%
REPUBLIC SERVICES, INC.	—	$9.21M	42,061	0.5%
JOHNSON & JOHNSON	—	$9.14M	37,380	0.5%
AMERICAN COASTAL INSURANCE CorpACIC	Common Stock	$9.10M	808,705	0.5%
Amrize Ltd	—	$8.86M	158,226	0.5%
TRIMAS CORP	—	$8.80M	244,719	0.5%
ORACLE CORP	—	$8.77M	59,617	0.5%
Legacy Housing CorpLEGH	Common Stock	$8.74M	427,665	0.5%
R F INDUSTRIES LTDRFIL	Common Stock	$8.48M	822,800	0.5%
NATURES SUNSHINE PRODUCTS INCNATR	Common Stock	$8.16M	340,000	0.5%
MIMEDX GROUP, INC.MDXG	Common Stock	$7.98M	2,019,718	0.5%
TACTILE SYSTEMS TECHNOLOGY INC	—	$7.84M	300,000	0.5%
DEERE & CO	—	$7.78M	13,810	0.4%
InfuSystem Holdings, IncINFU	Common Stock	$7.73M	837,925	0.4%
Bridgewater Bancshares IncBWB	Common Stock	$7.69M	434,660	0.4%
Clearfield, Inc.	—	$7.67M	289,610	0.4%
Arhaus, Inc.	—	$7.56M	1,115,665	0.4%
SmartRent, Inc.	—	$7.55M	5,032,880	0.4%
Northrim BanCorp Inc	—	$7.47M	326,410	0.4%
UNITEDHEALTH GROUP INC	—	$7.29M	26,956	0.4%
ARES CAPITAL CORPARCC	Common Stock	$7.05M	391,347	0.4%
BOEING CO	—	$6.87M	105,840	0.4%
Elevance Health Inc	—	$6.80M	23,229	0.4%
NVE CORP /NEW	—	$6.78M	103,569	0.4%
IDAHO STRATEGIC RESOURCES INC	—	$6.66M	207,220	0.4%
Duke Energy Corp	—	$6.23M	47,597	0.4%
ROYCE MICRO-CAP TRUST, INC.RMT	Closed-End Fund	$6.17M	545,665	0.4%
AVANOS MEDICAL, INC.	—	$6.12M	437,085	0.4%
First Western Financial, Inc.	—	$6.10M	248,195	0.4%
Hackett Group, Inc.	—	$5.80M	445,800	0.3%
Research Solutions, Inc.	—	$5.77M	2,552,455	0.3%
Electromed, Inc.	—	$5.26M	224,520	0.3%