PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.
"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.
13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.
We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 29 quarters, returned +2.8% per quarter — versus +2.8% per quarter from simply owning every 13F stock. It beat that baseline in only 51.7% of quarters (excess t = -0.93, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 163 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| SNEX | $76M | | ADD |
| LAUR | $41M | | TRIM |
| UTI | $39M | | TRIM |
| ACA | $38M | | HOLD |
| ATEN | $34M | | HOLD |
| RDNT | $33M | | TRIM |
| SILA | $32M | | ADD |
| GOOGL | $31M | | TRIM |
| SPNT | $30M | | HOLD |
| TDW | $29M | | ADD |
| RPRX | $29M | | HOLD |
| LQDT | $28M | | HOLD |
| TREE | $28M | | ADD |
| GSL | $27M | | TRIM |
| NPKI | $26M | | HOLD |
| PLOW | $26M | | HOLD |
| CVCO | $25M | | ADD |
| FIBK | $25M | | HOLD |
| PSMT | $24M | | HOLD |
| VTS | $24M | | TRIM |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
Method & Limitations
Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.