PAIM

Punch & Associates Investment Management Portfolio holdings

AUM $1.53B

This Quarter Return

-4.37%

1 Year Return

+8.86%

3 Year Return

+42.68%

5 Year Return

+243.52%

10 Year Return

+294.66%

AUM

$1.53B

AUM Growth

-$306M (-17%)

Cap. Flow

-$160M

Cap. Flow % of AUM

-10.46%

Top 10 Holdings %Top 10 Hldgs %

21.36%

Holding

178

New

Increased

Reduced

Closed

Top Buys

1	Artisan Partners APAM	$16.6M
2	Mercado Libre MELI	$13.1M
3	Pricesmart PSMT	$13.1M
4	SiriusPoint SPNT	$12.5M
5	i3 Verticals IIIV	$11.2M

Top Sells

1	CDMO Avid Bioservices, Inc. Common Stock CDMO	$35.6M
2	Columbus McKinnon CMCO	$15.9M
3	Sprouts Farmers Market SFM	$15.2M
4	Universal Technical Institute UTI	$13.1M
5	Barings BDC BBDC	$11.6M

Sector Composition

1	Financials	15.82%
2	Industrials	15.39%
3	Technology	12.95%
4	Healthcare	12.12%
5	Consumer Discretionary	11.28%

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
101	RMT 101 Royce Micro-Cap Trust RMT $480M	$5.15M	0.34%	610,323 -476,012	-44%	-$4.01M
102	LRFC 102 DELISTED Logan Ridge Finance Corp LRFC	$5.02M	0.33%	227,960 +1,996	+0.9%	+$43.9K
103	103 Blackstone Secured Lending BXSL $7.44B	$5.01M	0.33%	154,704 -115,077	-43%	-$3.72M
104	104 Etsy ETSY $6.22B	$4.81M	0.32%	102,005 +2,571	+3%	+$121K
105	105 UFP Technologies UFPT $1.76B	$4.58M	0.3%	22,700 -14,500	-39%	-$2.92M
106	106 Agilysys AGYS $3.23B	$4.46M	0.29%	61,440 -38,520	-39%	-$2.79M
107	ALEX 107 Alexander & Baldwin ALEX $1.28B	$4.33M	0.28%	251,390 -664	-0.3%	-$11.4K
108	108 Transcat TRNS $757M	$4.28M	0.28%	57,530 -36,000	-38%	-$2.68M
109	109 Viemed Healthcare VMD $257M	$4.22M	0.28%	580,000 -265,651	-31%	-$1.93M
110	110 First Western Financial MYFW $239M	$4.14M	0.27%	210,475 -145,000	-41%	-$2.85M
111	111 Aviat Networks AVNW $301M	$4.11M	0.27%	214,619 -184,258	-46%	-$3.53M
112	112 Electromed ELMD $153M	$3.9M	0.26%	163,594 -107,201	-40%	-$2.56M
113	113 Distribution Solutions Group DSGR $1.33B	$3.75M	0.25%	133,976 -113,010	-46%	-$3.16M
114	114 Silvercrest Asset Management SAMG $153M	$3.75M	0.25%	229,211 -200,669	-47%	-$3.28M
115	115 Tactile Systems Technology TCMD $221M	$3.73M	0.24%	282,000 +72,000	+34%	+$952K
116	116 Carriage Services CSV $731M	$3.55M	0.23%	+91,500	New	+$3.55M
117	117 NVE Corp NVEC $385M	$3.51M	0.23%	55,055 -37,420	-40%	-$2.39M
118	118 InfuSystem Holdings INFU $115M	$3.31M	0.22%	614,656 -345,000	-36%	-$1.86M
119	119 RF Industries RFIL $75M	$3.18M	0.21%	678,797 -335,807	-33%	-$1.57M
120	KKR.PRD 120 KKR & Co. Inc. 6.25% Series D Mandatory Convertible Preferred Stock KKR.PRD $2.98B	$2.89M	0.19%	+58,595	New	+$2.89M
121	TURN 121 180 Degree Capital TURN $40.9M	$2.84M	0.19%	714,156	–	–
122	122 AstroNova ALOT $85.2M	$2.77M	0.18%	301,429 -182,379	-38%	-$1.68M
123	123 Pro-Dex PDEX $151M	$2.68M	0.18%	54,000 -10,000	-16%	-$496K
124	LFT 124 Lument Finance Trust LFT $114M	$2.6M	0.17%	996,819 -285,226	-22%	-$744K
125	125 Allient ALNT $674M	$2.59M	0.17%	118,000 -90,000	-43%	-$1.98M