0001398344-19-008783.txt : 20190514 0001398344-19-008783.hdr.sgml : 20190514 20190514110229 ACCESSION NUMBER: 0001398344-19-008783 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20190331 FILED AS OF DATE: 20190514 DATE AS OF CHANGE: 20190514 EFFECTIVENESS DATE: 20190514 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. CENTRAL INDEX KEY: 0001238990 IRS NUMBER: 820566501 STATE OF INCORPORATION: MN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-10972 FILM NUMBER: 19821098 BUSINESS ADDRESS: STREET 1: 7701 FRANCE AVE. SOUTH STREET 2: SUITE 300 CITY: EDINA STATE: MN ZIP: 55435 BUSINESS PHONE: 9522244350 MAIL ADDRESS: STREET 1: 7701 FRANCE AVE. SOUTH STREET 2: SUITE 300 CITY: EDINA STATE: MN ZIP: 55435 FORMER COMPANY: FORMER CONFORMED NAME: BRIDGEWATER CAPITAL ADVISORS INC DATE OF NAME CHANGE: 20030605 13F-HR 1 primary_doc.xml 13F-HR LIVE false false false 0001238990 XXXXXXXX 03-31-2019 03-31-2019 false PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.

7701 FRANCE AVE. SOUTH SUITE 300 EDINA MN 55435

13F HOLDINGS REPORT 028-10972 N Howard D. Punch, Jr. 952-224-4350 /s/ Howard D. Punch, Jr. Edina MN 05-13-2019 0 205 1170150 INFORMATION TABLE 2 fp0042123_13fhr-table.xml 13F INFORMATION TABLE 1347 PPTY INS HLDGS INC COM 68244P107 260 49500 SH SOLE 49500 0 0 180 DEGREE CAP CORP COM 68235B109 989 531810 SH SOLE 531810 0 0 3M CO COM 88579Y101 3632 17482 SH SOLE 17482 0 0 A H BELO CORP COM CL A 001282102 4381 1177767 SH SOLE 1177767 0 0 ACCENTURE PLC IRELAND SHS CLASS A G1151C101 6607 37535 SH SOLE 37535 0 0 ADDUS HOMECARE CORP COM 006739106 12893 202752 SH SOLE 202752 0 0 AGILYSYS INC COM 00847J105 9491 448310 SH SOLE 448310 0 0 AIRGAIN INC COM 00938A104 413 32200 SH SOLE 32200 0 0 ALAMO GROUP INC COM 011311107 7275 72795 SH SOLE 72795 0 0 ALCENTRA CAP CORP COM 01374T102 159 21165 SH SOLE 21165 0 0 ALLIANZGI CON INCM 2024 TARG COM 01883H102 9157 1017393 SH SOLE 1017393 0 0 ALLIED MOTION TECHNOLOGIES I COM 019330109 3815 110970 SH SOLE 110970 0 0 AMERCO COM 023586100 7040 18950 SH SOLE 18950 0 0 AMERIPRISE FINL INC COM 03076C106 4929 38479 SH SOLE 38479 0 0 ANTHEM INC COM 036752103 8639 30104 SH SOLE 30104 0 0 ARBOR RLTY TR INC COM 038923108 4784 368868 SH SOLE 368868 0 0 ARC DOCUMENT SOLUTIONS INC COM 00191G103 7247 3249590 SH SOLE 3249590 0 0 ARES CAP CORP COM 04010L103 8770 511680 SH SOLE 511680 0 0 ASTRONOVA INC COM 04638F108 8456 414720 SH SOLE 414720 0 0 ATLAS FINANCIAL HOLDINGS INC SHS NEW G06207115 1474 599000 SH SOLE 599000 0 0 AWARE INC MASS COM 05453N100 3222 889925 SH SOLE 889925 0 0 B RILEY FINL INC COM 05580M108 25378 1520576 SH SOLE 1520576 0 0 BAR HBR BANKSHARES COM 066849100 12450 481237 SH SOLE 481237 0 0 BARINGS BDC INC COM 06759L103 17062 1739254 SH SOLE 1739254 0 0 BERKSHIRE HATHAWAY INC DEL CL A 084670108 301 1 SH SOLE 1 0 0 BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 7596 37813 SH SOLE 37813 0 0 BLACKROCK 2022 GBL INCM OPP COM 09258P104 3670 405099 SH SOLE 405099 0 0 BLACKROCK CAPITAL INVESTMENT COM 092533108 792 132259 SH SOLE 132259 0 0 BLACKROCK ENERGY & RES TR COM 09250U101 3472 286723 SH SOLE 286723 0 0 BLACKROCK MUN 2030 TAR TERM COM SHS BEN IN 09257P105 3395 152653 SH SOLE 152653 0 0 BLACKROCK RES & COMM STRAT T SHS 09257A108 1153 141146 SH SOLE 141146 0 0 BLUELINX HLDGS INC COM NEW 09624H208 9286 348555 SH SOLE 348555 0 0 BOEING CO COM 097023105 9363 24549 SH SOLE 24549 0 0 BOSTON SCIENTIFIC CORP COM 101137107 438 11411 SH SOLE 11411 0 0 BOULDER GROWTH & INCOME FD I COM 101507101 10802 1002086 SH SOLE 1002086 0 0 BRIDGEWATER BANCSHARES INC COM ACCD INV 108621103 206 20000 SH SOLE 20000 0 0 BRIDGFORD FOODS CORP COM 108763103 724 30400 SH SOLE 30400 0 0 BRUNSWICK CORP COM 117043109 4990 99136 SH SOLE 99136 0 0 CALLAWAY GOLF CO COM 131193104 15457 970306 SH SOLE 970306 0 0 CANTERBURY PARK HOLDING CORP COM 13811E101 290 20000 SH SOLE 20000 0 0 CAPITAL SOUTHWEST CORP COM 140501107 31480 1496177 SH SOLE 1496177 0 0 CAPITALA FIN CORP COM 14054R106 3073 386045 SH SOLE 386045 0 0 CARBONITE INC COM 141337105 9133 368133 SH SOLE 368133 0 0 CARTER BK & TR MARTINSVILLE COM 146102108 1800 93809 SH SOLE 93809 0 0 CELCUITY INC COM 15102K100 1674 76412 SH SOLE 76412 0 0 CHIMERA INVT CORP COM NEW 16934Q208 8115 433036 SH SOLE 433036 0 0 CINTAS CORP COM 172908105 5509 27256 SH SOLE 27256 0 0 COLUMBUS MCKINNON CORP N Y COM 199333105 12838 373737 SH SOLE 373737 0 0 COMMERCIAL VEH GROUP INC COM 202608105 2608 340000 SH SOLE 340000 0 0 CSW INDUSTRIALS INC COM 126402106 8784 153324 SH SOLE 153324 0 0 CVS HEALTH CORP COM 126650100 3138 58184 SH SOLE 58184 0 0 CYBEROPTICS CORP COM 232517102 1976 115568 SH SOLE 115568 0 0 DAWSON GEOPHYSICAL CO NEW COM 239360100 1055 359900 SH SOLE 359900 0 0 DEERE & CO COM 244199105 4824 30182 SH SOLE 30182 0 0 DELAWARE INV MN MUN INC FD I COM 24610V103 266 21015 SH SOLE 21015 0 0 DELUXE CORP COM 248019101 7787 178116 SH SOLE 178116 0 0 DESTINATION XL GROUP INC COM 25065K104 3808 1554284 SH SOLE 1554284 0 0 DHI GROUP INC COM 23331S100 1551 638100 SH SOLE 638100 0 0 DIAMOND HILL INVESTMENT GROU COM NEW 25264R207 1904 13600 SH SOLE 13600 0 0 DIGI INTL INC COM 253798102 15274 1205549 SH SOLE 1205549 0 0 DISNEY WALT CO COM DISNEY 254687106 6247 56260 SH SOLE 56260 0 0 DLH HLDGS CORP COM 23335Q100 3384 528690 SH SOLE 528690 0 0 DOUGLAS DYNAMICS INC COM 25960R105 10192 267724 SH SOLE 267724 0 0 DRIVE SHACK INC COM 262077100 13123 2922614 SH SOLE 2922614 0 0 EASTERLY GOVT PPTYS INC COM 27616P103 5394 299518 SH SOLE 299518 0 0 EATON VANCE TX ADV GLBL DIV COM 27828S101 6734 433354 SH SOLE 433354 0 0 ECOLAB INC COM 278865100 909 5147 SH SOLE 5147 0 0 EDUCATIONAL DEV CORP COM 281479105 285 37700 SH SOLE 37700 0 0 ELECTROMED INC COM 285409108 417 81000 SH SOLE 81000 0 0 ENSTAR GROUP LIMITED SHS G3075P101 6465 37155 SH SOLE 37155 0 0 ENTEGRA FINL CORP COM 29363J108 4990 222250 SH SOLE 222250 0 0 ETSY INC COM 29786A106 15256 226959 SH SOLE 226959 0 0 EVOLUTION PETROLEUM CORP COM 30049A107 3322 492093 SH SOLE 492093 0 0 EXXON MOBIL CORP COM 30231G102 4165 51546 SH SOLE 51546 0 0 FARMER BROS CO COM 307675108 7269 363262 SH SOLE 363262 0 0 FARMERS NATL BANC CORP COM 309627107 3051 221271 SH SOLE 221271 0 0 FERRO CORP COM 315405100 12207 644836 SH SOLE 644836 0 0 FIBROGEN INC COM 31572Q808 489 9000 SH SOLE 9000 0 0 FIRST BANK WILLIAMSTOWN NJ COM 31931U102 3795 329123 SH SOLE 329123 0 0 FIRST TR DYNAMIC EUROPE EQT COM SHS 33740D107 8847 616933 SH SOLE 616933 0 0 FIRST TR ENERGY INFRASTRCTR COM 33738C103 6580 415143 SH SOLE 415143 0 0 FISERV INC COM 337738108 8115 91919 SH SOLE 91919 0 0 FRANKLIN COVEY CO COM 353469109 9238 365135 SH SOLE 365135 0 0 GENTHERM INC COM 37253A103 5528 149985 SH SOLE 149985 0 0 GLADSTONE LD CORP COM 376549101 4339 343040 SH SOLE 343040 0 0 GREAT ELM CAP CORP COM 390320109 3936 476495 SH SOLE 476495 0 0 GREAT ELM CAP GROUP INC COM NEW 39036P209 684 161000 SH SOLE 161000 0 0 GREEN BRICK PARTNERS INC COM 392709101 15397 1759627 SH SOLE 1759627 0 0 HACKETT GROUP INC COM 404609109 14455 914899 SH SOLE 914899 0 0 HERITAGE CRYSTAL CLEAN INC COM 42726M106 4606 167800 SH SOLE 167800 0 0 HOOKER FURNITURE CORP COM 439038100 11515 399421 SH SOLE 399421 0 0 HORMEL FOODS CORP COM 440452100 5070 113279 SH SOLE 113279 0 0 HOUSTON WIRE & CABLE CO COM 44244K109 2149 339500 SH SOLE 339500 0 0 HUNT COS FIN TR INC COM 44558T100 611 175000 SH SOLE 175000 0 0 HURCO COMPANIES INC COM 447324104 1880 46617 SH SOLE 46617 0 0 I D SYSTEMS INC COM 449489103 4074 687046 SH SOLE 687046 0 0 IEC ELECTRS CORP NEW COM 44949L105 3639 531200 SH SOLE 531200 0 0 INFORMATION SERVICES GROUP I COM 45675Y104 3495 937000 SH SOLE 937000 0 0 INTEL CORP COM 458140100 896 16684 SH SOLE 16684 0 0 INTL FCSTONE INC COM 46116V105 23192 598340 SH SOLE 598340 0 0 INVESCO EXCHANGE TRADED FD T S&P500 PUR VAL 46137V258 13140 208374 SH SOLE 208374 0 0 INVESCO QQQ TR UNIT SER 1 46090E103 208 1159 SH SOLE 1159 0 0 ISSUER DIRECT CORPORATION COM NEW 46520M204 334 27000 SH SOLE 27000 0 0 JAPAN SMALLER CAPTLZTN FD IN COM 47109U104 163 18540 SH SOLE 18540 0 0 JOHNSON & JOHNSON COM 478160104 6273 44875 SH SOLE 44875 0 0 JOINT CORP COM 47973J102 756 48000 SH SOLE 48000 0 0 JPMORGAN CHASE & CO COM 46625H100 7912 78158 SH SOLE 78158 0 0 KIMBALL ELECTRONICS INC COM 49428J109 2919 188450 SH SOLE 188450 0 0 KIMBALL INTL INC CL B 494274103 11302 799257 SH SOLE 799257 0 0 KIMBERLY CLARK CORP COM 494368103 205 1655 SH SOLE 1655 0 0 KINGSTONE COS INC COM 496719105 2955 200500 SH SOLE 200500 0 0 LAMAR ADVERTISING CO NEW CL A 512816109 5087 64181 SH SOLE 64181 0 0 LAWSON PRODS INC COM 520776105 3873 123504 SH SOLE 123504 0 0 LAZYDAYS HLDGS INC COM 52110H100 137 30000 SH SOLE 30000 0 0 LEAF GROUP LTD COM 52177G102 5712 712208 SH SOLE 712208 0 0 LENDINGTREE INC NEW COM 52603B107 5804 16510 SH SOLE 16510 0 0 LITHIA MTRS INC CL A 536797103 8997 96998 SH SOLE 96998 0 0 LUNA INNOVATIONS COM 550351100 417 100000 SH SOLE 100000 0 0 MACQUARIE INFRASTRUCTURE COR COM 55608B105 5759 139704 SH SOLE 139704 0 0 MADDEN STEVEN LTD COM 556269108 5879 173725 SH SOLE 173725 0 0 MALIBU BOATS INC COM CL A 56117J100 17027 430183 SH SOLE 430183 0 0 MASTERCRAFT BOAT HLDGS INC COM 57637H103 7329 324725 SH SOLE 324725 0 0 MCDONALDS CORP COM 580135101 359 1892 SH SOLE 1892 0 0 MICROSOFT CORP COM 594918104 12263 103978 SH SOLE 103978 0 0 MVC CAPITAL INC COM 553829102 7196 793405 SH SOLE 793405 0 0 NATHANS FAMOUS INC NEW COM 632347100 1539 22500 SH SOLE 22500 0 0 NATURAL GAS SERVICES GROUP COM 63886Q109 7590 438501 SH SOLE 438501 0 0 NAUTILUS INC COM 63910B102 5184 932359 SH SOLE 932359 0 0 NEUBERGER BERMAN MLP INCOME COM 64129H104 14189 1782588 SH SOLE 1782588 0 0 NORTHERN TECH INTL CORP COM 665809109 3210 120000 SH SOLE 120000 0 0 NORTHSTAR REALTY EUROPE CORP COM 66706L101 7834 451281 SH SOLE 451281 0 0 NOVANTA INC COM 67000B104 7776 91773 SH SOLE 91773 0 0 NUVEEN TAXABLE MUNICPL INCM COM 67074C103 5088 247938 SH SOLE 247938 0 0 NUVEEN CR OPPORTUNITIES 2022 COM 67075U102 3147 326471 SH SOLE 326471 0 0 NUVEEN INTER DURATION MN TMF COM 670671106 5461 415249 SH SOLE 415249 0 0 NUVEEN MTG OPPORTUNITY TERM COM 670735109 9225 396278 SH SOLE 396278 0 0 NUVEEN PFD & INCOME TERM FD COM 67075A106 7863 349794 SH SOLE 349794 0 0 OAKTREE STRATEGIC INCOME COR COM 67402D104 1981 244549 SH SOLE 244549 0 0 ORACLE CORP COM 68389X105 4992 92940 SH SOLE 92940 0 0 OUTFRONT MEDIA INC COM 69007J106 6846 292547 SH SOLE 292547 0 0 PANHANDLE OIL AND GAS INC CL A 698477106 3495 222610 SH SOLE 222610 0 0 PAR PACIFIC HOLDINGS INC COM NEW 69888T207 11716 657848 SH SOLE 657848 0 0 PAYPAL HLDGS INC COM 70450Y103 348 3348 SH SOLE 3348 0 0 PCSB FINL CORP COM 69324R104 4084 208695 SH SOLE 208695 0 0 PENNANTPARK FLOATING RATE CA COM 70806A106 7165 559365 SH SOLE 559365 0 0 PERCEPTRON INC COM 71361F100 4392 585644 SH SOLE 585644 0 0 PFIZER INC COM 717081103 715 16842 SH SOLE 16842 0 0 PRGX GLOBAL INC COM NEW 69357C503 3533 446070 SH SOLE 446070 0 0 PROCTER AND GAMBLE CO COM 742718109 303 2916 SH SOLE 2916 0 0 PSYCHEMEDICS CORP COM NEW 744375205 239 17000 SH SOLE 17000 0 0 PZENA INVESTMENT MGMT INC CLASS A 74731Q103 14412 1781489 SH SOLE 1781489 0 0 REAVES UTIL INCOME FD COM SH BEN INT 756158101 6545 194336 SH SOLE 194336 0 0 RED LION HOTELS CORP COM 756764106 5323 658775 SH SOLE 658775 0 0 REPUBLIC SVCS INC COM 760759100 6315 78565 SH SOLE 78565 0 0 RIGNET INC COM 766582100 4966 508260 SH SOLE 508260 0 0 RIVERNORTH DOUBLELINE STRATE COM 76882G107 9722 592805 SH SOLE 592805 0 0 ROYCE MICRO-CAP TR INC COM 780915104 3169 380401 SH SOLE 380401 0 0 ROYCE VALUE TR INC COM 780910105 3267 237400 SH SOLE 237400 0 0 SB FINL GROUP INC COM 78408D105 1766 98000 SH SOLE 98000 0 0 SCRIPPS E W CO OHIO CL A NEW 811054402 9800 466661 SH SOLE 466661 0 0 SEASPAN CORP SHS Y75638109 8395 964970 SH SOLE 964970 0 0 SELECT ENERGY SVCS INC CL A COM 81617J301 5246 436480 SH SOLE 436480 0 0 SILVERCREST ASSET MGMT GROUP CL A 828359109 6669 467978 SH SOLE 467978 0 0 SIMULATIONS PLUS INC COM 829214105 5879 278475 SH SOLE 278475 0 0 SLEEP NUMBER CORP COM 83125X103 7053 150067 SH SOLE 150067 0 0 SOLAR CAP LTD COM 83413U100 6866 329446 SH SOLE 329446 0 0 SPIRIT RLTY CAP INC NEW NOTE 3.750% 5/1 84860WAB8 499 5000 SH SOLE 5000 0 0 SPOK HLDGS INC COM 84863T106 10053 738107 SH SOLE 738107 0 0 SS&C TECHNOLOGIES HLDGS INC COM 78467J100 7177 112689 SH SOLE 112689 0 0 STEWARDSHIP FINL CORP COM 860326107 1221 132000 SH SOLE 132000 0 0 STONECASTLE FINL CORP COM 861780104 9055 422637 SH SOLE 422637 0 0 STRYKER CORP COM 863667101 253 1279 SH SOLE 1279 0 0 SUPERIOR DRILLING PRODS INC COM 868153107 510 386200 SH SOLE 386200 0 0 SUPERIOR GRP OF COMPANIES IN COM 868358102 5122 308176 SH SOLE 308176 0 0 SYNACOR INC COM 871561106 251 160000 SH SOLE 160000 0 0 TARGET CORP COM 87612E106 5423 67565 SH SOLE 67565 0 0 TECHTARGET INC COM 87874R100 12932 794811 SH SOLE 794811 0 0 TEKLA HEALTHCARE INVS SH BEN INT 87911J103 7318 356299 SH SOLE 356299 0 0 THESTREET INC COM 88368Q103 5215 2238000 SH SOLE 2238000 0 0 TORCHMARK CORP COM 891027104 367 4475 SH SOLE 4475 0 0 TRANSACT TECHNOLOGIES INC COM 892918103 3324 363700 SH SOLE 363700 0 0 TRANSCAT INC COM 893529107 7822 340398 SH SOLE 340398 0 0 UFP TECHNOLOGIES INC COM 902673102 6657 178000 SH SOLE 178000 0 0 UNITED TECHNOLOGIES CORP COM 913017109 4881 37872 SH SOLE 37872 0 0 UNITEDHEALTH GROUP INC COM 91324P102 9481 38344 SH SOLE 38344 0 0 US BANCORP DEL COM NEW 902973304 746 15483 SH SOLE 15483 0 0 U S PHYSICAL THERAPY INC COM 90337L108 5955 56700 SH SOLE 56700 0 0 VAREX IMAGING CORP COM 92214X106 7173 211728 SH SOLE 211728 0 0 VERIZON COMMUNICATIONS INC COM 92343V104 6419 108557 SH SOLE 108557 0 0 VOLT INFORMATION SCIENCES IN COM 928703107 3692 785500 SH SOLE 785500 0 0 WASTE MGMT INC DEL COM 94106L109 7082 68157 SH SOLE 68157 0 0 WELLS FARGO CO NEW COM 949746101 537 11115 SH SOLE 11115 0 0 WESTERN ASSET HGH YLD DFNDFD COM 95768B107 3809 257855 SH SOLE 257855 0 0 WEYERHAEUSER CO COM 962166104 2681 101801 SH SOLE 101801 0 0 BLACKROCK TCP CAP CORP COM 09259E108 3757 264918 SH SOLE 264918 0 0 AMERICAN RLTY CAP PPTYS INC NOTE 3.750%12/1 02917TAB0 11 11000 PRN SOLE 11000 0 0 PROSPECT CAPITAL CORPORATION NOTE 4.950% 7/1 74348TAR3 13 13000 PRN SOLE 13000 0 0 MERIDIAN CORPORATION COM 58958P104 388 21500 SH SOLE 21500 0 0 FIDELITY MSCI ENERGY IDX 316092402 2352 130068 SH SOLE 130068 0 0 ISHARES TR 1 3 YR TREAS BD 464287457 10563 125571 SH SOLE 125571 0 0 ISHARES INC CORE MSCI EMKT 46434G103 3618 69977 SH SOLE 69977 0 0 ISHARES TR CORE MSCI EURO 46434V738 10418 227116 SH SOLE 227116 0 0 ISHARES TR S&P 100 ETF 464287101 270 2152 SH SOLE 2152 0 0 ISHARES TR S&P 500 GRWT ETF 464287309 19541 113373 SH SOLE 113373 0 0 ISHARES TR S&P 500 VAL ETF 464287408 5255 46613 SH SOLE 46613 0 0