0001398344-20-010560.txt : 20200515 0001398344-20-010560.hdr.sgml : 20200515 20200515161918 ACCESSION NUMBER: 0001398344-20-010560 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20200331 FILED AS OF DATE: 20200515 DATE AS OF CHANGE: 20200515 EFFECTIVENESS DATE: 20200515 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: 20885563 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 03-31-2020 03-31-2020 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 05-15-2020 0 222 839147 INFORMATION TABLE 2 fp0053897_13fhr-table.xml 13F INFORMATION TABLE 180 DEGREE CAP CORP COM 68235B109 2051 1510310 SH SOLE 1510310 0 0 3M CO COM 88579Y101 2396 17549 SH SOLE 17549 0 0 A H BELO CORP COM CL A 001282102 1142 663837 SH SOLE 663837 0 0 ABBVIE INC COM 00287Y109 255 3350 SH SOLE 3350 0 0 ACCENTURE PLC IRELAND SHS CLASS A G1151C101 6102 37375 SH SOLE 37375 0 0 ADDUS HOMECARE CORP COM 006739106 6464 95619 SH SOLE 95619 0 0 AGILYSYS INC COM 00847J105 5239 313710 SH SOLE 313710 0 0 AIRGAIN INC COM 00938A104 370 50000 SH SOLE 50000 0 0 ALAMO GROUP INC COM 011311107 6682 75270 SH SOLE 75270 0 0 ALLIANZGI CON INCM 2024 TARG COM 01883H102 6165 803816 SH SOLE 803816 0 0 ALLIED MOTION TECHNOLOGIES I COM 019330109 4255 179537 SH SOLE 179537 0 0 ALTA EQUIPMENT GROUP INC COMMON STOCK 02128L106 606 142000 SH SOLE 142000 0 0 ALTRIA GROUP INC COM 02209S103 203 5254 SH SOLE 5254 0 0 AMERCO COM 023586100 5520 18998 SH SOLE 18998 0 0 AMERIPRISE FINL INC COM 03076C106 3949 38535 SH SOLE 38535 0 0 AMGEN INC COM 031162100 212 1044 SH SOLE 1044 0 0 ANTHEM INC COM 036752103 6797 29936 SH SOLE 29936 0 0 ARBOR RLTY TR INC COM 038923108 2216 452346 SH SOLE 452346 0 0 ARES CAPITAL CORP COM 04010L103 3194 296294 SH SOLE 296294 0 0 ASTRONOVA INC COM 04638F108 2907 374637 SH SOLE 374637 0 0 AT&T INC COM 00206R102 127 4362 SH SOLE 4362 0 0 ATLAS CORP SHS Y0436Q109 7108 924336 SH SOLE 924336 0 0 AWARE INC MASS COM 05453N100 2536 889925 SH SOLE 889925 0 0 B. RILEY FINANCIAL INC COM 05580M108 27800 1509214 SH SOLE 1509214 0 0 BAR HBR BANKSHARES COM 066849100 5059 292747 SH SOLE 292747 0 0 BARINGS BDC INC COM 06759L103 14450 1931870 SH SOLE 1931870 0 0 BCE INC COM NEW 05534B760 1573 38500 SH SOLE 38500 0 0 BERKSHIRE HATHAWAY INC DEL CL A 084670108 272 1 SH SOLE 1 0 0 BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 6879 37625 SH SOLE 37625 0 0 BLACKROCK 2022 GBL INCM OPP COM 09258P104 3075 405611 SH SOLE 405611 0 0 BLUELINX HLDGS INC COM NEW 09624H208 2397 484308 SH SOLE 484308 0 0 BOEING CO COM 097023105 3539 23731 SH SOLE 23731 0 0 BOSTON SCIENTIFIC CORP COM 101137107 372 11411 SH SOLE 11411 0 0 BOULDER GROWTH & INCOME FD I COM 101507101 9253 1005755 SH SOLE 1005755 0 0 BRIDGEWATER BANCSHARES INC COM ACCD INV 108621103 4610 472869 SH SOLE 472869 0 0 BRIDGFORD FOODS CORP COM 108763103 743 32200 SH SOLE 32200 0 0 BROADMARK RLTY CAP INC COM 11135B100 3560 473400 SH SOLE 473400 0 0 BRUNSWICK CORP COM 117043109 3494 98773 SH SOLE 98773 0 0 CABLE ONE INC COM 12685J105 230 140 SH SOLE 140 0 0 CALLAWAY GOLF CO COM 131193104 10336 1011319 SH SOLE 1011319 0 0 CAPITAL SOUTHWEST CORP COM 140501107 12961 1134941 SH SOLE 1134941 0 0 CARTER BK & TR MARTINSVILLE COM 146102108 861 93809 SH SOLE 93809 0 0 CELCUITY INC COM 15102K100 467 71792 SH SOLE 71792 0 0 CHIMERA INVT CORP COM NEW 16934Q208 2932 322174 SH SOLE 322174 0 0 CHUBB LIMITED COM H1467J104 238 2127 SH SOLE 2127 0 0 CINTAS CORP COM 172908105 4652 26856 SH SOLE 26856 0 0 COLUMBUS MCKINNON CORP N Y COM 199333105 11358 454336 SH SOLE 454336 0 0 COMMUNICATIONS SYS INC COM 203900105 601 134652 SH SOLE 134652 0 0 CRESCENT CAP BDC INC COM 225655109 2226 230720 SH SOLE 230720 0 0 CSW INDUSTRIALS INC COM 126402106 6056 93383 SH SOLE 93383 0 0 CVS HEALTH CORP COM 126650100 3509 59142 SH SOLE 59142 0 0 CYBEROPTICS CORP COM 232517102 2154 125868 SH SOLE 125868 0 0 DEERE & CO COM 244199105 4121 29827 SH SOLE 29827 0 0 DELAWARE INVTS MINN MUN INCO COM 24610V103 260 21015 SH SOLE 21015 0 0 DELUXE CORP COM 248019101 6669 257211 SH SOLE 257211 0 0 DHI GROUP INC COM 23331S100 4098 1897130 SH SOLE 1897130 0 0 DIAMOND HILL INVESTMENT GROU COM NEW 25264R207 1227 13600 SH SOLE 13600 0 0 DIGI INTL INC COM 253798102 10799 1131929 SH SOLE 1131929 0 0 DIGITAL TURBINE INC COM NEW 25400W102 829 192450 SH SOLE 192450 0 0 DISNEY WALT CO COM DISNEY 254687106 8098 83832 SH SOLE 83832 0 0 DLH HLDGS CORP COM 23335Q100 2017 479190 SH SOLE 479190 0 0 DOUGLAS DYNAMICS INC COM 25960R105 9746 274457 SH SOLE 274457 0 0 DRIVE SHACK INC COM 262077100 4471 2941537 SH SOLE 2941537 0 0 ECOLAB INC COM 278865100 802 5147 SH SOLE 5147 0 0 ELECTROMED INC COM 285409108 1169 104000 SH SOLE 104000 0 0 ENSTAR GROUP LIMITED SHS G3075P101 6201 38988 SH SOLE 38988 0 0 EQUITY COMWLTH CUM PFD S D 6.5% 294628201 1267 48945 SH SOLE 48945 0 0 ETSY INC COM 29786A106 9105 236860 SH SOLE 236860 0 0 EVOLUTION PETROLEUM CORP COM 30049A107 1504 576170 SH SOLE 576170 0 0 EXANTAS CAP CORP COM NEW 30068N105 721 261115 SH SOLE 261115 0 0 EXXON MOBIL CORP COM 30231G102 2662 70118 SH SOLE 70118 0 0 FARMER BROS CO COM 307675108 3339 479801 SH SOLE 479801 0 0 FARMERS NATIONAL BANC CORP COM 309627107 2573 221271 SH SOLE 221271 0 0 FARO TECHNOLOGIES INC COM 311642102 6892 154870 SH SOLE 154870 0 0 FERRO CORP COM 315405100 6331 676420 SH SOLE 676420 0 0 FIBROGEN INC COM 31572Q808 313 9000 SH SOLE 9000 0 0 FIRST BANK WILLIAMSTOWN NJ COM 31931U102 1535 221143 SH SOLE 221143 0 0 FIRST TR DYNAMIC EUROPE EQT COM SHS 33740D107 5951 648912 SH SOLE 648912 0 0 FIRST TR ENERGY INFRASTRCTR COM 33738C103 3536 393363 SH SOLE 393363 0 0 FIRST WESTN FINL INC COM 33751L105 829 58600 SH SOLE 58600 0 0 FISERV INC COM 337738108 8376 88174 SH SOLE 88174 0 0 FRANKLIN COVEY CO COM 353469109 5849 376391 SH SOLE 376391 0 0 GENTHERM INC COM 37253A103 4892 155802 SH SOLE 155802 0 0 GLADSTONE LD CORP COM 376549101 3918 330630 SH SOLE 330630 0 0 GLOBAL SHIP LEASE INC NEW COM CL A Y27183600 2623 708958 SH SOLE 708958 0 0 GLOBE LIFE INC COM 37959E102 317 4410 SH SOLE 4410 0 0 GREAT ELM CAP CORP COM 390320109 1330 475110 SH SOLE 475110 0 0 GREAT ELM CAP GROUP INC COM NEW 39036P209 1458 784000 SH SOLE 784000 0 0 GREEN BRICK PARTNERS INC COM 392709101 13496 1676530 SH SOLE 1676530 0 0 HACKETT GROUP INC COM 404609109 11945 939056 SH SOLE 939056 0 0 HERITAGE CRYSTAL CLEAN INC COM 42726M106 2626 161700 SH SOLE 161700 0 0 HIGHLAND INCOME FD HIGHLAND INCOME 43010E404 7773 911301 SH SOLE 911301 0 0 HOOKER FURNITURE CORP COM 439038100 5989 383658 SH SOLE 383658 0 0 HORMEL FOODS CORP COM 440452100 5215 111806 SH SOLE 111806 0 0 HUNT COS FIN TR INC COM 44558T100 1870 1010785 SH SOLE 1010785 0 0 IEC ELECTRS CORP NEW COM 44949L105 3751 631400 SH SOLE 631400 0 0 INFUSYSTEM HLDGS INC COM 45685K102 537 63200 SH SOLE 63200 0 0 INTEL CORP COM 458140100 883 16315 SH SOLE 16315 0 0 INTL FCSTONE INC COM 46116V105 24334 671087 SH SOLE 671087 0 0 INVACARE CORP COM 461203101 1685 226800 SH SOLE 226800 0 0 INVESCO EXCHANGE TRADED FD T S&P500 PUR VAL 46137V258 8206 205396 SH SOLE 205396 0 0 ISSUER DIRECT CORP COM NEW 46520M204 423 47500 SH SOLE 47500 0 0 JOHNSON & JOHNSON COM 478160104 5956 45423 SH SOLE 45423 0 0 JPMORGAN CHASE & CO COM 46625H100 6953 77224 SH SOLE 77224 0 0 KIMBALL ELECTRONICS INC COM 49428J109 5084 465550 SH SOLE 465550 0 0 KIMBALL INTL INC CL B 494274103 11030 926091 SH SOLE 926091 0 0 KIMBERLY CLARK CORP COM 494368103 209 1634 SH SOLE 1634 0 0 KINGSTONE COS INC COM 496719105 1804 353000 SH SOLE 353000 0 0 LAMAR ADVERTISING CO NEW CL A 512816109 3148 61380 SH SOLE 61380 0 0 LAWSON PRODS INC COM 520776105 2759 103257 SH SOLE 103257 0 0 LEAF GROUP LTD COM 52177G102 944 704208 SH SOLE 704208 0 0 LENDINGTREE INC NEW COM 52603B107 2675 14587 SH SOLE 14587 0 0 LILLY ELI & CO COM 532457108 1510 10888 SH SOLE 10888 0 0 LITHIA MTRS INC CL A 536797103 6562 80233 SH SOLE 80233 0 0 LUNA INNOVATIONS COM 550351100 2906 472570 SH SOLE 472570 0 0 MACQUARIE INFRASTRUCTURE COR COM 55608B105 5093 201688 SH SOLE 201688 0 0 MADDEN STEVEN LTD COM 556269108 4235 182308 SH SOLE 182308 0 0 MALIBU BOATS INC COM CL A 56117J100 10877 377788 SH SOLE 377788 0 0 MASTERCRAFT BOAT HLDGS INC COM 57637H103 2750 376725 SH SOLE 376725 0 0 MCDONALDS CORP COM 580135101 349 2113 SH SOLE 2113 0 0 MEDTRONIC PLC SHS G5960L103 253 2808 SH SOLE 2808 0 0 MICROSOFT CORP COM 594918104 9906 62809 SH SOLE 62809 0 0 MTBC INC COM 55378G102 424 77000 SH SOLE 77000 0 0 MVC CAPITAL INC COM 553829102 4202 961569 SH SOLE 961569 0 0 NEUBERGER BERMAN MLP AND ENR COM 64129H104 4586 2426485 SH SOLE 2426485 0 0 NEXPOINT STRATEGIC OPORTUNT COM NEW 65340G205 174 21080 SH SOLE 21080 0 0 NORTHERN TECH INTL CORP COM 665809109 2415 326407 SH SOLE 326407 0 0 NOVANTA INC COM 67000B104 7569 94756 SH SOLE 94756 0 0 NUVEEN INTER DURATION MN TMF COM 670671106 1637 126050 SH SOLE 126050 0 0 NUVEEN PFD & INCOME TERM FD COM 67075A106 4039 221922 SH SOLE 221922 0 0 OAKTREE STRATEGIC INCOME COR COM 67402D104 1882 339674 SH SOLE 339674 0 0 OIL DRI CORP AMER COM 677864100 756 22602 SH SOLE 22602 0 0 ORACLE CORP COM 68389X105 4497 93043 SH SOLE 93043 0 0 OUTFRONT MEDIA INC COM 69007J106 3351 248596 SH SOLE 248596 0 0 PAR PACIFIC HOLDINGS INC COM NEW 69888T207 4850 683042 SH SOLE 683042 0 0 PAYPAL HLDGS INC COM 70450Y103 321 3348 SH SOLE 3348 0 0 PCSB FINL CORP COM 69324R104 2860 204400 SH SOLE 204400 0 0 PERCEPTRON INC COM 71361F100 1687 585644 SH SOLE 585644 0 0 PFIZER INC COM 717081103 663 20299 SH SOLE 20299 0 0 PHILIP MORRIS INTL INC COM 718172109 274 3750 SH SOLE 3750 0 0 PLUMAS BANCORP COM 729273102 652 35240 SH SOLE 35240 0 0 PORTMAN RIDGE FIN CORP COM 73688F102 1048 1119384 SH SOLE 1119384 0 0 POSTAL REALTY TRUST INC CL A 73757R102 331 20900 SH SOLE 20900 0 0 POWERFLEET INC COM 73931J109 2718 785581 SH SOLE 785581 0 0 PRGX GLOBAL INC COM NEW 69357C503 1365 487470 SH SOLE 487470 0 0 PROCTER & GAMBLE CO COM 742718109 311 2830 SH SOLE 2830 0 0 PRO-DEX INC COLO COM NEW 74265M205 477 29500 SH SOLE 29500 0 0 PZENA INVESTMENT MGMT INC CLASS A 74731Q103 8158 1829224 SH SOLE 1829224 0 0 RADNET INC COM 750491102 5860 557604 SH SOLE 557604 0 0 REAVES UTIL INCOME FD COM SH BEN INT 756158101 4062 141296 SH SOLE 141296 0 0 REPUBLIC SVCS INC COM 760759100 5967 79491 SH SOLE 79491 0 0 RIGNET INC COM 766582100 1369 760482 SH SOLE 760482 0 0 RIVERNORTH / DOUBLELINE STRA COM 76882G107 9366 731690 SH SOLE 731690 0 0 ROYCE MICRO-CAP TR INC COM 780915104 3800 683533 SH SOLE 683533 0 0 ROYCE VALUE TR INC COM 780910105 3295 340729 SH SOLE 340729 0 0 SAFEGUARD SCIENTIFICS INC COM NEW 786449207 2073 373530 SH SOLE 373530 0 0 SB FINL GROUP INC COM 78408D105 2014 181126 SH SOLE 181126 0 0 SCRIPPS E W CO OHIO CL A NEW 811054402 4537 601691 SH SOLE 601691 0 0 SELECT ENERGY SVCS INC CL A COM 81617J301 1472 455704 SH SOLE 455704 0 0 SILVERCREST ASSET MGMT GROUP CL A 828359109 3824 404199 SH SOLE 404199 0 0 SIMULATIONS PLUS INC COM 829214105 5571 159534 SH SOLE 159534 0 0 SLEEP NUMBER CORP COM 83125X103 2549 133022 SH SOLE 133022 0 0 SMTC CORP COM NEW 832682207 333 143000 SH SOLE 143000 0 0 SOLAR CAP LTD COM 83413U100 3840 329933 SH SOLE 329933 0 0 SPDR GOLD TRUST GOLD SHS 78463V107 509 3437 SH SOLE 3437 0 0 SPDR S&P 500 ETF TR TR UNIT 78462F103 1259 4884 SH SOLE 4884 0 0 SPOK HLDGS INC COM 84863T106 6324 591561 SH SOLE 591561 0 0 SS&C TECHNOLOGIES HLDGS INC COM 78467J100 4955 113068 SH SOLE 113068 0 0 STONECASTLE FINL CORP COM 861780104 6258 385604 SH SOLE 385604 0 0 STRYKER CORP COM 863667101 212 1271 SH SOLE 1271 0 0 SUPERIOR DRILLING PRODS INC COM 868153107 155 446075 SH SOLE 446075 0 0 SUPERIOR GRP OF COMPANIES IN COM 868358102 2528 298788 SH SOLE 298788 0 0 TARGET CORP COM 87612E106 6254 67272 SH SOLE 67272 0 0 TECHTARGET INC COM 87874R100 16987 824220 SH SOLE 824220 0 0 TEKLA HEALTHCARE INVS SH BEN INT 87911J103 7632 428516 SH SOLE 428516 0 0 TORTOISE ENERGY INDEPENDENC COM 89148K101 661 575000 SH SOLE 575000 0 0 TORTOISE ESSENTIAL ASSETS IN COM SH BEN INT 89148A103 4895 484606 SH SOLE 484606 0 0 TORTOISE PIPELINE & ENERGY F COM 89148H108 552 208405 SH SOLE 208405 0 0 TRANSACT TECHNOLOGIES INC COM 892918103 1131 363700 SH SOLE 363700 0 0 TRANSCAT INC COM 893529107 6816 257193 SH SOLE 257193 0 0 UFP TECHNOLOGIES INC COM 902673102 6068 159309 SH SOLE 159309 0 0 UNITED TECHNOLOGIES CORP COM 913017109 3593 38089 SH SOLE 38089 0 0 UNITEDHEALTH GROUP INC COM 91324P102 9571 38379 SH SOLE 38379 0 0 US BANCORP DEL COM NEW 902973304 531 15414 SH SOLE 15414 0 0 U S PHYSICAL THERAPY INC COM 90337L108 3072 44523 SH SOLE 44523 0 0 VAREX IMAGING CORP COM 92214X106 7074 311491 SH SOLE 311491 0 0 VERIZON COMMUNICATIONS INC COM 92343V104 5798 107911 SH SOLE 107911 0 0 VIEMED HEALTHCARE INC COM 92663R105 257 53900 SH SOLE 53900 0 0 VOLT INFORMATION SCIENCES IN COM 928703107 745 920127 SH SOLE 920127 0 0 WASTE MGMT INC DEL COM 94106L109 6297 68029 SH SOLE 68029 0 0 WELLS FARGO CO NEW COM 949746101 292 10160 SH SOLE 10160 0 0 WESTERN ASSET GLOBAL CP DEFI COM 95790C107 2689 195850 SH SOLE 195850 0 0 WESTERN ASSET HGH YLD DFNDFD COM 95768B107 5314 430959 SH SOLE 430959 0 0 WEYERHAEUSER CO COM 962166104 2504 147706 SH SOLE 147706 0 0 XPEL INC COM 98379L100 2445 244000 SH SOLE 244000 0 0 ZYNEX INC COM 98986M103 5962 538575 SH SOLE 538575 0 0 NEXTERA ENERGY INC UNIT 99/99/9999 65339F770 1608 36470 SH SOLE 36470 0 0 ALPS ETF TR ALERIAN MLP 00162Q866 3197 929450 SH SOLE 929450 0 0 ISHARES TR 1 3 YR TREAS BD 464287457 4802 55407 SH SOLE 55407 0 0 ISHARES INC CORE MSCI EMKT 46434G103 2747 67866 SH SOLE 67866 0 0 ISHARES TR CORE MSCI EURO 46434V738 8359 225444 SH SOLE 225444 0 0 ISHARES TR CORE S&P SCP ETF 464287804 45 800 SH SOLE 800 0 0 ISHARES TR DEVSMCP EXNA ETF 464288497 87 2261 SH SOLE 2261 0 0 ISHARES TR DOW JONES US ETF 464287846 3 25 SH SOLE 25 0 0 ISHARES TR EAFE VALUE ETF 464288877 119 3341 SH SOLE 3341 0 0 ISHARES TR MICRO-CAP ETF 464288869 33 499 SH SOLE 499 0 0 ISHARES TR MRGSTR MD CP GRW 464288307 1093 5011 SH SOLE 5011 0 0 ISHARES TR MSCI EAFE ETF 464287465 264 4932 SH SOLE 4932 0 0 ISHARES TR MSCI EMG MKT ETF 464287234 225 6603 SH SOLE 6603 0 0 ISHARES TR MSCI KLD400 SOC 464288570 57 590 SH SOLE 590 0 0 ISHARES TR MSCI USA ESG SLC 464288802 131 1198 SH SOLE 1198 0 0 ISHARES TR RUS 2000 GRW ETF 464287648 429 2711 SH SOLE 2711 0 0 ISHARES TR RUSSELL 2000 ETF 464287655 119 1042 SH SOLE 1042 0 0 ISHARES TR S&P 500 GRWT ETF 464287309 18740 113543 SH SOLE 113543 0 0 ISHARES TR S&P 500 VAL ETF 464287408 4444 46167 SH SOLE 46167 0 0 ISHARES TR SHORT TREAS BD 464288679 10107 91034 SH SOLE 91034 0 0 ISHARES TR TIPS BD ETF 464287176 31 262 SH SOLE 262 0 0 ISHARES TR US OIL EQ&SV ETF 464288844 0 70 SH SOLE 70 0 0 VANGUARD INDEX FDS GROWTH ETF 922908736 74 471 SH SOLE 471 0 0 VANGUARD INDEX FDS SMALL CP ETF 922908751 7 57 SH SOLE 57 0 0 VANGUARD INDEX FDS SM CP VAL ETF 922908611 187 2110 SH SOLE 2110 0 0 VANGUARD INDEX FDS TOTAL STK MKT 922908769 8 59 SH SOLE 59 0 0