President

0001398344-15-004695.txt : 20150724 0001398344-15-004695.hdr.sgml : 20150724 20150724161007 ACCESSION NUMBER: 0001398344-15-004695 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20150630 FILED AS OF DATE: 20150724 DATE AS OF CHANGE: 20150724 EFFECTIVENESS DATE: 20150724 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: 151004756 BUSINESS ADDRESS: STREET 1: 3601 W. 76TH STREET STREET 2: SUITE 225 CITY: EDINA STATE: MN ZIP: 55435 BUSINESS PHONE: 9522244350 MAIL ADDRESS: STREET 1: 3601 W. 76TH STREET STREET 2: SUITE 225 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 06-30-2015 06-30-2015 false PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.

3601 W. 76th Street Suite 225 Edina MN 55435

13F HOLDINGS REPORT 028-10972 N Howard D. Punch, Jr. President 952-224-4350 /s/ Howard D. Punch, Jr. Edina MN 07-24-2015 0 178 795872 INFORMATION TABLE 2 fp0015161_13fhr-table.xml 13F INFORMATION TABLE A H BELO CORP COM CL A COMMON STOCK 001282102 5282 943200 SH SOLE 943200 0 0 ACCENTURE PLC CLS A USD0.00002 COMMON STOCK g1151c101 3105 32082 SH SOLE 32082 0 0 AGILYSYS INC COMMON STOCK 00847J105 2019 219967 SH SOLE 219967 0 0 ALAMO GROUP INC COMMON STOCK 011311107 6121 112025 SH SOLE 112025 0 0 ALCENTRA CAP CORP COM ISIN#US0 COMMON STOCK 01374t102 2998 236047 SH SOLE 236047 0 0 ALPINE TOTAL DYNAMIC DIVIDFD C COMMON STOCK 021060207 2376 275033 SH SOLE 275033 0 0 ALTISOURCE RESIDENTIALCORP COM COMMON STOCK 02153w100 3555 210964 SH SOLE 210964 0 0 AMERCO COM COMMON STOCK 023586100 7274 22252 SH SOLE 22252 0 0 AMERIPRISE FINL INC COM COMMON STOCK 03076c106 4154 33247 SH SOLE 33247 0 0 ARBOR RLTY TR INC COMMON STOCK 038923108 7924 1172190 SH SOLE 1172190 0 0 ARC DOCUMENT SOLUTIONSINC COM COMMON STOCK 00191g103 6888 905102 SH SOLE 905102 0 0 ARES COML REAL ESTATECORP COM COMMON STOCK 04013v108 3116 273614 SH SOLE 273614 0 0 ASCENT CAP GROUP INC COMSER A COMMON STOCK 043632108 4175 97687 SH SOLE 97687 0 0 AWARE INC COMMON STOCK 05453N100 2514 623917 SH SOLE 623917 0 0 BLACKROCK CAPITAL INVESTMENTC COMMON STOCK 092533108 6323 691785 SH SOLE 691785 0 0 BLACKROCK MUN TARGET TERMTR CO COMMON STOCK 09257p105 2945 145264 SH SOLE 145264 0 0 BLACKROCK RES &COMM STRATTR SH COMMON STOCK 09257a108 7096 778031 SH SOLE 778031 0 0 BLACKSTONE GSO STRATEGICCR FD COMMON STOCK 09257r101 5792 370544 SH SOLE 370544 0 0 BLACKSTONE MTG TR INCCOM CL A Miscellaneous 09257w100 5144 184904 SH SOLE 184904 0 0 BLACKSTONE/GSO SR FLTNGRT TRM COMMON STOCK 09256u105 4109 239312 SH SOLE 239312 0 0 BLOCK H & R INC COMMON STOCK 093671105 2688 90658 SH SOLE 90658 0 0 BOEING CO COMMON STOCK 097023105 3844 27712 SH SOLE 27712 0 0 BSB BANCORP INC MD COM ISIN#US COMMON STOCK 05573h108 3185 144073 SH SOLE 144073 0 0 CALLAWAY GOLF CO DELAWARE COMMON STOCK 131193104 10576 1182982 SH SOLE 1182982 0 0 CARMIKE CINEMAS INC COMMON STOCK 143436400 9463 356549 SH SOLE 356549 0 0 CASCADE MICROTECH INC COMMON STOCK 147322101 4888 321051 SH SOLE 321051 0 0 CECO ENVIRONMENTAL CORP COMMON STOCK 125141101 1412 124650 SH SOLE 124650 0 0 CENTURYLINK INC COMMON STOCK 156700106 2464 83865 SH SOLE 83865 0 0 CHEROKEE INC DEL NEW COM ISIN# COMMON STOCK 16444h102 8062 286105 SH SOLE 286105 0 0 CHIMERA INVT CORP COMNEW ISIN# COMMON STOCK 16934q208 3295 240354 SH SOLE 240354 0 0 CIFC CORP COMMON STOCK 12547r105 1321 166562 SH SOLE 166562 0 0 CINTAS CORP COMMON STOCK 172908105 3148 37212 SH SOLE 37212 0 0 CLOUGH GLOBAL EQUITY FDCOM ISI COMMON STOCK 18914c100 5373 363036 SH SOLE 363036 0 0 CLOUGH GLOBAL OPPORTUNITIESFD COMMON STOCK 18914e106 5506 456907 SH SOLE 456907 0 0 COCA COLA CO COMMON STOCK 191216100 2197 56000 SH SOLE 56000 0 0 COGENTIX MEDICAL, INC COMMON STOCK 19243a104 612 377839 SH SOLE 377839 0 0 COHEN &STEERS INFRASTRUCTURECO COMMON STOCK 19248a109 3866 183926 SH SOLE 183926 0 0 CORENERGY INFRASTRUCTURETR IN COMMON STOCK 21870u205 13638 2157978 SH SOLE 2157978 0 0 CULP INC COMMON STOCK 230215105 2096 67600 SH SOLE 67600 0 0 CVS HEALTH CORP COM COMMON STOCK 126650100 5043 48080 SH SOLE 48080 0 0 D S T SYSTEMS INC COMMON STOCK 233326107 3536 28064 SH SOLE 28064 0 0 DATAWATCH CORP COM NEW ISIN#US COMMON STOCK 237917208 591 84611 SH SOLE 84611 0 0 DEERE & COMPANY COMMON STOCK 244199105 2829 29154 SH SOLE 29154 0 0 DEMAND MEDIA INC COMMON STOCK 24802N208 530 83296 SH SOLE 83296 0 0 DESTINATION XL GROUP INCCOM IS COMMON STOCK 25065k104 8996 1795689 SH SOLE 1795689 0 0 DHI GROUP INC COM COMMON STOCK 23331s100 4288 482333 SH SOLE 482333 0 0 DIGI INTL INC COM ISIN#US25379 COMMON STOCK 253798102 2453 256876 SH SOLE 256876 0 0 DIGIRAD CORP COMMON STOCK 253827109 5211 1200762 SH SOLE 1200762 0 0 DOUGLAS DYNAMICS INC COMUSD0.0 COMMON STOCK 25960r105 9914 461536 SH SOLE 461536 0 0 EATON VANCE ENHANCED EQT COMMON STOCK 278274105 3389 258106 SH SOLE 258106 0 0 EATON VANCE TAX ADVT DIVINCM C COMMON STOCK 27828g107 7225 364921 SH SOLE 364921 0 0 ECOLAB INC COMMON STOCK 278865100 739 6534 SH SOLE 6534 0 0 ENSTAR GROUP LIMITED SHS ISIN# COMMON STOCK g3075p101 5683 36676 SH SOLE 36676 0 0 ENTEGRA FINL CORP COM ISIN#US2 COMMON STOCK 29363j108 2567 146281 SH SOLE 146281 0 0 EXXON MOBIL CORPORATION COMMON STOCK 30231g102 3523 42347 SH SOLE 42347 0 0 FARMERS NATIONAL BANC CORP COMMON STOCK 309627107 1295 157000 SH SOLE 157000 0 0 FIBROGEN INC COM COMMON STOCK 31572q808 938 39924 SH SOLE 39924 0 0 FIRST BANK COMMON STOCK 31931U102 1421 236915 SH SOLE 236915 0 0 FIRST BUSINESS FINL SVCSWIS CO COMMON STOCK 319390100 8475 180786 SH SOLE 180786 0 0 FIRST FINANCIAL NORTHWEST INC COMMON STOCK 32022k102 249 20000 SH SOLE 20000 0 0 FIRST NORTHWEST BANCORPCOM ISI COMMON STOCK 335834107 3253 260850 SH SOLE 260850 0 0 FIRST SECURITY GROUP INC COMMON STOCK 336312202 1381 563500 SH SOLE 563500 0 0 FISERV INC COMMON STOCK 337738108 4702 56766 SH SOLE 56766 0 0 FIVE STAR QUALITY CAREINC COM COMMON STOCK 33832d106 7795 1624029 SH SOLE 1624029 0 0 FLEXSTEEL INDUSTRIES INC COMMON STOCK 339382103 3505 81331 SH SOLE 81331 0 0 FORD MTR CO DEL COM COMMON STOCK 345370860 3072 204661 SH SOLE 204661 0 0 FRANKLIN COVEY CO COM ISIN#US3 COMMON STOCK 353469109 15242 751217 SH SOLE 751217 0 0 FST TR NEW OPPORT MLP&ENE FD C COMMON STOCK 33739m100 2311 147186 SH SOLE 147186 0 0 G S I GROUP INC NEW F COMMON STOCK 36191c205 4297 285918 SH SOLE 285918 0 0 GENTHERM INC COM COMMON STOCK 37253a103 7172 130605 SH SOLE 130605 0 0 GREEN BRICK PARTNERS INC COMMON STOCK 392709101 1584 144667 SH SOLE 144667 0 0 HACKETT GROUP INC COM COMMON STOCK 404609109 7701 573415 SH SOLE 573415 0 0 HALLMARK FINL SVCS INCCOM NEW COMMON STOCK 40624q203 1292 113575 SH SOLE 113575 0 0 HARVARD BIOSCIENCE INC COMMON STOCK 416906105 2056 360651 SH SOLE 360651 0 0 HARVEST CAPITAL CREDIT CORPORA COMMON STOCK 41753f109 2854 203299 SH SOLE 203299 0 0 HERITAGE FINANCIAL GROUP COMMON STOCK 42726x102 735 24347 SH SOLE 24347 0 0 HOOKER FURNITURE CORPCOM ISIN# COMMON STOCK 439038100 2056 81870 SH SOLE 81870 0 0 HORACE MANN EDUCATORSCORP NEW COMMON STOCK 440327104 9293 255447 SH SOLE 255447 0 0 HORMEL FOODS CORP COM ISIN#US4 COMMON STOCK 440452100 3625 64307 SH SOLE 64307 0 0 HUTCHINSON TECH INC COMMON STOCK 448407106 17 10000 SH SOLE 10000 0 0 INCONTACT INC COM ISIN#US45336 COMMON STOCK 45336e109 2735 277080 SH SOLE 277080 0 0 INFORMATION SERVICES GROUP COMMON STOCK 45675y104 1539 322000 SH SOLE 322000 0 0 INTERNET PATENTS CORPCOM ISIN# COMMON STOCK 46063g101 788 260800 SH SOLE 260800 0 0 INTL FCSTONE INC COM ISIN#US46 COMMON STOCK 46116v105 11511 346311 SH SOLE 346311 0 0 INVENTURE FOODS INC COMMON STOCK 461212102 6130 603970 SH SOLE 603970 0 0 INVESTORS TITLE COMPANY COMMON STOCK 461804106 1879 26500 SH SOLE 26500 0 0 J & J SNACK FOODS CORP COMMON STOCK 466032109 5231 47264 SH SOLE 47264 0 0 JOHNSON & JOHNSON COMMON STOCK 478160104 3669 37647 SH SOLE 37647 0 0 JPMORGAN CHASE & CO COMMON STOCK 46625h100 5114 75475 SH SOLE 75475 0 0 KIMBALL INTERNATIONAL INC COMMON STOCK 494274103 2785 229000 SH SOLE 229000 0 0 KIRKLANDS INC COM COMMON STOCK 497498105 3284 117850 SH SOLE 117850 0 0 LENDINGTREE INC NEW COM ISIN#U COMMON STOCK 52603b107 9434 120007 SH SOLE 120007 0 0 LIFETIME BRANDS INC COMMON STOCK 53222Q103 1180 79875 SH SOLE 79875 0 0 LITHIA MOTORS INC CL A COMMON STOCK 536797103 9652 85292 SH SOLE 85292 0 0 MACQUARIE INFRASTRUCTURECORP C COMMON STOCK 55608b105 4960 60032 SH SOLE 60032 0 0 MADDEN STEVEN LTD COMMON STOCK 556269108 5599 130878 SH SOLE 130878 0 0 MADISON CVRED CALL &EQSTR FD C COMMON STOCK 557437100 7261 909844 SH SOLE 909844 0 0 MAGELLAN HEALTH INC COMMON STOCK 559079207 5397 77025 SH SOLE 77025 0 0 MALIBU BOATS INC COM CLA COMMON STOCK 56117j100 9849 490235 SH SOLE 490235 0 0 MCG CAPITAL CORP COMMON STOCK 58047p107 7200 1578948 SH SOLE 1578948 0 0 MICROSOFT CORP COMMON STOCK 594918104 3948 89412 SH SOLE 89412 0 0 MOCON INC COMMON STOCK 607494101 3492 218950 SH SOLE 218950 0 0 MONOTYPE IMAGING HLDGSINC COMMON STOCK 61022p100 5592 231955 SH SOLE 231955 0 0 MVC CAPITAL INC COM ISIN#US553 COMMON STOCK 553829102 7279 713656 SH SOLE 713656 0 0 NATHANS FAMOUS INC COMMON STOCK 632347100 1175 31700 SH SOLE 31700 0 0 NATURAL GAS SERVICE GP COMMON STOCK 63886q109 7334 321375 SH SOLE 321375 0 0 NAUTILUS INC COMMON STOCK 63910b102 17123 796052 SH SOLE 796052 0 0 NCR CORP COMMON STOCK 62886e108 2086 69309 SH SOLE 69309 0 0 NEUBERGER BERMAN RE ESSEC FD C COMMON STOCK 64190a103 4404 929020 SH SOLE 929020 0 0 NEW SR INVT GROUP INCCOM ISIN# Miscellaneous 648691103 3496 261498 SH SOLE 261498 0 0 NEWCASTLE INVT CORP ISIN#US651 COMMON STOCK 65105m603 7098 1605837 SH SOLE 1605837 0 0 NUVEEN BUILD AMER BD FDCOM COMMON STOCK 67074c103 7185 371296 SH SOLE 371296 0 0 NUVEEN INTER DURATIONMUN TERM COMMON STOCK 670671106 3167 258500 SH SOLE 258500 0 0 NUVEEN MTG OPPORTUNITYTERM FD COMMON STOCK 670735109 6257 275775 SH SOLE 275775 0 0 NUVEEN PFD & INCOME TERMFD COM COMMON STOCK 67075a106 5644 253773 SH SOLE 253773 0 0 OHA INVESTMENT CORPORATION COMMON STOCK 67091u102 1184 208000 SH SOLE 208000 0 0 OTTER TAIL CORP FORMERLYOTTER COMMON STOCK 689648103 2115 79515 SH SOLE 79515 0 0 PERCEPTRON INC COMMON STOCK 71361f100 1900 179942 SH SOLE 179942 0 0 PERFORMANCE SPORTS GROUP LTD COMMON STOCK 71377G100 3330 185000 SH SOLE 185000 0 0 PFSWEB INC COMMON STOCK 717098206 1746 126000 SH SOLE 126000 0 0 PHOTRONICS INC COM ISIN#US7194 COMMON STOCK 719405102 4435 466333 SH SOLE 466333 0 0 PROCTER & GAMBLE COMMON STOCK 742718109 3601 46025 SH SOLE 46025 0 0 PSYCHEMEDICS CORP COMNEW ISIN# COMMON STOCK 744375205 2870 193500 SH SOLE 193500 0 0 PUTNAM PREMIER INCOMETR SH BEN COMMON STOCK 746853100 6337 1242493 SH SOLE 1242493 0 0 PZENA INVT MGMT INC CLA COMMON STOCK 74731q103 17430 1577351 SH SOLE 1577351 0 0 RED LION HOTELS COMMON STOCK 756764106 1324 172900 SH SOLE 172900 0 0 REDWOOD TRUST INC COMMON STOCK 758075402 3601 229348 SH SOLE 229348 0 0 REPUBLIC SERVICES INCCOM COMMON STOCK 760759100 2885 73658 SH SOLE 73658 0 0 RIGNET INC COM COMMON STOCK 766582100 3431 112250 SH SOLE 112250 0 0 ROUSE PPTYS INC COM COMMON STOCK 779287101 4942 302272 SH SOLE 302272 0 0 ROYCE GLOBAL VALUE TRINC COM I COMMON STOCK 78081t104 1289 155165 SH SOLE 155165 0 0 ROYCE MICRO-CAP TR INCCOM ISIN COMMON STOCK 780915104 3405 369340 SH SOLE 369340 0 0 ROYCE VALUE TR INC COM ISIN#US COMMON STOCK 780910105 2335 169349 SH SOLE 169349 0 0 SCRIPPS E W CO OHIO CLA NEW COMMON STOCK 811054402 11651 509892 SH SOLE 509892 0 0 SHILOH INDUSTRIES INC COMMON STOCK 824543102 2172 167693 SH SOLE 167693 0 0 SILVERCREST ASSET MGMTGROUP I COMMON STOCK 828359109 4091 291000 SH SOLE 291000 0 0 SIMULATIONS PLUS INC COM ISIN# COMMON STOCK 829214105 4237 675763 SH SOLE 675763 0 0 SOLAR CAPITAL LTD COMMON STOCK 83413u100 4130 229436 SH SOLE 229436 0 0 SP PLUS CORP COM COMMON STOCK 78469c103 5813 222633 SH SOLE 222633 0 0 SPOK HLDGS INC COM ISIN#US8486 COMMON STOCK 84863t106 9780 580766 SH SOLE 580766 0 0 STONECASTLE FINL CORPCOM ISIN# COMMON STOCK 861780104 6753 390341 SH SOLE 390341 0 0 SUPERIOR UNIFORM GROUP COMMON STOCK 868358102 2144 129600 SH SOLE 129600 0 0 SUPREME INDUSTRIES INC. COMMON STOCK 868607102 3859 450284 SH SOLE 450284 0 0 SYNERON MEDICAL LTD ORDSHS ISI COMMON STOCK m87245102 5090 479250 SH SOLE 479250 0 0 SYNTEL INC COMMON STOCK 87162h103 4009 84426 SH SOLE 84426 0 0 TANDY LEATHER FACTORY INC COMMON STOCK 87538X105 1687 196210 SH SOLE 196210 0 0 TECHTARGET INC COM ISIN#US8787 COMMON STOCK 87874r100 8357 935786 SH SOLE 935786 0 0 THESTREET INC COMMON STOCK 88368q103 3285 1814850 SH SOLE 1814850 0 0 TRANSCAT INC COMMON STOCK 893529107 1006 106500 SH SOLE 106500 0 0 TRUEBLUE INC COMMON STOCK 89785x101 8589 287270 SH SOLE 287270 0 0 U S PHYSICAL THERAPYINC COMMON STOCK 90337l108 6547 119552 SH SOLE 119552 0 0 UFP TECH INC COMMON STOCK 902673102 3054 146000 SH SOLE 146000 0 0 UNITED FINL BANCORP INCNEW COM COMMON STOCK 910304104 7450 553868 SH SOLE 553868 0 0 UNITED TECHNOLOGIES CORP COMMON STOCK 913017109 2402 21657 SH SOLE 21657 0 0 VANGUARD INDEX FDS VANGUARDGRO COMMON STOCK 922908736 385 3597 SH SOLE 3597 0 0 VERIZON COMMUNICATIONS COMMON STOCK 92343v104 2102 45106 SH SOLE 45106 0 0 WASTE MANAGEMENT INC COMMON STOCK 94106l109 3312 71447 SH SOLE 71447 0 0 WEST MARINE INC COM ISIN#US954 COMMON STOCK 954235107 1728 179300 SH SOLE 179300 0 0 WESTWOOD HLDGS GROUP INCCOM IS COMMON STOCK 961765104 7515 126148 SH SOLE 126148 0 0 CALAVO GROWERS INC COMMON STOCK 128246105 4576 88111 SH SOLE 88111 0 0 3M COMPANY COMMON STOCK 88579y101 2247 14560 SH SOLE 14560 0 0 ANTHEM INC COM ISIN#US03675210 COMMON STOCK 036752103 4208 25638 SH SOLE 25638 0 0 EXA CORP COM ISIN#US3006145003 COMMON STOCK 300614500 1841 165150 SH SOLE 165150 0 0 GDL FUND COM SH BEN IT ISIN#US COMMON STOCK 361570104 5236 513848 SH SOLE 513848 0 0 GUGGENHEIM S&P 500 PUREVALUE E COMMON STOCK 78355w304 9905 184861 SH SOLE 184861 0 0 GUGGENHEIM SPINOFFETF COMMON STOCK 18383m605 3596 78387 SH SOLE 78387 0 0 INVESCO LTD SHS ISIN#BMG491BT1 COMMON STOCK g491bt108 3798 101315 SH SOLE 101315 0 0 ISHARES 1-3 YEAR TREASURYBOND COMMON STOCK 464287457 250 2950 SH SOLE 2950 0 0 ISHARES S&P 500 GROWTHETF INDEX UNIT 464287309 11990 105303 SH SOLE 105303 0 0 ISHARES S&P 500 VALUEETF INDEX UNIT 464287408 2391 25927 SH SOLE 25927 0 0 ITT CORPORATION COM USD1.00 COMMON STOCK 450911201 1641 39209 SH SOLE 39209 0 0 LRAD CORP COM ISIN#US50213V109 COMMON STOCK 50213v109 1172 588900 SH SOLE 588900 0 0 MESA LABORATORIES INCCOM NPV I COMMON STOCK 59064r109 2262 25445 SH SOLE 25445 0 0 NOVARTIS A G SPONSOREDADR ISIN COMMON STOCK 66987v109 2711 27564 SH SOLE 27564 0 0 REIS INC COM ISIN#US75936P1057 COMMON STOCK 75936p105 5579 251515 SH SOLE 251515 0 0 SALEM COMMUNICATIONS CORP. COMMON STOCK 794093104 2442 385747 SH SOLE 385747 0 0 TARGET CORP COM ISIN#US87612E1 COMMON STOCK 87612e106 4225 51763 SH SOLE 51763 0 0 USG CORP COM NEW COMMON STOCK 903293405 2637 94892 SH SOLE 94892 0 0