0001398344-15-007648.txt : 20151113 0001398344-15-007648.hdr.sgml : 20151113 20151113142458 ACCESSION NUMBER: 0001398344-15-007648 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20150930 FILED AS OF DATE: 20151113 DATE AS OF CHANGE: 20151113 EFFECTIVENESS DATE: 20151113 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: 151228518 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 09-30-2015 09-30-2015 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. 952-224-4350 /s/ Howard D. Punch, Jr. Edina MN 11-13-2015 0 181 730435 INFORMATION TABLE 2 fp0016768_13fhr-table.xml 13F INFORMATION TABLE A H BELO CORP COM CL A 001282102 4650 943200 SH SOLE 943200 0 0 ACCENTURE PLC IRELAND SHS CLASS A g1151c101 3227 32845 SH SOLE 32845 0 0 AGILYSYS INC COM 00847J105 1768 159000 SH SOLE 159000 0 0 ALAMO GROUP INC COM 011311107 5285 113050 SH SOLE 113050 0 0 ALCENTRA CAP CORP COM 01374t102 2948 254345 SH SOLE 254345 0 0 ALPINE TOTAL DYNAMIC DIVID F COM SH BEN INT N 021060207 1992 265562 SH SOLE 265562 0 0 ALTISOURCE RESIDENTIAL CORP CL B 02153w100 2991 214885 SH SOLE 214885 0 0 AMERCO COM 023586100 8923 22677 SH SOLE 22677 0 0 AMERIPRISE FINL INC COM 03076c106 3703 33936 SH SOLE 33936 0 0 ARBOR RLTY TR INC COM 038923108 7606 1195852 SH SOLE 1195852 0 0 ARC DOCUMENT SOLUTIONS INC COM 00191g103 5419 910722 SH SOLE 910722 0 0 ASCENT CAP GROUP INC COM SER A 043632108 722 26357 SH SOLE 26357 0 0 AWARE INC MASS COM 05453N100 2213 660600 SH SOLE 660600 0 0 BLACKROCK CAPITAL INVESTMENT COM 092533108 6348 716452 SH SOLE 716452 0 0 BLACKROCK MUN TARGET TERM TR COM SHS BEN IN 09257p105 3065 150374 SH SOLE 150374 0 0 BLACKROCK RES & COMM STRAT T SHS 09257a108 5524 777964 SH SOLE 777964 0 0 BLACKSTONE GSO STRATEGIC CR COM SHS BEN IN 09257r101 5501 387142 SH SOLE 387142 0 0 BLACKSTONE MTG TR INC COM CL A 09257w100 5270 192056 SH SOLE 192056 0 0 BLACKSTONE GSO FLTING RTE FU COM 09256u105 6182 389794 SH SOLE 389794 0 0 BLOCK H & R INC COM 093671105 3357 92732 SH SOLE 92732 0 0 BOEING CO COM 097023105 3726 28456 SH SOLE 28456 0 0 BSB BANCORP INC MD COM 05573h108 3052 144389 SH SOLE 144389 0 0 CALAVO GROWERS INC COM 128246105 2785 62384 SH SOLE 62384 0 0 CALLAWAY GOLF CO COM 131193104 9956 1192362 SH SOLE 1192362 0 0 CARMIKE CINEMAS INC COM 143436400 7207 358759 SH SOLE 358759 0 0 CASCADE MICROTECH INC COM 147322101 4540 321051 SH SOLE 321051 0 0 CECO ENVIRONMENTAL CORP COM 125141101 4033 492441 SH SOLE 492441 0 0 CENTURYLINK INC COM 156700106 2182 86875 SH SOLE 86875 0 0 CHEROKEE INC DEL NEW COM 16444h102 4440 286105 SH SOLE 286105 0 0 CHIMERA INVT CORP COM NEW 16934q208 4750 355272 SH SOLE 355272 0 0 CIFC CORP COM 12547r105 940 131402 SH SOLE 131402 0 0 CINTAS CORP COM 172908105 3237 37746 SH SOLE 37746 0 0 CLOUGH GLOBAL EQUITY FD COM 18914c100 4516 356700 SH SOLE 356700 0 0 CLOUGH GLOBAL OPPORTUNITIES SH BEN INT 18914e106 4980 465395 SH SOLE 465395 0 0 COCA COLA CO COM 191216100 2247 56000 SH SOLE 56000 0 0 COGENTIX MED INC COM 19243a104 308 248752 SH SOLE 248752 0 0 COHEN & STEERS INFRASTRUCTUR COM 19248a109 3593 188426 SH SOLE 188426 0 0 CORENERGY INFRASTRUCTURE TR COM 21870u205 9668 2187232 SH SOLE 2187232 0 0 CULP INC COM 230215105 1980 61725 SH SOLE 61725 0 0 CVS HEALTH CORP COM 126650100 4748 49209 SH SOLE 49209 0 0 DST SYS INC DEL COM 233326107 2940 27965 SH SOLE 27965 0 0 DEERE & CO COM 244199105 2212 29892 SH SOLE 29892 0 0 DEMAND MEDIA INC COM NEW 24802N208 1466 351600 SH SOLE 351600 0 0 DESTINATION XL GROUP INC COM 25065k104 10031 1726441 SH SOLE 1726441 0 0 DHI GROUP INC COM 23331s100 3541 484447 SH SOLE 484447 0 0 DIGI INTL INC COM 253798102 8202 695654 SH SOLE 695654 0 0 DIGIRAD CORP COM 253827109 4491 1200788 SH SOLE 1200788 0 0 DLH HLDGS CORP COM 23335Q100 267 94074 SH SOLE 94074 0 0 DOUGLAS DYNAMICS INC COM 25960r105 9220 464269 SH SOLE 464269 0 0 EATON VANCE ENHANCED EQ INC COM 278274105 3455 290570 SH SOLE 290570 0 0 EATON VANCE TAX ADVT DIV INC COM 27828g107 6872 373861 SH SOLE 373861 0 0 ECOLAB INC COM 278865100 713 6500 SH SOLE 6500 0 0 ENSTAR GROUP LIMITED SHS g3075p101 4935 32897 SH SOLE 32897 0 0 ENTEGRA FINL CORP COM 29363j108 3026 174500 SH SOLE 174500 0 0 EXXON MOBIL CORP COM 30231g102 3228 43421 SH SOLE 43421 0 0 FARMERS NATL BANC CORP COM 309627107 1291 157000 SH SOLE 157000 0 0 FIBROGEN INC COM 31572q808 875 39924 SH SOLE 39924 0 0 FIRST BANK WILLIAMSTOWN NJ COM 31931U102 1471 236915 SH SOLE 236915 0 0 FIRST BUS FINL SVCS INC WIS COM 319390100 8555 363749 SH SOLE 363749 0 0 FIRST FINANCIAL NORTHWEST IN COM 32022k102 1149 95033 SH SOLE 95033 0 0 FIRST NORTHWEST BANCORP COM 335834107 3229 260850 SH SOLE 260850 0 0 FIRST SEC GROUP INC COM NEW 336312202 1403 563500 SH SOLE 563500 0 0 FISERV INC COM 337738108 5037 58152 SH SOLE 58152 0 0 FIVE STAR QUALITY CARE INC COM 33832d106 2993 968583 SH SOLE 968583 0 0 FLEXSTEEL INDS INC COM 339382103 3181 101799 SH SOLE 101799 0 0 FORD MTR CO DEL COM PAR $0.01 345370860 2849 209965 SH SOLE 209965 0 0 FRANKLIN COVEY CO COM 353469109 12123 754827 SH SOLE 754827 0 0 FST TR NEW OPPORT MLP & ENE COM 33739m100 2314 186347 SH SOLE 186347 0 0 GSI GROUP INC CDA NEW COM NEW 36191c205 3646 286403 SH SOLE 286403 0 0 GENTHERM INC COM 37253a103 5916 131709 SH SOLE 131709 0 0 GREEN BRICK PARTNERS INC COM 392709101 1852 171000 SH SOLE 171000 0 0 HACKETT GROUP INC COM 404609109 7883 573316 SH SOLE 573316 0 0 HALLMARK FINL SVCS INC EC COM NEW 40624q203 1652 143819 SH SOLE 143819 0 0 HARVARD BIOSCIENCE INC COM 416906105 1363 360651 SH SOLE 360651 0 0 HARVEST CAP CR CORP COM 41753f109 2692 226000 SH SOLE 226000 0 0 HOOKER FURNITURE CORP COM 439038100 1678 71290 SH SOLE 71290 0 0 HORACE MANN EDUCATORS CORP N COM 440327104 8565 257835 SH SOLE 257835 0 0 HORMEL FOODS CORP COM 440452100 4167 65823 SH SOLE 65823 0 0 HUTCHINSON TECHNOLOGY INC COM 448407106 20 12500 SH SOLE 12500 0 0 INCONTACT INC COM 45336e109 2081 277080 SH SOLE 277080 0 0 INFORMATION SERVICES GROUP I COM 45675y104 1525 390000 SH SOLE 390000 0 0 INTL FCSTONE INC COM 46116v105 9176 371646 SH SOLE 371646 0 0 INVENTURE FOODS INC COM 461212102 6177 695595 SH SOLE 695595 0 0 INVESTORS TITLE CO COM 461804106 1037 14498 SH SOLE 14498 0 0 J & J SNACK FOODS CORP COM 466032109 5424 47719 SH SOLE 47719 0 0 JOHNSON & JOHNSON COM 478160104 3594 38504 SH SOLE 38504 0 0 JPMORGAN CHASE & CO COM 46625h100 4694 76991 SH SOLE 76991 0 0 KIMBALL INTL INC CL B 494274103 2469 261000 SH SOLE 261000 0 0 KIRKLANDS INC COM 497498105 2538 117850 SH SOLE 117850 0 0 LANDAUER INC COM 51476k103 3672 99260 SH SOLE 99260 0 0 LAWSON PRODS INC COM 520776105 1061 49000 SH SOLE 49000 0 0 LENDINGTREE INC NEW COM 52603b107 2817 30284 SH SOLE 30284 0 0 LIFETIME BRANDS INC COM 53222Q103 1117 79875 SH SOLE 79875 0 0 LITHIA MTRS INC CL A 536797103 9314 86153 SH SOLE 86153 0 0 MACQUARIE INFRASTRUCTURE COR COM 55608b105 3280 43927 SH SOLE 43927 0 0 MADDEN STEVEN LTD COM 556269108 4836 132066 SH SOLE 132066 0 0 MADISON CVRED CALL & EQ STR COM 557437100 6694 945545 SH SOLE 945545 0 0 MAGELLAN HEALTH INC COM NEW 559079207 4310 77754 SH SOLE 77754 0 0 MALIBU BOATS INC COM CL A 56117j100 7737 553425 SH SOLE 553425 0 0 MICROSOFT CORP COM 594918104 4066 91865 SH SOLE 91865 0 0 MOCON INC COM 607494101 2956 218950 SH SOLE 218950 0 0 MONOTYPE IMAGING HOLDINGS IN COM 61022p100 6742 309001 SH SOLE 309001 0 0 MVC CAPITAL INC COM 553829102 5849 712474 SH SOLE 712474 0 0 NATHANS FAMOUS INC NEW COM 632347100 1205 31700 SH SOLE 31700 0 0 NATURAL GAS SERVICES GROUP COM 63886q109 6238 323234 SH SOLE 323234 0 0 NAUTILUS INC COM 63910b102 11981 798751 SH SOLE 798751 0 0 NCR CORP NEW COM 62886e108 1611 70829 SH SOLE 70829 0 0 NEUBERGER BERMAN RE ES SEC F COM 64190a103 4454 966124 SH SOLE 966124 0 0 NEW SR INVT GROUP INC COM 648691103 2797 267370 SH SOLE 267370 0 0 NEWCASTLE INVT CORP NEW COM PAR $0.01 65105m603 7749 1765062 SH SOLE 1765062 0 0 NUVEEN BUILD AMER BD FD COM 67074c103 7601 386796 SH SOLE 386796 0 0 NUVEEN INTER DURATION MN TMF COM 670671106 3352 270325 SH SOLE 270325 0 0 NUVEEN MTG OPPORTUNITY TERM COM 670735109 6450 287930 SH SOLE 287930 0 0 NUVEEN PFD & INCOME TERM FD COM 67075a106 5790 264277 SH SOLE 264277 0 0 OHA INVT CORP COM 67091u102 911 215334 SH SOLE 215334 0 0 OTTER TAIL CORP COM 689648103 2157 82788 SH SOLE 82788 0 0 PENNANTPARK FLOATING RATE CA COM 70806a106 6218 520792 SH SOLE 520792 0 0 PERCEPTRON INC COM 71361f100 1685 222000 SH SOLE 222000 0 0 PERFORMANCE SPORTS GROUP LTD COM 71377G100 2483 185000 SH SOLE 185000 0 0 PFSWEB INC COM NEW 717098206 1792 126000 SH SOLE 126000 0 0 PHOTRONICS INC COM 719405102 4266 470883 SH SOLE 470883 0 0 PRISM TECHNOLOGIES GROUP INC COM 74273y100 914 326273 SH SOLE 326273 0 0 PROCTER & GAMBLE CO COM 742718109 3381 46998 SH SOLE 46998 0 0 PSYCHEMEDICS CORP COM NEW 744375205 1945 193500 SH SOLE 193500 0 0 PUTNAM PREMIER INCOME TR SH BEN INT 746853100 6274 1282990 SH SOLE 1282990 0 0 PZENA INVESTMENT MGMT INC CLASS A 74731q103 12282 1379980 SH SOLE 1379980 0 0 RED LION HOTELS CORP COM 756764106 1785 210000 SH SOLE 210000 0 0 REDWOOD TR INC COM 758075402 3294 238021 SH SOLE 238021 0 0 REPUBLIC SVCS INC COM 760759100 3107 75406 SH SOLE 75406 0 0 RIGNET INC COM 766582100 2886 113174 SH SOLE 113174 0 0 ROUSE PPTYS INC COM 779287101 4739 304188 SH SOLE 304188 0 0 ROYCE GLOBAL VALUE TR INC COM 78081t104 1047 149411 SH SOLE 149411 0 0 ROYCE MICRO-CAP TR INC COM 780915104 3950 510350 SH SOLE 510350 0 0 ROYCE VALUE TR INC COM 780910105 1866 162258 SH SOLE 162258 0 0 SCRIPPS E W CO OHIO CL A NEW 811054402 9090 514420 SH SOLE 514420 0 0 SHILOH INDS INC COM 824543102 2159 266500 SH SOLE 266500 0 0 SILVERCREST ASSET MGMT GROUP CL A 828359109 3608 333800 SH SOLE 333800 0 0 SIMULATIONS PLUS INC COM 829214105 5253 556485 SH SOLE 556485 0 0 SOLAR CAP LTD COM 83413u100 3701 233938 SH SOLE 233938 0 0 SP PLUS CORP COM 78469c103 5208 224983 SH SOLE 224983 0 0 SPOK HLDGS INC COM 84863t106 11709 711352 SH SOLE 711352 0 0 STONECASTLE FINL CORP COM 861780104 7395 439682 SH SOLE 439682 0 0 SUPERIOR UNIFORM GP INC COM 868358102 2324 129600 SH SOLE 129600 0 0 SUPREME INDS INC CL A 868607102 3751 450284 SH SOLE 450284 0 0 SYNERON MEDICAL LTD ORD SHS m87245102 3455 483211 SH SOLE 483211 0 0 SYNTEL INC COM 87162h103 3852 85018 SH SOLE 85018 0 0 TANDY LEATHER FACTORY INC COM 87538X105 1419 196210 SH SOLE 196210 0 0 TECHTARGET INC COM 87874r100 8006 939650 SH SOLE 939650 0 0 THESTREET INC COM 88368q103 3031 1814850 SH SOLE 1814850 0 0 TRANSCAT INC COM 893529107 1189 122000 SH SOLE 122000 0 0 TRUEBLUE INC COM 89785x101 7144 317934 SH SOLE 317934 0 0 U S PHYSICAL THERAPY INC COM 90337l108 5410 120519 SH SOLE 120519 0 0 UFP TECHNOLOGIES INC COM 902673102 3679 161000 SH SOLE 161000 0 0 UNITED FINL BANCORP INC NEW COM 910304104 7297 559194 SH SOLE 559194 0 0 UNITED TECHNOLOGIES CORP COM 913017109 1970 22132 SH SOLE 22132 0 0 VANGUARD INDEX FDS GROWTH ETF 922908736 361 3597 SH SOLE 3597 0 0 VERIZON COMMUNICATIONS INC COM 92343v104 1988 45697 SH SOLE 45697 0 0 WASTE MGMT INC DEL COM 94106l109 3634 72955 SH SOLE 72955 0 0 WEST MARINE INC COM 954235107 2468 281100 SH SOLE 281100 0 0 WESTWOOD HLDGS GROUP INC COM 961765104 7806 143627 SH SOLE 143627 0 0 3M CO COM 88579y101 2039 14385 SH SOLE 14385 0 0 ANTHEM INC COM 036752103 3680 26284 SH SOLE 26284 0 0 GDL FUND COM SH BEN IT 361570104 5331 543977 SH SOLE 543977 0 0 RYDEX ETF TRUST GUG S&P500 PU VA 78355w304 9057 189517 SH SOLE 189517 0 0 CLAYMORE EXCHANGE TRD FD TR GUGG SPINOFF ETF 18383m605 2837 74413 SH SOLE 74413 0 0 INVESCO LTD SHS g491bt108 3241 103766 SH SOLE 103766 0 0 ISHARES TR 1-3 YR TR BD ETF 464287457 218 2560 SH SOLE 2560 0 0 ISHARES TR CORE S&P500 ETF 464287200 341 1771 SH SOLE 1771 0 0 ISHARES TR S&P 500 GRWT ETF 464287309 11351 105296 SH SOLE 105296 0 0 ISHARES TR S&P 500 VAL ETF 464287408 2068 24610 SH SOLE 24610 0 0 ITT CORP NEW COM NEW 450911201 1355 40539 SH SOLE 40539 0 0 LRAD CORP COM 50213v109 983 588900 SH SOLE 588900 0 0 MESA LABS INC COM 59064r109 2196 19710 SH SOLE 19710 0 0 NOVARTIS A G SPONSORED ADR 66987v109 2585 28126 SH SOLE 28126 0 0 REIS INC COM 75936p105 5697 251515 SH SOLE 251515 0 0 SALEM MEDIA GROUP INC CL A 794093104 2315 378226 SH SOLE 378226 0 0 TARGET CORP COM 87612e106 4179 53130 SH SOLE 53130 0 0 U S G CORP COM NEW 903293405 2591 97351 SH SOLE 97351 0 0 EXA CORP COM 300614500 1706 165150 SH SOLE 165150 0 0 RENASANT CORP COM 75970E107 206 6271 SH SOLE 6271 0 0 VANGUARD TOTAL BOND MRKT INDEX MUTUAL FUNDS 921937603 91 8398 SH SOLE 8398 0 0