0001398344-26-009222.txt : 20260515
0001398344-26-009222.hdr.sgml : 20260515
20260515090026
ACCESSION NUMBER: 0001398344-26-009222
CONFORMED SUBMISSION TYPE: 13F-HR
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20260331
FILED AS OF DATE: 20260515
DATE AS OF CHANGE: 20260515
EFFECTIVENESS DATE: 20260515
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.
CENTRAL INDEX KEY: 0001238990
ORGANIZATION NAME:
EIN: 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: 26982752
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
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13F-HR
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0001238990
XXXXXXXX
03-31-2026
03-31-2026
false
PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.
7701 FRANCE AVE. SOUTH
SUITE 300
EDINA
MN
55435
13F HOLDINGS REPORT
028-10972
000117962
801-61205
N
Howard D. Punch, Jr.
Chief Investment Officer
952-224-4350
/s/ Howard D. Punch, Jr.
Edina
MN
04-29-2026
0
163
1733047981
INFORMATION TABLE
2
fp0098299-1_13fhr-table.xml
A10 NETWORKS INC
COM
002121101
33753113
1459910
SH
SOLE
1459910
0
0
ACCESS NEWSWIRE INC
COM NEW
46520M204
1350353
152410
SH
SOLE
152410
0
0
ADDUS HOMECARE CORP
COM
006739106
18157776
193890
SH
SOLE
193890
0
0
AGILYSYS INC
COM
00847J105
4461189
62710
SH
SOLE
62710
0
0
ALAMO GROUP INC
COM
011311107
11702497
70937
SH
SOLE
70937
0
0
ALEXANDERS INC
COM
014752109
4822087
20415
SH
SOLE
20415
0
0
ALPHABET INC
CAP STK CL A
02079K305
30853274
107293
SH
SOLE
107293
0
0
ALPS ETF TR
ALERIAN MLP
00162Q452
3679073
69891
SH
SOLE
69891
0
0
AMERICAN COASTAL INS CORP
COM
910710102
9097931
808705
SH
SOLE
808705
0
0
AMERICAN PUB ED INC
COM
02913V103
11091600
195000
SH
SOLE
195000
0
0
AMERIPRISE FINL INC
COM
03076C106
1106505
2490
SH
SOLE
2490
0
0
AMRIZE LTD
SHS
H2927K103
8863821
158226
SH
SOLE
158226
0
0
APOLLO GLOBAL MGMT INC
COM
03769M106
10900748
97835
SH
SOLE
97835
0
0
ARCOS DORADOS HLDGS INC
SHS CLASS -A -
G0457F107
146479
17755
SH
SOLE
17755
0
0
ARCOSA INC
COM
039653100
38457332
362326
SH
SOLE
362326
0
0
ARES CAPITAL CORP
COM
04010L103
7052079
391347
SH
SOLE
391347
0
0
ARHAUS INC
COM CL A
04035M102
7564208
1115665
SH
SOLE
1115665
0
0
ARTISAN PARTNERS ASSET MGMT
CL A
04316A108
20063123
551336
SH
SOLE
551336
0
0
AVANOS MED INC
COM
05350V106
6123561
437085
SH
SOLE
437085
0
0
BCP INVESTMENT CORPORATION
COM NEW
73688F201
886984
117950
SH
SOLE
117950
0
0
BERKSHIRE HATHAWAY INC DEL
CL B NEW
084670702
14917732
31130
SH
SOLE
31130
0
0
BLACKROCK TECH AND PRIVATE E
SHS BEN INT
09260Q108
164373
24905
SH
SOLE
24905
0
0
BLACKSTONE MORTGAGE TRUST IN
COM CL A
09257W100
9261394
483624
SH
SOLE
483624
0
0
BLUELINX HLDGS INC
COM NEW
09624H208
17439125
321874
SH
SOLE
321874
0
0
BOEING CO
DEP CONV PFD A
097023204
6866899
105840
SH
SOLE
105840
0
0
BRIDGEWATER BANCSHARES INC
COM
108621103
7693482
434660
SH
SOLE
434660
0
0
BRIGHTSPIRE CAPITAL INC
COM CL A
10949T109
12934736
2309774
SH
SOLE
2309774
0
0
BRIGHTVIEW HLDGS INC
COM
10948C107
13167439
1116831
SH
SOLE
1116831
0
0
BUILDERS FIRSTSOURCE INC
COM
12008R107
10582515
128538
SH
SOLE
128538
0
0
BUNGE GLOBAL SA
COM SHS
H11356104
23176660
182206
SH
SOLE
182206
0
0
CARRIAGE SVCS INC
COM
143905107
12042836
263750
SH
SOLE
263750
0
0
CASS INFORMATION SYS INC
COM
14808P109
4976901
113060
SH
SOLE
113060
0
0
CAVCO INDS INC DEL
COM
149568107
24694400
50991
SH
SOLE
50991
0
0
CION INVT CORP
COM
17259U204
101540
14845
SH
SOLE
14845
0
0
CIVEO CORP CDA
COM NEW
17878Y207
4187560
158260
SH
SOLE
158260
0
0
CLEARFIELD INC
COM
18482P103
7665977
289610
SH
SOLE
289610
0
0
CLIMB GLOBAL SOLUTIONS INC
COM
946760105
10934000
551665
SH
SOLE
551665
0
0
CSW INDUSTRIALS INC
COM
126402106
13286117
50987
SH
SOLE
50987
0
0
DEERE & CO
COM
244199105
7779376
13810
SH
SOLE
13810
0
0
DISNEY WALT CO
COM
254687106
11191185
116115
SH
SOLE
116115
0
0
DOUGLAS DYNAMICS INC
COM
25960R105
26173468
621845
SH
SOLE
621845
0
0
DUKE ENERGY CORP NEW
COM NEW
26441C204
6232290
47597
SH
SOLE
47597
0
0
ELECTROMED INC
COM
285409108
5256013
224520
SH
SOLE
224520
0
0
ELEVANCE HEALTH INC FORMERLY
COM
036752103
6800296
23229
SH
SOLE
23229
0
0
ENOVA INTL INC
COM
29357K103
20846129
153472
SH
SOLE
153472
0
0
EOG RES INC
COM
26875P101
13058717
90328
SH
SOLE
90328
0
0
EPSILON ENERGY LTD
COM
294375209
2937581
476880
SH
SOLE
476880
0
0
FIRST FNDTN INC
COM
32026V104
2360000
400000
SH
SOLE
400000
0
0
FIRST INTST BANCSYSTEM INC
COM
32055Y201
24562993
735419
SH
SOLE
735419
0
0
FIRST TR HIGH YIELD OPPRT 20
COM
33741Q107
11997657
886745
SH
SOLE
886745
0
0
FIRST WESTN FINL INC
COM
33751L105
6100633
248195
SH
SOLE
248195
0
0
FLEXSTEEL INDS INC
COM
339382103
4113133
91525
SH
SOLE
91525
0
0
GLOBAL SHIP LEASE INC
COM CL A
Y27183600
26733859
718073
SH
SOLE
718073
0
0
GRAHAM CORP
COM
384556106
4509331
57138
SH
SOLE
57138
0
0
GRAND CANYON ED INC
COM
38526M106
204036
1200
SH
SOLE
1200
0
0
GREEN BRICK PARTNERS INC
COM
392709101
23095102
358341
SH
SOLE
358341
0
0
GREENLIGHT CAP RE LTD
CLASS A
G4095J109
1380209
79827
SH
SOLE
79827
0
0
HACKETT GROUP INC
COM
404609109
5799863
445800
SH
SOLE
445800
0
0
HCI GROUP INC
COM
40416E103
1855320
12000
SH
SOLE
12000
0
0
HEARTLAND EXPRESS INC
COM
422347104
3439956
330765
SH
SOLE
330765
0
0
HERITAGE GLOBAL INC
COM
42727E103
3052041
2244148
SH
SOLE
2244148
0
0
HILLMAN SOLUTIONS CORP
COM
431636109
14760588
1774109
SH
SOLE
1774109
0
0
I3 VERTICALS INC
COM CL A
46571Y107
23089070
1032606
SH
SOLE
1032606
0
0
IDAHO STRATEGIC RESOURCES
COM NEW
645827205
6655906
207220
SH
SOLE
207220
0
0
INFUSYSTEM HLDGS INC
COM
45685K102
7734048
837925
SH
SOLE
837925
0
0
INNOVATIVE SOLUTIONS & SUPPO
COM
45769N105
10647228
518618
SH
SOLE
518618
0
0
IQVIA HLDGS INC
COM
46266C105
15091030
88490
SH
SOLE
88490
0
0
IRADIMED CORP
COM
46266A109
1636420
17000
SH
SOLE
17000
0
0
ISHARES TR
CORE MSCI EAFE
46432F842
9415
104
SH
SOLE
104
0
0
ISHARES TR
CORE S&P500 ETF
464287200
27435
42
SH
SOLE
42
0
0
ISHARES TR
CORE S&P SCP ETF
464287804
18895
152
SH
SOLE
152
0
0
ISHARES TR
CORE US AGGBD ET
464287226
29781
300
SH
SOLE
300
0
0
ISHARES TR
IBOXX HI YD ETF
464288513
13366
168
SH
SOLE
168
0
0
ISHARES TR
IBOXX INV CP ETF
464287242
9046
83
SH
SOLE
83
0
0
ISHARES TR
MICRO-CAP ETF
464288869
63525
398
SH
SOLE
398
0
0
ISHARES TR
ESG OPTIMIZED
464288802
25099
190
SH
SOLE
190
0
0
ISHARES TR
RUSSELL 2000 ETF
464287655
45880
185
SH
SOLE
185
0
0
ISHARES TR
RUSSELL 3000 ETF
464287689
2034065
5487
SH
SOLE
5487
0
0
ISHARES TR
S&P 500 GRWT ETF
464287309
20586
182
SH
SOLE
182
0
0
JEFFERSON CAPITAL INC
COM
47248R103
21458469
1115885
SH
SOLE
1115885
0
0
JOHNSON & JOHNSON
COM
478160104
9137247
37380
SH
SOLE
37380
0
0
JPMORGAN CHASE & CO
COM
46625H100
13075953
44452
SH
SOLE
44452
0
0
KARAT PACKAGING INC
COM
48563L101
1929691
69115
SH
SOLE
69115
0
0
KEWAUNEE SCIENTIFIC CORP
COM
492854104
3451058
100702
SH
SOLE
100702
0
0
KINDER MORGAN INC DEL
COM
49456B101
11096983
330957
SH
SOLE
330957
0
0
KKR & CO INC
6.25 CON SER D
48251W500
3491498
86810
SH
SOLE
86810
0
0
KKR & CO INC
COM
48251W104
14949334
161614
SH
SOLE
161614
0
0
LAMAR ADVERTISING CO
CL A
512816109
205189
1620
SH
SOLE
1620
0
0
LAUREATE ED INC
COMMON STOCK
518613203
40863168
1172881
SH
SOLE
1172881
0
0
LEGACY ED INC
COM
52474R207
2316200
185000
SH
SOLE
185000
0
0
LEGACY HOUSING CORP
COM
52472M101
8737196
427665
SH
SOLE
427665
0
0
LEGALZOOM COM INC
COM
52466B103
15248161
2689270
SH
SOLE
2689270
0
0
LENDINGTREE INC
COM
52603B107
27744989
647038
SH
SOLE
647038
0
0
LINCOLN EDL SVCS CORP
COM
533535100
10257462
252150
SH
SOLE
252150
0
0
LIQUIDITY SVCS INC
COM
53635B107
28136457
920394
SH
SOLE
920394
0
0
MADDEN STEVEN LTD
COM
556269108
11432921
337055
SH
SOLE
337055
0
0
MAMAS CREATIONS INC
COM
56146T103
2531100
165000
SH
SOLE
165000
0
0
MARVELL TECHNOLOGY INC
COM
573874104
13880552
140137
SH
SOLE
140137
0
0
MATCH GROUP INC NEW
COM
57667L107
11668950
379972
SH
SOLE
379972
0
0
MERCADOLIBRE INC
COM
58733R102
16197321
9368
SH
SOLE
9368
0
0
MICROSOFT CORP
COM
594918104
15918708
43004
SH
SOLE
43004
0
0
MILLER INDS INC TENN
COM NEW
600551204
5032227
110477
SH
SOLE
110477
0
0
MIMEDX GROUP INC
COM
602496101
7977886
2019718
SH
SOLE
2019718
0
0
MOUNT LOGAN CAP INC
COM
62188E103
783676
218904
SH
SOLE
218904
0
0
NATURES SUNSHINE PRODS INC
COM
639027101
8156600
340000
SH
SOLE
340000
0
0
NORTHEAST BK PORTLAND ME
COM
66405S100
1656334
14740
SH
SOLE
14740
0
0
NORTHRIM BANCORP INC
COM
666762109
7468261
326410
SH
SOLE
326410
0
0
NPK INTERNATIONAL INC
COM SHS
651718504
26354273
1818790
SH
SOLE
1818790
0
0
NVE CORP
COM NEW
629445206
6783769
103569
SH
SOLE
103569
0
0
OMEGA FLEX INC
COM
682095104
1350240
43500
SH
SOLE
43500
0
0
OPTEX SYS HLDGS INC
COM NEW
68384X209
4277957
323475
SH
SOLE
323475
0
0
ORACLE CORP
COM
68389X105
8770268
59617
SH
SOLE
59617
0
0
ORACLE CORP
6.5 DEP CUM SR D
68389X204
3756760
83465
SH
SOLE
83465
0
0
OXFORD INDS INC
COM
691497309
4753674
123440
SH
SOLE
123440
0
0
PAR PAC HOLDINGS INC
COM NEW
69888T207
23628337
377208
SH
SOLE
377208
0
0
PAYSIGN INC
COM
70451A104
12143439
2058210
SH
SOLE
2058210
0
0
PDF SOLUTIONS INC
COM
693282105
211961
6480
SH
SOLE
6480
0
0
PIEDMONT REALTY TRUST INC
COM CL A
720190206
3613585
550013
SH
SOLE
550013
0
0
PIMCO DYNAMIC INCOME STRATEG
COM SHS BEN INT
69346N107
18802293
852325
SH
SOLE
852325
0
0
PLUMAS BANCORP
COM
729273102
3382005
69275
SH
SOLE
69275
0
0
PRICESMART INC
COM
741511109
24410076
162193
SH
SOLE
162193
0
0
PRO-DEX INC COLO
COM NEW
74265M205
3032423
61735
SH
SOLE
61735
0
0
QXO INC
5.50 DEP PFD
82846H504
3646662
66315
SH
SOLE
66315
0
0
RADNET INC
COM
750491102
33270180
595280
SH
SOLE
595280
0
0
RCM TECHNOLOGIES INC
COM NEW
749360400
2938201
153511
SH
SOLE
153511
0
0
RENTOKIL INITIAL PLC
SPONSORED ADR
760125104
18916755
600913
SH
SOLE
600913
0
0
REPUBLIC SVCS INC
COM
760759100
9212299
42061
SH
SOLE
42061
0
0
RESEARCH SOLUTIONS INC
COM
761025105
5768548
2552455
SH
SOLE
2552455
0
0
RF INDS LTD
COM PAR $0.01
749552105
8483068
822800
SH
SOLE
822800
0
0
ROYALTY PHARMA PLC
SHS CLASS A
G7709Q104
28715651
598617
SH
SOLE
598617
0
0
ROYCE MICRO-CAP TR INC
COM
780915104
6171471
545665
SH
SOLE
545665
0
0
SAN JUAN BASIN RTY TR
UNIT BEN INT
798241105
4517672
939225
SH
SOLE
939225
0
0
SEA LTD
SPONSORD ADS
81141R100
11004290
132886
SH
SOLE
132886
0
0
SELECT WATER SOLUTIONS INC
CL A COM
81617J301
23392100
1528895
SH
SOLE
1528895
0
0
SILA REALTY TRUST INC
COMMON STOCK
146280508
31909039
1347510
SH
SOLE
1347510
0
0
SILVERCREST ASSET MGMT GROUP
CL A
828359109
3293211
245031
SH
SOLE
245031
0
0
SIRIUSPOINT LTD
COM
G8192H106
30490502
1415529
SH
SOLE
1415529
0
0
SMARTRENT INC
COM CL A
83193G107
7549320
5032880
SH
SOLE
5032880
0
0
SPROUTS FMRS MKT INC
COM
85208M102
16784632
217615
SH
SOLE
217615
0
0
SS&C TECH HLDGS
COM
78467J100
10051349
148755
SH
SOLE
148755
0
0
STONEX GROUP INC
COM
861896108
76099624
943579
SH
SOLE
943579
0
0
TACTILE SYS TECHNOLOGY INC
COM
87357P100
7839000
300000
SH
SOLE
300000
0
0
TALEN ENERGY CORP
COM
87422Q109
239422
750
SH
SOLE
750
0
0
TALKSPACE INC
COM
87427V103
2326835
449630
SH
SOLE
449630
0
0
TARGET CORP
COM
87612E106
10397134
85785
SH
SOLE
85785
0
0
TAYLOR DEVICES INC
COM
877163105
1841100
32300
SH
SOLE
32300
0
0
TFS FINL CORP
COM
87240R107
154831
11020
SH
SOLE
11020
0
0
THERMO FISHER SCIENTIFIC INC
COM
883556102
13430933
27325
SH
SOLE
27325
0
0
TIDEWATER INC NEW
COM
88642R109
29068133
347913
SH
SOLE
347913
0
0
TRANSCAT INC
COM
893529107
4757724
64775
SH
SOLE
64775
0
0
TRIMAS CORP
COM NEW
896215209
8795201
244719
SH
SOLE
244719
0
0
UFP TECHNOLOGIES INC
COM
902673102
4394720
22700
SH
SOLE
22700
0
0
ULTA BEAUTY INC
COM
90384S303
10283215
19673
SH
SOLE
19673
0
0
UNITEDHEALTH GROUP INC
COM
91324P102
7294036
26956
SH
SOLE
26956
0
0
UNIVERSAL TECHNICAL INST INC
COM
913915104
38874863
1076866
SH
SOLE
1076866
0
0
VERRA MOBILITY CORP
CL A COM STK
92511U102
16393060
1147170
SH
SOLE
1147170
0
0
VIANT TECHNOLOGY INC
COM CL A
92557A101
15088226
1347163
SH
SOLE
1347163
0
0
VIEMED HEALTHCARE INC
COM
92663R105
4949095
537361
SH
SOLE
537361
0
0
VITESSE ENERGY INC
COMMON STOCK
92852X103
24220346
1333720
SH
SOLE
1333720
0
0
WASTE MGMT INC DEL
COM
94106L109
10499499
45692
SH
SOLE
45692
0
0
WESTERN ASSET DIVERSIFIED IN
COM SHS BEN INT
95790K109
159331
11855
SH
SOLE
11855
0
0
WHIRLPOOL CORP
8.5 DEP SR A CNV
963320205
4105442
100255
SH
SOLE
100255
0
0
TELADOC HEALTH INC
NOTE 1.250% 6/0
87918AAF2
28620
30000
SH
SOLE
30000
0
0