President

0001398344-15-000569.txt : 20150202 0001398344-15-000569.hdr.sgml : 20150202 20150202130546 ACCESSION NUMBER: 0001398344-15-000569 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20141231 FILED AS OF DATE: 20150202 DATE AS OF CHANGE: 20150202 EFFECTIVENESS DATE: 20150202 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: 15566069 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 12-31-2014 12-31-2014 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 01-30-2015 0 170 766977 INFORMATION TABLE 2 fp0013016_13fhr-table.xml 13F INFORMATION TABLE 3M COMPANY COMMON STOCK 88579y101 2073 12614 SH SOLE 12614 0 0 A H BELO CORP COM CL A ISIN#US COMMON STOCK 001282102 5926 570882 SH SOLE 570882 0 0 ACCENTURE PLC CLS A USD0.00002 COMMON STOCK g1151c101 2809 31457 SH SOLE 31457 0 0 AGILYSYS INC COMMON STOCK 00847J105 3185 253000 SH SOLE 253000 0 0 ALAMO GROUP INC COMMON STOCK 011311107 6087 125665 SH SOLE 125665 0 0 ALCENTRA CAP CORP COM ISIN#US0 COMMON STOCK 01374t102 2102 168125 SH SOLE 168125 0 0 ALTISOURCE PORT SOLU F COMMON STOCK l0175j104 2037 60274 SH SOLE 60274 0 0 ALTISOURCE RESIDENTIALCORP COM COMMON STOCK 02153w100 3975 204875 SH SOLE 204875 0 0 AMERCO COM COMMON STOCK 023586100 6414 22562 SH SOLE 22562 0 0 AMERIPRISE FINL INC COM COMMON STOCK 03076c106 4506 34071 SH SOLE 34071 0 0 ANTHEM INC COM ISIN#US03675210 COMMON STOCK 036752103 3452 27473 SH SOLE 27473 0 0 ARBOR RLTY TR INC COMMON STOCK 038923108 5555 820601 SH SOLE 820601 0 0 ARES COML REAL ESTATECORP COM COMMON STOCK 04013v108 4112 358200 SH SOLE 358200 0 0 ASCENT CAP GROUP INC COMSER A COMMON STOCK 043632108 5900 111464 SH SOLE 111464 0 0 AWARE INC COMMON STOCK 05453N100 2204 485393 SH SOLE 485393 0 0 BLACKROCK KELSO CAPCORPORATION COMMON STOCK 092533108 5435 662835 SH SOLE 662835 0 0 BLACKROCK MUN TARGET TERMTR CO COMMON STOCK 09257p105 2760 137372 SH SOLE 137372 0 0 BLACKROCK RES &COMM STRATTR SH COMMON STOCK 09257a108 7294 751217 SH SOLE 751217 0 0 BLACKSTONE GSO STRATEGICCR FD COMMON STOCK 09257r101 3316 201238 SH SOLE 201238 0 0 BLACKSTONE MTG TR INCCOM CL A Miscellaneous 09257w100 5174 177553 SH SOLE 177553 0 0 BLACKSTONE/GSO SR FLTNGRT TRM COMMON STOCK 09256u105 2921 174469 SH SOLE 174469 0 0 BLOCK H & R INC COMMON STOCK 093671105 3007 89268 SH SOLE 89268 0 0 BOEING CO COMMON STOCK 097023105 4115 31655 SH SOLE 31655 0 0 BSB BANCORP INC MD COM ISIN#US COMMON STOCK 05573h108 3233 173554 SH SOLE 173554 0 0 CALAVO GROWERS INC COMMON STOCK 128246105 4615 97568 SH SOLE 97568 0 0 CALLAWAY GOLF CO DELAWARE COMMON STOCK 131193104 10005 1299361 SH SOLE 1299361 0 0 CARMIKE CINEMAS INC COMMON STOCK 143436400 9674 368242 SH SOLE 368242 0 0 CASCADE MICROTECH INC COMMON STOCK 147322101 5112 349900 SH SOLE 349900 0 0 CENTURYLINK INC COMMON STOCK 156700106 4959 125302 SH SOLE 125302 0 0 CHEROKEE INC DEL NEW COM ISIN# COMMON STOCK 16444h102 5785 298805 SH SOLE 298805 0 0 CHIMERA INVT CORP COM ISIN#US1 COMMON STOCK 16934q109 2530 795628 SH SOLE 795628 0 0 CIFC CORP COMMON STOCK 12547r105 1404 169800 SH SOLE 169800 0 0 CINCINNATI BELL INC NEW COMMON STOCK 171871106 3258 1021357 SH SOLE 1021357 0 0 CINEDIGM CORPORATION COMMON STOCK 172406100 376 232000 SH SOLE 232000 0 0 CINTAS CORP COMMON STOCK 172908105 4135 52719 SH SOLE 52719 0 0 CLOUGH GLOBAL EQUITY FDCOM ISI COMMON STOCK 18914c100 5264 363528 SH SOLE 363528 0 0 CLOUGH GLOBAL OPPORTUNITIESFD COMMON STOCK 18914e106 5944 463619 SH SOLE 463619 0 0 COCA COLA CO COMMON STOCK 191216100 2364 56000 SH SOLE 56000 0 0 COHEN &STEERS CLOSED ENDOPPO C COMMON STOCK 19248p106 3824 290697 SH SOLE 290697 0 0 COHEN &STEERS INFRASTRUCTURECO COMMON STOCK 19248a109 7886 347100 SH SOLE 347100 0 0 CORENERGY INFRASTRUCTURETR INC COMMON STOCK 21870u205 7643 1179509 SH SOLE 1179509 0 0 COURIER CORP COM ISIN#US222660 COMMON STOCK 222660102 3852 258151 SH SOLE 258151 0 0 CULP INC COMMON STOCK 230215105 1466 67600 SH SOLE 67600 0 0 CVS HEALTH CORP COM COMMON STOCK 126650100 5530 57423 SH SOLE 57423 0 0 D S T SYSTEMS INC COMMON STOCK 233326107 3760 39936 SH SOLE 39936 0 0 DATALINK CORP COM ISIN#US23793 COMMON STOCK 237934104 6302 488528 SH SOLE 488528 0 0 DATAWATCH CORP COM NEW ISIN#US COMMON STOCK 237917208 1398 155538 SH SOLE 155538 0 0 DEERE & COMPANY COMMON STOCK 244199105 2624 29664 SH SOLE 29664 0 0 DESTINATION XL GROUP INCCOM IS COMMON STOCK 25065k104 10363 1897941 SH SOLE 1897941 0 0 DIAMOND HILL INVESTMENT GROUP COMMON STOCK 25264R207 1160 8400 SH SOLE 8400 0 0 DICE HLDGS INC COM COMMON STOCK 253017107 5923 591703 SH SOLE 591703 0 0 DIGIRAD CORPORATION COMMON STOCK 253827109 3582 821600 SH SOLE 821600 0 0 DOUGLAS DYNAMICS INC COMUSD0.0 COMMON STOCK 25960r105 8915 416023 SH SOLE 416023 0 0 EATON VANCE ENHANCED EQT COMMON STOCK 278274105 3430 248740 SH SOLE 248740 0 0 EATON VANCE TAX ADVT DIVINCM C COMMON STOCK 27828g107 5830 280298 SH SOLE 280298 0 0 ECOLAB INC COMMON STOCK 278865100 679 6500 SH SOLE 6500 0 0 ELECTRO RENT CORP COM ISIN#US2 COMMON STOCK 285218103 2342 166799 SH SOLE 166799 0 0 ENSTAR GROUP LIMITED SHS ISIN# COMMON STOCK g3075p101 6180 40423 SH SOLE 40423 0 0 ENTEGRA FINANCIAL CORPORATION COMMON STOCK 29363j108 577 40100 SH SOLE 40100 0 0 EXA CORP COM ISIN#US3006145003 COMMON STOCK 300614500 1252 106959 SH SOLE 106959 0 0 EXXON MOBIL CORPORATION COMMON STOCK 30231g102 2870 31041 SH SOLE 31041 0 0 FARMERS NATIONAL BANC CORP COMMON STOCK 309627107 846 101361 SH SOLE 101361 0 0 FIRST BANK COMMON STOCK 31931U102 1322 211821 SH SOLE 211821 0 0 FIRST BUSINESS FINL SVCSWIS CO COMMON STOCK 319390100 7019 146499 SH SOLE 146499 0 0 FIRST SECURITY GROUP INC COMMON STOCK 336312202 848 375282 SH SOLE 375282 0 0 FISERV INC COMMON STOCK 337738108 4619 65081 SH SOLE 65081 0 0 FIVE STAR QUALITY CAREINC COM COMMON STOCK 33832d106 7567 1823281 SH SOLE 1823281 0 0 FLEXSTEEL INDUSTRIES INC COMMON STOCK 339382103 2935 91000 SH SOLE 91000 0 0 FORD MTR CO DEL COM COMMON STOCK 345370860 3109 200603 SH SOLE 200603 0 0 FRANKLIN COVEY CO COM ISIN#US3 COMMON STOCK 353469109 13095 676389 SH SOLE 676389 0 0 G S I GROUP INC NEW F COMMON STOCK 36191c205 4769 323972 SH SOLE 323972 0 0 GDL FUND COM SH BEN IT ISIN#US COMMON STOCK 361570104 5091 497700 SH SOLE 497700 0 0 GENTHERM INC COM COMMON STOCK 37253a103 7116 194310 SH SOLE 194310 0 0 GUGGENHEIM SPINOFFETF COMMON STOCK 18383m605 3467 77395 SH SOLE 77395 0 0 HACKETT GROUP INC COM COMMON STOCK 404609109 8453 961634 SH SOLE 961634 0 0 HALLMARK FINL SVCS INCCOM NEW COMMON STOCK 40624q203 1272 105194 SH SOLE 105194 0 0 HARVARD APPARATUS REGENERATIVE COMMON STOCK 41690a106 754 237162 SH SOLE 237162 0 0 HARVARD BIOSCIENCE INC COMMON STOCK 416906105 2045 360651 SH SOLE 360651 0 0 HARVEST CAPITAL CREDIT CORPORA COMMON STOCK 41753f109 1014 87906 SH SOLE 87906 0 0 HCI GROUP INC COMMON STOCK 40416e103 1872 43300 SH SOLE 43300 0 0 HERITAGE FINANCIAL GROUP COMMON STOCK 42726x102 2776 107200 SH SOLE 107200 0 0 HOME LOAN SERVICING SOLUTIONSL COMMON STOCK g6648d109 9610 492311 SH SOLE 492311 0 0 HOOKER FURNITURE CORPCOM ISIN# COMMON STOCK 439038100 3277 190870 SH SOLE 190870 0 0 HORACE MANN EDUCATORSCORP NEW COMMON STOCK 440327104 9461 285137 SH SOLE 285137 0 0 HORMEL FOODS CORP COM ISIN#US4 COMMON STOCK 440452100 4250 81575 SH SOLE 81575 0 0 INCONTACT INC COM ISIN#US45336 COMMON STOCK 45336e109 2629 299120 SH SOLE 299120 0 0 INTERNET PATENTS CORPCOM ISIN# COMMON STOCK 46063g101 488 175634 SH SOLE 175634 0 0 INTL FCSTONE INC COM ISIN#US46 COMMON STOCK 46116v105 11402 554283 SH SOLE 554283 0 0 INVENTURE FOODS INC COMMON STOCK 461212102 5251 412185 SH SOLE 412185 0 0 INVESCO LTD COM STK USD0.20 COMMON STOCK g491bt108 3939 99665 SH SOLE 99665 0 0 INVESTORS TITLE COMPANY COMMON STOCK 461804106 1932 26500 SH SOLE 26500 0 0 ISHARES 1-3 YEAR TREASURYBOND COMMON STOCK 464287457 249 2950 SH SOLE 2950 0 0 ISHARES S&P 500 GROWTHETF INDEX UNIT 464287309 16371 146696 SH SOLE 146696 0 0 ITT CORPORATION COM USD1.00 COMMON STOCK 450911201 1520 37571 SH SOLE 37571 0 0 J & J SNACK FOODS CORP COMMON STOCK 466032109 7757 71312 SH SOLE 71312 0 0 JOHNSON & JOHNSON COMMON STOCK 478160104 3863 36946 SH SOLE 36946 0 0 JOURNAL COMMUNICATIONSINC CLA COMMON STOCK 481130102 14116 1235005 SH SOLE 1235005 0 0 JPMORGAN CHASE & CO COMMON STOCK 46625h100 4177 66744 SH SOLE 66744 0 0 KIRKLANDS INC COM ISIN#US49749 COMMON STOCK 497498105 4280 181050 SH SOLE 181050 0 0 LIFETIME BRANDS INC COMMON STOCK 53222Q103 1202 69875 SH SOLE 69875 0 0 LITHIA MOTORS INC CL A COMMON STOCK 536797103 8352 96338 SH SOLE 96338 0 0 LRAD CORP COM ISIN#US50213V109 COMMON STOCK 50213v109 839 310900 SH SOLE 310900 0 0 MACQUARIE INFRASTRUCTURECO LLC COMMON STOCK 55608b105 6390 89884 SH SOLE 89884 0 0 MADDEN STEVEN LTD COMMON STOCK 556269108 4606 144708 SH SOLE 144708 0 0 MADISON CVRED CALL &EQSTR FD C COMMON STOCK 557437100 6792 834416 SH SOLE 834416 0 0 MAGELLAN HEALTH INC COMMON STOCK 559079207 5180 86289 SH SOLE 86289 0 0 MCG CAPITAL CORP COMMON STOCK 58047p107 4671 1219534 SH SOLE 1219534 0 0 MESA LABORATORIES INCCOM NPV I COMMON STOCK 59064r109 1922 24856 SH SOLE 24856 0 0 MICROFINANCIAL INC COM ISIN#US COMMON STOCK 595072109 2206 216128 SH SOLE 216128 0 0 MICROSOFT CORP COMMON STOCK 594918104 4059 87386 SH SOLE 87386 0 0 MOCON INC COMMON STOCK 607494101 3917 218950 SH SOLE 218950 0 0 MONOTYPE IMAGING HLDGSINC COMMON STOCK 61022p100 7562 262298 SH SOLE 262298 0 0 MVC CAPITAL INC COM ISIN#US553 COMMON STOCK 553829102 7185 730941 SH SOLE 730941 0 0 NATHANS FAMOUS INC COMMON STOCK 632347100 2416 30200 SH SOLE 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742718109 4290 47093 SH SOLE 47093 0 0 PSYCHEMEDICS CORP COMNEW ISIN# COMMON STOCK 744375205 2932 193500 SH SOLE 193500 0 0 PUTNAM PREMIER INCOMETR SH BEN COMMON STOCK 746853100 4837 921287 SH SOLE 921287 0 0 PZENA INVT MGMT INC CLA COMMON STOCK 74731q103 15691 1658667 SH SOLE 1658667 0 0 REDWOOD TRUST INC COMMON STOCK 758075402 4337 220175 SH SOLE 220175 0 0 REIS INC COM ISIN#US75936P1057 COMMON STOCK 75936p105 6268 239515 SH SOLE 239515 0 0 REPUBLIC SERVICES INCCOM COMMON STOCK 760759100 2883 71638 SH SOLE 71638 0 0 RIGNET INC COM COMMON STOCK 766582100 3604 87830 SH SOLE 87830 0 0 ROUSE PPTYS INC COM COMMON STOCK 779287101 8497 458779 SH SOLE 458779 0 0 ROYCE GLOBAL VALUE TRINC COM I COMMON STOCK 78081t104 663 82507 SH SOLE 82507 0 0 ROYCE MICRO-CAP TR INCCOM ISIN COMMON STOCK 780915104 838 83094 SH SOLE 83094 0 0 ROYCE VALUE TR INC COM ISIN#US COMMON STOCK 780910105 2167 151249 SH SOLE 151249 0 0 SALEM COMMUNICATIONS CORP. COMMON STOCK 794093104 3599 460270 SH SOLE 460270 0 0 SCRIPPS E W CO OHIO CLA NEW COMMON STOCK 811054402 7156 320167 SH SOLE 320167 0 0 SHILOH INDUSTRIES INC COMMON STOCK 824543102 2588 164500 SH SOLE 164500 0 0 SILVERCREST ASSET MGMTGROUP I COMMON STOCK 828359109 3457 220900 SH SOLE 220900 0 0 SIMULATIONS PLUS INC COM ISIN# COMMON STOCK 829214105 4514 675763 SH SOLE 675763 0 0 SOLAR CAPITAL LTD COMMON STOCK 83413u100 3722 206655 SH SOLE 206655 0 0 SP PLUS CORP COM COMMON STOCK 78469c103 6349 251651 SH SOLE 251651 0 0 SPOK HLDGS INC COM ISIN#US8486 COMMON STOCK 84863t106 10410 599637 SH SOLE 599637 0 0 STONECASTLE FINANCIAL CORPORAT COMMON STOCK 861780104 1739 89326 SH SOLE 89326 0 0 SUPERIOR UNIFORM GROUP COMMON STOCK 868358102 749 25500 SH SOLE 25500 0 0 SUPREME INDUSTRIES INC. 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