0001398344-22-022086.txt : 20221114 0001398344-22-022086.hdr.sgml : 20221114 20221114153146 ACCESSION NUMBER: 0001398344-22-022086 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20220930 FILED AS OF DATE: 20221114 DATE AS OF CHANGE: 20221114 EFFECTIVENESS DATE: 20221114 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: 221384428 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 09-30-2022 09-30-2022 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 11-14-2022 0 221 1432689 INFORMATION TABLE 2 fp0080752-1_13fhr-table.xml 13F INFORMATION TABLE 180 DEGREE CAP CORP COM NEW 68235B208 3788 689951 SH SOLE 689951 0 0 3M CO COM 88579Y101 1870 16922 SH SOLE 16922 0 0 A10 NETWORKS INC COM 002121101 12610 950250 SH SOLE 950250 0 0 ABBVIE INC COM 00287Y109 450 3350 SH SOLE 3350 0 0 ACCENTURE PLC IRELAND SHS CLASS A G1151C101 9051 35177 SH SOLE 35177 0 0 ACRES COMMERCIAL REALTY CORP COM NEW 00489Q102 6491 796427 SH SOLE 796427 0 0 ADDUS HOMECARE CORP COM 006739106 13427 140979 SH SOLE 140979 0 0 AGILYSYS INC COM 00847J105 12685 229184 SH SOLE 229184 0 0 AGNC INVT CORP COM 00123Q104 6653 790141 SH SOLE 790141 0 0 ALAMO GROUP INC COM 011311107 8540 69849 SH SOLE 69849 0 0 ALLIED MOTION TECHNOLOGIES I COM 019330109 9551 333722 SH SOLE 333722 0 0 ALPHABET INC CAP STK CL A 02079K305 8072 84395 SH SOLE 84395 0 0 ALPHABET INC CAP STK CL C 02079K107 785 8162 SH SOLE 8162 0 0 ALPS ETF TR ALERIAN MLP 00162Q452 12614 345029 SH SOLE 345029 0 0 ALTA EQUIPMENT GROUP INC COMMON STOCK 02128L106 9401 853833 SH SOLE 853833 0 0 AMERCO COM 023586100 9039 17751 SH SOLE 17751 0 0 AMERIPRISE FINL INC COM 03076C106 9255 36735 SH SOLE 36735 0 0 AMGEN INC COM 031162100 225 1000 SH SOLE 1000 0 0 APPLE INC COM 037833100 629 4551 SH SOLE 4551 0 0 ARBOR REALTY TRUST INC COM 038923108 6355 552604 SH SOLE 552604 0 0 ARCOSA INC COM 039653100 16123 281968 SH SOLE 281968 0 0 ARES CAPITAL CORP COM 04010L103 6637 393177 SH SOLE 393177 0 0 ARLINGTON ASSET INVST CORP CL A NEW 041356205 4130 1518315 SH SOLE 1518315 0 0 ASTRONOVA INC COM 04638F108 5685 485923 SH SOLE 485923 0 0 AT&T INC COM 00206R102 7387 481552 SH SOLE 481552 0 0 ATLAS CORP SHARES Y0436Q109 22679 1631608 SH SOLE 1631608 0 0 AUTOSCOPE TECHNOLOGIES CORP COM 053306106 298 65600 SH SOLE 65600 0 0 AVIAT NETWORKS INC COM NEW 05366Y201 12273 448263 SH SOLE 448263 0 0 AVID BIOSERVICES INC COM 05368M106 15800 826347 SH SOLE 826347 0 0 AWARE INC MASS COM 05453N100 1789 1004847 SH SOLE 1004847 0 0 B. RILEY FINANCIAL INC COM 05580M108 30095 675998 SH SOLE 675998 0 0 BK OF AMERICA CORP COM 060505104 297 9845 SH SOLE 9845 0 0 BAR HBR BANKSHARES COM 066849100 9956 375425 SH SOLE 375425 0 0 BARINGS BDC INC COM 06759L103 23181 2803009 SH SOLE 2803009 0 0 BASSETT FURNITURE INDS INC COM 070203104 636 40530 SH SOLE 40530 0 0 BCE INC COM NEW 05534B760 8390 200044 SH SOLE 200044 0 0 BERKSHIRE HATHAWAY INC DEL CL A 084670108 1219 3 SH SOLE 3 0 0 BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 12250 45875 SH SOLE 45875 0 0 BLUELINX HLDGS INC COM NEW 09624H208 34536 556140 SH SOLE 556140 0 0 BOEING CO COM 097023105 4837 39945 SH SOLE 39945 0 0 BOSTON SCIENTIFIC CORP COM 101137107 527 13611 SH SOLE 13611 0 0 BRIDGEWATER BANCSHARES INC COM ACCD INV 108621103 10611 644273 SH SOLE 644273 0 0 BRIGHTVIEW HLDGS INC COM 10948C107 7087 892578 SH SOLE 892578 0 0 BRISTOL-MYERS SQUIBB CO COM 110122108 227 3200 SH SOLE 3200 0 0 BROADMARK RLTY CAP INC COM 11135B100 5541 1084255 SH SOLE 1084255 0 0 BRUNSWICK CORP COM 117043109 8013 122432 SH SOLE 122432 0 0 BUILDERS FIRSTSOURCE INC COM 12008R107 12010 203836 SH SOLE 203836 0 0 CAPITAL SOUTHWEST CORP COM 140501107 8857 522835 SH SOLE 522835 0 0 CARRIER GLOBAL CORPORATION COM 14448C104 5097 143332 SH SOLE 143332 0 0 CELCUITY INC COM 15102K100 602 60000 SH SOLE 60000 0 0 CHARLES & COLVARD LTD COM 159765106 1859 1919745 SH SOLE 1919745 0 0 CHEVRON CORP NEW COM 166764100 307 2139 SH SOLE 2139 0 0 CINTAS CORP COM 172908105 9577 24671 SH SOLE 24671 0 0 CION INVT CORP COM 17259U204 8633 1015623 SH SOLE 1015623 0 0 CIVEO CORP CDA COM NEW 17878Y207 1832 72909 SH SOLE 72909 0 0 WAYSIDE TECHNOLOGY GROUP INC COM 946760105 3681 136950 SH SOLE 136950 0 0 COLUMBUS MCKINNON CORP N Y COM 199333105 7955 304086 SH SOLE 304086 0 0 CSW INDUSTRIALS INC COM 126402106 11857 98977 SH SOLE 98977 0 0 CVS HEALTH CORP COM 126650100 8110 85041 SH SOLE 85041 0 0 DEERE & CO COM 244199105 9023 27023 SH SOLE 27023 0 0 DHI GROUP INC COM 23331S100 13436 2497430 SH SOLE 2497430 0 0 DIAMOND HILL INVT GROUP INC COM NEW 25264R207 3251 19700 SH SOLE 19700 0 0 DIGI INTL INC COM 253798102 24600 711595 SH SOLE 711595 0 0 DISNEY WALT CO COM 254687106 7861 83331 SH SOLE 83331 0 0 DISTRIBUTION SOLUTIONS GRP I COM 520776105 3797 134805 SH SOLE 134805 0 0 DLH HLDGS CORP COM 23335Q100 7117 580020 SH SOLE 580020 0 0 DOCGO INC COM 256086109 7903 796683 SH SOLE 796683 0 0 DOUGLAS DYNAMICS INC COM 25960R105 7657 273264 SH SOLE 273264 0 0 ECOFIN SUSTAINABLE AND SOCIA COM SH BEN INT 27901F109 7726 606468 SH SOLE 606468 0 0 ECOLAB INC COM 278865100 751 5200 SH SOLE 5200 0 0 EDWARDS LIFESCIENCES CORP COM 28176E108 248 3000 SH SOLE 3000 0 0 ELECTROMED INC COM 285409108 4256 415265 SH SOLE 415265 0 0 ELEVANCE HEALTH INC COM 036752103 11450 25207 SH SOLE 25207 0 0 ENSTAR GROUP LIMITED SHS G3075P101 8641 50950 SH SOLE 50950 0 0 EPSILON ENERGY LTD COM 294375209 635 100468 SH SOLE 100468 0 0 EQUITY COMWLTH COM SH BEN INT 294628102 5606 230129 SH SOLE 230129 0 0 EQUITY COMWLTH 6.5% CNV PFD D 294628201 2312 88359 SH SOLE 88359 0 0 ETSY INC COM 29786A106 7715 77049 SH SOLE 77049 0 0 EVOLUTION PETE CORP COM 30049A107 139 19965 SH SOLE 19965 0 0 FIRST TR HIGH YIELD OPPRT 20 COM 33741Q107 8409 624276 SH SOLE 624276 0 0 FIRST TR MLP & ENERGY INCOM COM 33739B104 1966 275000 SH SOLE 275000 0 0 FIRST WESTN FINL INC COM 33751L105 5620 228002 SH SOLE 228002 0 0 FISERV INC COM 337738108 9954 106377 SH SOLE 106377 0 0 FLEXSTEEL INDS INC COM 339382103 3082 196300 SH SOLE 196300 0 0 FRANCHISE GROUP INC COM 35180X105 20562 846186 SH SOLE 846186 0 0 FRANKLIN COVEY CO COM 353469109 22534 496447 SH SOLE 496447 0 0 GENTHERM INC COM 37253A103 5141 103380 SH SOLE 103380 0 0 GLOBAL SHIP LEASE INC NEW COM CL A Y27183600 29347 1859764 SH SOLE 1859764 0 0 GLOBE LIFE INC COM 37959E102 440 4410 SH SOLE 4410 0 0 GREEN BRICK PARTNERS INC COM 392709101 23235 1086783 SH SOLE 1086783 0 0 HACKETT GROUP INC COM 404609109 18330 1034435 SH SOLE 1034435 0 0 HARVARD BIOSCIENCE INC COM 416906105 6972 2723471 SH SOLE 2723471 0 0 HEALTHSTREAM INC COM 42222N103 13307 625904 SH SOLE 625904 0 0 HERITAGE CRYSTAL CLEAN INC COM 42726M106 26681 902310 SH SOLE 902310 0 0 HERITAGE GLOBAL INC COM 42727E103 4196 2606030 SH SOLE 2606030 0 0 LUMENT FINANCE TRUST INC COM 55025L108 3517 1628287 SH SOLE 1628287 0 0 IAC INC COM NEW 44891N208 4834 87296 SH SOLE 87296 0 0 INDUS REALTY TRUST INC COM 45580R103 228 4345 SH SOLE 4345 0 0 INFUSYSTEM HLDGS INC COM 45685K102 5323 761463 SH SOLE 761463 0 0 INTEL CORP COM 458140100 387 15008 SH SOLE 15008 0 0 IRIDEX CORP COM 462684101 394 163466 SH SOLE 163466 0 0 ISHARES TR CORE DIV GRWTH 46434V621 28 631 SH SOLE 631 0 0 ISHARES INC CORE MSCI EMKT 46434G103 3401 79140 SH SOLE 79140 0 0 ISHARES TR CORE MSCI EURO 46434V738 2560 64746 SH SOLE 64746 0 0 ISHARES TR CORE MSCI INTL 46435G326 1341 27752 SH SOLE 27752 0 0 ISHARES TR CORE S&P500 ETF 464287200 90 252 SH SOLE 252 0 0 ISHARES TR CORE S&P MCP ETF 464287507 94 429 SH SOLE 429 0 0 ISHARES TR CORE S&P SCP ETF 464287804 101 1161 SH SOLE 1161 0 0 ISHARES TR CORE S&P TTL STK 464287150 155 1950 SH SOLE 1950 0 0 ISHARES TR CORE US AGGBD ET 464287226 237 2465 SH SOLE 2465 0 0 ISHARES TR DOW JONES US ETF 464287846 8 94 SH SOLE 94 0 0 ISHARES TR RUSSELL 2000 ETF 464287655 5357 32481 SH SOLE 32481 0 0 ISHARES TR S&P 500 GRWT ETF 464287309 13393 231506 SH SOLE 231506 0 0 ISHARES TR S&P 500 VAL ETF 464287408 6373 49591 SH SOLE 49591 0 0 ISHARES TR S&P MC 400GR ETF 464287606 19 300 SH SOLE 300 0 0 ISHARES TR SELECT DIVID ETF 464287168 17 156 SH SOLE 156 0 0 ISHARES TR SP SMCP600VL ETF 464287879 4285 51975 SH SOLE 51975 0 0 ISHARES TR U.S. TECH ETF 464287721 5 71 SH SOLE 71 0 0 ISSUER DIRECT CORP COM NEW 46520M204 1015 50000 SH SOLE 50000 0 0 JOHNSON & JOHNSON COM 478160104 10872 66551 SH SOLE 66551 0 0 JPMORGAN CHASE & CO COM 46625H100 8031 76854 SH SOLE 76854 0 0 KIMBALL ELECTRONICS INC COM 49428J109 6938 404550 SH SOLE 404550 0 0 KINDER MORGAN INC DEL COM 49456B101 9548 573807 SH SOLE 573807 0 0 KINGSTONE COS INC COM 496719105 918 345129 SH SOLE 345129 0 0 KKR & CO INC COM 48251W104 7243 168436 SH SOLE 168436 0 0 LANDEC CORP COM 514766104 6429 723200 SH SOLE 723200 0 0 LEGACY HOUSING CORP COM 52472M101 5409 315400 SH SOLE 315400 0 0 LILLY ELI & CO COM 532457108 3551 10981 SH SOLE 10981 0 0 LINCOLN EDL SVCS CORP COM 533535100 4656 855800 SH SOLE 855800 0 0 LIQUIDITY SVCS INC COM 53635B107 748 46000 SH SOLE 46000 0 0 LITHIA MTRS INC COM 536797103 8009 37331 SH SOLE 37331 0 0 LOGAN RIDGE FINANCE CORP COM 541098109 2081 115885 SH SOLE 115885 0 0 LUNA INNOVATIONS INC COM 550351100 5556 1251278 SH SOLE 1251278 0 0 MADDEN STEVEN LTD COM 556269108 5186 194441 SH SOLE 194441 0 0 MALIBU BOATS INC COM CL A 56117J100 10471 218201 SH SOLE 218201 0 0 MASTERCRAFT BOAT HLDGS INC COM 57637H103 8030 425999 SH SOLE 425999 0 0 MCDONALDS CORP COM 580135101 434 1880 SH SOLE 1880 0 0 MEDTRONIC PLC SHS G5960L103 258 3200 SH SOLE 3200 0 0 MICROSOFT CORP COM 594918104 15359 65945 SH SOLE 65945 0 0 MIRION TECHNOLOGIES INC COM CL A 60471A101 87 11700 SH SOLE 11700 0 0 MOTOROLA SOLUTIONS INC COM NEW 620076307 218 973 SH SOLE 973 0 0 NOODLES & CO COM CL A 65540B105 2150 457500 SH SOLE 457500 0 0 NORTHERN TECHNOLOGIES INTL C COM 665809109 6804 511232 SH SOLE 511232 0 0 NUVEEN PFD & INCOME TERM FD COM 67075A106 5261 285623 SH SOLE 285623 0 0 NVE CORP COM NEW 629445206 4854 104055 SH SOLE 104055 0 0 OAKTREE SPECIALTY LENDING CO COM 67401P108 10145 1690782 SH SOLE 1690782 0 0 ORACLE CORP COM 68389X105 7461 122166 SH SOLE 122166 0 0 PAR PAC HOLDINGS INC COM NEW 69888T207 20050 1221787 SH SOLE 1221787 0 0 PAYPAL HLDGS INC COM 70450Y103 288 3348 SH SOLE 3348 0 0 PERFORMANT FINL CORP COM 71377E105 4503 2434100 SH SOLE 2434100 0 0 PERMA-FIX ENVIRONMENTAL SVCS COM NEW 714157203 2024 451824 SH SOLE 451824 0 0 PFIZER INC COM 717081103 859 19621 SH SOLE 19621 0 0 PHIBRO ANIMAL HEALTH CORP CL A COM 71742Q106 2952 222122 SH SOLE 222122 0 0 PHX MINERALS INC CL A 69291A100 1136 350587 SH SOLE 350587 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