{
  "crd_number": 117962,
  "slug": "punch-and-associates-investment-management-inc-edina-mn-117962",
  "primary_business_name": "PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.",
  "legal_name": "PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.",
  "dbas": [],
  "city": "Edina",
  "state": "MN",
  "country": "United States",
  "cbsa_code": "33460",
  "metro": {
    "cbsa_code": "33460",
    "common_name": "Minneapolis",
    "msa_name": "Minneapolis-St. Paul-Bloomington, MN-WI",
    "path": "/advisors/mn/minneapolis"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2002-05-31",
  "years_registered": 24,
  "period": "2026-10-01",
  "filing_date": "2026-04-30",
  "carried_forward": false,
  "raum_total": 2026865282.0,
  "raum_discretionary": 2026865282.0,
  "raum_non_discretionary": 0.0,
  "raum_band": "1b_5b",
  "raum_band_label": "$1 billion to $5 billion",
  "total_employees": 34,
  "advisory_employees": 18,
  "client_count_bucket": "fewer_than_5_in_some_types",
  "clients_by_type": {
    "other": {
      "raum": null,
      "count": 0
    },
    "charitable": {
      "raum": 70995900.0,
      "count": 9
    },
    "individuals": {
      "raum": 72211627.0,
      "count": 208
    },
    "banking_thrift": {
      "raum": null,
      "count": 0
    },
    "state_municipal": {
      "raum": null,
      "count": 0
    },
    "insurance_companies": {
      "raum": null,
      "count": 0
    },
    "investment_companies": {
      "raum": 0.0,
      "count": 1
    },
    "pension_profit_sharing": {
      "raum": 110262594.0,
      "count": 3,
      "fewer_than_5": true
    },
    "other_investment_advisers": {
      "raum": 0.0,
      "count": 1,
      "fewer_than_5": true
    },
    "high_net_worth_individuals": {
      "raum": 1346930645.0,
      "count": 333
    },
    "pooled_investment_vehicles": {
      "raum": 386524074.0,
      "count": 2
    },
    "corporations_other_businesses": {
      "raum": 39940442.0,
      "count": 5
    },
    "business_development_companies": {
      "raum": null,
      "count": 0
    },
    "sovereign_wealth_foreign_official": {
      "raum": null,
      "count": 0
    }
  },
  "compensation_types": [
    "fixed",
    "other",
    "percentage_of_aum",
    "performance_based"
  ],
  "advisory_activities": [
    "financial_planning",
    "other",
    "periodicals_newsletters",
    "portfolio_management_businesses_institutional",
    "portfolio_management_individuals",
    "portfolio_management_investment_companies",
    "portfolio_management_pooled_vehicles"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [
    "AZ",
    "CA",
    "CO",
    "FL",
    "IA",
    "IL",
    "IN",
    "LA",
    "MN",
    "MT",
    "NC",
    "SD",
    "TX",
    "WA",
    "WI"
  ],
  "websites": [
    "https://linkedin.com/company/punch-&-associates-investment-management-inc-/posts?feedView=all",
    "https://punchinvest.com"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/117962",
  "city_as_filed": "EDINA",
  "url": "https://advisorcensus.com/firm/punch-and-associates-investment-management-inc-edina-mn-117962",
  "display_name": "Punch & Associates Investment Management, Inc.",
  "summary": "Punch & Associates Investment Management, Inc. is an SEC-registered investment advisory firm in Edina, MN, registered since 2002, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated April 30, 2026.",
  "citation": "AdvisorCensus. Punch & Associates Investment Management, Inc. (CRD 117962): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Fixed fees (other than subscription fees)",
    "Performance-based fees",
    "Other"
  ],
  "advisory_activity_labels": [
    "Financial planning services",
    "Portfolio management for individuals and/or small businesses",
    "Portfolio management for investment companies (and business development companies)",
    "Portfolio management for pooled investment vehicles (other than investment companies)",
    "Portfolio management for businesses (other than small businesses) or institutional clients",
    "Publication of periodicals or newsletters",
    "Other"
  ],
  "quick_answers": [
    {
      "q": "How is Punch & Associates Investment Management, Inc. compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Punch & Associates Investment Management, Inc. reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees); performance-based fees; other. The amounts are in Item 5 of its Form ADV Part 2A brochure."
    },
    {
      "q": "Where is Punch & Associates Investment Management, Inc. located?",
      "a": "Punch & Associates Investment Management, Inc.'s principal office is in Edina, MN, according to its Form ADV."
    },
    {
      "q": "Is Punch & Associates Investment Management, Inc. registered with the SEC or a state?",
      "a": "Punch & Associates Investment Management, Inc. is an SEC-registered investment advisory firm, registered since 2002. Status as filed: Approved. CRD 117962."
    },
    {
      "q": "How much does Punch & Associates Investment Management, Inc. manage?",
      "a": "Punch & Associates Investment Management, Inc. reports $2,026,865,282 in regulatory assets under management in its Form ADV filing dated April 30, 2026 (100% discretionary)."
    },
    {
      "q": "How have Punch & Associates Investment Management, Inc.'s assets and staff changed since 2021?",
      "a": "In the Form ADV data for Punch & Associates Investment Management, Inc.: Regulatory assets under management: $1,602,219,240 in the October 2021 data and $2,026,865,282 in the October 2026 data, up 27%. Total employees: 15 in October 2021 and 34 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Punch & Associates Investment Management, Inc. serve?",
      "a": "By number of clients on Form ADV Item 5.D: high net worth individuals (333); individuals (other than high net worth individuals) (208); charitable organizations (9)."
    },
    {
      "q": "Which custodians does Punch & Associates Investment Management, Inc. use?",
      "a": "Punch & Associates Investment Management, Inc.'s most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Fidelity Brokerage Services LLC as a custodian holding 10% or more of its separately managed account assets."
    },
    {
      "q": "Does Punch & Associates Investment Management, Inc. report any disciplinary disclosures?",
      "a": "Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/117962"
    },
    {
      "q": "What changed in Punch & Associates Investment Management, Inc.'s recent Form ADV filings?",
      "a": "In the April 2026 filing data: Employees performing advisory functions went from 17 to 18. Registered or notice-filed in IA."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 1602219240.0,
      "total_employees": 15,
      "filing_date": "2021-03-31"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 2075143444.0,
      "total_employees": 23,
      "filing_date": "2022-03-31"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 1773093800.0,
      "total_employees": 24,
      "filing_date": "2023-07-11"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 1855474674.0,
      "total_employees": 28,
      "filing_date": "2024-03-29"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 2086855319.0,
      "total_employees": 31,
      "filing_date": "2025-04-29"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 2026865282.0,
      "total_employees": 34,
      "filing_date": "2026-04-30"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Employees performing advisory functions went from 17 to 18.",
        "Registered or notice-filed in IA."
      ]
    },
    {
      "period": "2026-01-01",
      "period_label": "January 2026",
      "notes": [
        "No longer registered or notice-filed in DC, MA, MI, ND, VA."
      ]
    }
  ],
  "fees_from_brochure": null,
  "custodians": [
    {
      "name": "Fidelity Brokerage Services LLC",
      "name_as_filed": "FIDELITY BROKERAGE SERVICES LLC",
      "affiliated": false
    }
  ],
  "custodians_note": "Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.",
  "markdown_url": "https://advisorcensus.com/firm/punch-and-associates-investment-management-inc-edina-mn-117962.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 208,
      "fewer_than_5": false,
      "raum": 72211627.0
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 333,
      "fewer_than_5": false,
      "raum": 1346930645.0
    },
    {
      "type": "banking_thrift",
      "label": "Banking or thrift institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": 1,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "business_development_companies",
      "label": "Business development companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 2,
      "fewer_than_5": false,
      "raum": 386524074.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 3,
      "fewer_than_5": true,
      "raum": 110262594.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": 9,
      "fewer_than_5": false,
      "raum": 70995900.0
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "other_investment_advisers",
      "label": "Other investment advisers",
      "count": 1,
      "fewer_than_5": true,
      "raum": 0.0
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "sovereign_wealth_foreign_official",
      "label": "Sovereign wealth funds and foreign official institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 5,
      "fewer_than_5": false,
      "raum": 39940442.0
    },
    {
      "type": "other",
      "label": "Other",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    }
  ],
  "disclosure_line": "Reports no disclosure items on Form ADV Item 11.",
  "disclosure_items": [],
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/117962",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}