# Punch & Associates Investment Management, Inc.

> 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.

- CRD: 117962
- Filed as: PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Edina, MN
- Filing period: October 2026
- Form ADV filing dated: April 30, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/117962
- AdvisorCensus page: https://advisorcensus.com/firm/punch-and-associates-investment-management-inc-edina-mn-117962

## Quick answers

**How is Punch & Associates Investment Management, Inc. compensated?**
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.

**Where is Punch & Associates Investment Management, Inc. located?**
Punch & Associates Investment Management, Inc.'s principal office is in Edina, MN, according to its Form ADV.

**Is Punch & Associates Investment Management, Inc. registered with the SEC or a state?**
Punch & Associates Investment Management, Inc. is an SEC-registered investment advisory firm, registered since 2002. Status as filed: Approved. CRD 117962.

**How much does Punch & Associates Investment Management, Inc. manage?**
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).

**How have Punch & Associates Investment Management, Inc.'s assets and staff changed since 2021?**
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.

**What types of clients does Punch & Associates Investment Management, Inc. serve?**
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).

**Which custodians does Punch & Associates Investment Management, Inc. use?**
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.

**Does Punch & Associates Investment Management, Inc. report any disciplinary disclosures?**
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

**What changed in Punch & Associates Investment Management, Inc.'s recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 17 to 18. Registered or notice-filed in IA.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Fixed fees (other than subscription fees)
- Performance-based fees
- Other

### Custodians (Schedule D, Section 5.K(3))
- Fidelity Brokerage Services LLC

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.

### Regulatory assets under management (Item 5.F)
- Total: $2,026,865,282
- Discretionary: $2,026,865,282
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 208 | $72,211,627 |
| High net worth individuals | 333 | $1,346,930,645 |
| Banking or thrift institutions | 0 | Not reported |
| Investment companies | 1 | $0 |
| Business development companies | 0 | Not reported |
| Pooled investment vehicles (other than investment companies and business development companies) | 2 | $386,524,074 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 3 | $110,262,594 |
| Charitable organizations | 9 | $70,995,900 |
| State or municipal government entities (including government pension plans) | 0 | Not reported |
| Other investment advisers | 1 | $0 |
| Insurance companies | 0 | Not reported |
| Sovereign wealth funds and foreign official institutions | 0 | Not reported |
| Corporations or other businesses not listed above | 5 | $39,940,442 |
| Other | 0 | Not reported |

### Advisory services (Item 5.G)
- 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

### Firm details
- Registered since: 2002 (24 years)
- Employees: 34 total, 18 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: AZ, CA, CO, FL, IA, IL, IN, LA, MN, MT, NC, SD, TX, WA, WI
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- [punchinvest.com](https://punchinvest.com)
- LinkedIn @punch-&-associates-investment-management-inc-

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,602,219,240 | 15 | March 31, 2021 |
| October 2022 | $2,075,143,444 | 23 | March 31, 2022 |
| October 2023 | $1,773,093,800 | 24 | July 11, 2023 |
| October 2024 | $1,855,474,674 | 28 | March 29, 2024 |
| October 2025 | $2,086,855,319 | 31 | April 29, 2025 |
| October 2026 | $2,026,865,282 | 34 | April 30, 2026 |

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.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 17 to 18.
- Registered or notice-filed in IA.

### January 2026
- No longer registered or notice-filed in DC, MA, MI, ND, VA.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Punch & Associates Investment Management, Inc. (CRD 117962): Form ADV filing data as of October 2026.