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RIA / WealthRegistered adviserindependent wealth managerSEC registeredRAUM 1b 10b

PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.

CRD 117962

EDINA, MN

This is the graph view. The full profile, with its team, deals and sources, is on RIA / Wealth Management.Open the full profile →

Search this name across graphsid dfx:ria:f02eb620-29a7-06bc-017c-709b95e288b7

Data as of Apr 30, 2026 (this record's last observation) from federal regulator filings. Page built Sep 20, 2026, 6:46 PM UTC and rebuilt at most every 15 minutes.

Relationships: 28
Dated events: 7
On other graphs: 0
Observed: Mar 30, 2012 to Apr 30, 2026
26 observations

Across DFX

This entity has not been resolved onto another DFX graph by a shared identifier. A name match elsewhere would be a candidate, never an identity, and none is recorded.

Facts

fact = as filed or announced; derived = computed by DFX; estimate = a band, never a point

Firm class: independent wealth managerderivedprivate_client_share=0.7 fund_share=0.19 institutional_share=0.09 related_bd=false related_bank=false bd_reps=0.0
Regulatory AUM: $2.0BItem 5.F on the latest filing (2026-04-30); as reported, and an affiliate's assets may be counted again on its own filing
Discretionary RAUM: $2.0B
Private client RAUM: $1.4BderivedItem 5.D individuals plus high net worth individuals
Private client share: 70%derivedprivate client RAUM over total RAUM
Advisors on IAPD: 17
RAUM per advisor: $119Mderivedthe firm's RAUM over its IAPD headcount: a firm average, never a person's book
Employees: 34
Advisory employees: 18
Offices: 0Schedule D 1.F, beyond the principal office
Accounts: 559
Individual clients: 208
High net worth clients: 333
Private funds: 2Schedule D 7.B(1)
Custody, client assets: $1.1B
SEC number: 801-61205
CIK: 1238990
CRD: 117962
Filings on the tape: 26
First filed: Mar 30, 2012
Latest filed: Apr 30, 2026
Organised: Corporation, MN

Advisors on IAPD

current investment adviser representatives on the IAPD individual feed, longest tenure first

Advisor	Designations	Branch	Years here	In industry	Prior firms	Dual registered
HOWARD DEAN PUNCH	n/a	EDINA, MN	23	42	n/a	no
JOHN CLAUDE CARRAUX	Chartered Financial Analyst\|Chartered Investment Counselor	EDINA, MN	12	22	n/a	no
ANDREW JOHN MATYSIK	n/a	EDINA, MN	12	27	1	no
KEVIN ROBERT WORMS-LYNCH	n/a	EDINA, MN	12	14	n/a	no
ANDREA BARKLEY	n/a	Edina, MN	9	27	1	no
PAUL TRUEMAN DWYER	Chartered Financial Analyst	Edina, MN	9	13	n/a	no
Jessica Brooke Johnson	n/a	EDINA, MN	8	17	n/a	no
Ruth Triplet Langworthy	n/a	EDINA, MN	6	12	n/a	no
Patrick Samuel Sheldon	n/a	EDINA, MN	5	10	n/a	no
Ryan Punch	Certified Financial Planner	EDINA, MN	5	10	1	no
ANTHONY EVAN PERALA	Chartered Financial Analyst	EDINA, MN	4	10	n/a	no
James Aaron Hannack	n/a	EDINA, MN	3	12	n/a	no
Linnea Emelie Akesson	n/a	EDINA, MN	3	13	n/a	no
Cory Stewart Kiner	n/a	EDINA, MN	3	22	n/a	no
Khalil Harris	Certified Financial Planner	EDINA, MN	2	11	2	no
Samuel C Ludzack	Chartered Financial Analyst	EDINA, MN	1	17	n/a	no
HEATHER REZAB	n/a	EDINA, MN	1	13	2	no

Private funds

Schedule D 7.B(1); gross asset value as reported, never fund size; reporting ends 2024-12-31

Fund	Type	Reported GAV	As of	Owners	First reported	Status	Form D file
PUNCH MICRO CAP PARTNERS, LLC	Hedge Fund	$303M	Apr 30, 2026	97	Mar 30, 2012	reported	021-194421
PUNCH NANO CAP PARTNERS I, LLC	Hedge Fund	$83.7M	Apr 30, 2026	36	Mar 29, 2019	reported	021-308376

Owners and control persons

Schedule A and B as filed; ownership codes are the form's bands (NA under 5%, A 5 to 10%, B 10 to 25%, C 25 to 50%, D 50 to 75%, E over 75%); people are listed as filed and never merged by name

Owner	Title	Ownership code	Control person	Acquired	First seen	Last seen
CARRAUX, JOHN, CLAUDE	MANAGING PARTNER & PORTFOLIO MANAGER	B	yes	01/2013	Apr 30, 2026	Apr 30, 2026
DWYER, PAUL, TRUEMAN	MANAGING PARTNER & PORTFOLIO MANAGER	A	yes	07/2023	Apr 30, 2026	Apr 30, 2026
Johnson, Jessica, Brooke	MANAGING PARTNER	A	yes	07/2017	Apr 30, 2026	Apr 30, 2026
PUNCH, HOWARD, DEAN	CHIEF INVESTMENT OFFICER	D	yes	07/2001	Apr 30, 2026	Apr 30, 2026
SPICER, TODD, LEWIS	CHIEF COMPLIANCE OFFICER	Na	yes	06/2023	Apr 30, 2026	Apr 30, 2026
Kiner, Cory, Stewart	CHIEF FINANCIAL OFFICER	Na	yes	11/2022	Mar 31, 2023	Mar 29, 2024
MATYSIK, ANDREW, JOHN	CHIEF EXECUTIVE OFFICER	B	yes	01/2024	Mar 30, 2012	Mar 29, 2024

Regulatory AUM by fiscal year

annual amendments (and the roster's annual snapshot) as filed; where a year was amended twice the later filing draws the line; showing 15 of 16

Fiscal year	Filed	RAUM	Discretionary	Employees	Advisory staff	Offices	Private funds	Fund GAV
2025	Apr 30, 2026	$2.0B	$2.0B	34	18	0	2	n/a
2024	Apr 29, 2025	$2.1B	$2.1B	31	17	0	2	n/a
2023	Mar 29, 2024	$1.9B	$1.9B	28	15	0	2	$317M
2022	Mar 31, 2023	$1.8B	$1.7B	24	14	0	2	$277M
2021	Mar 31, 2022	$2.1B	$2.1B	23	12	0	2	$345M
2020	Mar 31, 2021	$1.6B	$1.6B	15	11	0	2	$252M
2019	Mar 27, 2020	$1.4B	$1.4B	15	10	0	2	$207M
2018	Mar 29, 2019	$1.2B	$1.2B	15	9	0	2	$184M
2017	Mar 30, 2018	$1.2B	$1.2B	14	7	0	1	$181M
2016	Mar 30, 2017	$1.1B	$1.1B	12	7	n/a	1	$167M
2015	Mar 30, 2016	$938M	$938M	11	6	n/a	1	$132M
2014	Mar 27, 2015	$868M	$868M	10	6	n/a	1	$120M
2013	Mar 27, 2014	$833M	$833M	11	7	n/a	1	$116M
2012	Apr 1, 2013	$643M	$643M	10	6	n/a	1	$79.0M
2011	Mar 30, 2012	$489M	$476M	n/a	n/a	n/a	1	$60.0M

Advisor flows

derived: registrations beginning and ending at this CRD on IAPD, bulk corporate re-registrations excluded; the rate is departures over IAPD headcount

Joined, 12m	Left, 12m	Net, 12m	Departure rate, 12m	Joined, 90d	Left, 90d	Left, no destination yet	Joined, 36m	Left, 36m
0	0	0	0.0%	0	0	0	2	2

Growth

derived from consecutive annual filings; RAUM as reported

Latest fiscal year	RAUM	A year earlier	1y change	Three years earlier	3y CAGR	Employees	A year earlier	Offices	A year earlier
2025	$2.0B	$2.1B	-2.9%	$1.8B	4.6%	34	31	0	0

Relationships

Registered with (19)

← HEATHER REZABAdvisorregistration: current employment
Aug 29, 2025 to presentfactForm ADV
← Samuel C LudzackAdvisorregistration: current employment
Dec 20, 2024 to presentfactForm ADV
← Khalil HarrisAdvisorregistration: current employment
Mar 19, 2024 to presentfactForm ADV
← Cory Stewart KinerAdvisorregistration: current employment
Jul 28, 2023 to presentfactForm ADV
← Linnea Emelie AkessonAdvisorregistration: current employment
May 4, 2023 to presentfactForm ADV
← James Aaron HannackAdvisorregistration: current employment
May 1, 2023 to presentfactForm ADV
← ANTHONY EVAN PERALAAdvisorregistration: current employment
Nov 2, 2021 to presentfactForm ADV
← Ryan PunchAdvisorregistration: current employment
Mar 30, 2021 to presentfactForm ADV
← Patrick Samuel SheldonAdvisorregistration: current employment
Nov 6, 2020 to presentfactForm ADV
← Ruth Triplet LangworthyAdvisorregistration: current employment
Feb 10, 2020 to presentfactForm ADV
← Jessica Brooke JohnsonAdvisorregistration: current employment
Oct 2, 2017 to presentfactForm ADV
← PAUL TRUEMAN DWYERAdvisorregistration: current employment
Mar 30, 2017 to presentfactForm ADV
← ANDREA BARKLEYAdvisorregistration: current employment
Mar 7, 2017 to presentfactForm ADV
← ANDREW JOHN MATYSIKAdvisorregistration: current employment
Jan 23, 2014 to presentfactForm ADV
← KEVIN ROBERT WORMS-LYNCHAdvisorregistration: current employment
Jan 23, 2014 to presentfactForm ADV
← JOHN CLAUDE CARRAUXAdvisorregistration: current employment
Jan 16, 2014 to presentfactForm ADV
← HOWARD DEAN PUNCHAdvisorregistration: current employment
Apr 28, 2003 to presentfactForm ADV
← ANGELA JEAN PIERCEAdvisorregistration: previous registration
Jan 13, 2014 to Apr 22, 2024factForm ADV
← CODY NEAL CHAPMANAdvisorregistration: previous registration
Dec 6, 2021 to Jan 2, 2024factForm ADV

Advises (2)

→ PUNCH NANO CAP PARTNERS I, LLCPrivate fundHedge Fund, IA
Mar 29, 2019 to presentfactForm ADV
→ PUNCH MICRO CAP PARTNERS, LLCPrivate fundHedge Fund, IA
Mar 30, 2012 to presentfactForm ADV

Controls (7)

← PUNCH, HOWARD, DEANOwnerCHIEF INVESTMENT OFFICER, ownership code D, individual
Mar 30, 2012 to Mar 29, 2024factForm ADV
← MATYSIK, ANDREW, JOHNOwnerCHIEF EXECUTIVE OFFICER, ownership code B, individual
Mar 30, 2012 to Mar 29, 2024factForm ADV
← DWYER, PAUL, TRUEMANOwnerMANAGING PARTNER & PORTFOLIO MANAGER, ownership code NA, individual
Jul 11, 2023 to Mar 29, 2024factForm ADV
← CARRAUX, JOHN, CLAUDEOwnerMANAGING PARTNER & PORTFOLIO MANAGER, ownership code B, individual
Apr 1, 2013 to Mar 29, 2024factForm ADV
← SPICER, TODD, LEWISOwnerCHIEF COMPLIANCE OFFICER, ownership code NA, individual
Jun 23, 2023 to Mar 29, 2024factForm ADV
← Johnson, Jessica, BrookeOwnerMANAGING PARTNER, ownership code A, individual
Mar 30, 2018 to Mar 29, 2024factForm ADV
← Kiner, Cory, StewartOwnerCHIEF FINANCIAL OFFICER, ownership code NA, individual
Mar 31, 2023 to Mar 29, 2024factForm ADV

Dated events

Occurred
Apr 22, 2024
Advisor changed firm
Angela Jean Pierce left Punch & Associates Investment Management, Inc. for Lpl Financial Llc (registered 2024-04-19)
Form ADVobserved 5 days ago
Occurred
Jan 2, 2024
Advisor changed firm
Cody Neal Chapman left Punch & Associates Investment Management, Inc. for Thompson Siegel & Walmsley Llc (registered 2024-01-02)
Form ADVobserved 5 days ago
Occurred
Jul 11, 2023
Control person joined
Trueman Paul Dwyer (Managing Partner) appeared on Schedule A of Punch & Associates Investment Management, Inc.
Form ADVobserved 5 days ago
Occurred
Jun 23, 2023
Control person left
(Nmn) Nancy Caselli (Chief Compliance Officer) no longer on Schedule A of Punch & Associates Investment Management, Inc. (listed 2023-03-31, absent 2023-06-23)
Form ADVobserved 5 days ago
Occurred
Jun 23, 2023
Control person joined
Lewis Todd Spicer (Chief Compliance Officer) appeared on Schedule A of Punch & Associates Investment Management, Inc.
Form ADVobserved 5 days ago
Occurred
Mar 31, 2023
Control person joined
Stewart Cory Kiner (Chief Financial Officer) appeared on Schedule A of Punch & Associates Investment Management, Inc.
Form ADVobserved 5 days ago
Occurred
Mar 31, 2022
Regulatory AUM changed
Punch & Associates Investment Management, Inc. reported RAUM $2.1B, up 30% from $1.6B (2021-03-31 to 2022-03-31)
Form ADVobserved 5 days ago
$473M

Provenance

Graph: RIA / Wealth Management
Canonical id: dfx:ria:f02eb620-29a7-06bc-017c-709b95e288b7
First observed: Mar 30, 2012
Last observed: Apr 30, 2026 4 months ago
Source families: Federal regulator filings
3 registered feeds stand behind this record; each fact above carries its own dates and, where the publisher serves one, its document.
Resolution: Identity across graphs by shared identifier (CRD, CIK, EIN, ADV fund id, individual CRD) or citation; a name match is shown as a candidate and never merged.

PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.

CRD 117962

EDINA, MN

This is the graph view. The full profile, with its team, deals and sources, is on RIA / Wealth Management.Open the full profile →

Search this name across graphsid dfx:ria:f02eb620-29a7-06bc-017c-709b95e288b7

Data as of Apr 30, 2026 (this record's last observation) from federal regulator filings. Page built Sep 20, 2026, 6:46 PM UTC and rebuilt at most every 15 minutes.

Advisor

Designations

Branch

Years here

In industry

Prior firms

Dual registered

HOWARD DEAN PUNCH

n/a

EDINA, MN

n/a

JOHN CLAUDE CARRAUX

Chartered Financial Analyst|Chartered Investment Counselor

EDINA, MN

n/a

ANDREW JOHN MATYSIK

n/a

EDINA, MN

KEVIN ROBERT WORMS-LYNCH

n/a

EDINA, MN

n/a

ANDREA BARKLEY

n/a

Edina, MN

PAUL TRUEMAN DWYER

Chartered Financial Analyst

Edina, MN

n/a

Jessica Brooke Johnson

n/a

EDINA, MN

n/a

Ruth Triplet Langworthy

n/a

EDINA, MN

n/a

Patrick Samuel Sheldon

n/a

EDINA, MN

n/a

Ryan Punch

Certified Financial Planner

EDINA, MN

ANTHONY EVAN PERALA

Chartered Financial Analyst

EDINA, MN

n/a

James Aaron Hannack

n/a

EDINA, MN

n/a

Linnea Emelie Akesson

n/a

EDINA, MN

n/a

Cory Stewart Kiner

n/a

EDINA, MN

n/a

Khalil Harris

Certified Financial Planner

EDINA, MN

Samuel C Ludzack

Chartered Financial Analyst

EDINA, MN

n/a

HEATHER REZAB

n/a

EDINA, MN

Fund

Type

Reported GAV

As of

Owners

First reported

Status

Form D file

PUNCH MICRO CAP PARTNERS, LLC

Hedge Fund

$303M

Apr 30, 2026

Mar 30, 2012

reported

021-194421

PUNCH NANO CAP PARTNERS I, LLC

Hedge Fund

$83.7M

Apr 30, 2026

Mar 29, 2019

reported

021-308376

Owner

Title

Ownership code

Control person

Acquired

First seen

Last seen

CARRAUX, JOHN, CLAUDE

MANAGING PARTNER & PORTFOLIO MANAGER

yes

01/2013

Apr 30, 2026

DWYER, PAUL, TRUEMAN

MANAGING PARTNER & PORTFOLIO MANAGER

yes

07/2023

Apr 30, 2026

Johnson, Jessica, Brooke

MANAGING PARTNER

yes

07/2017

Apr 30, 2026

PUNCH, HOWARD, DEAN

CHIEF INVESTMENT OFFICER

yes

07/2001

Apr 30, 2026

SPICER, TODD, LEWIS

CHIEF COMPLIANCE OFFICER

yes

06/2023

Apr 30, 2026

Kiner, Cory, Stewart

CHIEF FINANCIAL OFFICER

yes

11/2022

Mar 31, 2023

Mar 29, 2024

MATYSIK, ANDREW, JOHN

CHIEF EXECUTIVE OFFICER

yes

01/2024

Mar 30, 2012

Mar 29, 2024

Fiscal year

Filed

RAUM

Discretionary

Employees

Advisory staff

Offices

Private funds

Fund GAV

2025

Apr 30, 2026

$2.0B

n/a

2024

Apr 29, 2025

$2.1B

n/a

2023

Mar 29, 2024

$1.9B

$317M

2022

Mar 31, 2023

$1.8B

$1.7B

$277M

2021

Mar 31, 2022

$2.1B

$345M

2020

Mar 31, 2021

$1.6B

$252M

2019

Mar 27, 2020

$1.4B

$207M

2018

Mar 29, 2019

$1.2B

$184M

2017

Mar 30, 2018

$1.2B

$181M

2016

Mar 30, 2017

$1.1B

n/a

$167M

2015

Mar 30, 2016

$938M

n/a

$132M

2014

Mar 27, 2015

$868M

n/a

$120M

2013

Mar 27, 2014

$833M

n/a

$116M

2012

Apr 1, 2013

$643M

n/a

$79.0M

2011

Mar 30, 2012

$489M

$476M

n/a

$60.0M

Joined, 12m

Left, 12m

Net, 12m

Departure rate, 12m

Joined, 90d

Left, 90d

Left, no destination yet

Joined, 36m

Left, 36m

0.0%

Latest fiscal year

RAUM

A year earlier

1y change

Three years earlier

3y CAGR

Employees

A year earlier

Offices

A year earlier

2025

$2.0B

$2.1B

-2.9%

$1.8B

4.6%