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The whole portfolio is charged at the rate of its band.","source":"PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. DISCLOSURE BROCHURE, filed 31 March 2026","sourceRef":{"doc":"brochure","section":"fees"}},{"question":"Which custodians does Punch & Associates Investment Management use?","answer":"Punch & Associates Investment Management’s separately managed account assets are held at Fidelity Brokerage Services LLC (Smithfield, RI), with $1.49B. Only custodians holding at least a tenth of those assets are named.","source":"Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 30 April 2026","sourceRef":{"doc":"adv1","section":"custodians"}},{"question":"How many financial advisors does Punch & Associates Investment Management have?","answer":"Punch & Associates Investment Management has 18 investment adviser representatives registered with state securities authorities, out of 34 employees, and 18 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.","source":"Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What does Punch & Associates Investment Management invest in?","answer":"At the end of its last fiscal year, Punch & Associates Investment Management’s separately managed accounts held 83% exchange-traded equities, 5% U.S. government and agency bonds, 3% investment grade corporate bonds, 3% registered funds (mutual funds, ETFs, BDCs), 2% state and local bonds, 2% cash and equivalents, 1% non-exchange-traded equities and 1% high-yield corporate bonds. 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