Punch & Associates Investment Management, Inc. Buys BTC iShares S&P 500 Growth ETF, Arcosa Inc, Barings BDC Inc, Sells iShares Short Treasury Bond ETF, MVC Capital Inc, Highland Income Fund

• New Purchases: ACA, IAC, WMB, CULP, SMID, ECOM, AAIC, XAN, HSTM, CTHR, LINC, WMC, EMR, DLB, XLV, AGG, IUSG, IVV,
• Added Positions: IVW, BBDC, FRG, PACK, HGBL, AGNC, CDMO, EQC, ADUS, LEAF, PAHC, HYI, SIC, FOE, CARR, ELMD, BV, ATCO, HCCI, ALTG, HOFT, PESI, BCE, ASPU, MYFW, SLRC, IVC, FC, AMLP, KINS, AMOT, ARCC, BRMK, DLHC, IEC, JCS, BANX, FEI, ODC, NVEC, RFIL, PSTL, INFU, HBIO, DSPG, UTI, ZYXI, BWB, QRHC, SPY, VBR, NTIC, WSTG, TACT, OCSL, VMD, SMTX, ABBV, AVNW, IYY, PTMN, SUSA, VOO,
• Reduced Positions: SHV, RILY, ETSY, CSWC, VREX, NOVT, SNEX, DGII, AGYS, SNBR, OCSI, GRBK, BXC, TGT, RVT, XPEL, MCFT, SFE, MBUU, CCAP, JPI, PRGX, TTGT, SGC, CCD, DHX, ELY, CYBE, GEG, PARR, MSFT, TRNS, CTAS, LAWS, KBAL, PWFL, FISV, ANTM, SAMG, HQH, BIF, DIS, ACN, ALG, BRK.B, KE, RSG, IEUR, LAD, JPM, DLX, TREE, GGZ, SSNC, PLOW, FIF, CSWI, BGIO, LFT, CBH, ETG, UHAL, THRM, AMP, ABR, BHB, BA, BRID, BC, CVS, CMCO, DE, HRL, JNJ, IWM, ORCL, IVE, PLBC, SLP, VZ, WM, LUNA, IEMG, DSI, VTI, ISDR, SYK, SBFG, PDEX, PFE, MDT, INTC, ALOT,
• Sold Out: MVC, HFRO, SPOK, NML, BSTC, UTG, LAND, TURN, LADR, XOM, NEEPP, NEEPP, RTX, EQCPD.PFD, PCSB, WTTR, FRBA, DS, IMMU, PRCP, IGM, T, VTRS,

For the details of PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.'s stock buys and sells, go to https://www.gurufocus.com/guru/punch+%26+associates+investment+management%2C+inc./current-portfolio/portfolio

1. B. Riley Financial Inc (RILY) - 1,203,675 shares, 3.77% of the total portfolio. Shares reduced by 17.29%
2. StoneX Group Inc (SNEX) - 593,618 shares, 2.44% of the total portfolio. Shares reduced by 6.7%
3. Green Brick Partners Inc (GRBK) - 1,305,117 shares, 2.12% of the total portfolio. Shares reduced by 5.57%
4. Barings BDC Inc (BBDC) - 3,157,881 shares, 2.06% of the total portfolio. Shares added by 43.68%
5. BTC iShares S&P 500 Growth ETF (IVW) - 399,460 shares, 1.81% of the total portfolio. Shares added by 289.68%

Punch & Associates Investment Management, Inc. initiated holding in Arcosa Inc. The purchase prices were between $44.84 and $56, with an estimated average price of $51.14. The stock is now traded at around $65.050000. The impact to a portfolio due to this purchase was 0.65%. The holding were 166,810 shares as of 2020-12-31.

Punch & Associates Investment Management, Inc. initiated holding in IAC/InterActiveCorp. The purchase prices were between $120.67 and $189.35, with an estimated average price of $140.67. The stock is now traded at around $260.890000. The impact to a portfolio due to this purchase was 0.5%. The holding were 37,285 shares as of 2020-12-31.

Punch & Associates Investment Management, Inc. initiated holding in Williams Companies Inc. The purchase prices were between $18.26 and $22.49, with an estimated average price of $20.3. The stock is now traded at around $22.910000. The impact to a portfolio due to this purchase was 0.42%. The holding were 292,030 shares as of 2020-12-31.

Punch & Associates Investment Management, Inc. initiated holding in Culp Inc. The purchase prices were between $12.31 and $17.17, with an estimated average price of $14.28. The stock is now traded at around $17.270000. The impact to a portfolio due to this purchase was 0.33%. The holding were 289,133 shares as of 2020-12-31.

Punch & Associates Investment Management, Inc. initiated holding in Smith-Midland Corp. The purchase prices were between $6.2 and $9.45, with an estimated average price of $7.88. The stock is now traded at around $11.409000. The impact to a portfolio due to this purchase was 0.15%. The holding were 231,000 shares as of 2020-12-31.

Punch & Associates Investment Management, Inc. initiated holding in ChannelAdvisor Corp. The purchase prices were between $13.61 and $18.68, with an estimated average price of $15.76. The stock is now traded at around $26.550000. The impact to a portfolio due to this purchase was 0.12%. The holding were 110,000 shares as of 2020-12-31.

Punch & Associates Investment Management, Inc. added to a holding in BTC iShares S&P 500 Growth ETF by 289.68%. The purchase prices were between $56.04 and $63.82, with an estimated average price of $60.56. The stock is now traded at around $67.030000. The impact to a portfolio due to this purchase was 1.35%. The holding were 399,460 shares as of 2020-12-31.

Punch & Associates Investment Management, Inc. added to a holding in Barings BDC Inc by 43.68%. The purchase prices were between $7.51 and $9.28, with an estimated average price of $8.5. The stock is now traded at around $9.340000. The impact to a portfolio due to this purchase was 0.63%. The holding were 3,157,881 shares as of 2020-12-31.

Punch & Associates Investment Management, Inc. added to a holding in Franchise Group Inc by 238.43%. The purchase prices were between $22.92 and $30.45, with an estimated average price of $26.47. The stock is now traded at around $35.670000. The impact to a portfolio due to this purchase was 0.56%. The holding were 365,704 shares as of 2020-12-31.

Punch & Associates Investment Management, Inc. added to a holding in Ranpak Holdings Corp by 100.63%. The purchase prices were between $8.48 and $13.44, with an estimated average price of $11.03. The stock is now traded at around $19.310000. The impact to a portfolio due to this purchase was 0.42%. The holding were 869,935 shares as of 2020-12-31.

Punch & Associates Investment Management, Inc. added to a holding in Heritage Global Inc by 968.63%. The purchase prices were between $1.51 and $3.28, with an estimated average price of $2.03. The stock is now traded at around $3.010000. The impact to a portfolio due to this purchase was 0.37%. The holding were 2,158,630 shares as of 2020-12-31.

Punch & Associates Investment Management, Inc. added to a holding in AGNC Investment Corp by 176.88%. The purchase prices were between $13.87 and $15.7, with an estimated average price of $14.8. The stock is now traded at around $16.430000. The impact to a portfolio due to this purchase was 0.34%. The holding were 475,299 shares as of 2020-12-31.

Punch & Associates Investment Management, Inc. sold out a holding in MVC Capital Inc. The sale prices were between $7.3 and $9.12, with an estimated average price of $8.2.

Punch & Associates Investment Management, Inc. sold out a holding in Highland Income Fund. The sale prices were between $7.83 and $10.28, with an estimated average price of $8.89.

Punch & Associates Investment Management, Inc. sold out a holding in Spok Holdings Inc. The sale prices were between $8.63 and $11.22, with an estimated average price of $9.88.

Punch & Associates Investment Management, Inc. sold out a holding in Neuberger Berman MLP and Energy Income Fund Inc. The sale prices were between $2.36 and $3.67, with an estimated average price of $3.

Punch & Associates Investment Management, Inc. sold out a holding in BioSpecifics Technologies Corp. The sale prices were between $52.5 and $88.85, with an estimated average price of $81.95.

Punch & Associates Investment Management, Inc. sold out a holding in Reaves Utility Income Fund. The sale prices were between $31.45 and $34.33, with an estimated average price of $32.77.