John C. Carraux and Howard D. Punch Jr. discuss Punch & Associates Investment Management, Inc. Mr. Carraux and Mr. Punch run a small-cap and a microcap strategy. The median market cap of both strategies is below that of the benchmark index. When choosing investments, Mr. Carraux and Mr. Punch look for value first and then growth. Their process involves a traditional valuation assessment. From there, Mr. Carraux and Mr. Punch decide which names should get a deeper dive. This involves a qualitative analysis that helps them figure out what makes a management team tick. According to Mr. Carraux, what makes their portfolios different is that many of their holdings don’t get much attention from investors, allowing the research they perform to provide them with unique insights.
Full interview available here.
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