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Skip to main content Home Search Home Strategies Credit Defensive Floating Rate Income Ultra Short Duration Corporate Income Defensive Short Duration High Income Defensive High Yield Opportunistic High Yield Multi Sector Spectrum Income Multi-Credit High Income Equity Micro Cap Small to Micro Cap Small Cap Small Cap Value Small to Mid Cap FinTech Catalyst Mutual Funds Penn Capital Defensive Short Duration High Income Fund Penn Capital Multi-Credit High Income Fund Penn Capital Defensive Floating Rate Income Fund Penn Capital Special Situations Small Cap Equity Fund Penn Capital Managed Alpha SMID Cap Equity Fund Insights & News Insights News Subscribe to Penn Capital Research Philanthropy PRIME Program Ethel Mae Hocker Foundation Anti-Defamation League About Company Culture Our Team Careers Contact Subscribe Penn Capital Research Login Separately Managed Login Limited Partnership Contact Subscribe Penn Capital Research Login Separately Managed Login Limited Partnership Home Strategies Strategies Credit Credit Defensive Floating Rate Income Ultra Short Duration Corporate Income Defensive Short Duration High Income Defensive High Yield Opportunistic High Yield Multi Sector Spectrum Income Multi-Credit High Income Equity Equity Micro Cap Small to Micro Cap Small Cap Small Cap Value Small to Mid Cap FinTech Catalyst Mutual Funds Mutual Funds Penn Capital Defensive Short Duration High Income Fund Penn Capital Multi-Credit High Income Fund Penn Capital Defensive Floating Rate Income Fund Penn Capital Special Situations Small Cap Equity Fund Penn Capital Managed Alpha SMID Cap Equity Fund Insights & News Insights & News Insights News Subscribe to Penn Capital Research Philanthropy Philanthropy PRIME Program Ethel Mae Hocker Foundation Anti-Defamation League About About Company Culture Our Team Careers Search Specialists in Capital Structure Investing Specialists in Capital Structure Investing Specialists in Capital Structure Investing Penn Capital COVID-19 Operational Update – March 20, 2020 Penn Capital communicated earlier that we began taking steps to ensure the safety of our employees and the continuity of our operations. On Thursday, March 19 th , Pennsylvania Governor Tom Wolf directed all non-life sustaining business to close by 8pm that evening. As a result, Penn Capital has closed its office, but business continues as usual. Penn Capital begin its pandemic preparation in January 2020 as we closely monitored the spread of the Coronavirus epidemic. Since that time, we have actively taken steps to ensure the safety of our employees and the continuity of our operations. Beginning March 16 th , Penn Capital began social distancing efforts by allowing employees to work remotely on a rotational basis. Penn Capital routinely tests our business continuity measures and our business process capabilities to prepare for a possible need to social distance and work remotely as part of our business continuity preparations. On any given day we have employees working remotely so our technology is routinely tested. Penn Capital operates a fully redundant data center with emergency power capabilities. Mission critical data is replicated in near real-time to our off-site co-location facility, which is a Tier 3 (redundant power and cooling) data center. Both facilities are fully accessible remotely and are used regularly. Furthermore, Penn Capital successfully completed its last offsite Business Continuity test in November 2019. Our past week of business operations with a large percentage of staff working from home has established that we are ready to meet this present challenge. On March 20 th , in direct response to Governor Wolf’s mandate, Penn Capital has directed all employees to work remotely. Systems are actively being monitored and business operations continue normally. Daily coordination of our business activities is occurring through scheduled tele-conference meetings and online collaborative technology tools. We understand this situation continues to rapidly evolve and create uncertainty and concern. We encourage our clients, business partners, and employees to be diligent regarding their health and wellbeing as a priority, so that we can both continue to operate effectively and help prevent further spread of the virus. In the meantime, Penn Capital stands ready to meet our clients and prospects investment needs. ( PDF ) Penn Capital is an independent, employee-owned, SEC registered investment firm that specializes in the leveraged finance market – the credit and equity of non-investment grade companies. Penn Capital distinctly integrates credit and equity research with a Complete Capital Structure Analysis ® . We believe this approach offers an advantage in the identification of mispriced securities, capital structure catalysts, and risk mitigation. We offer clients access to investment strategies through public mutual funds, private funds, and custom managed accounts. Our Story Founded in 1987, we are independently owned with 47 employees, 24 partners, and a 19-member investment team. Since inception, we have specialized in the fundamental, bottom-up research of underfollowed, speculative grade companies. Learn more Our Community Through our foundation, programs, and support of other organizations, we are dedicated to being a partner in our community. We believe firm success should be measured not only by investment performance, but by the positive impact we make to the community. Learn more Our Strategies We pair qualitative research with quantitative risk management to target market inefficiencies with high conviction. We believe our capacity constraint, discipline, and specialization allows us to provide clients with durable sources of alpha and downside protection. Learn more Credit Penn Capital credit strategies seek durable high income with downside protection. The strategies pair fundamental, bottom-up research with quantitative risk management to actively target relative value, quality, and other credit factors with high conviction. The strategies maintain capacity integrity, establishing a liquidity advantage versus larger managers and ETFs. This allows for more effective building of portfolios and selling on our terms. Learn More Equity Penn Capital equity strategies seek to optimize the risk-return potential of small to mid cap stocks. The strategies pair fundamental, bottom-up research with quantitative risk management to actively target equities exhibiting positive capital structure catalysts. Penn Capital’s Complete Capital Structure Analysis ® seeks to gain an informational advantage on companies exhibiting inefficient pricing and low research coverage. Learn More News Credit Month in Review August 31, 2020 Learn more Credit Month in Review July 31, 2020 Learn more 2Q20 Credit Commentary July 20, 2020 Learn more 2Q20 Equity Commentary July 13, 2020 Learn more Strategies Mutual Funds Names Inception Date Defensive Floating Rate Income 6/30/2013 Ultra Short Duration Corporate Income 3/31/2011 Defensive Short Duration High Income 1/31/2013 Multi-Credit Spectrum 2/29/2016 Defensive High Yield 10/31/1987 Opportunistic High Yield 12/31/1989 Multi-Credit High Income 6/30/2017 Micro Cap 8/31/2006 Small to Micro Cap 12/31/2011 Small Cap 12/31/1992 Small Cap Value 3/31/2016 Small to Mid Cap 12/31/2002 FinTech Catalyst 5/31/2015 Name Ticker NAV Inception Date Penn Capital Defensive Short Duration High Income Fund PSHNX $9.57 7/17/2017 Penn Capital Multi-Credit High Income Fund PHYNX $9.38 11/30/2015 Penn Capital Defensive Floating Rate Income Fund PFRNX $9.57 11/30/2015 Penn Capital Special Situations Small Cap Equity Fund PSCNX $11.64 12/17/2015 Penn Capital Managed Alpha SMID Cap Equity Fund PSMPX $12.87 11/30/2015 × Leaving Penn Capital This hyperlink is being provided as a convenience and for informational purposes only. 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