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Home Strategies Credit Ultra Short Duration Corporate Income Defensive Short Duration High Income Defensive High Yield Opportunistic High Yield Equity Micro Cap Small to Micro Cap Small Cap Small Cap Value Small to Mid Cap Mutual Funds Penn Capital Short Duration High Income Fund Penn Capital Opportunistic High Income Fund Penn Capital Special Situations Small Cap Equity Fund Penn Capital Mid Cap Core Fund Insights & News Insights News Subscribe to Penn Capital Research Philanthropy PRIME Program Anti-Defamation League About Company Culture Our Team Careers Contact Login Separately Managed Login Limited Partnership Contact Login Separately Managed Login Limited Partnership Home Strategies Strategies Credit Credit Ultra Short Duration Corporate Income Defensive Short Duration High Income Defensive High Yield Opportunistic High Yield Equity Equity Micro Cap Small to Micro Cap Small Cap Small Cap Value Small to Mid Cap Mutual Funds Mutual Funds Penn Capital Short Duration High Income Fund Penn Capital Opportunistic High Income Fund Penn Capital Special Situations Small Cap Equity Fund Penn Capital Mid Cap Core Fund Insights & News Insights & News Insights News Subscribe to Penn Capital Research Philanthropy Philanthropy PRIME Program Anti-Defamation League About About Company Culture Our Team Careers Search Specialists in Capital Structure Investing Specialists in Capital Structure Investing Penn Capital is a boutique, SEC registered investment management 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 and custom managed accounts. Our Story Founded in 1987, Penn Capital specializes 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 potential. 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 4Q23 Credit Commentary January 9, 2024 Learn more 4Q23 Equity Commentary January 9, 2024 Learn more 3Q23 Penn Capital Credit Commentary October 10, 2023 Learn more 3Q23 Penn Capital Equity Commentary October 10, 2023 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 Defensive High Yield 10/31/1987 Opportunistic High Yield 12/31/1989 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 Name Ticker NAV Inception Date Penn Capital Short Duration High Income Fund PSHNX $9.48 7/17/2017 Penn Capital Opportunistic High Income Fund PHYNX $8.69 11/30/2015 Penn Capital Special Situations Small Cap Equity Fund PSCNX $14.85 12/17/2015 Penn Capital Mid Cap Core Fund PSMPX $11.47 11/30/2015 × Leaving Penn Capital This hyperlink is being provided as a convenience and for informational purposes only. It leads to a website published or operated by a third party not affiliated with, or in any way related to, Penn Capital. By providing a hyperlink to an external website or webpage, Penn Capital shall not be deemed to endorse, recommend, approve, guarantee or introduce any third parties or the services/products they provide on their websites, or to have any form of co-operation with such third parties and websites unless otherwise stated by Penn Capital. Penn Capital is not in any way responsible for the content of any externally linked website or webpage. Using or following this link is at your own risk and Penn Capital is not responsible for any damages or losses incurred or suffered by you arising out of, or in connection with, your use of the link. The link is not intended to create an offer to sell, or a solicitation of an offer to buy or hold, any securities. 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In addition to the normal risks associated with investing, international investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. Emerging markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume. Diversification does not prevent all investment losses. © Penn Capital Management Company, LLC. All rights...