Penn Capital Small Cap Equity Fund

DAILY PRICING (as of 9/20/2017)

Ticker: PSCNX
CUSIP: 707269304
Inception Date: 12/18/2015

NAV
Changes:
($ Value)
Changes:
(%)
Changes
YTD: (%)
11.77 0.04 0.34 3.79

 

DAILY PRICING (as of 12/1/2015)

Ticker: PSCQX
CUSIP: 707269403
Inception Date: 12/18/2015 (Institutional Share Class)

NAV Changes:
($ Value)
Changes:
(%)
Changes
YTD: (%)
N/A N/A N/A N/A

 

For standardized performance, click here

The performance data quoted here represents past performance. Past performance is no guarantee of future results. Investment return and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. To obtain performance information current to the most recent month-end please call 844-302-PENN (7366).

A redemption fee of 2.00% will be imposed on redemptions or exchanges of shares you have owned for 90 days or less.

Objective: The Penn Capital Small Cap Equity Fund seeks to provide capital appreciation.

Strategy: The Fund generally intends to invest in 50 to 90 securities identified by the Advisor’s fundamental, bottom-up value driven research. The portfolio construction process involves both quantitative and qualitative fundamental analysis.

Security Type Examples:  Common stock, preferred stock, convertible securities, and other investment companies including exchange traded funds (ETFs), American Depository Receipts (ADRs), and real estate investment trusts (REITs).

Sector and Industry Examples: Consumer Discretionary, Consumer Staples, Energy, Financials, Healthcare, Industrials, Materials, Technology and Telecommunication Services.

Our investment team looks for companies with 30% to 50% price growth potential over an 18-month period. We screen for companies creating equity value through both traditional and non-traditional sources.

Step 1 – Fundamental Financial Analysis

Penn Capital’s analysts and portfolio managers screen for companies with improving financial metrics to determine relative value

Step 2 – Qualitative Research

Penn Capital’s analysts and portfolio managers perform qualitative research to confirm relative value

Step 3 – Liquidity Outlook/Covenant Analysis

Penn Capital’s analysts and portfolio managers screen for liquidity issues and perform covenant analysis, bank loan availability and asset value analysis

Step 4 – Recommendation

Primary and secondary analysts and portfolio managers present best new idea(s) to entire team for evaluation and consideration

Step 5 – Decision Making

Two step approval process requires approval first by the portfolio manager, and second by either the Director of Research or the Chief Investment Officer

Step 6 – Portfolio Construction

Penn’s Equity Strategy Committee meets weekly to discuss macro-view and to determine sector allocations.

Eric Green, CFA, Senior Managing Partner, Director of Research

Mr. Green began his career at Penn Capital in July 1997. Prior to joining Penn Capital, he gained experience with the Federal National Mortgage Association, the Royal Bank of Scotland, and the United States Securities and Exchange Commission where he served as a financial analyst in the Division of Investment Management. As Director of Research, Mr. Green is responsible for guiding the firm’s day to day research process. He also serves as the Portfolio Manager for Penn Capital’s Small Cap and Mid Cap equity strategies and chairs Penn Capital’s equity strategy committee. Mr. Green is also a member of the Board of Directors and the Executive Committee of the ADL, Mid-Atlantic Region. He received a BSBA, Cum Laude, from American University and received an MBA from the Yale School of Management.

Joseph Maguire, CFA, Partner, Senior Portfolio Manager

Mr. Maguire began his career with Penn Capital in January 2005.  Prior to joining Penn Capital, he served as a senior audit associate for PricewaterhouseCoopers LLP, and conducted private equity research for AMS Inc.  During graduate school, Mr. Maguire interned with Penn Capital’s investment team.  He currently serves as a Co-Portfolio Manager for Penn Capital’s Convertible strategy and is the Portfolio Manager for Penn Capital’s SMID equity strategy.  Mr. Maguire received a BBA in Accounting from The College of William & Mary and a MBA from the Kenan-Flagler Business School at the University of North Carolina at Chapel Hill.

Richard A. Hocker, Founder, Chief Investment Officer

Mr. Hocker founded Penn Capital in 1987 and serves as Chief Investment Officer & Chief Executive Officer, guiding overall portfolio strategy. His investing and institutional non-investment grade corporate lending experience spans over forty years. While serving as a Partner for Delaware Investment Advisors (DIA) from 1977 to 1987, he was responsible for building the investment side of DIA’s fixed income operation. During this period, Mr. Hocker developed and managed one of the nation’s first high yield mutual funds, the Delchester High Yield Bond Fund. He also served as the first high yield bond manager for a number of institutional clients including General Motors, State of Vermont Teachers Retirement Association, and Colorado Fire and Police. Prior to DIA, Mr. Hocker trained as a corporate lender and supported key senior lenders at Provident National Bank, which is now PNC, a top 20 US Banking institution. He later rose to serve as head of the investment division. Mr. Hocker also founded and served as CEO of Covenant Bank, a NJ based regional bank which grew to 16 branches and $500mm in deposits before being acquired by Wachovia Corporation in 1997.

He and his wife, Marcia Hocker, are the founders of the Ethel Mae Hocker Foundation. The Ethel Mae Hocker Foundation provides educational opportunities to less fortunate, deserving Greater Philadelphia-area elementary and high school students. Mr. Hocker received both his BS in accounting and MBA in finance from the Kogod School of Business at American University.

All investments involve risk, including possible loss of principal. Investments made in small and mid-capitalization companies may be more volatile and less liquid due to limited resources or product lines and more sensitive to economic factors. The Fund invests in ETFs and is therefore subject to the same risks as the underlying securities in which the ETF invests as well as entails higher expenses than if invested into the underlying ETF directly. The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities. The Fund invests in foreign securities and ADRs, which involves certain risks such as currency volatility, political and social instability and reduced market liquidity.


BEFORE INVESTING YOU SHOULD CAREFULLY CONSIDER THE FUND’S INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES. THIS AND OTHER RELEVANT INFORMATION CAN BE FOUND IN THE PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION, COPIES OF WHICH MAY BE OBTAINED BY CALLING 844-302-PENN (7366) OR BY VISITING WWW.PENNCAPITALFUNDS.COM. PLEASE READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST.

Foreside Fund Services, LLC, Distributor.