We conduct a fully integrated credit and equity research process with a focus on understanding the entire capital structure of a company.
Penn Capital is an independent, employee-owned, SEC registered investment management firm. We manage multiple investment styles that leverage our coverage of publicly traded companies in the micro- to mid-capitalization range, as well as companies that issue non-investment grade debt.
Founded in 1987, we are independently owned with 50 employees, 26 partners, and a 22-member investment team.
Penn Capital is dedicated to being a partner in our community by combining our corporate resources with community needs through charitable contributions and employee involvement.
Strategies in Focus
Defensive Short Duration High Yield bonds combine the downside preservation of investment grade bonds with the upside return potential of high yield bonds while minimizing interest rate risk. This overlooked and underutilized asset class can be a distinguishing diversifier within an optimal portfolio.
Penn Capital credit strategies employ a private equity approach to the public market with a Complete Capital Structure Analysis®. The credit strategies seek to balance quality, duration, and relative value opportunities to provide high and durable income. Equity analysis is uniquely incorporated as part of a comprehensive mosaic constructed by an integrated team of capital structure specialists.
Penn Capital equity strategies employ a private equity approach to the public market with a Complete Capital Structure Analysis®. The equity strategies seek to gain an informational advantage on what we believe are underfollowed companies with complex balance sheets to capitalize on market inefficiencies. High yield credit analysis specializes in leveraged capital structures, which uniquely identifies debt catalysts.
Penn Capital total return strategies employ a private equity approach to the public market with a Complete Capital Structure Analysis®. The total return strategies seek to harvest market inefficiencies by utilizing opportunistic and conservative allocations along the capital structure. Historically, defensive credit has excelled due to positive downside protection, while leveraged equity has excelled due to positive upside capture. Our fully integrated credit and equity team seeks to utilize the best features of both by capturing market upside while protecting on the downside. This leads to producing a differentiated high-alpha return profile.