Ticker: 
PSMPX
  |  CUSIP: 
707269106
AS OF 

Penn Capital Mid Cap Core Fund (formerly, Penn Capital Managed Alpha SMID Cap Equity Fund)

Nav Daily $ Change Daily % Change Year To Date Inception Date Share Class
$14.88
-$0.53
-3.44%
13.90%
Institutional

Overview

The Mid Cap Core Fund seeks to provide catalyst driven capital appreciation and uncorrelated alpha. The Fund utilizes a high conviction, private equity approach to the public market with Penn Capital’s Complete Capital Structure Analysis®. The Fund seeks to exploit return opportunities by balancing intensive bottom up equity analysis and top down credit risk analysis. The Fund targets mid-capitalization companies, employing leading credit indicators to harvest inefficiencies that capture opportunistic upside and conservative downside factors.

Objective

The Penn Capital Mid Cap Core 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.

Investment 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).

Industry Examples

Consumer Discretionary, Consumer Staples, Energy, Financials, Healthcare, Industrials, Information Technology, and Materials.

Performance

AS OF 10/31/2021
Ticker: PSMPX | CUSIP: 707269106
MTD QTD YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Penn Capital Mid Cap Core Fund
5.00%
5.00%
18.58%
41.36%
16.05%
15.59%
n/a
12.69%
Russell 2500 Index
4.90%
4.90%
19.41%
49.43%
18.43%
16.31%
n/a
14.00%
AS OF 10/31/2021
Ticker: PSMPX | CUSIP: 707269106
Penn Capital Mid Cap Core Fund
MTD 5.00
QTD 5.00
YTD 18.58
1 Year 41.36
3 Year 16.05
5 Year 15.59
10 Year n/a
Since Inception
12.69
Russell 2500 Index
MTD 4.90
QTD 4.90
YTD 19.41
1 Year 49.43
3 Year 18.43
5 Year 16.31
10 Year n/a
Since Inception
14.00

Investment Process

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 Capital’s Equity Strategy Committee meets weekly to discuss macro-view and to determine sector allocations. All portfolio managers combine expertise (credit and equity) to develop and apply a macro view

Fees & Expenses

Total Fund annual net operating expenses (after fee waiver/expense reimbursement) are: Institutional Class 1.06%.

Total Fund annual gross operating expenses (before waivers and expenses) are: Institutional Class 1.70%.

The Fund's advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses do not exceed 1.06% of the average daily net assets for the Institutional Class shares of the Fund, respectively. This agreement is in effect until April 1, 2023. The Fund’s advisor is permitted to seek reimbursement from the Fund of fees waived for a period of three years from the date of the waiver or payment to the extent it does exceed the expenses limits.

Portfolio Managers

Joseph Maguire, CFA

Director of Research, Senior Portfolio Manager, Senior Partner

Mr. Maguire has been with Penn Capital since 2005. As Director of Research, he is responsible for guiding the firm’s day-to-day global investment research process. Mr. Maguire chairs the Equity Risk Committee and serves as a Senior Portfolio Manager for Penn Capital’s Small to Mid Cap equity strategy and the firm’s Convertible strategy.

Prior to joining Penn Capital, he was a senior audit associate for PricewaterhouseCoopers LLP, and conducted private equity research for AMS Inc. He received a BBA in Accounting from The College of William & Mary and an MBA from the Kenan-Flagler Business School at the University of North Carolina at Chapel Hill.