Penn Capital Mid Cap Core Fund
| Nav | Daily $ Change | Daily % Change | Year To Date | Inception Date | Share Class |
|---|---|---|---|---|---|
|
$11.65
|
^$0.08
|
^0.69%
|
3.74%
|
|
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 12/31/2023 Ticker: PSMPX | CUSIP: 707269106 |
MTD | QTD | YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception |
|---|---|---|---|---|---|---|---|---|
|
Penn Capital Mid Cap Core Fund
|
9.34%
|
9.43%
|
11.68%
|
11.68%
|
1.58%
|
8.41%
|
n/a |
7.49%
|
|
Bloomberg 2500 Index
|
10.67%
|
13.46%
|
17.17%
|
17.17%
|
4.17%
|
11.40%
|
n/a |
9.24%
|
| AS OF 12/31/2023 Ticker: PSMPX | CUSIP: 707269106 |
|
|---|---|
| Penn Capital Mid Cap Core Fund | |
| MTD | 9.34 |
| QTD | 9.43 |
| YTD | 11.68 |
| 1 Year | 11.68 |
| 3 Year | 1.58 |
| 5 Year | 8.41 |
| 10 Year | n/a |
| Since Inception
|
7.49 |
| Bloomberg 2500 Index | |
| MTD | 10.67 |
| QTD | 13.46 |
| YTD | 17.17 |
| 1 Year | 17.17 |
| 3 Year | 4.17 |
| 5 Year | 11.40 |
| 10 Year | n/a |
| Since Inception
|
9.24 |
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 1.79%.
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 December 31, 2024. 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
Eric J. Green, CFA
Mr. Green has been with Penn Capital since 1997 and as CIO, he is responsible for guiding the firm’s equity and credit strategies. Mr. Green serves as a Senior Portfolio Manager for Penn Capital’s Small Cap, Small to Micro Cap, Small to Mid Cap and Mid Cap equity strategies. As a member of the Equity Risk Committee, Mr. Green works closely with the equity portfolio management team to contribute ideas specifically in the micro to mid-capitalization range.
Prior to joining Penn Capital, Mr. Green was with 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. Mr. Green is also Vice Chairman of the Board of Directors for the Anti-Defamation League (ADL) Mid-Atlantic Region and was Co-Chairman of the ADL's 2018 Walk Against Hate. He received a BSBA cum laude from American University and an MBA from the Yale School of Management.
Key Fund Documents
- Fund Factsheet
- Fund Holdings
- Prospectus
- Q1 Holdings
- SAI (Statement of Additional Information)
- Institutional Share Class Application
- Institutional Share Class IRA Application
- Institutional Share Class Entity Account Application
- IRA Transfer Form
- IRA Distribution Form
- Annual Report
- Q3 Holdings
- Semi-Annual Report
- Certification of Beneficial Owners Form for Entities
- Mutual Funds Redemption Form
Legal Disclaimers
All investments involve risk, including possible loss of principal. Investments made in 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.
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).
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). PLEASE READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST.
Inception date: 11/30/2015. Performance reflects total returns, represents past performance, and is no guarantee of future results. Investment returns and principal values may 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 that shown. All returns assume reinvestment of all dividend and capital gain distributions. Performance reflects the deduction of all actual fees and expenses of the related accounts during the periods shown and not the fees and expenses payable by the Penn Capital Mid Cap Core Fund. Penn Capital mutual funds are distributed by Quasar Distributors, LLC, which is not affiliated with Penn Capital or any of its affiliates. Penn Capital mutual funds are available to U.S. residents only.
Quasar Distributors, LLC.