Penn Capital Management Company, Inc.

Name

Penn Capital Management Company, Inc.

Legal name

Penn Capital Management Company, LLC

Website

https://penncapital.com

Company type

Private

Founded year

1987

Operating status

Operating

Headcount range

101–250 employees

Ownership category

akta.pro rank

Product category

Investment Management

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions) (FSAAACAG)

Keywords

• Leveraged finance strategies
• High yield credit investing
• Small cap equity management
• Speculative grade securities
• Separately managed accounts

Headquarters

HQ city

Philadelphia

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Separately Managed Account Fees: Management fees and potentially performance fees charged on custom managed accounts for institutional and high net worth clients.
2. Mutual Fund Management Fees: Management fees from public mutual funds including Penn Capital Short Duration High Income Fund and Penn Capital Special Situations Small Cap Equity Fund. Funds distributed through Quasar Distributors, LLC.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels6 records

Core offering

Penn Capital is a boutique investment management firm that manages actively managed portfolios across credit and equity strategies focused on non-investment grade (speculative grade) companies. The firm delivers these strategies through separately managed accounts for institutional investors and family offices, and through two SEC-registered public mutual funds for retail and institutional investors. All strategies are built on the firm's proprietary Complete Capital Structure Analysis® methodology, which integrates credit and equity research with quantitative risk management to identify mispriced securities and capital structure catalysts.

Product overview

Penn Capital Management Company, Inc. is a boutique SEC-registered investment management firm that operates as a multi-strategy platform offering both credit and equity investment products. The firm provides two public mutual funds: the Penn Capital Short Duration High Income Fund (PSHNX) and the Penn Capital Special Situations Small Cap Equity Fund (PSCNX). These are supplemented by separately managed account strategies organized into two main platforms: Credit Strategies (including Defensive Short Duration High Income, Defensive High Yield, and Opportunistic High Yield) and Equity Strategies (including Micro Cap, Smaller Company, Small Cap, Small Cap Value, and Small to Mid Cap). All strategies leverage the firm's proprietary Complete Capital Structure Analysis methodology, integrating credit and equity research to identify mispriced securities and capital structure catalysts in non-investment grade companies.

Differentiator

Problem solved

Functional benefit

Products and services

• Penn Capital Short Duration High Income Fund An SEC-registered mutual fund seeking to combine the downside protection of investment grade bonds with the upside return potential of high yield bonds while minimizing interest rate risk. Invests primarily in short-term fixed income securities and senior floating rate loans rated below investment grade, with a focus on Single-B and above credit quality rated bonds. Institutional Class (PSHNX) inception 2017-07-17.
• Penn Capital Special Situations Small Cap Equity Fund An SEC-registered small cap equity mutual fund seeking catalyst-driven capital appreciation and uncorrelated alpha using a private equity approach to public markets. Targets small capitalization companies with complex balance sheets and minimal research coverage, holding 50 to 90 securities identified through fundamental, bottom-up value-driven research. Institutional Class (PSCNX) inception 2015-12-17.
• Credit Strategies (Custom Managed Accounts) A suite of separately managed credit strategies seeking durable high income with downside protection for institutional and high net worth investors. Includes Defensive Short Duration High Income, Defensive High Yield, and Opportunistic High Yield strategies that pair fundamental bottom-up research with quantitative risk management. Offered via separately managed accounts with custom mandates and access via the clients.penncapital.com portal.
• Equity Strategies (Custom Managed Accounts) A suite of separately managed equity strategies seeking to optimize risk-return potential of micro through small-to-mid capitalization stocks for institutional and high net worth investors. Includes Micro Cap, Smaller Company, Small Cap, Small Cap Value, and Small to Mid Cap strategies that pair fundamental bottom-up research with quantitative risk management to target equities exhibiting positive capital structure catalysts. Offered via separately managed accounts with custom mandates and access via the clients.penncapital.com portal.
• Defensive Short Duration High Income Strategy An inception-dated credit strategy (2013-01-31) that preserves investor capital and manages duration risk while generating high income. Combines the downside protection of investment grade bonds with the upside potential of high yield bonds while minimizing interest rate risk, primarily in short duration high yield instruments.
• Defensive High Yield Strategy A credit strategy with over 20-year track record that preserves capital while generating high levels of current income. Focuses on Single-B and above credit quality rated bonds typically senior in capital structure, employing downside sell discipline and detailed covenant review.
• Opportunistic High Yield Strategy An inception-dated credit strategy (1987-10-31) generating residual returns through tactical allocation toward optimal risk-return opportunities in the high yield market. Focuses on Single-B and above credit quality with tactical investing in sub B-rated, stressed, distressed, and convertible bonds.
• Micro Cap Strategy An inception-dated equity strategy (2006-08-31) focused on micro capitalization companies with complex balance sheets. Captures inefficiencies that traditional equity analysts avoid using Penn Capital's Complete Capital Structure Analysis.
• Smaller Company Strategy An inception-dated equity strategy (2011-12-31) focused on smaller capitalization companies with complex balance sheets. Uses Complete Capital Structure Analysis to target undervalued companies moving towards optimal capital structure.
• Small Cap Strategy An inception-dated equity strategy (1992-12-31) focused on small capitalization companies with complex balance sheets. Applies Complete Capital Structure Analysis to capture inefficiencies avoided by traditional equity analysts.
• Small Cap Value Strategy An inception-dated equity strategy (2016-03-31) focused on small capitalization value companies with complex balance sheets. Uses Complete Capital Structure Analysis to target undervalued companies moving towards optimal capital structure.
• Small to Mid Cap Strategy An inception-dated equity strategy (2002-12-31) focused on small to mid capitalization companies with complex balance sheets. Offers differentiated return profile with high active share, low peer holdings overlap, high M&A premiums, and private equity return catalysts.

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Scale indicators2 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Loomis Sayles & Company: Boutique/mid-sized Boston-based active asset manager with deep high yield, leveraged finance, and small/mid cap equity capabilities. Highly comparable as a multi-strategy credit-plus-equity specialist serving institutional clients with bottom-up fundamental research.
• Crescent Capital Group: Boutique credit manager focused on high yield, leveraged loans, and special situations — directly comparable to Penn Capital's opportunistic and defensive high yield strategies serving institutional clients with fundamental, bottom-up credit research.
• Bain Capital Credit: Boutique credit affiliate of Bain Capital managing high yield, leveraged loans, and special situations strategies for institutional investors. Closely comparable in focus on non-investment grade credit and complex capital structures.
• Driehaus Capital Management: Boutique Chicago-based active manager with comparable small cap and micro cap growth/value strategies, using fundamental bottom-up research on underfollowed companies. Strong overlap with Penn Capital's small cap equity lineup.
• Royce Investment Partners: Boutique specialist in small cap and micro cap equity with a long-tenured fundamental research process. Directly comparable to Penn Capital's small cap value, smaller company, and micro cap strategies on the equity side.
• Silver Point Capital: Boutique credit manager focused on leveraged finance, special situations, and stressed/distressed credit — directly comparable to Penn Capital's Opportunistic High Yield strategy and the firm's special situations orientation.
• Angelo Gordon (TPG): Boutique alternative and credit manager (now part of TPG) with deep expertise in leveraged finance, high yield, and special situations. Comparable in approach to complex capital structures and credit-intensive opportunities in non-investment grade issuers.

Broad incumbents

• Western Asset Management: Large incumbent specializing in fixed income including high yield, leveraged loans, and credit. Overlapping strategies in opportunistic high yield and short duration credit, but operates at significantly greater scale across a broader fixed income platform.
• Eagle Asset Management: Established multi-strategy equity and fixed income manager (subsidiary of Raymond James) with significant small/mid cap equity offerings. Overlaps with Penn Capital's small cap equity platform but at greater scale and broader distribution.
• Victory Capital: Multi-boutique asset manager with multiple credit and small cap equity affiliates serving institutional and intermediary channels. Overlaps with Penn Capital in high yield credit and small cap strategies but operates through a multi-affiliate model rather than a single integrated boutique.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/penn-capital-management

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Penn Capital Management Company, Inc.