PHILADELPHIA, Aug. 01, 2017 (GLOBE NEWSWIRE) -- Penn Capital Management Company, Inc. (Penn Capital) is pleased to announce the launch of the Penn Capital Defensive Short Duration High Income Fund (PSHNX). The Fund follows the firm’s existing Short Duration High Yield strategy, and primarily invests in short-term fixed income securities and senior floating rate loans that are rated below investment grade. The Fund invests in US dollar denominated high yield corporate bonds and notes with shorter durations (i.e., those with a dollar weighted average maturity of three years or less from time of purchase). The Fund is managed by Peter R. Duffy, CFA, Senior Portfolio Manager, Partner, and Chair of the firm’s Credit Strategy Committee. Total Fund annual net operating expenses (after fee waiver/expense reimbursement) for the Institutional Share Class are 0.54%.1
In addition to the Penn Capital Defensive Short Duration High Income Fund, Penn Capital also manages four mutual funds, launched in December 2015:
The Penn Capital Opportunistic High Yield Fund (PHYNX)
The Penn Capital Senior Floating Rate Income Fund (PFRNX)
The Penn Capital Small-Mid Cap Equity Fund (PSMPX)
The Penn Capital Small Cap Equity Fund (PSCNX)
The current Penn Capital mutual fund line-up is a representation of the firm’s philosophy, process and research approach in which an investment team of capital structure specialists focuses on identifying key catalysts that unlock unrealized value in the companies in which they invest.
“Penn Capital is excited to expand our suite of mutual fund offerings that utilize our process of Complete Capital Structure Analysis® to identify investment opportunities with the most value. As with our existing funds, this new offering is based on a current Penn Capital strategy that carries what we believe to be a strong track record and has traditionally been offered to institutional investors,” says Peter J. Moran, Executive Vice President, Global Distribution.
For more information on the Penn Capital Defensive Short Duration High Income Fund (PSHNX) or the firm’s additional mutual fund offerings, please visit: www.penncapitalfunds.com.
Penn Capital, founded in 1987, is an independent investment management firm located in Philadelphia, PA. Penn Capital maintains a fully integrated credit and equity research process and emphasizes Complete Capital Structure Analysis® when analyzing investment opportunities. Penn Capital has approximately $4.6 billion in assets under advisement (as of June 30, 2017), and specializes in high yield fixed income and micro-to-mid capitalization equity portfolios for institutions and individuals.
All investments involve risk, including possible loss of principal. 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. As interest rates rise the value of bond prices will decline. Credit risk refers to the loss in the value of a security based on a default in the payment of principal and/or interest of the security, or the perception of the market of such default. High-yield bonds have a higher risk of default or other adverse credit events, but have the potential to pay higher earnings over investment grade bonds. 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. Bank loans in which the Fund may invest have similar risks to below investment grade fixed income securities. In the event of the insolvency of an agent bank, a loan could be subject to settlement risk as well as the risk of interruptions in the administrative duties performed in the day to day administration of the loan. 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.
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1 Total Fund annual gross operating expenses (before fee waiver/expense reimbursement) for the Institutional Class are 6.71%. 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 0.54% of the average daily net assets for Institutional Class shares of the Fund. This agreement is in effect until July 17, 2018.