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Penn Capital Management Company, LLC
Richard A. Hocker · Asset Manager · Value
Penn Capital Management Company, LLC is a boutique SEC-registered investment management firm based in Philadelphia, Pennsylvania. Founded in 1987 by Richard A. Hocker, the firm specializes in the leveraged finance market, focusing on the credit and equity of non-investment grade companies. The company manages multiple investment strategies, primarily targeting micro-to-mid-capitalization equities and high-yield fixed income securities. Penn Capital is distinguished by its proprietary Complete Capital Structure Analysis®, an integrated research process that examines a company's entire capital structure to identify mispriced securities and capital structure catalysts. In July 2024, Seaport Global Holdings, LLC, through its subsidiary SGAM Advisors LLC, became the majority owner of the firm. Penn Capital provides its investment solutions through public mutual funds and custom managed accounts, catering to institutional and high-net-worth clients with a fundamental, bottom-up investment approach.
Simulated Performance
| Metric | Value |
|---|---|
| Total return | +24.7% |
| YTD return | +10.4% |
| Sharpe ratio | 3.58 |
| Win rate | 45% |
| AUM | $0.5B |
| Inception | Oct 1, 2025 |
| Updated | Aug 20, 2026 |
Institution Status
| Field | Value |
|---|---|
| AUM | $0.5B |
| Turnover | Low (<15%) |
| Avg holding | 18 Months |
| Inception | Oct 1, 2025 |
| Website | https://www.penncapital.com |
Current Holdings
Updated on Aug 20, 2026.
| Ticker | Name | Portfolio % | Return |
|---|---|---|---|
| OUST | Ouster, Inc. Common Stock | 5.9% | -5.1% |
| MIRM | Mirum Pharmaceuticals Inc | 5.9% | +12.2% |
| LGND | Ligand Pharmaceuticals Incorporated | 5.8% | +34.8% |
| KNSA | Kiniksa Pharmaceuticals Ltd | 5.6% | +4.8% |
| ZETA | Zeta Global Holdings Corp | 5.4% | +5.7% |
| TGTX | TG Therapeutics Inc | 5.3% | +13.6% |
| COMP | Compass Inc | 5.1% | -6.1% |
| WTTR | Select Energy Services Inc | 5.1% | +5.8% |
| HRI | Herc Holdings Inc | 5.0% | -5.6% |
| AGYS | Agilysys Inc | 4.9% | +5.0% |
| PENN | Penn National Gaming Inc | 4.8% | -4.9% |
| GTES | Gates Industrial Corporation plc | 4.8% | -3.3% |
| ACMR | Acm Research Inc | 4.7% | +10.6% |
| PRKS | United Parks & Resorts Inc | 4.7% | +0.2% |
| FBK | FB Financial Corp | 4.7% | -3.9% |
| ABCB | Ameris Bancorp | 4.6% | +13.4% |
| DCOM | Dime Community Bancshares Inc | 4.6% | +22.3% |
| BANC | Banc of California, Inc. | 4.5% | +0.3% |
| LTH | Life Time Group Holdings Inc | 4.5% | +9.2% |
| CSTM | Constellium Nv | 4.4% | -16.9% |
Recent activity
| Date | Action | Ticker | Weight |
|---|---|---|---|
| Aug 10, 2026 | BUY | BANC | 4.4% → 4.5% |
| Aug 10, 2026 | SELL | LGN | 4.4% → 0.0% |
| Aug 10, 2026 | BUY | PRKS | 0.0% → 4.7% |
| Aug 10, 2026 | BUY | MIRM | 5.3% → 5.9% |
| Aug 10, 2026 | BUY | AGYS | 0.0% → 4.9% |
Investment Style Analysis
Penn Capital Management Company, LLC is widely recognized for employing a Value strategy. As of Aug 20, 2026, the firm oversees approximately $0.5B in assets under management (AUM). The portfolio demonstrates a clear preference for the Banks - Regional and Biotechnology sectors, reflecting a high-conviction approach to capital allocation.
Recent Market Moves
During the latest rebalancing period ending Aug 10, Penn Capital Management Company, LLC made a significant move by increasing exposure to BANC. This adjustment aligns with the fund's dynamic approach to risk management and capital deployment in current market conditions.
Investment Philosophy
Penn Capital's investment philosophy is rooted in the belief that credit leads equity and that understanding a company's entire capital structure is the best way to identify opportunities. Using their proprietary 'Complete Capital Structure Analysis®,' the firm integrates credit and equity research to identify capital structure catalysts and valuation inefficiencies. Their approach is fundamental and bottom-up, focusing on underfollowed and speculative-grade companies. They target undervalued companies moving toward their optimal capital structure, seeking to generate alpha through uncovering catalysts such as deleveraging. This 'private approach to public markets' aims to provide risk-adjusted returns with an emphasis on downside protection across micro-to-mid-cap equities and high-yield credit.
Disclaimer
The content provided on this page, including the simulated portfolio performance, holdings analysis, and AI-generated insights, is for informational and educational purposes only. It does not constitute financial advice, investment recommendations, or an offer to buy or sell any securities. All data is derived from historical SEC 13F filings and other public disclosures, which have a reporting lag. The "Simulated Performance" is a hypothetical reconstruction based on past disclosures and does not represent the actual returns of the institution. Past performance is not indicative of future results. Tritonix.ai is not affiliated with Penn Capital Management Company, LLC.
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Frequently asked questions
How is the simulated portfolio for Penn Capital Management Company, LLC constructed?
This simulation is powered by Tritonix AI using official SEC filings. We focus on the "Best Ideas" by filtering for only the Top 20 largest holdings and rebalancing them to 100%. The simulation tracks performance starting from Oct 1, 2025. Our AI monitors for updates every Monday to capture major shifts. This concentrated approach highlights the manager's true stock-picking skill and mirrors their actual investment returns.
What is Penn Capital Management Company, LLC's largest holding?
As of the latest filing, Penn Capital Management Company, LLC's top position is Ouster, Inc. Common Stock (OUST), representing 5.9% of the portfolio. This reflects a high-conviction bet by the institution.
What is Penn Capital Management Company, LLC's historical performance and risk profile?
Our simulation indicates a total return of +24.7% with a win rate of 45%. Notably, the portfolio maintains a Sharpe Ratio of 3.58, suggesting an exceptional level of risk-adjusted returns compared to the broader market.
What sectors does Penn Capital Management Company, LLC primarily invest in?
Penn Capital Management Company, LLC has a strong preference for the Banks - Regional sector, which makes up 18.3% of their disclosed assets. The portfolio also has exposure to Biotechnology, indicating a specific thematic focus.
Is Penn Capital Management Company, LLC's portfolio concentrated or diversified?
Penn Capital Management Company, LLC runs a moderately concentrated portfolio with 20 disclosed positions. The top 3 holdings alone account for 17.6% of the total portfolio weight, suggesting a strategy that favors broader market exposure.
How has Penn Capital Management Company, LLC performed in 2026?
Our AI-simulated model portfolio for Penn Capital Management Company, LLC tracks a Year-to-Date (YTD) return of +10.4%. This metric helps investors gauge the institution's effectiveness in the current market environment.
Does Richard A. Hocker manage Penn Capital Management Company, LLC directly?
Yes, Richard A. Hocker serves as the key portfolio manager for Penn Capital Management Company, LLC, overseeing the investment strategy and final capital allocation decisions.