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Trending ETFs

Name

As of 06/21/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$8.69

$26.4 M

7.50%

$0.65

1.52%

Vitals

YTD Return

2.0%

1 yr return

10.4%

3 Yr Avg Return

1.2%

5 Yr Avg Return

2.9%

Net Assets

$26.4 M

Holdings in Top 10

11.0%

52 WEEK LOW AND HIGH

$8.7
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.52%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 18.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$10,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 06/21/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$8.69

$26.4 M

7.50%

$0.65

1.52%

PHYNX - Profile

Distributions

  • YTD Total Return 2.0%
  • 3 Yr Annualized Total Return 1.2%
  • 5 Yr Annualized Total Return 2.9%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 4.69%
DIVIDENDS
  • Dividend Yield 7.5%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Penn Capital Opportunistic High Income Fund
  • Fund Family Name
    PENN Capital Funds Trust
  • Inception Date
    Nov 30, 2015
  • Shares Outstanding
    2096897
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US

Fund Description

The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets in high yield debt instruments. High yield debt instruments include high yield fixed income securities and senior floating rate bank loans that are generally rated at the time of purchase below investment grade. Below-investment grade debt instruments (commonly called “high yield” or “junk”) are those instruments rated BB+ or lower by S&P Global Ratings (“S&P”) or Fitch Ratings, Inc. (“Fitch”), or Ba1 or lower by Moody’s Investors Service, Inc. (“Moody’s”), or comparably rated by another nationally recognized statistical rating organization, or, if unrated, determined by the Advisor to be of comparable quality. High yield securities include bonds, notes, debentures, preferred stock, payment-in-kind bonds, debt obligations issued by real estate investment trusts (“REITs”), and convertible securities. The Advisor expects to engage in tactical allocations of direct investments as well as investment in other investment companies to achieve its investment objective. As a result of this tactical allocation strategy, the Advisor is permitted to invest a significant portion of the Fund’s assets directly in bank loans, including covenant lite loans, or in instruments with exposure to bank loans, and alternatively, could invest significant amounts in bonds or other instruments identified herein, and less significantly in bank loans, depending upon the Advisor’s determination of market conditions as it considers the Fund’s tactical investment allocation.

In selecting investments for the Fund, the Advisor incorporates environmental, social, and governance-related (“ESG”) issues into its research and analysis, including, but not limited to, an assessment of the following factors: evaluation of a company’s management team, board and leadership structure, share structure and overall business practices. Each investment decision incorporates ESG and sustainability to the extent that any of these ESG factors impact the financial health or reputational risk of the company within the capital markets.

The Fund is also permitted to invest in private placements, including Rule 144A fixed-income securities, in these types of securities. The Fund also can invest in common stock received through restructuring of a defaulted bond or from the conversion of a convertible security, and investment grade debt instruments. The Fund is permitted to invest in instruments of any maturity. In addition, the Fund may have increased exposure to investments in the financials sector. The Fund will invest in the securities of leveraged companies (i.e., companies that issue debt). The Fund’s investments also can include the securities of companies that are experiencing financial distress, are on the brink of a restructuring or liquidation, or are currently undergoing a restructuring or liquidation under or outside of Federal Bankruptcy Code proceedings, if the Advisor believes that such securities are undervalued and have potential for capital appreciation.

The Fund intends to invest primarily in debt securities that are U.S. dollar denominated, although the Fund may invest in debt securities denominated in foreign currencies. The Fund may invest up to 25% of its net assets in debt of foreign companies.

To obtain exposure to bank loans, as well as other high yield instruments, the Fund also will invest in other investment companies, including affiliated investment companies, and exchange traded funds (“ETFs”), that have investment objectives similar to the Fund’s or that otherwise are permitted investments with the Fund’s investment policies described herein. The Fund will obtain exposure to senior floating rate loans through (at times significant) investments in affiliated investment companies.

The Fund’s investments directly in bank loans will be through syndicated loans. Syndicated loans are an extension of credit provided by a group of lenders and are structured, arranged, syndicated and administered by one or more banks. A syndicated bank loan is purchased either via “assignment” or “participation”. When a loan is purchased via assignment, the buyer is approved by the borrower and becomes the legal lender of record. When a loan is purchased via participation, the buyer receives the right to repayment but is not the legal lender of record. Most loans acquired by the Fund will be via assignment. Loan coupons are typically “floating” rate. Floating rate securities generally pay interest at rates that adjust whenever a specified interest rate changes and/or reset on predetermined dates (such as the last day of a month or calendar quarter). Floating rate coupons have historically been set using the London Inter-Bank Offered Rate (“LIBOR”) plus the spread (i.e., the rate for such coupons will typically be a spread or margin over LIBOR). The coupon determines the periodic interest payment that the loan holder will receive. At the end of 2021, certain LIBOR rates were discontinued and an increasing number of floating rate coupons are being set using the Secured Overnight Financing Rate (“SOFR”) plus a spread (i.e., the rate for such coupons will typically be a spread or margin over SOFR). Coupons are expected to be consistent with respect to the rate used (e.g., LIBOR or SOFR). Refer to “Principal Investment Risks - LIBOR Transition Risk.”

The Fund may invest in “covenant lite” loans. Certain financial institutions may define “covenant lite” loans differently. Covenant lite loans may have tranches that contain fewer or no restrictive covenants. The tranche of the covenant lite loan that has fewer restrictions typically does not include the legal clauses which allow an investor to proactively enforce financial tests or prevent or restrict undesired actions taken by the company or sponsor. Covenant lite loans also generally give the borrower/issuer more flexibility if they have met certain loan terms and provide fewer investor protections if certain criteria are breached.

The Fund seeks to maintain a well-diversified portfolio of credit instruments with dual objectives of interest income and total return opportunities. The Advisor considers both quantitative and qualitative factors in its evaluation and selection of investments for the Fund. Quantitative measures include the review of company financial statements and analysis of the company’s projected future financial position. Qualitative measures include evaluation of management, identification of market leaders within industries, and due-diligence research regarding customers, competitors and suppliers. The Advisor could choose to sell a particular security if, for example, it no longer satisfies specific criteria based on the quantitative and qualitative factors outlined above, or to take advantage of what the Advisor has determined to be a better investment opportunity.

The Fund anticipates a higher than average portfolio turnover rate.

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PHYNX - Performance

Return Ranking - Trailing

Period PHYNX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.0% -6.6% 8.3% 80.25%
1 Yr 10.4% -6.0% 19.1% 42.00%
3 Yr 1.2%* -15.4% 20.1% 57.92%
5 Yr 2.9%* -12.0% 36.8% 60.63%
10 Yr N/A* -5.3% 19.5% N/A

* Annualized

Return Ranking - Calendar

Period PHYNX Return Category Return Low Category Return High Rank in Category (%)
2023 5.3% -4.7% 14.3% 47.54%
2022 -15.6% -33.4% 3.6% 51.68%
2021 0.6% -8.4% 8.2% 31.83%
2020 -2.0% -13.2% 302.7% 82.16%
2019 5.3% -4.4% 13.3% 79.89%

Total Return Ranking - Trailing

Period PHYNX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.0% -6.6% 8.3% 80.25%
1 Yr 10.4% -6.0% 19.1% 42.00%
3 Yr 1.2%* -15.4% 20.1% 57.92%
5 Yr 2.9%* -12.0% 36.8% 60.63%
10 Yr N/A* -5.3% 19.5% N/A

* Annualized

Total Return Ranking - Calendar

Period PHYNX Return Category Return Low Category Return High Rank in Category (%)
2023 13.0% -4.7% 18.7% 25.67%
2022 -10.9% -33.4% 47.8% 55.20%
2021 5.8% -8.4% 12.4% 33.67%
2020 3.8% -9.6% 325.6% 75.30%
2019 11.4% -3.8% 19.4% 80.95%

NAV & Total Return History


PHYNX - Holdings

Concentration Analysis

PHYNX Category Low Category High PHYNX % Rank
Net Assets 26.4 M 1.45 M 23.6 B 96.37%
Number of Holdings 165 2 2888 80.95%
Net Assets in Top 10 3.68 M -492 M 5.26 B 98.10%
Weighting of Top 10 11.04% 4.2% 164.1% 72.22%

Top 10 Holdings

  1. Owens Minor Inc 1.19%
  2. DaVita Inc 1.16%
  3. Antero Resources Corp 1.16%
  4. Papa John's International Inc 1.10%
  5. Titan International Inc 1.09%
  6. Sinclair Television Group Inc 1.08%
  7. EnLink Midstream Partners LP 1.08%
  8. Crocs Inc 1.08%
  9. Fortrea Holdings Inc 1.07%
  10. AdaptHealth LLC 1.03%

Asset Allocation

Weighting Return Low Return High PHYNX % Rank
Bonds
97.21% -0.88% 154.38% 25.91%
Convertible Bonds
3.52% 0.00% 17.89% 8.41%
Cash
2.19% -52.00% 48.07% 72.06%
Preferred Stocks
0.60% 0.00% 7.88% 17.62%
Stocks
0.00% 0.00% 99.58% 94.15%
Other
0.00% -63.70% 100.29% 76.51%

Bond Sector Breakdown

Weighting Return Low Return High PHYNX % Rank
Corporate
99.14% 0.00% 100.00% 5.72%
Cash & Equivalents
0.86% 0.00% 48.07% 77.62%
Securitized
0.16% 0.00% 97.24% 35.93%
Derivative
0.00% -14.70% 42.26% 72.70%
Municipal
0.00% 0.00% 1.17% 79.01%
Government
0.00% 0.00% 99.07% 84.74%

Bond Geographic Breakdown

Weighting Return Low Return High PHYNX % Rank
US
97.21% -0.88% 129.21% 17.46%
Non US
0.00% 0.00% 98.19% 86.03%

PHYNX - Expenses

Operational Fees

PHYNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.52% 0.02% 38.33% 21.55%
Management Fee 0.69% 0.00% 1.84% 81.01%
12b-1 Fee 0.00% 0.00% 1.00% 12.22%
Administrative Fee N/A 0.00% 0.50% N/A

Sales Fees

PHYNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.25% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

PHYNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% 25.00%

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

PHYNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 18.00% 1.00% 255.00% 2.08%

PHYNX - Distributions

Dividend Yield Analysis

PHYNX Category Low Category High PHYNX % Rank
Dividend Yield 7.50% 0.00% 11.76% 27.60%

Dividend Distribution Analysis

PHYNX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly SemiAnnual Monthly Monthly

Net Income Ratio Analysis

PHYNX Category Low Category High PHYNX % Rank
Net Income Ratio 4.69% -2.39% 14.30% 33.93%

Capital Gain Distribution Analysis

PHYNX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Annually

Distributions History

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PHYNX - Fund Manager Analysis

Tenure Analysis

Category Low Category High Category Average Category Mode
0.13 37.79 7.17 8.17