Fund Evaluator:
Penn Capital Short Duration Hi Inc Instl (PSHNX)
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Best Performing in High Yield Bond Over the Last Year
| 11.4% | Fidelity Capital & Income (FAGIX) |
| 10.5% | Fidelity Advisor Capital & Income Z (FIQTX) |
| 7.4% | American Beacon SiM High Yld Opps Inv (SHYPX) |
| 7.4% | Fidelity Advisor High Income Z (FGUMX) |
| 7.2% | Fidelity High Income (SPHIX) |
Fund Details
Penn Capital Short Duration Hi Inc Instl Overview
Penn Capital Short Duration Hi Inc Instl (PSHNX) is an actively managed Taxable Bond High Yield Bond fund. Penn Capital Management launched the fund in 2017.
The investment seeks to provide a high level of current income. The fund seeks to achieve its investment objective by investing, under normal circumstances, primarily in fixed income securities and senior floating rate loans that are rated below investment grade. Fixed income securities in which the fund invests include debt securities such as bonds, notes and debentures. The Advisor expects to invest primarily in high yield fixed income securities and senior floating rate loans that are generally rated at the time of purchase BB+ or lower by S&P or Ba1 or lower by Moody's or, if unrated, determined by the Advisor to be of comparable credit quality.
About Penn Capital Short Duration Hi Inc Instl (PSHNX)
There are 3 members of the management team with an average tenure of 3.50 years: Joseph Maguire (2023), Randall Braunfeld (2023), Bradley Tesoriero (2023). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and ICE BofA 1-3Y BB US Cash Pay HY TR USD index with a weighting of 100%. Penn Capital Short Duration Hi Inc Instl has 89 securities in its portfolio. The top 10 holdings constitute 22.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Penn Capital Short Duration Hi Inc Instl is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Penn Capital Short Duration Hi Inc Instl has 4.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 95.8% (90.9% domestic bond, 4.9% foreign bond and 0.0% convertible bond). Penn Capital Short Duration Hi Inc Instl has 4.2% of the portfolio in cash.
Assets Under Management
The fund has $19 million in total assets, which is below the $545 million average for the High Yield Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
PSHNX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Penn Capital Short Duration Hi Inc Instl expense ratio is average compared to funds in the High Yield Bond category. Penn Capital Short Duration Hi Inc Instl has an expense ratio of 0.54%, which is 41% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Penn Capital Short Duration Hi Inc Instl has a portfolio turnover rate of 59%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 72% for the High Yield Bond category.
Recently, in the month of July 2026, Penn Capital Short Duration Hi Inc Instl returned 0.2%, which earned it a grade of A, as the High Yield Bond category had an average return of -0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Penn Capital Short Duration Hi Inc Instl has a trailing yield of 5.97%, which is below the 6.28% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Penn Capital Short Duration Hi Inc Instl Grades
Year to date, the fund has returned 2.2%, 0.5 percentage points better than the category, which translates into a grade of B. The fund has returned 5.3% over the past year (grade of B), 7.0% over the past three years (grade of D) and 4.8% per year over the past five years (grade of A).
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PSHNX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PSHNX Return (NAV) | 0.2% | 0.9% | 5.3% | 7.0% | 4.8% | na |
| PSHNX Grade | A | A | B | D | A | na |
| +/- Category | 0.5% | 0.4% | 0.5% | -0.5% | 1.1% | na |
| High Yield Bond Avg | -0.3% | 0.4% | 4.9% | 7.5% | 3.7% | 4.8% |
| PSHNX Tax Cost Ratio | na | na | 2.4% | 2.5% | 2.1% | na |
PSHNX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PSHNX Return (NAV) | 2.2% | 7.7% | 7.2% | 8.7% | -2.3% | 3.4% | 0.9% | 7.4% | 0.6% | na | na |
| PSHNX Grade | B | C | D | F | A | F | F | F | A | na | na |
| +/- Category | 0.5% | -0.1% | -0.4% | -3.2% | 7.8% | -1.7% | -4.4% | -5.6% | 3.3% | na | na |
| High Yield Bond Avg | 1.6% | 7.9% | 7.6% | 11.9% | -10.0% | 5.1% | 5.2% | 13.0% | -2.7% | 6.7% | 13.4% |
| Risk Measures | |
| Standard Deviation: | 2.3% |
| Total Risk Index: | 0.18 - Low |
| Category Risk Index: | 0.56 - Low |
| Category Risk Grade: | A (6% Rank) |
| Beta: | 0.29 |
| R-Squared: | 55% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 6.0% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $19 Mil |
| Fund Total Assets: | $ 20 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 59% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 3.5 years | |||
| Average Tenure: 3.5 years | |||
| Managers (Year): Maguire Joseph (2023), Braunfeld Randall (2023), Tesoriero Bradley (2023) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 89 |
| % in Top 10 Holdings: | 22.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 4.9% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 90.9% |
| Foreign Bond: | 4.9% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 4.2% |
Purchase Information
| Fund Family: | Penn Capital Management |
| Phone Number: | 844-302-7366 |
| Website: |
| Status: | Open |
| Inception Date: | July 17, 2017 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.00% |
Expenses and Fees | |
| Expense Ratio (%): | 0.54% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.92% |
| Share Class: | Penn Capital Short Duration Hi Inc Instl |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 0 |
