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iso4217:USD
xbrli:shares
iso4217:USD
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xbrli:pure
utr:Y
rbb:Units
|
|
|
|
P/E Global Enhanced International Fund
|
|
Institutional Class | PEIEX
|
Annual Shareholder Report | August 31, 2024
|
This annual shareholder report contains important information about the P/E Global Enhanced International Fund (the “Fund”) for the period of September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://www.peinvestments.com/. You can also request this information by contacting us at 1-855-610-4766.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
|
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Institutional Class
|
$108
|
1.00%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve-month period ended August 31, 2024, the Fund underperformed its benchmark, the MSCI EAFE Net (USD) Index (the “MSCI EAFE”). As part of its investment objective to seek total returns, the Fund seeks to augment passive international equity exposures with active currency positions, providing a distinct, diversifying source of potential alpha within the space. More specifically, the Fund’s investment strategy seeks to combine the performance of 1) certain U.S. Dollar hedged global equity index futures and 2) the P/E Global LLC’s proprietary FX Strategy, which is focused on providing exposure to international currency markets.
WHAT FACTORS INFLUENCED PERFORMANCE
Fund performance was driven largely by the MSCI EAFE, which posted strong performance during the period. FX Strategy performance was mainly driven by the Japanese Yen, which contributed, and the Australian Dollar, which detracted.
From a factor perspective, inflation and long-term interest rate differentials drove FX Strategy positioning during the period. The short end of the yield curve factor also increased in significance in June and July 2024, supporting the argument for monetary policy divergence. Currently, yield curve inversion and slowing growth indicators increase the probability of risk aversion, which benefits stable currencies. Inflation, while remaining important, has moderated.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
|
12/28/2022 |
12/31/2022 |
01/31/2023 |
02/28/2023 |
03/31/2023 |
04/30/2023 |
05/31/2023 |
06/30/2023 |
07/31/2023 |
08/31/2023 |
09/30/2023 |
10/31/2023 |
11/30/2023 |
12/31/2023 |
01/31/2024 |
02/29/2024 |
03/31/2024 |
04/30/2024 |
05/31/2024 |
06/30/2024 |
07/31/2024 |
08/31/2024 |
P/E
Global Enhanced International Fund Institutional Class |
10000 |
9750 |
10240 |
10680 |
10350 |
10620 |
10780 |
10990 |
11000 |
11090 |
11270 |
11130 |
11200 |
11202 |
11782 |
12502 |
13039 |
13060 |
13232 |
13211 |
13232 |
12813 |
MSCI
EAFE Net (USD) Index |
10000 |
10007 |
10817 |
10592 |
10854 |
11161 |
10688 |
11175 |
11536 |
11094 |
10715 |
10281 |
11235 |
11832 |
11900 |
12118 |
12517 |
12196 |
12669 |
12464 |
12830 |
13247 |
P/E Global Enhanced International Fund
|
PAGE 1
|
TSR-AR-75526L100 |
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
|
|
1 Year
|
Since Inception (12/28/2022)
|
Institutional Class
|
15.54
|
15.96
|
MSCI EAFE Net (USD) Index
|
19.40
|
18.29
|
Visit https://www.peinvestments.com/ for more recent performance information.
* |
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
|
KEY FUND STATISTICS (as of August 31, 2024)
|
|
Net Assets
|
$25,640,820
|
Number of Holdings
|
16
|
Net Advisory Fee
|
$(18,585)
|
Portfolio Turnover
|
0%
|
WHAT DID THE FUND INVEST IN? (as of August 31, 2024)
|
|
Top 10 Holdings
|
(% of net assets)
|
United States Treasury Bill
|
79.2%
|
MSCI EAFE Index
|
5.4%
|
South African Rand/US Dollar Cross Currency Rate
|
0.0%
|
US Dollar/Norwegian Krone Cross Currency Rate
|
0.0%
|
Canadian Dollar/US Dollar Cross Currency Rate
|
0.0%
|
Mexican Peso/US Dollar Cross Currency Rate
|
-0.1%
|
US Dollar/Swedish Krona Cross Currency Rate
|
-0.1%
|
New Zealand Dollar/US Dollar Cross Currency Rate
|
-0.1%
|
Swiss Franc/US Dollar Cross Currency Rate
|
-0.5%
|
British Pound/US Dollar Cross Currency Rate
|
-0.6%
|
|
|
Top Sectors
|
(% of net assets)
|
Cash & Other
|
100.0%
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.peinvestments.com/
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your P/E Global LLC documents not be householded, please contact P/E Global LLC at 1-855-610-4766, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by P/E Global LLC or your financial intermediary.
P/E Global Enhanced International Fund
|
PAGE 2
|
TSR-AR-75526L100 |
|
|
|
|
Penn Capital Short Duration High Income Fund
|
|
Institutional Class | PSHNX
|
Annual Shareholder Report | August 31, 2024
|
This annual shareholder report contains important information about the Penn Capital Short Duration High Income Fund (the “Fund”) for the period of September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://penncapital.com/mutual-funds. You can also request this information by contacting us at 1-844-302-7366.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
|
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Institutional Class
|
$58
|
0.55%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the fiscal year ended August 31, 2024, the Fund generated a 9.18% return, outperforming its benchmark, ICE BofA 1-3 Year BB US Cash Pay High Yield Index (the “Index”) which returned 8.90%. The Fund maintains an average portfolio maturity of three years or less and excludes CCC-rated bonds. The portfolio will typically underperform the broad short duration market, which includes triple CCC-rated bonds, during low quality rallies and outperform during low quality sell-offs. Over the past year, lower rated bonds modestly outperformed higher rated bonds. The portfolio benefitted from strong security selection in the Media industry led by tactical positioning in Charter Communications and shorter-term maturities in Grey Television, Nexstar and Dish Network. Capital Goods was the second strongest sector with a focus on aerospace firms - Spirit Aerosystems, Moog, and Triumph Group – leading the way. Underweighting the Transportation sector contributed to performance as airline bonds lagged amid weakening profitability due to a combination of overcapacity and rising labor costs. The largest detractor to performance was a conservative positioning in the Insurance sector when two long dated subordinated bonds outperformed within the Index. The Basic Industry sector lagged due to conservative positioning in near term commodity producers. The Banking industry was a detractor as the Fund focused on investment grade banks like Fifth Third and Huntington while the Index saw strong returns from Western Alliance and Pacwest, two companies that were directly impacted and ultimately survived the Silicon Valley liquidity crisis.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
|
07/17/2017 |
07/31/2017 |
08/31/2017 |
09/30/2017 |
10/31/2017 |
11/30/2017 |
12/31/2017 |
01/31/2018 |
02/28/2018 |
03/31/2018 |
04/30/2018 |
05/31/2018 |
06/30/2018 |
07/31/2018 |
08/31/2018 |
09/30/2018 |
10/31/2018 |
11/30/2018 |
12/31/2018 |
01/31/2019 |
02/28/2019 |
03/31/2019 |
04/30/2019 |
05/31/2019 |
06/30/2019 |
07/31/2019 |
08/31/2019 |
09/30/2019 |
10/31/2019 |
11/30/2019 |
12/31/2019 |
01/31/2020 |
02/29/2020 |
03/31/2020 |
04/30/2020 |
05/31/2020 |
06/30/2020 |
07/31/2020 |
08/31/2020 |
09/30/2020 |
10/31/2020 |
11/30/2020 |
12/31/2020 |
01/31/2021 |
02/28/2021 |
03/31/2021 |
04/30/2021 |
05/31/2021 |
06/30/2021 |
07/31/2021 |
08/31/2021 |
09/30/2021 |
10/31/2021 |
11/30/2021 |
12/31/2021 |
01/31/2022 |
02/28/2022 |
03/31/2022 |
04/30/2022 |
05/31/2022 |
06/30/2022 |
07/31/2022 |
08/31/2022 |
09/30/2022 |
10/31/2022 |
11/30/2022 |
12/31/2022 |
01/31/2023 |
02/28/2023 |
03/31/2023 |
04/30/2023 |
05/31/2023 |
06/30/2023 |
07/31/2023 |
08/31/2023 |
09/30/2023 |
10/31/2023 |
11/30/2023 |
12/31/2023 |
01/31/2024 |
02/29/2024 |
03/31/2024 |
04/30/2024 |
05/31/2024 |
06/30/2024 |
07/31/2024 |
08/31/2024 |
Penn
Capital Short Duration High Income Fund Institutional Class |
10000 |
9990 |
9979 |
10008 |
10034 |
10013 |
10035 |
10066 |
10038 |
10035 |
10090 |
10097 |
10103 |
10172 |
10215 |
10258 |
10220 |
10197 |
10097 |
10302 |
10392 |
10435 |
10489 |
10458 |
10573 |
10610 |
10675 |
10705 |
10720 |
10773 |
10843 |
10852 |
10730 |
9894 |
10101 |
10278 |
10327 |
10562 |
10643 |
10614 |
10628 |
10829 |
10939 |
10956 |
10986 |
11048 |
11101 |
11141 |
11196 |
11213 |
11242 |
11244 |
11270 |
11201 |
11314 |
11170 |
11123 |
11099 |
10971 |
10977 |
10632 |
10960 |
10899 |
10774 |
10943 |
11031 |
11058 |
11253 |
11237 |
11319 |
11397 |
11363 |
11482 |
11577 |
11608 |
11569 |
11550 |
11833 |
12021 |
12087 |
12107 |
12219 |
12207 |
12304 |
12402 |
12556 |
12674 |
Bloomberg
U.S. Aggregate Bond Index** |
10000 |
10025 |
10115 |
10066 |
10072 |
10059 |
10105 |
9989 |
9894 |
9958 |
9884 |
9954 |
9942 |
9944 |
10008 |
9944 |
9865 |
9924 |
10107 |
10214 |
10208 |
10404 |
10407 |
10591 |
10724 |
10748 |
11027 |
10968 |
11001 |
10995 |
10988 |
11199 |
11401 |
11334 |
11535 |
11589 |
11662 |
11836 |
11740 |
11734 |
11682 |
11796 |
11812 |
11728 |
11558 |
11414 |
11504 |
11542 |
11623 |
11753 |
11730 |
11629 |
11626 |
11660 |
11630 |
11380 |
11253 |
10940 |
10525 |
10593 |
10427 |
10681 |
10380 |
9931 |
9802 |
10163 |
10117 |
10428 |
10159 |
10417 |
10480 |
10366 |
10329 |
10322 |
10256 |
9995 |
9837 |
10283 |
10676 |
10647 |
10497 |
10594 |
10326 |
10501 |
10601 |
10848 |
11004 |
ICE
BofA 1-3 Year BB US Cash Pay High Yield Index |
10000 |
10027 |
s10050 |
10096 |
10109 |
10097 |
10099 |
10113 |
10083 |
10076 |
10124 |
10148 |
10156 |
10223 |
10277 |
10315 |
10286 |
10302 |
10234 |
10455 |
10551 |
10620 |
10679 |
10659 |
10805 |
10852 |
10943 |
10962 |
11001 |
11059 |
11123 |
11137 |
10998 |
10257 |
10608 |
10889 |
11008 |
11330 |
11402 |
11323 |
11378 |
11619 |
11728 |
11743 |
11766 |
11829 |
11908 |
11938 |
12000 |
12011 |
12056 |
12047 |
12065 |
12001 |
12109 |
11923 |
11864 |
11782 |
11612 |
11722 |
11352 |
11712 |
11598 |
11427 |
11622 |
11756 |
11736 |
11956 |
11919 |
12000 |
12087 |
12045 |
12154 |
12277 |
12313 |
12284 |
12267 |
12571 |
12776 |
12815 |
12856 |
12955 |
12943 |
13050 |
13140 |
13294 |
13409 |
Penn Capital Short Duration High Income Fund
|
PAGE 1
|
TSR-AR-707269882 |
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
|
|
|
1 Year
|
5 Year
|
Since Inception (07/17/2017)
|
Institutional Class (without sales charge)
|
9.18
|
3.49
|
3.38
|
Bloomberg U.S. Aggregate Bond Index**
|
7.30
|
-0.04
|
1.35
|
ICE BofA 1-3 Year BB US Cash Pay High Yield Index
|
8.90
|
4.15
|
4.20
|
Visit https://penncapital.com/mutual-funds for more recent performance information.
* |
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
** |
Effective with this report, and pursuant to new regulatory requirements, the Bloomberg U.S. Aggregate Bond Index replaced the ICE BofA 1-3 Year BB US Cash Pay High Yield Index as the Fund’s primary benchmark to represent a broad-based securities market index. |
KEY FUND STATISTICS (as of August 31, 2024)
|
|
Net Assets
|
$16,600,110
|
Number of Holdings
|
93
|
Net Advisory Fee
|
-$67,409
|
Portfolio Turnover
|
42%
|
Visit https://penncapital.com/mutual-funds for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of August 31, 2024)
|
|
Top 10 Holdings
|
(% of Net Assets)
|
OneMain Finance Corp.
|
3.7%
|
Frontier Communications Holdings LLC
|
2.9%
|
Travel + Leisure Co.
|
2.9%
|
CCO Holdings LLC / CCO Holdings Capital Corp.
|
2.7%
|
Owens & Minor, Inc.
|
2.5%
|
American Airlines, Inc.
|
2.5%
|
Crown Cork & Seal Co., Inc.
|
2.4%
|
Calpine Corp.
|
2.3%
|
Harvest Midstream I LP
|
2.1%
|
Fortress Transportation and Infrastructure Investors LLC
|
2.1%
|
|
|
Top Sectors
|
(% of Net Assets)
|
Energy
|
19.3%
|
Consumer Discretionary
|
19.0%
|
Financials
|
15.4%
|
Communications
|
14.6%
|
Materials
|
10.0%
|
Health Care
|
5.8%
|
Utilities
|
4.2%
|
Industrials
|
4.1%
|
Consumer Staples
|
2.7%
|
Cash & Other
|
4.9%
|
Material Fund Changes:
This is a summary of certain planned changes to the Fund since September 1, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2024 at www.penncapitalFund.com or upon request at 844-302 PENN (7366).
During the period, a newly formed entity formed by two members of the Penn Capital Management Company, LLC’s (the “Advisor” or “Penn Capital”) senior management purchased all of the rights and interests of Spouting Rock Asset Management’s lender and foreclosed upon the Penn Capital equity owned by Spouting Rock Asset Management. In addition, the newly formed entity purchased the equity ownership of 525 Holdings LLC, Penn Capital’s controlling member. The newly formed entity then subsequently sold a majority and controlling interest in Penn Capital to SGAM Advisors LLC, a subsidiary of Seaport Global Holdings LLC (“Seaport”). The transaction closed on July 3, 2024 (the “Acquisition”). The Acquisition was deemed to result in a change of control of Penn Capital pursuant to the 1940 Act, and resulted in the automatic termination of the previously existing advisory agreement between The RBB Fund Trust (the “Trust”), on behalf of the Fund, and Penn Capital (the “Original Agreement”). To avoid disruption of the Fund’s investment management program, the Board approved (i) an interim advisory agreement between the Trust and Penn Capital with
Penn Capital Short Duration High Income Fund
|
PAGE 2
|
TSR-AR-707269882 |
respect to the Fund (the “Interim Advisory Agreement”) on April 24, 2024, which became effective on July 3, 2024, and (ii) a new investment advisory agreement between the Trust and Penn Capital with respect to the Fund (the “New Advisory Agreement”), which will not become effective unless approved by the shareholders of the Fund. The New Advisory Agreement is substantially similar to the Original Agreement on behalf of the Fund. The advisory fees payable to Penn Capital under the New Advisory Agreement are the same as the advisory fees payable under the Original Agreement. The investment advisory personnel who provided services to the Fund under the Original Agreement are expected to continue to do so under the New Advisory Agreement. The Advisor does not expect the Acquisition to have any material impact on the quality of investment advisory services provided to the Fund. The Board has unanimously voted to approve the New Advisory Agreement and to recommend that the shareholders of the Fund vote FOR the approval of the New Advisory Agreement.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://penncapital.com/mutual-funds
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-844-302-7366, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Penn Capital Short Duration High Income Fund
|
PAGE 3
|
TSR-AR-707269882 |
|
|
|
|
Penn Capital Opportunistic High Income Fund
|
|
Institutional Class | PHYNX
|
Annual Shareholder Report | August 31, 2024
|
This annual shareholder report contains important information about the Penn Capital Opportunistic High Income Fund (the “Fund”) for the period of September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://penncapital.com/mutual-funds. You can also request this information by contacting us at 1-844-302-7366.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
|
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Institutional Class
|
$77
|
0.73%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the fiscal year ended August 31, 2024 (“fiscal year”), the Fund generated a 11.91% return, underperforming its benchmark, the ICE BofA US High Yield Constrained Index, which returned 12.47%. From a ratings perspective, the largest detractor to performance was an underweight to the most speculative area of the index CC and lower rated securities while strong security selection in BB and CCC securities offset some of this performance drag. The Telecommunications sector was the strongest performer with a focus on Frontier Communications while avoiding Level Three and Altice’s European operations. The Capital Goods contributed through a focus aerospace companies such Bombardier, Triumph Group and Spirit Aerosystems while avoiding the packaging company Ardagh Group. The Leisure sector outperformed with a focus on smaller gaming companies and theme parks. The largest detractors to performance was an overweight to the Media sector due to weakness in national advertising for broadcasters and radio companies. The Basic Industry sector lagged due to a paper company that saw softening pulp prices during the fiscal year. The Transportation sector lagged as a trucking company struggled to integrate an vertical acquisition which was disruptive to their customer base.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
|
11/30/2015 |
12/31/2015 |
01/31/2016 |
02/29/2016 |
03/31/2016 |
04/30/2016 |
05/31/2016 |
06/30/2016 |
07/31/2016 |
08/31/2016 |
09/30/2016 |
10/31/2016 |
11/30/2016 |
12/31/2016 |
01/31/2017 |
02/28/2017 |
03/31/2017 |
04/30/2017 |
05/31/2017 |
06/30/2017 |
07/31/2017 |
08/31/2017 |
09/30/2017 |
10/31/2017 |
11/30/2017 |
12/31/2017 |
01/31/2018 |
02/28/2018 |
03/31/2018 |
04/30/2018 |
05/31/2018 |
06/30/2018 |
07/31/2018 |
08/31/2018 |
09/30/2018 |
10/31/2018 |
11/30/2018 |
12/31/2018 |
01/31/2019 |
02/28/2019 |
03/31/2019 |
04/30/2019 |
05/31/2019 |
06/30/2019 |
07/31/2019 |
08/31/2019 |
09/30/2019 |
10/31/2019 |
11/30/2019 |
12/31/2019 |
01/31/2020 |
02/29/2020 |
03/31/2020 |
04/30/2020 |
05/31/2020 |
06/30/2020 |
07/31/2020 |
08/31/2020 |
09/30/2020 |
10/31/2020 |
11/30/2020 |
12/31/2020 |
01/31/2021 |
02/28/2021 |
03/31/2021 |
04/30/2021 |
05/31/2021 |
06/30/2021 |
07/31/2021 |
08/31/2021 |
09/30/2021 |
10/31/2021 |
11/30/2021 |
12/31/2021 |
01/31/2022 |
02/28/2022 |
03/31/2022 |
04/30/2022 |
05/31/2022 |
06/30/2022 |
07/31/2022 |
08/31/2022 |
09/30/2022 |
10/31/2022 |
11/30/2022 |
12/31/2022 |
01/31/2023 |
02/28/2023 |
03/31/2023 |
04/30/2023 |
05/31/2023 |
06/30/2023 |
07/31/2023 |
08/31/2023 |
09/30/2023 |
10/31/2023 |
11/30/2023 |
12/31/2023 |
01/31/2024 |
02/29/2024 |
03/31/2024 |
04/30/2024 |
05/31/2024 |
06/30/2024 |
07/31/2024 |
08/31/2024 |
Penn
Capital Opportunistic High Income Fund Institutional Class |
10000 |
9709 |
9568 |
9598 |
9839 |
10089 |
10170 |
10266 |
10498 |
10723 |
10839 |
10885 |
10919 |
11187 |
11348 |
11555 |
11517 |
11626 |
11671 |
11638 |
11793 |
11835 |
11898 |
11943 |
11900 |
11956 |
12074 |
11996 |
11974 |
12043 |
12059 |
12082 |
12209 |
12298 |
12377 |
12236 |
12161 |
11831 |
12283 |
12476 |
12551 |
12740 |
12600 |
12786 |
12834 |
12857 |
12890 |
12854 |
12923 |
13175 |
13166 |
12930 |
11188 |
11563 |
11967 |
12036 |
12518 |
12761 |
12666 |
12742 |
13354 |
13678 |
13737 |
13839 |
13912 |
14085 |
14155 |
14333 |
14319 |
14394 |
14393 |
14357 |
14199 |
14469 |
14128 |
14002 |
13875 |
13410 |
13285 |
12408 |
13085 |
12910 |
12385 |
12725 |
12949 |
12887 |
13337 |
13146 |
13302 |
13399 |
13260 |
13487 |
13716 |
13703 |
13498 |
13306 |
14009 |
14492 |
14530 |
14508 |
14724 |
14558 |
14666 |
14795 |
15093 |
15334 |
Bloomberg
U.S. Aggregate Bond Index** |
10000 |
9968 |
10105 |
10177 |
10270 |
10309 |
10312 |
10497 |
10564 |
10552 |
10545 |
10465 |
10217 |
10232 |
10252 |
10321 |
10315 |
10395 |
10475 |
10464 |
10509 |
10604 |
10553 |
10559 |
10546 |
10594 |
10472 |
10373 |
10439 |
10362 |
10436 |
10423 |
10425 |
10492 |
10425 |
10342 |
10404 |
10595 |
10708 |
10701 |
10907 |
10910 |
11103 |
11243 |
11268 |
11560 |
11498 |
11533 |
11527 |
11519 |
11740 |
11952 |
11881 |
12093 |
12149 |
12225 |
12408 |
12308 |
12301 |
12246 |
12366 |
12383 |
12295 |
12117 |
11966 |
12060 |
12100 |
12185 |
12321 |
12297 |
12191 |
12188 |
12224 |
12192 |
11930 |
11797 |
11469 |
11034 |
11105 |
10931 |
11198 |
10881 |
10411 |
10276 |
10654 |
10606 |
10932 |
10650 |
10920 |
10987 |
10867 |
10828 |
10821 |
10751 |
10478 |
10313 |
10780 |
11193 |
11162 |
11004 |
11106 |
10825 |
11009 |
11113 |
11373 |
11536 |
ICE
BofA US High Yield Constrained Index |
10000 |
9742 |
9588 |
9633 |
10058 |
10460 |
10536 |
10650 |
10919 |
11162 |
11234 |
11270 |
11225 |
11446 |
11599 |
11780 |
11756 |
11889 |
11994 |
12007 |
12146 |
12143 |
12252 |
12299 |
12266 |
12302 |
12381 |
12266 |
12190 |
12271 |
12269 |
12312 |
12449 |
12539 |
12612 |
12406 |
12293 |
12023 |
12576 |
12788 |
12913 |
13094 |
12928 |
13245 |
13312 |
13364 |
13407 |
13438 |
13475 |
13756 |
13757 |
13544 |
11950 |
12404 |
12967 |
13090 |
13711 |
13848 |
13705 |
13766 |
14318 |
14592 |
14648 |
14698 |
14724 |
14886 |
14929 |
15132 |
15185 |
15269 |
15275 |
15246 |
15088 |
15372 |
14950 |
14817 |
14681 |
14148 |
14181 |
13215 |
14011 |
13676 |
13127 |
13500 |
13751 |
13649 |
14182 |
14000 |
14156 |
14294 |
14157 |
14388 |
14593 |
14637 |
14465 |
14284 |
14936 |
15487 |
15490 |
15536 |
15721 |
15564 |
15741 |
15893 |
16205 |
16462 |
Penn Capital Opportunistic High Income Fund
|
PAGE 1
|
TSR-AR-707269502 |
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
|
|
|
1 Year
|
5 Year
|
Since Inception (11/30/2015)
|
Institutional Class (without sales charge)
|
11.91
|
3.59
|
5.01
|
Bloomberg U.S. Aggregate Bond Index**
|
7.30
|
-0.04
|
1.65
|
ICE BofA US High Yield Constrained Index
|
12.47
|
4.26
|
5.86
|
Visit https://penncapital.com/mutual-funds for more recent performance information.
* |
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
|
** |
Effective with this report, and pursuant to new regulatory requirements, the Bloomberg U.S. Aggregate Bond Index replaced the ICE BofA US High Yield Constrained Index as the Fund’s primary benchmark to represent a broad-based securities market index. |
KEY FUND STATISTICS (as of August 31, 2024)
|
|
Net Assets
|
$19,724,108
|
Number of Holdings
|
138
|
Net Advisory Fee
|
-$13,874
|
Portfolio Turnover
|
69%
|
WHAT DID THE FUND INVEST IN? (as of August 31, 2024)
|
|
Top 10 Holdings
|
(% of Net Assets)
|
Frontier Communications Holdings LLC
|
1.5%
|
Fortress Transportation and Infrastructure Investors LLC
|
1.5%
|
CCO Holdings LLC
|
1.4%
|
CHS/Community Health Systems, Inc.
|
|
DaVita, Inc.
|
1.4%
|
Gray Television, Inc.
|
1.4%
|
Pike Corp.
|
1.3%
|
Texas Capital Bancshares, Inc.
|
1.3%
|
Bread Financial Holdings, Inc.
|
1.2%
|
Antero Resources Corp.
|
1.2%
|
|
|
Top Sectors
|
(% of Net Assets)
|
Consumer Discretionary
|
21.7%
|
Energy
|
17.0%
|
Communications
|
14.8%
|
Financials
|
11.6%
|
Health Care
|
10.4%
|
Industrials
|
5.4%
|
Materials
|
5.4%
|
Utilities
|
3.7%
|
Consumer Staples
|
3.5%
|
Cash & Other
|
6.5%
|
This is a summary of certain planned changes to the Fund since September 1, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2024 at www.penncapitalFund.com or upon request at 844-302 PENN (7366).
During the period, a newly formed entity formed by two members of the Penn Capital Management Company, LLC’s (the “Advisor” or “Penn Capital”) senior management purchased all of the rights and interests of Spouting Rock Asset Management’s lender and foreclosed upon the Penn Capital equity owned by Spouting Rock Asset Management. In addition, the newly formed entity purchased the equity ownership of 525 Holdings LLC, Penn Capital’s controlling member. The newly formed entity then subsequently sold a majority and controlling interest in Penn Capital to SGAM Advisors LLC, a subsidiary of Seaport Global Holdings LLC (“Seaport”). The transaction closed on July 3, 2024 (the “Acquisition”). The Acquisition was deemed to result in a change of control of Penn Capital pursuant to the 1940 Act, and resulted in the automatic termination of the previously existing advisory agreement between The RBB Fund Trust (the “Trust”), on behalf of the Fund, and Penn Capital (the “Original Agreement”). To avoid disruption of the Fund’s investment management program, the Board approved (i) an interim advisory agreement between the Trust and Penn Capital with
Penn Capital Opportunistic High Income Fund
|
PAGE 2
|
TSR-AR-707269502 |
respect to the Fund (the “Interim Advisory Agreement”) on April 24, 2024, which became effective on July 3, 2024, and (ii) a new investment advisory agreement between the Trust and Penn Capital with respect to the Fund (the “New Advisory Agreement”), which will not become effective unless approved by the shareholders of the Fund. The New Advisory Agreement is substantially similar to the Original Agreement on behalf of the Fund. The advisory fees payable to Penn Capital under the New Advisory Agreement are the same as the advisory fees payable under the Original Agreement. The investment advisory personnel who provided services to the Fund under the Original Agreement are expected to continue to do so under the New Advisory Agreement. The Advisor does not expect the Acquisition to have any material impact on the quality of investment advisory services provided to the Fund. The Board has unanimously voted to approve the New Advisory Agreement and to recommend that the shareholders of the Fund vote FOR the approval of the New Advisory Agreement.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://penncapital.com/mutual-funds
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-844-302-7366, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Penn Capital Opportunistic High Income Fund
|
PAGE 3
|
TSR-AR-707269502 |
|
|
|
|
Penn Capital Mid Cap Core Fund
|
|
Institutional Class | PSMPX
|
Annual Shareholder Report | August 31, 2024
|
This
annual shareholder report contains important information about the Penn Capital Mid Cap Core Fund (the “Fund”) for the
period of September 1, 2023, to August 31, 2024. You can find additional information about the Fund at
https://penncapital.com/mutual-funds. You can also request this information by contacting us at 1-844-302-7366.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
|
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Institutional Class
|
$109
|
1.06%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve-month fiscal period ended August 31, 2024, the Fund generated a 6.13% return, underperforming the 17.86% return of its benchmark, the Bloomberg US 2500 Index. The sectors that hindered performance during the period were Consumer Discretionary, Health Care, and Energy. In the Consumer Discretionary sector, a casino operator reported disappointing 1H24 results due to lower-than-expected volumes and table hold in Las Vegas, weather headwinds at its regional properties, and unlucky online sports betting hold. Within Health Care, a provider of spine surgery solutions delivered continued top line growth and market share gains, through its slower than expected progress towards profitability and cash flow breakeven frustrated investors. In the Energy sector, an offshore drilling contractor underperformed due to the decline in oil prices amid rising supply. The best performing sectors during the period were the Real Estate, Materials, and Consumer Staples sectors. Within the Real Estate sector, a commercial real estate advisory firm outperformed amid optimism that the commercial real estate cycle is bottoming while the company’s aggressive recruitment of top producers is driving higher revenue per employee versus peers. In the Materials sector, a fabricator and distributor of steel and metal alloy outperformed driven by strong earnings growth in its Aerospace division where lead times and pricing remain extended. Within Consumer Staples, a food distributor continues to gain market share and win new customers while expanding margins due to favorable mix and using free cash flow to de-leverage its balance sheet.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
|
11/30/2015 |
12/31/2015 |
01/31/2016 |
02/29/2016 |
03/31/2016 |
04/30/2016 |
05/31/2016 |
06/30/2016 |
07/31/2016 |
08/31/2016 |
09/30/2016 |
10/31/2016 |
11/30/2016 |
12/31/2016 |
01/31/2017 |
02/28/2017 |
03/31/2017 |
04/30/2017 |
05/31/2017 |
06/30/2017 |
07/31/2017 |
08/31/2017 |
09/30/2017 |
10/31/2017 |
11/30/2017 |
12/31/2017 |
01/31/2018 |
02/28/2018 |
03/31/2018 |
04/30/2018 |
05/31/2018 |
06/30/2018 |
07/31/2018 |
08/31/2018 |
09/30/2018 |
10/31/2018 |
11/30/2018 |
12/31/2018 |
01/31/2019 |
02/28/2019 |
03/31/2019 |
04/30/2019 |
05/31/2019 |
06/30/2019 |
07/31/2019 |
08/31/2019 |
09/30/2019 |
10/31/2019 |
11/30/2019 |
12/31/2019 |
01/31/2020 |
02/29/2020 |
03/31/2020 |
04/30/2020 |
05/31/2020 |
06/30/2020 |
07/31/2020 |
08/31/2020 |
09/30/2020 |
10/31/2020 |
11/30/2020 |
12/31/2020 |
01/31/2021 |
02/28/2021 |
03/31/2021 |
04/30/2021 |
05/31/2021 |
06/30/2021 |
07/31/2021 |
08/31/2021 |
09/30/2021 |
10/31/2021 |
11/30/2021 |
12/31/2021 |
01/31/2022 |
02/28/2022 |
03/31/2022 |
04/30/2022 |
05/31/2022 |
06/30/2022 |
07/31/2022 |
08/31/2022 |
09/30/2022 |
10/31/2022 |
11/30/2022 |
12/31/2022 |
01/31/2023 |
02/28/2023 |
03/31/2023 |
04/30/2023 |
05/31/2023 |
06/30/2023 |
07/31/2023 |
08/31/2023 |
09/30/2023 |
10/31/2023 |
11/30/2023 |
12/31/2023 |
01/31/2024 |
02/29/2024 |
03/31/2024 |
04/30/2024 |
05/31/2024 |
06/30/2024 |
07/31/2024 |
08/31/2024 |
Penn
Capital Mid Cap Core Fund Institutional Class |
10,000 |
9,480 |
8,600 |
8,360 |
9,010 |
9,370 |
9,820 |
9,640 |
10,110 |
10,330 |
10,490 |
9,830 |
10,900 |
11,090 |
11,390 |
11,460 |
11,550 |
11,610 |
11,420 |
11,730 |
11,740 |
11,610 |
12,230 |
12,320 |
13,020 |
13,305 |
13,681 |
13,193 |
13,285 |
13,275 |
13,712 |
13,773 |
14,129 |
14,718 |
14,525 |
12,980 |
13,204 |
11,978 |
13,205 |
13,667 |
13,723 |
14,308 |
13,441 |
14,275 |
14,669 |
14,421 |
14,522 |
14,792 |
15,310 |
15,671 |
15,424 |
14,035 |
11,056 |
12,481 |
13,540 |
13,528 |
14,306 |
14,706 |
14,282 |
14,353 |
16,048 |
17,109 |
16,862 |
18,663 |
18,934 |
20,065 |
19,959 |
19,735 |
19,334 |
19,770 |
19,323 |
20,288 |
19,134 |
20,261 |
18,987 |
19,184 |
19,328 |
17,844 |
17,752 |
15,623 |
16,963 |
16,319 |
14,835 |
16,214 |
17,042 |
16,058 |
17,748 |
17,695 |
16,639 |
16,454 |
15,688 |
17,286 |
18,633 |
17,484 |
16,388 |
15,173 |
16,401 |
17,934 |
17,423 |
17,806 |
18,940 |
17,694 |
18,301 |
17,918 |
18,812 |
18,557 |
Russell
3000** |
10,000 |
9,795 |
9,242 |
9,239 |
9,890 |
9,951 |
10,129 |
10,150 |
10,553 |
10,579 |
10,596 |
10,367 |
10,831 |
11,042 |
11,250 |
11,668 |
11,676 |
11,800 |
11,921 |
12,028 |
12,255 |
12,279 |
12,578 |
12,853 |
13,243 |
13,375 |
14,080 |
13,561 |
13,289 |
13,340 |
13,716 |
13,806 |
14,264 |
14,765 |
14,789 |
13,701 |
13,975 |
12,674 |
13,762 |
14,246 |
14,454 |
15,031 |
14,059 |
15,046 |
15,270 |
14,958 |
15,221 |
15,549 |
16,140 |
16,606 |
16,588 |
15,229 |
13,135 |
14,875 |
15,670 |
16,029 |
16,939 |
18,166 |
17,504 |
17,127 |
19,210 |
20,074 |
19,985 |
20,610 |
21,348 |
22,449 |
22,551 |
23,107 |
23,498 |
24,168 |
23,084 |
24,645 |
24,270 |
25,226 |
23,741 |
23,143 |
23,894 |
21,750 |
21,721 |
19,903 |
21,771 |
20,958 |
19,015 |
20,574 |
21,648 |
20,381 |
21,784 |
21,275 |
21,844 |
22,077 |
22,163 |
23,676 |
24,525 |
24,051 |
22,906 |
22,298 |
24,378 |
25,671 |
25,955 |
27,360 |
28,243 |
27,000 |
28,276 |
29,151 |
29,693 |
30,339 |
Bloomberg
US 2500 Index |
10,000 |
9,581 |
8,829 |
8,893 |
9,647 |
9,828 |
10,021 |
10,002 |
10,507 |
10,591 |
10,649 |
10,222 |
11,107 |
11,308 |
11,468 |
11,735 |
11,742 |
11,831 |
11,695 |
11,977 |
12,112 |
12,035 |
12,589 |
12,744 |
13,156 |
13,215 |
13,603 |
13,062 |
13,171 |
13,229 |
13,868 |
13,993 |
14,251 |
14,845 |
14,599 |
13,160 |
13,412 |
11,907 |
13,280 |
13,897 |
13,768 |
14,250 |
13,162 |
14,108 |
14,258 |
13,613 |
13,902 |
14,155 |
14,758 |
15,113 |
14,742 |
13,465 |
10,424 |
12,058 |
12,909 |
13,317 |
13,911 |
14,540 |
14,147 |
14,418 |
16,827 |
18,071 |
18,587 |
19,775 |
20,120 |
20,905 |
20,962 |
21,236 |
20,881 |
21,374 |
20,681 |
21,668 |
20,737 |
21,438 |
19,683 |
19,860 |
20,136 |
18,408 |
18,391 |
16,649 |
18,387 |
17,874 |
16,133 |
17,705 |
18,501 |
17,435 |
19,202 |
18,722 |
17,999 |
17,753 |
17,424 |
18,904 |
19,851 |
19,082 |
18,006 |
16,894 |
18,459 |
20,429 |
19,904 |
20,983 |
21,886 |
20,357 |
21,267 |
20,954 |
22,488 |
22,490 |
Penn Capital Mid Cap Core Fund
|
PAGE 1
|
TSR-AR-707269106 |
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
|
|
|
1 Year
|
5 Year
|
Since Inception (11/30/2015)
|
Institutional Class (without sales charge)
|
6.13
|
5.17
|
7.32
|
Russell 3000**
|
26.14
|
15.19
|
13.52
|
Bloomberg US 2500 Index
|
17.86
|
10.56
|
9.70
|
Visit https://penncapital.com/mutual-funds for more recent performance information.
* |
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
|
** |
Effective with this report, and pursuant to new regulatory requirements, the Russell 3000 replaced the Bloomberg US 2500 Index as the Fund’s primary benchmark to represent a broad-based securities market index. |
KEY FUND STATISTICS (as of August 31, 2024)
|
|
Net Assets
|
$5,252,082
|
Number of Holdings
|
67
|
Net Advisory Fee
|
-$13,037
|
Portfolio Turnover
|
83%
|
WHAT DID THE FUND INVEST IN? (as of August 31, 2024)
|
|
Top 10 Holdings
|
(% of Net Assets)
|
Weatherford International PLC
|
2.8%
|
Nexstar Media Group, Inc.
|
2.3%
|
Popular, Inc.
|
2.3%
|
Norwegian Cruise Line Holdings Ltd.
|
2.1%
|
Carpenter Technology Corp.
|
2.1%
|
BGC Group, Inc.
|
2.0%
|
Lazard, Inc.
|
1.9%
|
Pinnacle Financial Partners, Inc.
|
1.9%
|
Newmark Group, Inc.
|
1.9%
|
Waystar Holding Corp.
|
1.9%
|
|
|
Top Sectors
|
(% of Net Assets)
|
Industrials
|
17.0%
|
Financials
|
16.6%
|
Consumer Discretionary
|
14.0%
|
Information Technology
|
12.4%
|
Health Care
|
11.0%
|
Energy
|
8.9%
|
Communication Services
|
5.9%
|
Materials
|
5.4%
|
Real Estate
|
5.1%
|
Cash & Other
|
3.7%
|
This is a summary of certain planned changes to the Fund since September 1, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2024 at www.penncapitalFund.com or upon request at 844-302 PENN (7366).
During the period, a newly formed entity formed by two members of the Penn Capital Management Company, LLC’s (the “Advisor” or “Penn Capital”) senior management purchased all of the rights and interests of Spouting Rock Asset Management’s lender and foreclosed upon the Penn Capital equity owned by Spouting Rock Asset Management. In addition, the newly formed entity purchased the equity ownership of 525 Holdings LLC, Penn Capital’s controlling member. The newly formed entity then subsequently sold a majority and controlling interest in Penn Capital to SGAM Advisors LLC, a subsidiary of Seaport Global Holdings LLC (“Seaport”). The transaction closed on July 3, 2024 (the “Acquisition”). The Acquisition was deemed to result in a change of control of Penn Capital pursuant to the 1940 Act, and resulted in the automatic termination of the previously existing advisory agreement between The RBB Fund Trust (the “Trust”), on behalf of the Fund, and Penn Capital (the “Original Agreement”). To avoid disruption of the Fund’s investment management program, the Board approved (i) an interim advisory agreement between the Trust and Penn Capital with respect to the Fund (the “Interim Advisory Agreement”) on April 24, 2024, which became effective on July 3, 2024, and (ii) a new investment advisory agreement between the Trust and Penn Capital with respect to the Fund (the “New Advisory
Penn Capital Mid Cap Core Fund
|
PAGE 2
|
TSR-AR-707269106 |
Agreement”), which will not become effective unless approved by the shareholders of the Fund. The New Advisory Agreement is substantially similar to the Original Agreement on behalf of the Fund. The advisory fees payable to Penn Capital under the New Advisory Agreement are the same as the advisory fees payable under the Original Agreement. The investment advisory personnel who provided services to the Fund under the Original Agreement are expected to continue to do so under the New Advisory Agreement. The Advisor does not expect the Acquisition to have any material impact on the quality of investment advisory services provided to the Fund. The Board has unanimously voted to approve the New Advisory Agreement and to recommend that the shareholders of the Fund vote FOR the approval of the New Advisory Agreement.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://penncapital.com/mutual-funds
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-844-302-7366, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Penn Capital Mid Cap Core Fund
|
PAGE 3
|
TSR-AR-707269106 |
|
|
|
|
Penn Capital Special Situations Small Cap Equity Fund
|
|
Institutional Class | PSCNX
|
Annual Shareholder Report | August 31, 2024
|
This annual shareholder report contains important information about the Penn Capital Special Situations Small Cap Equity Fund (the “Fund”) for the period of September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://penncapital.com/mutual-funds. You can also request this information by contacting us at 1-844-302-7366.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
|
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Institutional Class
|
$114
|
1.09%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve-month fiscal period ended August 31, 2024, the Fund generated a 9.16% return, underperforming the 18.52% return of its benchmark, the Bloomberg 2000 Index. The top detractors in the quarter were the Technology, Consumer Discretionary, and Energy sectors. In the Technology sector, a maker of semiconductor devices guided below expectations due to seasonal smartphone declines as well as weakness in electric vehicle and industrial demand. In Consumer Discretionary, an owner and operator of casual dining restaurants underperformed due to weaker industry traffic trends and increased price promotions. Within Energy, an offshore drilling contractor underperformed due to the decline in oil prices amid rising supply. Top contributors in the period were the Materials, Real Estate, and Industrials sectors. Within Materials, a fabricator and distributor of steel and metal alloy outperformed driven by strong earnings growth in its Aerospace division where lead times and pricing remain extended. In the Real Estate sector, a commercial real estate advisory firm outperformed amid optimism that the commercial real estate cycle is bottoming while the company’s aggressive recruitment of top producers is driving higher revenue per employee versus peers. Within Industrials, an aviation leasing and aerospace products company continues to benefit from aircraft and engine shortages, driving favorable lease rates and demand for maintenance and repair.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
|
12/17/2015 |
12/31/2015 |
01/31/2016 |
02/29/2016 |
03/31/2016 |
04/30/2016 |
05/31/2016 |
06/30/2016 |
07/31/2016 |
08/31/2016 |
09/30/2016 |
10/31/2016 |
11/30/2016 |
12/31/2016 |
01/31/2017 |
02/28/2017 |
03/31/2017 |
04/30/2017 |
05/31/2017 |
06/30/2017 |
07/31/2017 |
08/31/2017 |
09/30/2017 |
10/31/2017 |
11/30/2017 |
12/31/2017 |
01/31/2018 |
02/28/2018 |
03/31/2018 |
04/30/2018 |
05/31/2018 |
06/30/2018 |
07/31/2018 |
08/31/2018 |
09/30/2018 |
10/31/2018 |
11/30/2018 |
12/31/2018 |
01/31/2019 |
02/28/2019 |
03/31/2019 |
04/30/2019 |
05/31/2019 |
06/30/2019 |
07/31/2019 |
08/31/2019 |
09/30/2019 |
10/31/2019 |
11/30/2019 |
12/31/2019 |
01/31/2020 |
02/29/2020 |
03/31/2020 |
04/30/2020 |
05/31/2020 |
06/30/2020 |
07/31/2020 |
08/31/2020 |
09/30/2020 |
10/31/2020 |
11/30/2020 |
12/31/2020 |
01/31/2021 |
02/28/2021 |
03/31/2021 |
04/30/2021 |
05/31/2021 |
06/30/2021 |
07/31/2021 |
08/31/2021 |
09/30/2021 |
10/31/2021 |
11/30/2021 |
12/31/2021 |
01/31/2022 |
02/28/2022 |
03/31/2022 |
04/30/2022 |
05/31/2022 |
06/30/2022 |
07/31/2022 |
08/31/2022 |
09/30/2022 |
10/31/2022 |
11/30/2022 |
12/31/2022 |
01/31/2023 |
02/28/2023 |
03/31/2023 |
04/30/2023 |
05/31/2023 |
06/30/2023 |
07/31/2023 |
08/31/2023 |
09/30/2023 |
10/31/2023 |
11/30/2023 |
12/31/2023 |
01/31/2024 |
02/29/2024 |
03/31/2024 |
04/30/2024 |
05/31/2024 |
06/30/2024 |
07/31/2024 |
08/31/2024 |
Penn
Capital Special Situations Small Cap Equity Fund Institutional Class |
10,000 |
10,070 |
9,160 |
8,950 |
9,570 |
10,020 |
10,560 |
10,320 |
10,810 |
11,040 |
11,200 |
10,490 |
11,840 |
12,144 |
12,423 |
12,551 |
12,572 |
12,487 |
12,155 |
12,540 |
12,572 |
12,230 |
13,087 |
13,183 |
13,836 |
14,069 |
14,189 |
13,637 |
13,673 |
14,021 |
14,908 |
15,051 |
15,099 |
15,794 |
15,447 |
13,446 |
13,577 |
11,794 |
13,594 |
14,390 |
14,077 |
14,716 |
13,307 |
13,894 |
13,829 |
13,059 |
13,190 |
13,607 |
14,612 |
15,212 |
14,729 |
13,268 |
9,172 |
10,985 |
12,133 |
12,172 |
12,759 |
13,647 |
13,921 |
14,116 |
17,313 |
19,413 |
19,870 |
22,623 |
23,327 |
24,775 |
25,662 |
25,806 |
24,593 |
25,597 |
25,414 |
26,380 |
24,742 |
25,883 |
24,276 |
25,529 |
26,044 |
23,666 |
23,248 |
19,922 |
22,172 |
21,915 |
19,264 |
22,107 |
22,621 |
21,229 |
23,827 |
23,631 |
21,866 |
21,212 |
20,804 |
22,994 |
24,873 |
22,879 |
21,376 |
19,529 |
21,719 |
24,286 |
23,169 |
23,497 |
24,910 |
23,333 |
24,368 |
24,187 |
25,878 |
24,975 |
Russell
3000 Index** |
10,000 |
10,022 |
9,457 |
9,454 |
10,119 |
10,182 |
10,364 |
10,385 |
10,797 |
10,825 |
10,842 |
10,607 |
11,082 |
11,298 |
11,511 |
11,939 |
11,947 |
12,074 |
12,198 |
12,308 |
12,540 |
12,564 |
12,870 |
13,151 |
13,550 |
13,686 |
14,407 |
13,876 |
13,598 |
13,649 |
14,035 |
14,126 |
14,595 |
15,108 |
15,133 |
14,018 |
14,299 |
12,968 |
14,082 |
14,577 |
14,790 |
15,380 |
14,385 |
15,395 |
15,624 |
15,306 |
15,574 |
15,910 |
16,514 |
16,991 |
16,973 |
15,583 |
13,440 |
15,220 |
16,034 |
16,401 |
17,332 |
18,587 |
17,911 |
17,524 |
19,656 |
20,540 |
20,449 |
21,088 |
21,844 |
22,970 |
23,075 |
23,644 |
24,044 |
24,729 |
23,620 |
25,217 |
24,833 |
25,811 |
24,292 |
23,681 |
24,449 |
22,255 |
22,225 |
20,365 |
22,276 |
21,445 |
19,456 |
21,052 |
22,151 |
20,854 |
22,290 |
21,769 |
22,351 |
22,589 |
22,677 |
24,225 |
25,094 |
24,609 |
23,437 |
22,816 |
24,943 |
26,266 |
26,558 |
27,995 |
28,898 |
27,627 |
28,932 |
29,828 |
30,382 |
31,043 |
Bloomberg
US 2000 Index |
10,000 |
10,036 |
9,155 |
9,175 |
9,971 |
10,208 |
10,360 |
10,344 |
10,963 |
11,153 |
11,290 |
10,723 |
11,912 |
12,198 |
12,275 |
12,492 |
12,535 |
12,654 |
12,358 |
12,758 |
12,869 |
12,694 |
13,494 |
13,550 |
13,938 |
13,919 |
14,258 |
13,659 |
13,833 |
13,995 |
14,896 |
15,074 |
15,325 |
16,007 |
15,638 |
13,915 |
14,089 |
12,401 |
13,844 |
14,526 |
14,238 |
14,674 |
13,399 |
14,375 |
14,425 |
13,641 |
14,008 |
14,359 |
14,925 |
15,413 |
14,826 |
13,572 |
10,379 |
12,053 |
12,865 |
13,395 |
13,861 |
14,568 |
14,147 |
14,475 |
17,270 |
18,876 |
19,965 |
21,218 |
21,486 |
22,043 |
22,237 |
22,717 |
21,976 |
22,455 |
21,876 |
22,747 |
21,851 |
22,384 |
20,332 |
20,630 |
20,924 |
18,892 |
18,904 |
17,152 |
18,948 |
18,529 |
16,664 |
18,531 |
19,084 |
17,889 |
19,742 |
19,413 |
18,423 |
17,992 |
17,806 |
19,251 |
20,434 |
19,373 |
18,208 |
16,983 |
18,581 |
20,946 |
20,031 |
21,055 |
21,749 |
20,333 |
21,389 |
21,053 |
23,188 |
22,960 |
Penn Capital Special Situations Small Cap Equity Fund
|
PAGE 1
|
TSR-AR-707269304 |
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
|
|
|
1 Year
|
5 Year
|
Since Inception (12/17/2015)
|
Institutional Class (without sales charge)
|
9.16
|
13.85
|
11.08
|
Russell 3000 Total Return **
|
26.14
|
15.19
|
13.89
|
Bloomberg US 2000 Total Return Index
|
18.52
|
10.98
|
10.02
|
Visit https://penncapital.com/mutual-funds for more recent performance information.
* |
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
|
** |
Effective with this report, and pursuant to new regulatory requirements, the Russell 3000 Index replaced the Bloomberg US 2000 Index as the Fund’s primary benchmark to represent a broad-based securities market index. |
KEY FUND STATISTICS (as of August 31, 2024)
|
|
Net Assets
|
$49,468,878
|
Number of Holdings
|
76
|
Net Advisory Fee
|
$205,536
|
Portfolio Turnover
|
86%
|
Visit https://penncapital.com/mutual-funds for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of August 31, 2024)
|
|
Top 10 Holdings
|
(% of Net Assets)
|
Carpenter Technology Corp.
|
2.2%
|
Weatherford International PLC
|
2.1%
|
Popular, Inc.
|
2.1%
|
Norwegian Cruise Line Holdings Ltd.
|
2.0%
|
Ameris Bancorp
|
2.0%
|
Pinnacle Financial Partners, Inc.
|
1.9%
|
BGC Group, Inc.
|
1.9%
|
Golden Entertainment, Inc.
|
1.9%
|
Lazard, Inc.
|
1.8%
|
Newmark Group, Inc.
|
1.8%
|
|
|
Top Sectors
|
(% of Net Assets)
|
Industrials
|
19.2%
|
Financials
|
17.8%
|
Consumer Discretionary
|
13.0%
|
Health Care
|
12.0%
|
Energy
|
9.9%
|
Information Technology
|
9.0%
|
Communication Services
|
6.5%
|
Real Estate
|
4.7%
|
Materials
|
4.5%
|
Cash & Other
|
3.4%
|
This is a summary of certain planned changes to the Fund since September 1, 2023. For more complete information, you