PHYVX — PENN Capital Multi-Credit High Income Fund
Data updated: 2025-01-29
PHYVX — PENN Capital Multi-Credit High Income Fund. Intermediate Corporate Bond · $6.36M AUM. Holdings, fees, performance and SEC filings.
PHYVX Fund Overview
PHYVX — PENN Capital Multi-Credit High Income Fund is a US mutual fund managed by RBB Fund Trust, categorised as Intermediate Corporate Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: RBB Fund Trust
- Category: Intermediate Corporate Bond
- Assets under management: $6.36M
- Ticker: PHYVX
- SEC CIK: 0001618627
- SEC series ID: S000048028
- Share class ID: C000151491
PHYVX Investment Objective and Strategy
PENN Capital Multi-Credit High Income Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by RBB Fund Trust.
Investment objective
The Penn Capital Multi-Credit High Income Fund (the Fund) seeks to provide total return through interest income and capital appreciation.
Principal investment strategy
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 Standard & Poors Financial Services LLC (S&P) or Fitch Ratings, Inc. (Fitch), or Ba or lower by Moodys Investors Service, Inc. (Moodys), 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 Funds assets directly in bank 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 Advisors determination of market conditions as it considers the Funds tactical investment allocation. 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 also is permitted to invest in the securities of leveraged companies (i.e., companies that issue debt). The Funds 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 Funds or that otherwise are permitted investments with the Funds investment policies described herein. The Fund will obtain exposure to senior floating rate loans through (at times significant) investments in affiliated investment companies. The Funds 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 are typically 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. 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 companys 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.
PHYVX Holdings
Top 10 holdings of PENN Capital Multi-Credit High Income Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Texas Capital Bancshares | 1.37% |
| Cco Hldgs Llc/cap Corp. | 1.36% |
| Owens-Brockway | 1.25% |
| Bloomin' Brands Inc/osi | 1.24% |
| Kehe Dist/fin / Nextwave | 1.23% |
| Midas Opco Holdings LLC | 1.21% |
| Harvest Midstream I LP | 1.21% |
| US Bank Mmda - Usbfs 2 | 1.20% |
| Bread Financial Hldgs | 1.18% |
| Caesars Entertain, Inc. | 1.16% |
PHYVX Portfolio Allocation
Asset-class allocation of PENN Capital Multi-Credit High Income Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 96.8% |
| Cash & Equivalents | 1.2% |
| Equity | 0.6% |
PHYVX Performance
Total returns for PHYVX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 12.6% |
| 3 years (annualised) | 3.6% |
PHYVX Risk Information
Risk metrics for PHYVX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 4.4%
PHYVX Costs and Fees
PHYVX costs about $97 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.97%
- Gross expense ratio: 2.44%
- Portfolio turnover: 69%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
PHYVX Cashflows
Over the 12 months to 2024-11, PENN Capital Multi-Credit High Income Fund had net outflows of $18.54M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2024-11 | −$830 |
| 2024-10 | −$22.13K |
| 2024-09 | −$13.37M |
| 2024-08 | −$12.96M |
| 2024-07 | $8.48K |
| 2024-06 | −$987.01K |
PHYVX Debt Constituents
Largest debt holdings of PENN Capital Multi-Credit High Income Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Texas Capital Bancshares | 1.37% |
| Cco Hldgs Llc/cap Corp. | 1.36% |
| Owens-Brockway | 1.25% |
| Bloomin' Brands Inc/osi | 1.24% |
| Kehe Dist/fin / Nextwave | 1.23% |
| Midas Opco Holdings LLC | 1.21% |
| Harvest Midstream I LP | 1.21% |
| Bread Financial Hldgs | 1.18% |
| Caesars Entertain, Inc. | 1.16% |
| Owens & Minor, Inc. | 1.14% |
PHYVX Prospectus and SEC Filings
Official PENN Capital Multi-Credit High Income Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2023-12-21
- Prospectus supplement (497) — filed 2025-01-06
- Prospectus supplement (497) — filed 2023-01-05
- Portfolio holdings (N-PORT) — filed 2025-01-29
- Portfolio holdings (N-PORT) — filed 2024-10-30
- Portfolio holdings (N-PORT) — filed 2024-07-29
- Annual census (N-CEN) — filed 2023-11-14
- Annual census (N-CEN) — filed 2022-11-14
Related Funds
Other Intermediate Corporate Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.