PSCNX Fees and Costs — Penn Capital Special Situations Small Cap Equity Fund, Institutional Class
Data updated: 2026-07-28
The net expense ratio is 1.09%: a 0.95% management fee plus 0.80% other expenses, less a 0.66% fee waiver. There are no sales loads or redemption fees. In fiscal 2024 the fund paid $120K in broker commissions, 0.2627% of average net assets, and portfolio turnover was 91%.
PSCNX Fees and Expenses
Annual operating expenses and sales charges of PSCNX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.95% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.80% |
| Gross expense ratio | 1.75% |
| Fee waiver | −0.66% |
| Net expense ratio | 1.09% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
PSCNX Costs Over Time
On $10,000 invested in PSCNX, assuming 5% a year before costs, total costs come to $840 over 5 years, cutting the return by 1.42% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 1.09%) | $114 | $356 | $615 |
| Trading costs (broker commissions) | $28 | $86 | $148 |
| Lost growth on money paid in costs | $0 | $22 | $77 |
| Total costs | $142 | $463 | $840 |
| Value after costs | $10,358 | $11,113 | $11,923 |
| Impact on return, per year | 1.42% | 1.42% | 1.42% |
PSCNX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2024.
- Explicit cost rate (commissions ÷ average net assets): 0.2627%
- Total broker commissions: $120K
- Bought from dealers (principal trades, not a cost): $101.1M
- Portfolio turnover (prospectus): 91%
- Securities lending: none during the year
PSCNX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JONESTRADING INSTITUTIONAL SERVICES LLC | $47K | 44.55% |
| NEEDHAM & COMPANY LLC | $15K | 13.99% |
| COWEN EXECUTION SERVICES LLC | $11K | 10.47% |
| CANTOR FITZGERALD & CO. | $7K | 6.88% |
| ANOS CAPITAL LLC | $6K | 6.18% |
| INSTINET LLC | $6K | 6.11% |
| TRUIST SECURITIES INC. | $4K | 3.60% |
| WELLS FARGO SECURITIES LLC | $4K | 3.54% |
| CITIGROUP GLOBAL MARKETS INC. | $3K | 2.46% |
| BARCLAYS CAPITAL INC. | $2K | 2.23% |
PSCNX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BARCLAYS CAPITAL INC. | $1.0M | 28.64% |
| J.P. MORGAN SECURITIES LLC | $710K | 19.85% |
| JEFFERIES LLC | $449K | 12.55% |
| CITIGROUP GLOBAL MARKETS INC. | $349K | 9.77% |
| COWEN EXECUTION SERVICES LLC | $281K | 7.87% |
| MORGAN STANLEY & CO. LLC | $237K | 6.64% |
| GOLDMAN SACHS & CO. LLC | $197K | 5.51% |
| TRUIST SECURITIES INC. | $155K | 4.32% |
| JONESTRADING INSTITUTIONAL SERVICES LLC | $98K | 2.75% |
| MERRILL LYNCH PIERCE FENNER & SMITH INC. | $75K | 2.10% |
Penn Capital Special Situations Small Cap Equity Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| PSCNX | Institutional Class | 1.09% | none |
| PSCQX | Investor Class | 1.34% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.