Investment Team

Penn Capital's research process involves a well defined meeting structure to develop consensus on all ideas. Each investment style is directed by a style portfolio manager who drives the decision making of their respective portfolios.

All members of the portfolio team (Portfolio Managers and Analysts) are responsible for maintenance research and idea generation within their areas of expertise. Research responsibilities are divided by Sector. Portfolio Managers' and Analysts' conduct a Complete Capital Structure Analysis® on the companies they follow, identify the best relative value within the capital structure (debt or equity), and bring their ideas to the team for consideration. The best of those ideas are reviewed by the style portfolio manager, who evaluates how to apply those that closely align with core business strategies.


Richard Hocker, Founder, Chief Investment Officer & Chief Executive Officer

Mr. Hocker founded Penn Capital in 1987 and serves as Chief Investment Officer & Chief Executive Officer, guiding overall portfolio strategy.  His investing and institutional non-investment grade corporate lending experience spans over forty years. While serving as a Partner for Delaware Investment Advisors (DIA) from 1977 to 1987, he was responsible for building the investment side of DIA’s fixed income operation.  During this period, Mr. Hocker developed and managed one of the nation’s first high yield mutual funds, the Delchester High Yield Bond Fund. He also served as the first high yield bond manager for a number of institutional clients including General Motors, State of Vermont Teachers Retirement Association, and Colorado Fire and Police.  Prior to DIA, Mr. Hocker trained as a corporate lender and supported key senior lenders at Provident National Bank, which is now PNC, a top 20 US Banking institution.  He later rose to serve as head of the investment division.  Mr. Hocker also founded and served as CEO of Covenant Bank, a NJ based regional bank which grew to 16 branches and $500mm in deposits before being acquired by Wachovia Corporation in 1997.

He and his wife, Marcia Hocker, are the founders of the Ethel Mae Hocker Foundation. The Ethel Mae Hocker Foundation provides educational opportunities to less fortunate, deserving Greater Philadelphia-area elementary and high school students. Mr. Hocker received both his BS in accounting and MBA in finance from the Kogod School of Business at American University.


Eric Green, CFA, Senior Managing Partner, Director of Research, Senior Portfolio Manager

Mr. Green began his career at Penn Capital in July 1997. Prior to joining Penn Capital, he gained experience with the Federal National Mortgage Association, the Royal Bank of Scotland, and the United States Securities and Exchange Commission where he served as a financial analyst in the Division of Investment Management. As Director of Research, Mr. Green is responsible for guiding the firm’s day to day research process. He also serves as the Portfolio Manager for Penn Capital’s Small Cap and Mid Cap equity strategies and chairs Penn Capital’s equity strategy committee. Mr. Green is also Vice Chairman of the Board of Directors for the Anti-Defamation League (ADL), Mid-Atlantic Region and Co-Chairman of the ADL's 2018 Walk Against Hate. He received a BSBA, Cum Laude, from American University and received an MBA from the Yale School of Management.


Scott Schumacher, Senior Managing Partner, Senior Portfolio Manager

Mr. Schumacher began his career with Penn Capital in 1987. He is responsible for global oversight of all Equity and High Yield trading. Mr. Schumacher is a member of the firm’s Credit Strategy Committee and the firm’s Executive Committee which drives overall strategy and management of the firm. He received a BS in Accounting from Rutgers University.


J. Paulo Silva, CFA, Managing Partner, Senior Portfolio Manager

Mr. Silva began his career with Penn Capital in 2002 as a research analyst focused on technology and industrial companies. In addition, Mr. Silva has focused on a number of distressed debt situations, successfully completing a reorganization through serving on the official committee of creditors. Today, he serves as the Portfolio Manager for Penn Capital’s Micro Cap equity strategy. As a member of the Equity Strategy Committee, Mr. Silva works closely with the equity portfolio management team to contribute ideas specifically in the micro to mid-capitalization range. He is also a member of the firm’s Executive Committee which drives overall strategy and management of the firm. Beyond Penn Capital, Mr. Silva serves on the Investment Committee of the Valley Forge Military Academy. He received a BS in Civil Engineering, Summa Cum Laude, from Tufts University and an MBA from the Yale School of Management.


Peter Duffy, CFA, Partner, Senior Portfolio Manager

Mr. Duffy began his career with Penn Capital in 2006. Prior to joining Penn Capital, Mr. Duffy was a Director for Deutsche Asset Management’s top-decile $5 billion global high yield debt team, and his investment experience included both leveraged loans and emerging markets debt. Previously, he worked on mergers & acquisitions at GE Capital and as a management consultant at Arthur Andersen LLP. Mr. Duffy serves as the Portfolio Manager for Penn Capital’s Defensive High Yield and Short Duration strategies and chairs the firm’s Credit Strategy Committee. He received a BS in Finance, Summa Cum Laude, from Villanova University and an MBA from The Wharton School of the University of Pennsylvania.


Martin Smith, Partner, Senior Portfolio Manager

Mr. Smith began his career with Penn Capital in July 1999. He began his investment career in small cap equity research with Cantone Research, Inc., an independent equity research firm.  Prior to joining Penn Capital, Mr. Smith served as a high yield analyst with Merrill Lynch Asset Management.  At Penn Capital, he serves as the Portfolio Manager for Penn Capitals Opportunistic High Yield Fixed Income strategy.  Mr. Smith received his BBA in Finance from Pace University and an MBA from Rutgers University.


Joseph Maguire, CFA, Partner, Senior Portfolio Manager

Mr. Maguire began his career with Penn Capital in January 2005.  Prior to joining Penn Capital, he served as a senior audit associate for PricewaterhouseCoopers LLP, and conducted private equity research for AMS Inc.  During graduate school, Mr. Maguire interned with Penn Capital’s investment team.  He currently serves as a Co-Portfolio Manager for Penn Capital’s Convertible strategy and is the Portfolio Manager for Penn Capital’s SMID equity strategy.  Mr. Maguire received a BBA in Accounting from The College of William & Mary and a MBA from the Kenan-Flagler Business School at the University of North Carolina at Chapel Hill.


David Jackson, CFA, Partner, Portfolio Manager

Mr. Jackson began his career with Penn Capital in 2008. Most recently, Mr. Jackson was an Associate Director with the Financial Institutions Group at Fitch Ratings in New York City, where he assisted with rating coverage of the specialty finance sector.  Prior to Fitch, he worked for the Federal Reserve Bank of Philadelphia on the bank supervision and regulation team. Mr. Jackson currently serves as Portfolio Manager for the firm’s Senior Floating Rate Loan strategy and Co-Portfolio Manager for the firm’s Opportunistic High Yield strategy. He received a BS in Finance from Rutgers University School of Business. 


Steven Civera, CFA, Partner, Portfolio Manager

Mr. Civera began his career with Penn Capital in 2010. Most recently, he was a Research Analyst for AlphaOne Capital Partners where he covered Technology and Renewable Energy. Prior to AlphaOne, Mr. Civera worked for the Center for Financial Research and Analysis, a forensic accounting research firm. Previously, he worked as an Analyst for Global Capital Management. Mr. Civera currently serves as a Co-Portfolio Manager for the firm’s Convertible strategy. He received a BSBA in Accounting from Bucknell University, an MBA from Loyola College in Maryland.


Jason Detzi, Partner, Senior Research Analyst

Mr. Detzi began his career at Penn Capital in 2006. Prior to joining Penn Capital, Mr. Detzi was an independent floor trader and managing partner of a proprietary trading firm, trading equity and index options on both the CBOE and American Stock Exchange. Previously, Mr. Detzi was a market maker for The Timber Hill Group LLC, a subsidiary of The Interactive Brokers Group, trading equity derivatives, index options, and futures. He received a BS in Finance from Rutgers University.


Christopher Paciello, CFA, Senior Research Analyst

Mr. Paciello began his career with Penn Capital in 2012. He has over 13 years' experience working in the financial markets with a focus on high yield and distressed securities. Most recently, Mr. Paciello was a Research Analyst at Standish Asset Management focused on high yield and distressed securities within the cable media, telecommunications, paper and packaging, and healthcare sectors. Prior to Standish, Mr. Paciello worked for Gartmore Global Investments as a Research Analyst focused on high yield and distressed securities. Previously, he worked for W.R. Huff Asset Management, an asset manager specializing in high yield securities, as a trader and an analyst focused on high yield and equity securities. Mr. Paciello received a BS from Babson College and an MBA from Villanova University.


Howard Bryerman, CFA, Senior Research Analyst

Mr. Bryerman began his career with Penn Capital in 2013. Prior to joining Penn Capital, Mr. Bryerman had 20 years’ experience as an investment professional specializing in high yield bonds, senior floating rate loans and distressed securities. Most recently he was a Managing Director at Penn Mutual Insurance where he managed the firm’s high yield bond investment portfolio. Prior to joining Penn Mutual Insurance, he was a Director and Senior Analyst for Wells Fargo Asset Management’s (Evergreen Investments) $3.5 billion high yield funds and for Deutsche Asset Management’s $5 billion global high yield funds. Previously, he was a Senior Analyst for Bank of New York Capital Markets and a Senior Manager in Grant Thornton’s Bankruptcy and Reorganization practice. Mr. Bryerman received a BS degree in Accounting from the University of Connecticut, a MBA in Finance from New York University’s Stern Graduate School of Business, and is a Chartered Financial Analyst.


Richard Simons, CFA, Partner, Senior Research Analyst

Mr. Simons began his career with Penn Capital in 2013. Prior to joining Penn Capital, Mr. Simons served as a portfolio manager and analyst for Turner Investments focusing on the healthcare sector. Previously, Mr. Simons served as an analyst at Tryphon Capital Advisers covering healthcare. He received a BS in Biophysics from The State University of New York at Geneseo and a Masters of Biotechnology from the University of Pennsylvania.


Chad Bolen, CFA, Senior Research Analyst

Mr. Bolen began his career with Penn Capital in 2013. He has nearly 18 years’ experience working in the financial markets with the past 12 years focused on equity research. Most recently, Mr. Bolen was a Senior Equity Research Associate at Raymond James Financial in St. Petersburg, FL covering the Consumer sector. Prior to Raymond James, Mr. Bolen worked for Morgan Stanley in Clearwater, FL as a Financial Advisor. He received a BA in Organizational Behavior and Management from Brown University and has been a CFA charter holder since 2009.


Suhail Chandy, CFA, Senior Research Analyst

Mr. Chandy began his career with Penn Capital in 2013. Most recently, Mr. Chandy was a Vice President at Adelante Capital Management, where he was a member of the investment committee. Prior to Adelante, he served as the Senior Analyst covering Telecom Infrastructure at Wedbush Securities. Previously, he served in various capacities in equity research at Jefferies and at Cowen and Company. His industry experience includes roles in corporate finance, supply chain management, pricing, investment analysis, and software engineering in India, Japan, Singapore and the U.S. Mr. Chandy received a B. Tech from Sri Venkateswara University, a PGDM from IIM and an MBA from Yale University.


Randall Braunfeld, Senior Research Analyst

Mr. Braunfeld began his career with Penn Capital in 2015. Prior to joining Penn Capital, Mr. Braunfeld was a portfolio manager of a High Yield BB rated Bond Portfolio for First Niagara Bank. Previously, he worked at Lehman Brothers within its high yield loan portfolio group from 2004 - 2011. After Lehman filed for bankruptcy, he remained at the firm to focus on maximizing recovery values of the loan portfolio. Mr. Braunfeld received a BA from the University of Pennsylvania and has a MA in International Economics and Finance from Brandeis International Business School.


Bradley D. Tesoriero, CFA, Senior Research Analyst

Mr. Tesoriero began his career with Penn Capital in 2015. Prior to joining Penn Capital, Mr. Tesoriero was a Research Associate at CRT Capital focusing on distressed debt, equity and high yield research for the Media and Telecommunications sectors. Previously he held positions at Bank of America Merrill Lynch and Janney Montgomery Scott. Mr. Tesoriero received a BA from Cornell University, an MBA from The University of Richmond, Robins School of Business, and a JD, Cum Laude, from the University of Richmond, TC Williams School of Law.


Stacey Kerelska, Research Analyst

Ms. Kerelska began her career with Penn Capital in 2017. Her primary areas of sector coverage are Metals & Mining, Chemicals, Airlines, Shipping, and Building Materials. Prior to joining Penn Capital, Ms. Kerelska served as an Associate Director at UBS AG focusing on the Aerospace & Defense, Airlines & Aircraft Leasing. Prior to UBS AG, she was a Senior Research Associate at Macquarie Group focusing on Metals & Mining, and held positions at Enso Capital Management (NY), Investcorp International (NY) and Nobel Advisors Ltd. in her native Bulgaria. Ms. Kerelska received a BA Economics and a BS in Business Administration from the University of Maine and an MBA in Statistics and Finance from The Wharton School of the University of Pennsylvania. 

 


Matthew Bogdan, Quantitative Research Analyst

Mr. Bogdan began his career at Penn Capital in 2016. Prior to joining, he was a Credit Analyst at FS Investments focused on the firm’s Investment Corporation III Fund. Earlier in his career Mr. Bogdan held various Quantitative Research roles at Forefront Analytics and Deutsche Bank. He holds a BS in Finance from the University of North Carolina and is a CFA Level III candidate.