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Pennsylvania Capital Management
Pennsylvania Capital Management was founded in 1991 by Richard B.
Pennsylvania Capital Management
Pennsylvania Capital Management was founded in 1991 by Richard B. Hough, who continues to lead the firm as CEO and President from its Philadelphia headquarters. The firm operates as a traditional, registered investment adviser, managing separate account mandates rather than pooled commingled vehicles of the type that dominate multi-family office platforms. It has historically filed 13F disclosures that reveal a concentrated long-equity book alongside a smaller allocation to private placements and real estate securities, positioning it as a direct-investing operator rather than a fund-of-funds allocator. The firm's strategy centers on fundamental, value-oriented public equities, often with multi-year holding periods. Its public filings have shown concentrated positions in regional and super-regional bank stocks — including historical stakes in Univest Financial and other Pennsylvania-headquartered financials — as well as energy infrastructure names like Dorchester Minerals LP. The manager also maintains a persistent allocation to mortgage REITs such as Annaly Capital Management and AGNC Investment Corp., signaling a dedicated income-strategy sleeve. Geographically, the portfolio favors US-domiciled mid- and small-cap companies, with no publicly disclosed direct exposure to Europe or Asia. Hough runs a lean operation consistent with a boutique asset manager. Jeanette Frey serves as Chief Compliance Officer, and the firm's ADV filings and public records suggest a team well under a dozen professionals. Pennsylvania Capital Management has not spun out adjacent philanthropic foundations, operating businesses, or club vehicles. In September 2024, the firm's 13F filing showed portfolio activity consistent with its historical pattern of long-duration holdings and selective accumulation in financials and energy, with no structural shift in mandate. A structural differentiator is the firm's stubbornly concentrated, regional-bank-heavy equity book maintained through multiple credit cycles. While many registered investment advisers diversified away from single-sector concentration, Hough has sustained conviction in the regional banking thesis. Pennsylvania Capital Management also lacks the multi-family office or wealth-management overlay common among Philadelphia peers, operating instead as a pure-play discretionary manager for a small number of separately managed accounts.
General information
Firm type
Asset Manager
Year founded
1991
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Philadelphia
Corporate office
Philadelphia, PA, United States
Principals
Richard B. Hough
Chief Executive Officer, President
Jeanette O. Frey
Chief Compliance Officer
Sector focus
Frequently asked questions
Who runs investment decisions at Pennsylvania Capital Management?
Richard B. Hough, the firm's founder, serves as CEO and President and is the primary investment decision-maker. Hough has run the firm since its founding in 1991 and makes allocation and security-selection decisions alongside a small internal team. There is no publicly disclosed investment committee structure beyond Hough's oversight.
What is Pennsylvania Capital Management's core investment strategy?
The firm runs concentrated, fundamental, value-oriented equity portfolios with a multi-year holding horizon. Based on regulatory filings, the strategy heavily favors US regional banks, energy infrastructure companies, and mortgage REITs — sectors that generate yield or trade at recurring book-value discounts. The manager does not operate pooled funds and generally invests via separately managed accounts for a small number of institutional and high-net-worth clients.
Does Pennsylvania Capital Management invest in private companies or only public equities?
The firm primarily invests in publicly traded equities and securities, including common stocks, REITs, and energy master limited partnerships. While its regulatory filings occasionally show small private-placement positions, Pennsylvania Capital Management does not operate a formal private equity or venture capital program. The mandate is overwhelmingly public-markets.
How does Pennsylvania Capital Management differ from a typical Philadelphia-area multi-family office?
Unlike Glenmede, Hawthorn, or other Philadelphia-headquartered multi-family offices that provide tax, estate, and concierge services, Pennsylvania Capital Management operates as a pure discretionary investment manager. The firm does not market trust services, philanthropic advisory, or lifestyle management. Its value proposition is limited to running concentrated portfolios for a small number of separate-account clients.
What is the firm's actual exposure to community and regional banks?
Public filings indicate that Pennsylvania Capital Management has maintained multi-position exposure to US community and regional banks through multiple market cycles. Holdings have included Pennsylvania-headquartered institutions as well as banks in the Mid-Atlantic and Midwest. The persistence and concentration of this book — even during periods when the sector was out of favor — marks it as a defining feature of the firm's strategy.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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