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.

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.

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.

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.

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.