# Pennsylvania Capital Management

Pennsylvania Capital Management is an Asset Manager based in Huntingdon Valley, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Huntingdon Valley, United States
- **Region:** North America
- **Address:** Philadelphia, PA, United States
- **Founded:** 1991
- **Assets under management:** Undisclosed
- **Website:** penncapitalmgmt.com

## Regulatory record

- **CRD number:** 107648
- **SEC file number:** 801-50732
- **Registration status:** Registered
- **Reports private funds:** No
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/107648

## About

PENNSYLVANIA CAPITAL MANAGEMENT INC. is an SEC-registered investment adviser in HUNTINGDON VALLEY, PA, since 1995. The firm manages $583 million on a discretionary basis and $266 million non-discretionary. It has 10 employees and 4 investment advisers.

## Sectors

- Financial Services
- Real Estate
- Energy
- Private Credit
- Hedge Funds

## People

- Richard B. Hough — Chief Executive Officer, President
- Jeanette O. Frey — Chief Compliance Officer

## 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.

### 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.

## Related profiles

- [Invesco Senior Secured Management](https://altss.com/profile/invesco-senior-secured-management-inc)
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Last updated: 2026-06-03T20:00:00.000Z

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