Overview
Penbrook Management LLC (“Penbrook”), a Delaware limited liability company, is an
independent, SEC-registered investment adviser with its principal place of business located in
New York. Robert S. Anderson and Barbara Burke DiCostanzo are principal owners and co-
founded Penbrook with the late Ralph Kaplan in 2004.
INVESTMENT ADVISORY
INDIVIDUAL PORTFOLIO MANAGEMENT
Penbrook provides Investment Advisory Services, defined as giving continuous advice to a
client or making investments for a client based on the individual needs of the client. Through
personal discussions with the client, Penbrook identifies goals and objectives of the client based
on their particular circumstances and creates and manages a portfolio based on stated
objectives. Penbrook provides this service to individuals, pension and profit-sharing plans,
trusts, estates, charitable organizations, pooled investment vehicles, corporations and other
business entities. Penbrook will manage advisory accounts on a discretionary and non-
discretionary basis.
Penbrook will create a portfolio consisting primarily of individual equities, and additionally we
can invest in bonds, closed end funds, and other investment products. Clients will have the
opportunity to place reasonable restrictions on the types of investments which will be made on
the client’s behalf. Clients will retain individual ownership of all securities.
Each Penbrook portfolio manager has his or her own investment philosophy and focus;
consequently, portfolio construction
will vary based on which portfolio manager is the advisor
of record for that client. Upon being assigned to a client, the portfolio manager will explain his
or her own strategies to that client. Penbrook will take each client’s personal situation into
account. However, Penbrook also will stress that, while each manager has her or his own style,
all current managers invest mostly in common stocks with an objective of capital appreciation
aligned to the individual client’s risk tolerance and overall objectives.
.
When appropriate to the needs of the client, Penbrook may recommend the use of margin
transactions or option writing. Because these investment strategies involve certain additional
degrees of risk, they will only be recommended when consistent with the client’s stated
tolerance for risk.
Penbrook also provides investment management services to AnKap Partners, L.P. (“AnKap
Fund”), a private investment fund or hedge fund holding predominantly small and mid-cap
stocks in which Penbrook’s clients may invest, subject to investment suitability requirements.
Penbrook manages the AnKap Fund on a discretionary basis in accordance with the terms and
conditions of the Fund’s offering and organizational documents. Penbrook does not participate
in any wrap fee programs.
AMOUNT OF MANAGED ASSETS
As of 12/31/2022, Penbrook managed $146,364,580 of clients' assets on a discretionary
basis. Penbrook Management does not manage any accounts on a non-discretionary basis at
this time.
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