Penbrook Management is the result of decades long relationships that first formed when co-founders Robert Anderson and Ralph Kaplan along with Barbara Chacour worked as research analysts at Brean Murray, Foster Securities. Over the years the group began individually managing client portfolios and building their own books of business at BMI Capital Corp/Brean Murray leveraging their research backgrounds to fine tune their bottoms-up approach to value investing. Barbara DiCostanzo began working with Bob and Ralph in 1992 as their portfolio management businesses were developing. In 1998, Bob and Ralph also started a hedge fund, AnKap Partners, which Penbrook Management continues to manage today.

After several more years under the BMI umbrella Bob, Ralph, and Barbara D. founded Penbrook Management in 2004. Barbara Chacour, who had been on a similar portfolio management path of her own then joined the firm in 2010, rounding out the portfolio management team.  

In 2018, our beloved co-founder Ralph passed away after a short illness. Ralph was a gifted equity analyst and value-based investor having been a former partner at Oppenheimer and Co. and head of research at Brean Murray. We all benefited greatly from his knowledge, intellect, research skills, and investment philosophy which helped form the backbone of our successful investing process.

Our commitment over the past decades has been to successfully manage our clients through every type of market, delivering competitive returns with superior customer service. This approach has built our legacy of many satisfied clients with whom we have had the privilege of working for many years. We continue to take pride in the knowledge that the children of our clients often become clients themselves.