Penn Mutual Asset Management

Conshohocken, PA · CIK 855702 · 13F filing filed 2023-02-13

SEC-registered investment adviser since 1990 · limited liability company

Assets managed$42.3bn
Staff30 · 30 in investment roles
Main clients (by assets)Insurers 78%, Mutual funds and ETFs 22%
Websitepennmutualam.com
Form ADV · 2026-04-01SEC adviser record

Legal entityPenn Mutual Asset Management, LLC (US)
Part of Penn Mutual Life Insurance Company (US)

$89.6m reported value +17.2% vs Q3 2022

61positions

45.6%in top 10

15 new 9 added 5 reduced 18 sold out vs Q3 2022

Also in the report of:

JANUS HENDERSON GROUP PLC – $264.2k of shares are in both reports

Shares in two reports are counted once in each security's totals.

Holdings, Q4 2022

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	WELLS FARGO CO NEW PERP PFD CNV A WFC 7.5 PERP L	WFC 7.5 PERP L	6,000	$7.1m7.94%	7.94%	Unchanged
2	BLACKROCK RES & COMMODITIES SHS BCX	BCX	581,181	$5.8m6.47%	6.47%	Unchanged
3	FRANKLIN BSP RLTY TR INC COMMON STOCK FBRT	FBRT	349,988	$4.5m5.04%	5.04%	Reduced -50.0k	-50,000 -12.5%
4	MORGAN STANLEY EMERGING MKTS COM EDD	EDD	963,819	$4.2m4.73%	4.73%	Unchanged
5	ABRDN ASIA PACIFIC INCOME FU COM COM		1,503,855	$4.0m4.42%	4.42%	Unchanged
6	SIMON PPTY GROUP INC NEW COM SPG	SPG	30,240	$3.6m3.97%	3.97%	Unchanged
7	SPOK HLDGS INC COM SPOK	SPOK	401,260	$3.3m3.67%	3.67%	New
8	AGNC INVT CORP COM AGNC	AGNC	306,362	$3.2m3.54%	3.54%	Unchanged
9	AT&T INC COM T	T	142,700	$2.6m2.93%	2.93%	Unchanged
10	DOUBLELINE YIELD OPPORTUNITI COM DLY	DLY	199,841	$2.6m2.93%	2.93%	Unchanged
11	NVE CORP COM NEW NVEC	NVEC	39,718	$2.6m2.87%	2.87%	Unchanged
12	FUTUREFUEL CORP COM FF	FF	313,564	$2.5m2.85%	2.85%	Added +136.9k	+136,935 77.5%
13	EVOLUTION PETE CORP COM EPM	EPM	318,980	$2.4m2.69%	2.69%	Added +175.7k	+175,712 122.7%
14	INTERNATIONAL BUSINESS MACHS COM IBM	IBM	16,855	$2.4m2.65%	2.65%	Added +3.0k	+3,000 21.6%
15	ISHARES TR PFD AND INCM SEC PFF	PFF	74,300	$2.3m2.53%	2.53%	New
16	ARGAN INC COM AGX	AGX	51,027	$1.9m2.10%	2.10%	Added +37.7k	+37,747 284.2%
17	BARRICK GOLD CORP COM COM		100,000	$1.7m1.92%	1.92%	Added +25.0k	+25,000 33.3%
18	MPLX LP COM UNIT REP LTD MPLX	MPLX	52,127	$1.7m1.91%	1.91%	Added +7.8k	+7,850 17.7%
19	HEALTHCARE SVCS GROUP INC COM HCSG	HCSG	136,770	$1.6m1.83%	1.83%	Unchanged
20	LSI INDS INC OHIO COM LYTS	LYTS	133,594	$1.6m1.83%	1.83%	Added +60.6k	+60,604 83.0%
21	ENERGY TRANSFER L P COM UT LTD PTN ET	ET	133,500	$1.6m1.77%	1.77%	Unchanged
22	ARTISAN PARTNERS ASSET MGMT CL A APAM	APAM	47,550	$1.4m1.58%	1.58%	New
23	ENTERPRISE PRODS PARTNERS L COM EPD	EPD	57,663	$1.4m1.55%	1.55%	Unchanged
24	SANOFI SPONSORED ADR SNY	SNY	27,500	$1.3m1.49%	1.49%	New
25	PLAINS ALL AMERN PIPELINE L UNIT LTD PARTN PAA	PAA	109,500	$1.3m1.44%	1.44%	Unchanged
26	HALOZYME THERAPEUTICS INC NOTE 0.250% 3/0 · principal HALO 0.25 03.01.27 · principal	HALO 0.25 03.01.27	1,305,000	$1.3m1.41%	1.41%	Unchanged
27	LIGAND PHARMACEUTICALS INC NOTE 0.750% 5/1 · principal LGND 0.75 05.15.23 · principal	LGND 0.75 05.15.23	1,256,000	$1.2m1.36%	1.36%	Unchanged
28	INTERDIGITAL INC NOTE 2.000% 6/0 · principal IDCC 2 06.01.24 · principal	IDCC 2 06.01.24	1,274,000	$1.2m1.36%	1.36%	Unchanged
29	VANECK ETF TRUST JP MRGAN EM LOC EMLC	EMLC	48,943	$1.2m1.32%	1.32%	Unchanged
30	IONIS PHARMACEUTICALS INC NOTE 0.125%12/1 · principal IONS 0.125 12.15.24 · principal	IONS 0.125 12.15.24	1,256,000	$1.1m1.27%	1.27%	Unchanged
31	TURNING PT BRANDS INC NOTE 2.500% 7/1 · principal TPB 2.5 07.15.24 · principal	TPB 2.5 07.15.24	1,250,000	$1.1m1.24%	1.24%	Added +250.0k	+250,000 25.0%
32	WESTERN ASSET EMERGING MKTS COM XEMDX	XEMDX	114,079	$1.0m1.16%	1.16%	Unchanged
33	VISHAY INTERTECHNOLOGY INC NOTE 2.250% 6/1 · principal VSH 2.25 06.15.25 · principal	VSH 2.25 06.15.25	1,015,000	$979.6k1.09%	1.09%	Unchanged
34	TWO HBRS INVT CORP COM COM		62,000	$977.7k1.09%	1.09%	New
35	OMEGA HEALTHCARE INVS INC COM OHI	OHI	33,100	$925.1k1.03%	1.03%	Unchanged
36	DOMINION ENERGY INC COM D	D	12,426	$761.9k0.85%	0.85%	Unchanged
37	PHATHOM PHARMACEUTICALS INC COM PHAT	PHAT	62,802	$704.6k0.79%	0.79%	Reduced -24.1k	-24,138 -27.8%
38	WALGREENS BOOTS ALLIANCE INC COM WBA	WBA	18,000	$672.5k0.75%	0.75%	Unchanged
39	SUPERNUS PHARMACEUTICALS NOTE 0.625% 4/0 · principal SUPN 0.625 04.01.23 · principal	SUPN 0.625 04.01.23	675,000	$663.2k0.74%	0.74%	Unchanged
40	DAY ONE BIOPHARMACEUTICALS I COM COM		24,920	$536.3k0.60%	0.60%	New
41	JAZZ INVESTMENTS I LTD NOTE 1.500% 8/1 · principal JAZZ 1.5 08.15.24 · principal	JAZZ 1.5 08.15.24	515,000	$507.0k0.57%	0.57%	Unchanged
42	VALE S A SPONSORED ADS VALE	VALE	28,953	$491.3k0.55%	0.55%	Unchanged
43	UGI CORP NEW UNIT 06/01/2024 UGI 7.25 06.01.24	UGI 7.25 06.01.24	5,645	$487.9k0.54%	0.54%	Added +500	+500 9.7%
44	JOHN BEAN TECHNOLOGIES CORP NOTE 0.250% 5/1 · principal JBTM 0.25 05.15.26 · principal	JBTM 0.25 05.15.26	500,000	$429.2k0.48%	0.48%	Unchanged
45	GARRETT MOTION INC PFD CONV SER A GTX 11 PERP A	GTX 11 PERP A	44,986	$391.4k0.44%	0.44%	New
46	FIRST MAJESTIC SILVER CORP COM AG	AG	45,280	$377.6k0.42%	0.42%	Unchanged
47	NOVARTIS AG SPONSORED ADR NVS	NVS	4,120	$373.8k0.42%	0.42%	Unchanged
48	SNAP INC NOTE 0.750% 8/0 · principal SNAP 0.75 08.01.26 · principal	SNAP 0.75 08.01.26	400,000	$338.8k0.38%	0.38%	Unchanged
49	TENARIS S A SPONSORED ADS TS	TS	9,430	$331.6k0.37%	0.37%	Reduced -5.4k	-5,420 -36.5%
50	BANK NEW YORK MELLON CORP COM BNY	BNY	6,550	$298.2k0.33%	0.33%	New
51	SOUTHERN COPPER CORP COM SCCO	SCCO	4,935	$298.0k0.33%	0.33%	New
52	SNAP ON INC COM SNA	SNA	1,265	$289.0k0.32%	0.32%	Reduced -500	-500 -28.3%
53	BRADY CORP CL A BRC	BRC	5,610	$264.2k0.29%	0.29%	New
54	RPC INC COM RES	RES	29,586	$263.0k0.29%	0.29%	New
55	RICHARDSON ELECTRS LTD COM RELL	RELL	11,644	$248.4k0.28%	0.28%	Reduced -17.0k	-17,000 -59.4%
56	UTAH MED PRODS INC COM UTMD	UTMD	2,300	$231.2k0.26%	0.26%	New
57	NORDIC AMERICAN TANKERS LIMI COM NAT	NAT	66,500	$203.5k0.23%	0.23%	New
58	VISTRA CORP COM VST	VST	8,705	$202.0k0.23%	0.23%	New
59	GRAFTECH INTL LTD COM EAF	EAF	42,000	$199.9k0.22%	0.22%	New
60	NUSTAR ENERGY LP UNIT COM NS	NS	10,700	$171.2k0.19%	0.19%	Unchanged
61	PGIM GLOBAL HIGH YIELD FD FO COM GHY	GHY	13,152	$142.6k0.16%	0.16%	Unchanged

Sold out since Q3 2022

Security	Ticker	Shares held before	Value then
RITHM CAPITAL CORP RITM	RITM	359,900	$2.6m359.9k shares
NUVEEN PFD & INCOME SECS FD		309,650	$2.0m309.6k shares
ANNALY CAPITAL MANAGEMENT IN NLY	NLY	88,436	$1.5m88.4k shares
TWO HBRS INVT CORP		248,000	$823.0k248.0k shares
WARNER BROS DISCOVERY INC WBD	WBD	34,520	$397.0k34.5k shares
VAXCYTE INC PCVX	PCVX	15,585	$374.0k15.6k shares
UNUM GROUP UNM	UNM	9,595	$372.0k9.6k shares
BWX TECHNOLOGIES INC BWXT	BWXT	7,305	$368.0k7.3k shares
CAMECO CORP CCJ	CCJ	13,115	$348.0k13.1k shares
MIX TELEMATICS LTD MIXT	MIXT	42,410	$322.0k42.4k shares
CALAVO GROWERS INC		9,200	$292.0k9.2k shares
PARAMOUNT GLOBAL SKYD 5.75 04.01.24 A	SKYD 5.75 04.01.24 A	9,330	$288.0k9.3k shares
SUNCOR ENERGY INC NEW SU	SU	9,950	$280.0k9.9k shares
ELANCO ANIMAL HEALTH INC ELAN 5 02.01.23	ELAN 5 02.01.23	11,800	$247.0k11.8k shares
HF SINCLAIR CORP DINO	DINO	3,925	$211.0k3.9k shares
89BIO INC ETNB	ETNB	10,292	$60.0k10.3k shares
SNAP INC SNAP 0.25 05.01.25	SNAP 0.25 05.01.25	26,000	$24.0k26.0k shares
AVROBIO INC		37,306	$24.0k37.3k shares