Penn Mutual Asset Management

Conshohocken, PA · CIK 855702 · 13F filing filed 2023-08-11

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)

$110.9m reported value +5.2% vs Q1 2023

69positions

39.0%in top 10

18 new 15 added 9 reduced 12 sold out vs Q1 2023

Also in the report of:

JANUS HENDERSON GROUP PLC – $947.4k of shares are in both reports

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

Holdings, Q2 2023

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	$6.9m6.23%	6.23%	Unchanged
2	MORGAN STANLEY EMERGING MKTS COM EDD	EDD	963,819	$4.5m4.08%	4.08%	Unchanged
3	BLACKROCK RES & COMMODITIES SHS BCX	BCX	485,111	$4.4m3.97%	3.97%	Unchanged
4	EVOLUTION PETE CORP COM EPM	EPM	538,754	$4.3m3.92%	3.92%	Added +85.0k	+85,000 18.7%
5	PARK AEROSPACE CORP COM PKE	PKE	313,658	$4.3m3.90%	3.90%	Added +46.0k	+46,000 17.2%
6	FUTUREFUEL CORP COM FF	FF	474,544	$4.2m3.79%	3.79%	Added +110.1k	+110,126 30.2%
7	ABRDN ASIA PACIFIC INCOME FU COM COM		1,503,855	$4.1m3.66%	3.66%	Unchanged
8	RICHARDSON ELECTRS LTD COM RELL	RELL	233,475	$3.9m3.47%	3.47%	Added +221.8k	+221,831 1905.1%
9	SIMON PPTY GROUP INC NEW COM SPG	SPG	30,240	$3.5m3.15%	3.15%	Unchanged
10	NORDIC AMERICAN TANKERS LIMI COM NAT	NAT	865,500	$3.2m2.86%	2.86%	Added +489.0k	+489,000 129.9%
11	MIX TELEMATICS LTD SPONSORED ADR MIXT	MIXT	490,219	$3.1m2.79%	2.79%	Added +155.8k	+155,807 46.6%
12	DOUBLELINE YIELD OPPORTUNITI COM DLY	DLY	199,841	$2.9m2.62%	2.62%	Unchanged
13	UTAH MED PRODS INC COM UTMD	UTMD	30,283	$2.8m2.54%	2.54%	Added +16.3k	+16,335 117.1%
14	NATIONAL STORAGE AFFILIATES COM SHS BEN IN NSA	NSA	79,300	$2.8m2.49%	2.49%	Added +28.3k	+28,300 55.5%
15	OMEGA HEALTHCARE INVS INC COM OHI	OHI	86,100	$2.6m2.38%	2.38%	Added +53.0k	+53,000 160.1%
16	FRANKLIN BSP RLTY TR INC COMMON STOCK FBRT	FBRT	183,156	$2.6m2.34%	2.34%	Reduced -429.1k	-429,132 -70.1%
17	IONIS PHARMACEUTICALS INC NOTE 0.125%12/1 · principal IONS 0.125 12.15.24 · principal	IONS 0.125 12.15.24	2,756,000	$2.6m2.31%	2.31%	Unchanged
18	ARGAN INC COM AGX	AGX	58,527	$2.3m2.08%	2.08%	Added +10.0k	+10,000 20.6%
19	3M CO COM MMM	MMM	23,000	$2.3m2.08%	2.08%	Unchanged
20	ISHARES TR PFD AND INCM SEC PFF	PFF	74,300	$2.3m2.07%	2.07%	Unchanged
21	LSI INDS INC OHIO COM LYTS	LYTS	182,847	$2.3m2.07%	2.07%	Reduced -5.0k	-5,000 -2.7%
22	AT&T INC COM T	T	142,700	$2.3m2.05%	2.05%	Unchanged
23	SPOK HLDGS INC COM SPOK	SPOK	167,910	$2.2m2.01%	2.01%	Reduced -213.3k	-213,350 -56.0%
24	VERIZON COMMUNICATIONS INC COM VZ	VZ	53,300	$2.0m1.79%	1.79%	New
25	BARRICK GOLD CORP COM COM		116,500	$2.0m1.78%	1.78%	Added +5.5k	+5,500 5.0%
26	INTERNATIONAL BUSINESS MACHS COM IBM	IBM	14,130	$1.9m1.70%	1.70%	Unchanged
27	ENERGY TRANSFER L P COM UT LTD PTN ET	ET	133,500	$1.7m1.53%	1.53%	Unchanged
28	PLAINS ALL AMERN PIPELINE L UNIT LTD PARTN PAA	PAA	109,500	$1.5m1.39%	1.39%	Unchanged
29	MPLX LP COM UNIT REP LTD MPLX	MPLX	40,127	$1.4m1.23%	1.23%	Reduced -52.0k	-52,000 -56.4%
30	HALOZYME THERAPEUTICS INC NOTE 0.250% 3/0 · principal HALO 0.25 03.01.27 · principal	HALO 0.25 03.01.27	1,555,000	$1.3m1.17%	1.17%	Unchanged
31	ENTERPRISE PRODS PARTNERS L COM EPD	EPD	47,663	$1.3m1.13%	1.13%	Reduced -10.0k	-10,000 -17.3%
32	VANECK ETF TRUST JP MRGAN EM LOC EMLC	EMLC	48,943	$1.3m1.13%	1.13%	Unchanged
33	SANOFI SPONSORED ADR SNY	SNY	23,000	$1.2m1.12%	1.12%	Unchanged
34	JAZZ INVESTMENTS I LTD NOTE 1.500% 8/1 · principal JAZZ 1.5 08.15.24 · principal	JAZZ 1.5 08.15.24	1,265,000	$1.2m1.09%	1.09%	Added +250.0k	+250,000 24.6%
35	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	$1.2m1.09%	1.09%	Unchanged
36	NATIONAL PRESTO INDS INC COM NPK	NPK	15,850	$1.2m1.05%	1.05%	New
37	AGNICO EAGLE MINES LTD COM AEM	AEM	22,750	$1.1m1.03%	1.03%	New
38	ENNIS INC COM EBF	EBF	50,629	$1.0m0.93%	0.93%	New
39	HEALTHCARE SVCS GROUP INC COM HCSG	HCSG	66,770	$996.9k0.90%	0.90%	Reduced -79.0k	-79,000 -54.2%
40	WESTERN ASSET EMERGING MKTS COM XEMDX	XEMDX	114,079	$983.4k0.89%	0.89%	Unchanged
41	AFFIRM HLDGS INC COM CL A AFRM	AFRM	64,108	$982.8k0.89%	0.89%	New
42	PHATHOM PHARMACEUTICALS INC COM PHAT	PHAT	62,802	$899.3k0.81%	0.81%	Unchanged
43	DEVON ENERGY CORP NEW COM DVN	DVN	17,550	$848.4k0.76%	0.76%	New
44	DOMINION ENERGY INC COM D	D	12,426	$643.5k0.58%	0.58%	Unchanged
45	VILLAGE SUPER MKT INC CL A NEW VLGEA	VLGEA	25,465	$581.1k0.52%	0.52%	Reduced -6.5k	-6,500 -20.3%
46	WALGREENS BOOTS ALLIANCE INC COM WBA	WBA	18,000	$512.8k0.46%	0.46%	Unchanged
47	HAYNES INTL INC COM NEW HAYN	HAYN	9,785	$497.3k0.45%	0.45%	Added +3.4k	+3,400 53.2%
48	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	$474.4k0.43%	0.43%	Unchanged
49	HUNTINGTON INGALLS INDS INC COM HII	HII	1,910	$434.7k0.39%	0.39%	New
50	BRADY CORP CL A BRC	BRC	8,960	$426.2k0.38%	0.38%	Added +3.0k	+3,000 50.3%
51	NOVARTIS AG SPONSORED ADR NVS	NVS	4,120	$415.7k0.37%	0.37%	Unchanged
52	VISTRA CORP COM VST	VST	15,705	$412.3k0.37%	0.37%	Added +3.0k	+3,000 23.6%
53	VALE S A SPONSORED ADS VALE	VALE	28,953	$388.5k0.35%	0.35%	Unchanged
54	SNAP INC NOTE 0.750% 8/0 · principal SNAP 0.75 08.01.26 · principal	SNAP 0.75 08.01.26	400,000	$370.2k0.33%	0.33%	Unchanged
55	BWX TECHNOLOGIES INC COM BWXT	BWXT	4,200	$300.6k0.27%	0.27%	New
56	ALLISON TRANSMISSION HLDGS I COM ALSN	ALSN	4,750	$268.2k0.24%	0.24%	New
57	ROVER GROUP INC COM CL A COM CL A		54,013	$265.2k0.24%	0.24%	New
58	MOLSON COORS BEVERAGE CO CL B TAP	TAP	3,850	$253.5k0.23%	0.23%	New
59	HASBRO INC COM HAS	HAS	3,750	$242.9k0.22%	0.22%	New
60	TOAST INC CL A TOST	TOST	10,358	$233.8k0.21%	0.21%	New
61	SNAP ON INC COM SNA	SNA	790	$227.7k0.21%	0.21%	Reduced -475	-475 -37.5%
62	FIRSTENERGY CORP COM FE	FE	5,760	$223.9k0.20%	0.20%	New
63	BAXTER INTL INC COM BAX	BAX	4,900	$223.2k0.20%	0.20%	New
64	JEFFERIES FINL GROUP INC COM JEF	JEF	6,650	$220.6k0.20%	0.20%	New
65	BANK NEW YORK MELLON CORP COM BNY	BNY	4,950	$220.4k0.20%	0.20%	Reduced -4.0k	-4,000 -44.7%
66	DUKE ENERGY CORP NEW COM NEW DUK	DUK	2,400	$215.4k0.19%	0.19%	New
67	NEWMARKET CORP COM NEU	NEU	500	$201.1k0.18%	0.18%	New
68	NUSTAR ENERGY LP UNIT COM NS	NS	10,700	$183.4k0.17%	0.17%	Unchanged
69	PGIM GLOBAL HIGH YIELD FD FO COM GHY	GHY	13,152	$144.3k0.13%	0.13%	Unchanged

Sold out since Q1 2023

Security	Ticker	Shares held before	Value then
NVE CORP NVEC	NVEC	29,146	$2.4m29.1k shares
ARTISAN PARTNERS ASSET MGMT APAM	APAM	47,550	$1.5m47.5k shares
KONINKLIJKE PHILIPS N V PHG	PHG	69,300	$1.3m69.3k shares
LIGAND PHARMACEUTICALS INC LGND 0.75 05.15.23	LGND 0.75 05.15.23	1,256,000	$1.2m1.3m shares
SUPERNUS PHARMACEUTICALS SUPN 0.625 04.01.23	SUPN 0.625 04.01.23	675,000	$677.0k675.0k shares
CALERES INC CAL	CAL	20,000	$432.6k20.0k shares
RPC INC RES	RES	55,486	$426.7k55.5k shares
TENARIS S A TS	TS	9,430	$268.0k9.4k shares
AMPLITUDE INC AMPL	AMPL	18,018	$224.1k18.0k shares
SOUTHERN COPPER CORP SCCO	SCCO	2,935	$223.8k2.9k shares
TRIPADVISOR INC TRIP 0.25 04.01.26	TRIP 0.25 04.01.26	114,000	$93.6k114.0k shares
SNAP INC SNAP 0.25 05.01.25	SNAP 0.25 05.01.25	26,000	$24.6k26.0k shares