Penn Mutual Asset Management

Conshohocken, PA · CIK 855702 · 13F filing filed 2024-08-14

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)

$47.0m reported value +0.4% vs Q1 2024

65positions

58.0%in top 10

19 new 8 added 10 reduced 16 sold out vs Q1 2024

Also in the report of:

JANUS HENDERSON GROUP PLC – $2.0m of shares are in both reports

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

Holdings, Q2 2024

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	$7.1m15.16%	15.16%	Unchanged
2	AGNC INVT CORP COM AGNC	AGNC	360,000	$3.4m7.30%	7.30%	Unchanged
3	ANNALY CAPITAL MANAGEMENT IN COM NEW NLY	NLY	177,588	$3.4m7.19%	7.19%	Unchanged
4	ARMOUR RESIDENTIAL REIT INC COM SHS ARR	ARR	174,050	$3.4m7.17%	7.17%	Unchanged
5	ISHARES TR PFD AND INCM SEC PFF	PFF	97,300	$3.1m6.53%	6.53%	Unchanged
6	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	$2.7m5.74%	5.74%	Unchanged
7	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	$1.5m3.15%	3.15%	Unchanged
8	CRACKER BARREL OLD CTRY STOR NOTE 0.625% 6/1 · principal CBRL 0.625 06.15.26 · principal	CBRL 0.625 06.15.26	1,250,000	$1.1m2.35%	2.35%	Unchanged
9	CONMED CORP NOTE 2.250% 6/1 · principal CNMD 2.25 06.15.27 · principal	CNMD 2.25 06.15.27	1,000,000	$893.8k1.90%	1.90%	Added +500.0k	+500,000 100.0%
10	EURONET WORLDWIDE INC NOTE 0.750% 3/1 · principal EEFT 0.75 03.15.49 · principal	EEFT 0.75 03.15.49	734,000	$712.8k1.52%	1.52%	Unchanged
11	PHATHOM PHARMACEUTICALS INC COM PHAT	PHAT	62,802	$646.9k1.37%	1.37%	Unchanged
12	COMTECH TELECOMMUNICATIONS C COM NEW CMTL	CMTL	204,004	$618.1k1.31%	1.31%	Added +133.0k	+133,000 187.3%
13	BWX TECHNOLOGIES INC COM BWXT	BWXT	6,250	$593.8k1.26%	1.26%	New
14	MPLX LP COM UNIT REP LTD MPLX	MPLX	12,270	$522.6k1.11%	1.11%	Unchanged
15	GILDAN ACTIVEWEAR INC COM GIL	GIL	13,500	$511.9k1.09%	1.09%	Added +7.5k	+7,500 125.0%
16	INTERDIGITAL INC COM IDCC	IDCC	4,200	$489.6k1.04%	1.04%	Reduced -2.2k	-2,200 -34.4%
17	PEGASYSTEMS INC NOTE 0.750% 3/0 · principal PEGA 0.75 03.01.25 · principal	PEGA 0.75 03.01.25	500,000	$481.7k1.02%	1.02%	New
18	LENDINGTREE INC NOTE 0.500% 7/1 · principal TREE 0.5 07.15.25 · principal	TREE 0.5 07.15.25	500,000	$463.6k0.99%	0.99%	Unchanged
19	VERINT SYSTEMS INC NOTE 0.250% 4/1 · principal VRNT 0.25 04.15.26 · principal	VRNT 0.25 04.15.26	500,000	$461.3k0.98%	0.98%	Unchanged
20	CARDLYTICS INC NOTE 1.000% 9/1 · principal CDLX 1 09.15.25 · principal	CDLX 1 09.15.25	500,000	$461.2k0.98%	0.98%	Unchanged
21	RICHARDSON ELECTRS LTD COM RELL	RELL	38,784	$461.1k0.98%	0.98%	Reduced -22.0k	-22,000 -36.2%
22	3M CO COM MMM	MMM	4,500	$459.9k0.98%	0.98%	New
23	MAGNITE INC NOTE 0.250% 3/1 · principal MGNI 0.25 03.15.26 · principal	MGNI 0.25 03.15.26	500,000	$451.6k0.96%	0.96%	New
24	ORGANON & CO COMMON STOCK OGN	OGN	21,150	$437.8k0.93%	0.93%	Reduced -2.5k	-2,500 -10.6%
25	SIGA TECHNOLOGIES INC COM SIGA	SIGA	56,750	$430.7k0.92%	0.92%	New
26	HF SINCLAIR CORP COM DINO	DINO	8,055	$429.7k0.91%	0.91%	Unchanged
27	VANECK ETF TRUST JP MRGAN EM LOC EMLC	EMLC	18,000	$428.0k0.91%	0.91%	Unchanged
28	NORDIC AMERICAN TANKERS LIMI COM NAT	NAT	107,000	$425.9k0.91%	0.91%	New
29	UTAH MED PRODS INC COM UTMD	UTMD	6,298	$420.8k0.89%	0.89%	Reduced -6.6k	-6,600 -51.2%
30	PRICESMART INC COM PSMT	PSMT	5,175	$420.2k0.89%	0.89%	New
31	FIRST MAJESTIC SILVER CORP NOTE 0.375% 1/1 · principal AGCN 0.375 01.15.27 · principal	AGCN 0.375 01.15.27	500,000	$413.1k0.88%	0.88%	New
32	WILEY JOHN & SONS INC CL A WLY	WLY	10,000	$407.0k0.87%	0.87%	New
33	KAROOOOO LTD ORD SHS KARO	KARO	13,754	$394.7k0.84%	0.84%	New
34	FUTUREFUEL CORP COM FF	FF	75,952	$389.6k0.83%	0.83%	Added +2.5k	+2,500 3.4%
35	LUXFER HLDGS PLC SHS LXFR	LXFR	33,211	$384.9k0.82%	0.82%	Added +17.7k	+17,711 114.3%
36	H & E EQUIPMENT SERVICES INC COM HEES	HEES	8,450	$373.2k0.79%	0.79%	Added +550	+550 7.0%
37	CALAVO GROWERS INC COM COM		15,000	$340.5k0.72%	0.72%	New
38	HEWLETT PACKARD ENTERPRISE C COM HPE	HPE	16,000	$338.7k0.72%	0.72%	New
39	NATIONAL PRESTO INDS INC COM NPK	NPK	4,500	$338.1k0.72%	0.72%	Reduced -950	-950 -17.4%
40	BARRICK GOLD CORP COM COM		19,100	$318.6k0.68%	0.68%	Unchanged
41	AGNICO EAGLE MINES LTD COM AEM	AEM	4,850	$317.2k0.67%	0.67%	Reduced -1.3k	-1,300 -21.1%
42	EVOLUTION PETE CORP COM EPM	EPM	60,168	$317.1k0.67%	0.67%	Added +17.0k	+17,000 39.4%
43	DEVON ENERGY CORP NEW COM DVN	DVN	6,550	$310.5k0.66%	0.66%	Reduced -2.4k	-2,400 -26.8%
44	VALHI INC NEW COM VHI	VHI	17,182	$306.4k0.65%	0.65%	Added +7.1k	+7,061 69.8%
45	NORTHERN TECHNOLOGIES INTL C COM NTIC	NTIC	18,360	$304.0k0.65%	0.65%	Reduced -5.5k	-5,500 -23.1%
46	HEALTHCARE SVCS GROUP INC COM HCSG	HCSG	27,770	$293.8k0.62%	0.62%	Unchanged
47	HIMAX TECHNOLOGIES INC SPONSORED ADR HIMX	HIMX	37,000	$293.8k0.62%	0.62%	New
48	DELEK US HLDGS INC NEW COM DK	DK	11,500	$284.7k0.61%	0.61%	Unchanged
49	ALCOA CORP COM AA	AA	7,000	$278.5k0.59%	0.59%	Unchanged
50	YORK WTR CO COM YORW	YORW	7,500	$278.2k0.59%	0.59%	Unchanged
51	SELECT WATER SOLUTIONS INC CL A COM WTTR	WTTR	25,100	$268.6k0.57%	0.57%	Reduced -29.0k	-29,000 -53.6%
52	NIKE INC CL B NKE	NKE	3,560	$268.3k0.57%	0.57%	New
53	JEFFERIES FINL GROUP INC COM JEF	JEF	5,225	$260.0k0.55%	0.55%	New
54	NORDSTROM INC COM JWN	JWN	12,000	$254.6k0.54%	0.54%	New
55	ARGAN INC COM AGX	AGX	3,400	$248.7k0.53%	0.53%	New
56	BRADY CORP CL A BRC	BRC	3,660	$241.6k0.51%	0.51%	Unchanged
57	DUKE ENERGY CORP NEW COM NEW DUK	DUK	2,400	$240.6k0.51%	0.51%	Unchanged
58	KEURIG DR PEPPER INC COM KDP	KDP	7,000	$233.8k0.50%	0.50%	Unchanged
59	FIRSTENERGY CORP COM FE	FE	5,760	$220.4k0.47%	0.47%	Unchanged
60	NEW YORK CMNTY BANCORP INC COM COM		67,000	$215.7k0.46%	0.46%	New
61	LYONDELLBASELL INDUSTRIES N SHS - A - LYB	LYB	2,235	$213.8k0.45%	0.45%	New
62	MOSAIC CO NEW COM MOS	MOS	7,000	$202.3k0.43%	0.43%	Unchanged
63	PERRIGO CO PLC SHS PRGO	PRGO	7,800	$200.3k0.43%	0.43%	Unchanged
64	REPOSITRAK INC COM NEW TRAK	TRAK	12,966	$198.2k0.42%	0.42%	Reduced -14.2k	-14,200 -52.3%
65	WALGREENS BOOTS ALLIANCE INC COM WBA	WBA	15,400	$186.3k0.40%	0.40%	Unchanged

Sold out since Q1 2024

Security	Ticker	Shares held before	Value then
TURNING PT BRANDS INC TPB 2.5 07.15.24	TPB 2.5 07.15.24	1,250,000	$1.2m1.2m shares
OPERA LTD OPRA	OPRA	33,000	$521.7k33.0k shares
HUNTINGTON INGALLS INDS INC HII	HII	1,535	$447.4k1.5k shares
ATRION CORP ATRI	ATRI	950	$440.4k950 shares
ADVANCE AUTO PARTS INC AAP	AAP	4,700	$399.9k4.7k shares
BAXTER INTL INC BAX	BAX	7,900	$337.6k7.9k shares
ARCOS DORADOS HOLDINGS INC ARCO	ARCO	23,000	$255.8k23.0k shares
INTERNATIONAL PAPER CO IP	IP	6,500	$253.6k6.5k shares
M & T BK CORP MTB	MTB	1,700	$247.2k1.7k shares
PARK AEROSPACE CORP PKE	PKE	14,645	$243.5k14.6k shares
MEDTRONIC PLC MDT	MDT	2,700	$235.3k2.7k shares
SMUCKER J M CO SJM	SJM	1,825	$229.7k1.8k shares
KRAFT HEINZ CO KHC	KHC	6,000	$221.4k6.0k shares
PREMIER INC PINC	PINC	10,000	$221.0k10.0k shares
COMMUNITY HEALTHCARE TR INC CHCT	CHCT	8,250	$219.0k8.2k shares
MARKETWISE INC		82,500	$142.7k82.5k shares