Penn Mutual Asset Management

Conshohocken, PA · CIK 855702 · 13F filing filed 2025-08-14

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)

$56.6m reported value +8.6% vs Q1 2025

67positions

53.1%in top 10

20 new 17 added 8 reduced 15 sold out vs Q1 2025

Also in the report of:

JANUS HENDERSON GROUP PLC – $231.4k of shares are in both reports

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

Holdings, Q2 2025

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	$7.0m12.45%	12.45%	Unchanged
2	RUBRIK INC. CL A RBRK	RBRK	52,717	$4.7m8.35%	8.35%	Added +10.2k	+10,196 24.0%
3	ANNALY CAPITAL MANAGEMENT IN COM NEW NLY	NLY	177,588	$3.3m5.91%	5.91%	Unchanged
4	AGNC INVT CORP COM AGNC	AGNC	360,000	$3.3m5.85%	5.85%	Unchanged
5	ISHARES TR PFD AND INCM SEC PFF	PFF	97,300	$3.0m5.28%	5.28%	Unchanged
6	ARMOUR RESIDENTIAL REIT INC COM SHS ARR	ARR	174,050	$2.9m5.17%	5.17%	Unchanged
7	CERENCE INC NOTE 1.500% 7/0 · principal CRNC 1.5 07.01.28 · principal	CRNC 1.5 07.01.28	2,575,000	$2.0m3.48%	3.48%	Added +50.0k	+50,000 2.0%
8	OMNICELL COM NOTE 0.250% 9/1 · principal OMCL 0.25 09.15.25 · principal	OMCL 0.25 09.15.25	1,500,000	$1.5m2.61%	2.61%	Unchanged
9	CARRIAGE SVCS INC COM CSV	CSV	28,468	$1.3m2.30%	2.30%	Added +3.9k	+3,873 15.8%
10	PACIRA BIOSCIENCES INC NOTE 2.125% 5/1 · principal PCRX 2.125 05.15.29 · principal	PCRX 2.125 05.15.29	1,000,000	$978.9k1.73%	1.73%	New
11	OPERA LTD SPONSORED ADS OPRA	OPRA	50,419	$952.9k1.68%	1.68%	Added +12.0k	+12,000 31.2%
12	NACCO INDS INC CL A NC	NC	20,078	$889.7k1.57%	1.57%	Added +4.1k	+4,118 25.8%
13	ARCOS DORADOS HOLDINGS INC SHS CLASS -A - ARCO	ARCO	106,000	$836.3k1.48%	1.48%	Added +40.0k	+40,000 60.6%
14	IMMERSION CORP COM IMMR	IMMR	104,000	$819.5k1.45%	1.45%	Added +6.0k	+6,000 6.1%
15	PAPA JOHNS INTL INC COM PZZA	PZZA	16,700	$817.3k1.44%	1.44%	Added +1.0k	+1,000 6.4%
16	HUNTINGTON INGALLS INDS INC COM HII	HII	3,225	$778.7k1.38%	1.38%	Added +225	+225 7.5%
17	PARK AEROSPACE CORP COM PKE	PKE	52,000	$768.0k1.36%	1.36%	Unchanged
18	MPLX LP COM UNIT REP LTD MPLX	MPLX	13,970	$719.6k1.27%	1.27%	Unchanged
19	ALICO INC COM ALCO	ALCO	21,000	$686.3k1.21%	1.21%	Unchanged
20	CALIFORNIA WTR SVC GROUP COM CWT	CWT	14,950	$679.9k1.20%	1.20%	Added +2.5k	+2,500 20.1%
21	YORK WTR CO COM YORW	YORW	21,000	$663.6k1.17%	1.17%	Added +2.5k	+2,500 13.5%
22	NOMAD FOODS LTD USD ORD SHS NOMD	NOMD	36,500	$620.1k1.10%	1.10%	Added +24.0k	+24,000 192.0%
23	PHATHOM PHARMACEUTICALS INC COM PHAT	PHAT	62,802	$602.3k1.06%	1.06%	Unchanged
24	RAYONIER INC COM RYN	RYN	27,000	$598.9k1.06%	1.06%	Added +18.0k	+18,000 200.0%
25	SERVICETITAN INC SHS CL A TTAN	TTAN	5,540	$593.8k1.05%	1.05%	New
26	BARRICK MNG CORP COM SHS B	B	27,000	$562.1k0.99%	0.99%	New
27	AGNICO EAGLE MINES LTD COM AEM	AEM	4,700	$559.0k0.99%	0.99%	Reduced -2.4k	-2,400 -33.8%
28	CURIOSITYSTREAM INC COM CL A CURI	CURI	98,000	$551.7k0.98%	0.98%	Reduced -147.3k	-147,289 -60.0%
29	AAON INC COM PAR $0.004 AAON	AAON	6,500	$479.4k0.85%	0.85%	Added +1.5k	+1,500 30.0%
30	OCCIDENTAL PETE CORP COM OXY	OXY	11,325	$475.8k0.84%	0.84%	Unchanged
31	VANECK ETF TRUST JP MRGAN EM LOC EMLC	EMLC	18,000	$456.3k0.81%	0.81%	Unchanged
32	MATTHEWS INTL CORP CL A MATW	MATW	19,000	$454.3k0.80%	0.80%	Unchanged
33	INTERDIGITAL INC COM IDCC	IDCC	2,000	$448.5k0.79%	0.79%	Unchanged
34	DELEK US HLDGS INC NEW COM DK	DK	20,500	$434.2k0.77%	0.77%	Reduced -7.0k	-7,000 -25.4%
35	NATIONAL RESH CORP COM NEW NRC	NRC	25,281	$424.7k0.75%	0.75%	Added +5.0k	+5,000 24.6%
36	ADEIA INC COM ADEA	ADEA	30,000	$424.2k0.75%	0.75%	New
37	CRACKER BARREL OLD CTRY STOR COM CBRL	CBRL	6,900	$421.5k0.74%	0.74%	Reduced -7.1k	-7,100 -50.7%
38	BRAZE INC COM CL A BRZE	BRZE	14,706	$413.2k0.73%	0.73%	New
39	TOAST INC CL A TOST	TOST	9,274	$410.7k0.73%	0.73%	New
40	SMITH & NEPHEW PLC SPDN ADR NEW SNN	SNN	13,325	$408.1k0.72%	0.72%	Unchanged
41	ORGANON & CO COMMON STOCK OGN	OGN	42,000	$406.6k0.72%	0.72%	New
42	GLOBAL SHIP LEASE INC NEW COM CL A GSL	GSL	15,000	$394.6k0.70%	0.70%	New
43	CHOICEONE FINL SVCS INC COM COFS	COFS	13,500	$387.4k0.68%	0.68%	Added +5.0k	+5,000 58.8%
44	GEN DIGITAL INC COM GEN	GEN	13,000	$382.2k0.68%	0.68%	New
45	SANFILIPPO JOHN B & SON INC COM JBSS	JBSS	6,000	$379.4k0.67%	0.67%	New
46	QUANEX BLDG PRODS CORP COM NX	NX	20,000	$378.0k0.67%	0.67%	New
47	MONRO INC COM MNRO	MNRO	25,000	$372.8k0.66%	0.66%	New
48	DEVON ENERGY CORP NEW COM DVN	DVN	11,550	$367.4k0.65%	0.65%	Unchanged
49	CALAVO GROWERS INC COM COM		13,750	$365.6k0.65%	0.65%	New
50	AES CORP COM AES	AES	34,500	$362.9k0.64%	0.64%	Reduced -29.0k	-29,000 -45.7%
51	PLAINS ALL AMERN PIPELINE L UNIT LTD PARTN PAA	PAA	19,500	$357.2k0.63%	0.63%	Unchanged
52	SUN CMNTYS INC COM SUI	SUI	2,785	$352.3k0.62%	0.62%	Unchanged
53	PERRIGO CO PLC SHS PRGO	PRGO	12,800	$342.0k0.60%	0.60%	Unchanged
54	ARGAN INC COM AGX	AGX	1,542	$340.0k0.60%	0.60%	Reduced -4.8k	-4,750 -75.5%
55	MICROCHIP TECHNOLOGY INC. COM MCHP	MCHP	4,500	$316.7k0.56%	0.56%	New
56	CITIGROUP INC COM NEW C	C	3,500	$297.9k0.53%	0.53%	Unchanged
57	SELECT WATER SOLUTIONS INC CL A COM WTTR	WTTR	34,405	$297.3k0.53%	0.53%	Added +4.5k	+4,500 15.1%
58	TRIMAS CORP COM NEW TRS	TRS	10,000	$286.1k0.51%	0.51%	New
59	LSI INDS INC OHIO COM LYTS	LYTS	15,000	$255.2k0.45%	0.45%	New
60	ONESPAN INC COM OSPN	OSPN	15,000	$250.3k0.44%	0.44%	New
61	SIGA TECHNOLOGIES INC COM SIGA	SIGA	38,280	$249.6k0.44%	0.44%	Reduced -20.0k	-20,000 -34.3%
62	FUTUREFUEL CORP COM FF	FF	63,789	$247.5k0.44%	0.44%	New
63	LUXFER HLDGS PLC SHS LXFR	LXFR	20,211	$246.2k0.44%	0.44%	Reduced -5.0k	-5,000 -19.8%
64	BRITISH AMERN TOB PLC SPONSORED ADR BTI	BTI	5,200	$246.1k0.43%	0.43%	New
65	VISHAY INTERTECHNOLOGY INC COM VSH	VSH	15,000	$238.2k0.42%	0.42%	Unchanged
66	COLUMBIA BKG SYS INC COM COLB	COLB	10,000	$233.8k0.41%	0.41%	New
67	KEURIG DR PEPPER INC COM KDP	KDP	7,000	$231.4k0.41%	0.41%	Unchanged

Sold out since Q1 2025

Security	Ticker	Shares held before	Value then
CRACKER BARREL OLD CTRY STOR CBRL 0.625 06.15.26	CBRL 0.625 06.15.26	1,250,000	$1.2m1.2m shares
MGP INGREDIENTS INC NEW MGPI 1.875 11.15.41	MGPI 1.875 11.15.41	1,000,000	$949.1k1.0m shares
BRISTOL-MYERS SQUIBB CO BMY	BMY	9,600	$585.5k9.6k shares
BARRICK GOLD CORP		27,000	$524.9k27.0k shares
UGI CORP NEW UGI	UGI	14,500	$479.5k14.5k shares
BROWN FORMAN CORP BF.B	BF.B	12,300	$417.5k12.3k shares
MOLSON COORS BEVERAGE CO TAP	TAP	6,700	$407.8k6.7k shares
ALIBABA GROUP HLDG LTD BABA	BABA	2,900	$383.5k2.9k shares
TYSON FOODS INC TSN	TSN	6,000	$382.9k6.0k shares
MICRON TECHNOLOGY INC MU	MU	4,100	$356.2k4.1k shares
OMEGA FLEX INC OFLX	OFLX	9,600	$333.9k9.6k shares
LAUDER ESTEE COS INC EL	EL	4,500	$297.0k4.5k shares
SIRIUSXM HOLDINGS INC SIRI	SIRI	10,000	$225.4k10.0k shares
RICHARDSON ELECTRS LTD RELL	RELL	20,125	$224.6k20.1k shares
AMPLITUDE INC AMPL	AMPL	13,130	$133.8k13.1k shares