Penn Mutual Asset Management
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), Penn Mutual Asset Management reported 53 stock positions worth $30.3 million. Its top holding was AGNC Investment (AGNC) at 11.3% of the portfolio, followed by Annaly Capital Management (NLY, 11.2%) and Armour Residential REIT (ARR, 11.1%). Compared with Q1 2024, it opened 16 new positions, sold out of 15, added to 7 and reduced 10. The biggest buy was a new position in BWX Technologies (BWXT) and the biggest sale an exit from Opera Ltd.-ADR (OPRA).
- Most Recent 13F
- Q2 2026
- Location
- Conshohocken, PA
- CIK
- 0000855702
- Portfolio Value
- $30.3M (Q2 2024)
- SEC Filing
- 0000950123-24-008786 ↗ filed Aug 14, 2024
Holdings Value
Holdings 53 stocks · $30.3M
| AGNC AGNC Investment Corp. | 11.34% | 360,000 | $3.4M | No change |
| NLY Annaly Capital Management Inc. | 11.18% | 177,588 | $3.4M | No change |
| ARR Armour Residential REIT Inc. | 11.14% | 174,050 | $3.4M | No change |
| PFF iShares Preferred & Income S | 10.14% | 97,300 | $3.1M | No change |
| PHAT Phathom Pharmaceuticals Inc. | 2.14% | 62,802 | $647K | No change |
| CMTL Comtech Telecommunications | 2.04% | 204,004 | $618K | Add +187.3% |
| BWXT BWX Technologies Inc. | 1.96% | 6,250 | $594K | New |
| MPLX MPLX LP | 1.73% | 12,270 | $523K | No change |
| GIL Gildan Activewear Inc. | 1.69% | 13,500 | $512K | Add +125.0% |
| IDCC Interdigital Inc. | 1.62% | 4,200 | $490K | Reduce -34.4% |
| RELL Richardson Elec Ltd. | 1.52% | 38,784 | $461K | Reduce -36.2% |
| MMM 3M Co. | 1.52% | 4,500 | $460K | New |
| OGN Organon & Co. | 1.45% | 21,150 | $438K | Reduce -10.6% |
| SIGA Siga Technologies Inc. | 1.42% | 56,750 | $431K | New |
| DINO HF Sinclair Corp. | 1.42% | 8,055 | $430K | No change |
| EMLC Vaneck JPM Em Local Curr BND | 1.41% | 18,000 | $428K | No change |
| NAT Nordic American Tankers Ltd. | 1.41% | 107,000 | $426K | New |
| UTMD Utah Medical Products Inc. | 1.39% | 6,298 | $421K | Reduce -51.2% |
| PSMT Pricesmart Inc. | 1.39% | 5,175 | $420K | New |
| WLY Wiley (john) & Sons Class A | 1.34% | 10,000 | $407K | New |
| KARO Karooooo Ltd. | 1.30% | 13,754 | $395K | New |
| FF Futurefuel Corp. | 1.29% | 75,952 | $390K | Add +3.4% |
| LXFR Luxfer Holdings PLC | 1.27% | 33,211 | $385K | Add +114.3% |
| HEES H&E Equipment Services Inc. | 1.23% | 8,450 | $373K | Add +7.0% |
| CVGW Calavo Growers Inc. | 1.12% | 15,000 | $341K | New |
| HPE Hewlett Packard Enterprise | 1.12% | 16,000 | $339K | New |
| NPK National Presto Inds Inc. | 1.12% | 4,500 | $338K | Reduce -17.4% |
| B Barrick Gold Corp. | 1.05% | 19,100 | $319K | No change |
| AEM Agnico Eagle Mines Ltd. | 1.05% | 4,850 | $317K | Reduce -21.1% |
| EPM Evolution Petroleum Corp. | 1.05% | 60,168 | $317K | Add +39.4% |
| DVN Devon Energy Corp. | 1.03% | 6,550 | $310K | Reduce -26.8% |
| VHI Valhi Inc. | 1.01% | 17,182 | $306K | Add +69.8% |
| NTIC Northern Technologies Intl | 1.00% | 18,360 | $304K | Reduce -23.1% |
| HCSG Healthcare Services Group | 0.97% | 27,770 | $294K | No change |
| HIMX Himax Technologies Inc.-ADR | 0.97% | 37,000 | $294K | New |
| DK Delek US Holdings Inc. | 0.94% | 11,500 | $285K | No change |
| AA Alcoa Corp. | 0.92% | 7,000 | $278K | No change |
| YORW York Water Co. filed as YORK WTR CO | 0.92% | 7,500 | $278K | No change |
| WTTR Select Water Solutions Inc. | 0.89% | 25,100 | $269K | Reduce -53.6% |
| NKE Nike Inc. Class B | 0.89% | 3,560 | $268K | New |
| JEF Jefferies Financial Group Inc. | 0.86% | 5,225 | $260K | New |
| JWN Nordstrom Inc. | 0.84% | 12,000 | $255K | New |
| AGX Argan Inc. | 0.82% | 3,400 | $249K | New |
| BRC Brady Corporation Class A | 0.80% | 3,660 | $242K | No change |
| DUK Duke Energy Corp. | 0.79% | 2,400 | $241K | No change |
| KDP Keurig Dr Pepper Inc. | 0.77% | 7,000 | $234K | No change |
| FE Firstenergy Corp. | 0.73% | 5,760 | $220K | No change |
| FLG New York Community Bancorp | 0.71% | 67,000 | $216K | New |
| LYB Lyondellbasell Indu Class A | 0.71% | 2,235 | $214K | New |
| MOS The Mosaic Co. | 0.67% | 7,000 | $202K | No change |
| PRGO Perrigo Co. PLC | 0.66% | 7,800 | $200K | No change |
| TRAK Repositrak Inc. | 0.65% | 12,966 | $198K | Reduce -52.3% |
| WBA Walgreens Boots Alliance Inc. | 0.62% | 15,400 | $186K | No change |
Other holdings (12): bonds, preferreds, convertibles and warrants · $16.8M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 6,000 | $7.1M | No change |
| IONIS PHARMACEUTICALS IN (IONS 0.125 12/15/24) | NOTE 0.125%12/1 · principal | 2,756,000 | $2.7M | No change |
| HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) | NOTE 0.250% 3/0 · principal | 1,555,000 | $1.5M | No change |
| CRACKER BARREL OLD COUNT (CBRL 0.625 06/15/26) | NOTE 0.625% 6/1 · principal | 1,250,000 | $1.1M | No change |
| CONMED CORP (CNMD 2.25 06/15/27) | NOTE 2.250% 6/1 · principal | 1,000,000 | $894K | Add +100.0% |
| EURONET WORLDWIDE INC (EEFT 0.75 03/15/49) | NOTE 0.750% 3/1 · principal | 734,000 | $713K | No change |
| PEGASYSTEMS INC (PEGA 0.75 03/01/25) | NOTE 0.750% 3/0 · principal | 500,000 | $482K | New |
| LENDINGTREE INC (TREE 0.5 07/15/25) | NOTE 0.500% 7/1 · principal | 500,000 | $464K | No change |
| VERINT SYSTEMS INC (VRNT 0.25 04/15/26) | NOTE 0.250% 4/1 · principal | 500,000 | $461K | No change |
| CARDLYTICS INC (CDLX 1 09/15/25) | NOTE 1.000% 9/1 · principal | 500,000 | $461K | No change |
| MAGNITE INC (MGNI 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 500,000 | $452K | New |
| FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27) | NOTE 0.375% 1/1 · principal | 500,000 | $413K | New |
Total filed on the 13F, all lines: $47.0M.
Portfolio Sells Q1 2024 → Q2 2024
| OPRA Opera Ltd.-ADR | Sold out | 0.00% | −1.70 |
| UTMD Utah Medical Products Inc. | Reduce -51.2% | 1.39% | −1.60 |
| HII Huntington Ingalls Industrie | Sold out | 0.00% | −1.46 |
| ATRI Atrion Corporation | Sold out | 0.00% | −1.44 |
| AAP Advance Auto Parts Inc. | Sold out | 0.00% | −1.30 |
| BAX Baxter International Inc. | Sold out | 0.00% | −1.10 |
| ARCO Arcos Dorados Holdings Inc. Class A | Sold out | 0.00% | −0.83 |
| IP International Paper Co. | Sold out | 0.00% | −0.83 |
| MTB M & T Bank Corp. | Sold out | 0.00% | −0.81 |
| PKE Park Aerospace Corp. | Sold out | 0.00% | −0.79 |
| MDT Medtronic PLC | Sold out | 0.00% | −0.77 |
| TRAK Repositrak Inc. | Reduce -52.3% | 0.65% | −0.75 |
| SJM The JM Smucker Co. | Sold out | 0.00% | −0.75 |
| WTTR Select Water Solutions Inc. | Reduce -53.6% | 0.89% | −0.74 |
| KHC The Kraft Heinz Co. | Sold out | 0.00% | −0.72 |
| PREMIER INC-CLASS A | Sold out | 0.00% | −0.72 |
| CHCT Community Healthcare Trust I | Sold out | 0.00% | −0.71 |
| IDCC Interdigital Inc. | Reduce -34.4% | 1.62% | −0.60 |
| MKTW Marketwise Inc. | Sold out | 0.00% | −0.47 |
| DVN Devon Energy Corp. | Reduce -26.8% | 1.03% | −0.44 |
| NPK National Presto Inds Inc. | Reduce -17.4% | 1.12% | −0.37 |
| RELL Richardson Elec Ltd. | Reduce -36.2% | 1.52% | −0.30 |
| AEM Agnico Eagle Mines Ltd. | Reduce -21.1% | 1.05% | −0.15 |
| NTIC Northern Technologies Intl | Reduce -23.1% | 1.00% | −0.04 |
| OGN Organon & Co. | Reduce -10.6% | 1.45% | −0.00 |
Portfolio Buys Q1 2024 → Q2 2024
| BWXT BWX Technologies Inc. | New | 1.96% | +1.96 |
| MMM 3M Co. | New | 1.52% | +1.52 |
| SIGA Siga Technologies Inc. | New | 1.42% | +1.42 |
| NAT Nordic American Tankers Ltd. | New | 1.41% | +1.41 |
| PSMT Pricesmart Inc. | New | 1.39% | +1.39 |
| WLY Wiley (john) & Sons Class A | New | 1.34% | +1.34 |
| KARO Karooooo Ltd. | New | 1.30% | +1.30 |
| CMTL Comtech Telecommunications | Add +187.3% | 2.04% | +1.25 |
| CVGW Calavo Growers Inc. | New | 1.12% | +1.12 |
| HPE Hewlett Packard Enterprise | New | 1.12% | +1.12 |
| HIMX Himax Technologies Inc.-ADR | New | 0.97% | +0.97 |
| GIL Gildan Activewear Inc. | Add +125.0% | 1.69% | +0.96 |
| NKE Nike Inc. Class B | New | 0.89% | +0.89 |
| JEF Jefferies Financial Group Inc. | New | 0.86% | +0.86 |
| JWN Nordstrom Inc. | New | 0.84% | +0.84 |
| AGX Argan Inc. | New | 0.82% | +0.82 |
| LXFR Luxfer Holdings PLC | Add +114.3% | 1.27% | +0.75 |
| FLG New York Community Bancorp | New | 0.71% | +0.71 |
| LYB Lyondellbasell Indu Class A | New | 0.71% | +0.71 |
| VHI Valhi Inc. | Add +69.8% | 1.01% | +0.44 |
| EPM Evolution Petroleum Corp. | Add +39.4% | 1.05% | +0.18 |
| HEES H&E Equipment Services Inc. | Add +7.0% | 1.23% | −0.42 |
| FF Futurefuel Corp. | Add +3.4% | 1.29% | −0.64 |
Notes & Other Activity Q1 2024 → Q2 2024
| TURNING POINT BRANDS INC (TPB 2.5 07/15/24) | NOTE 2.500% 7/1 · principal | Sold out | 1,250,000 | $1.2Mbefore exit |
| CONMED CORP (CNMD 2.25 06/15/27) | NOTE 2.250% 6/1 · principal | Add +100.0% | 1,000,000 | $894K |
| PEGASYSTEMS INC (PEGA 0.75 03/01/25) | NOTE 0.750% 3/0 · principal | New | 500,000 | $482K |
| MAGNITE INC (MGNI 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | New | 500,000 | $452K |
| FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27) | NOTE 0.375% 1/1 · principal | New | 500,000 | $413K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 8 | $12.5M | NLY, AGNC, ARR, PHAT, EMLC |
| Q1 2026 | 8 | $12.6M | NLY, AGNC, ARR, RBRK, PHAT |
| Q4 2025 | 11 | $160.0M | LQD, NLY, AGNC, ARR, PFF |
| Q3 2025 | 59 | $40.9M | NLY, AGNC, PFF, ARR, PKE |
| Q2 2025 | 63 | $45.1M | RBRK, NLY, AGNC, PFF, ARR |
| Q1 2025 | 57 | $39.5M | NLY, AGNC, PFF, ARR, RBRK |
| Q4 2024 | 56 | $38.6M | AGNC, ARR, NLY, PFF, AES |
| Q3 2024 | 49 | $35.1M | AGNC, NLY, ARR, PFF, CMTL |
| Q2 2024 | 53 | $30.3M | AGNC, NLY, ARR, PFF, PHAT |
| Q1 2024 | 52 | $30.7M | AGNC, NLY, ARR, PFF, UTMD |