Penn Mutual Asset Management
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Penn Mutual Asset Management reported 49 stock positions worth $35.1 million. Its top holding was AGNC Investment (AGNC) at 10.7% of the portfolio, followed by Annaly Capital Management (NLY, 10.2%) and Armour Residential REIT (ARR, 10.1%). Compared with Q2 2024, it opened 12 new positions, sold out of 16, added to 9 and reduced 5. The biggest buy was a new position in Rubrik Class A (RBRK) and the biggest sale an exit from Gildan Activewear (GIL).
- Most Recent 13F
- Q2 2026
- Location
- Conshohocken, PA
- CIK
- 0000855702
- Portfolio Value
- $35.1M (Q3 2024)
- SEC Filing
- 0000950123-24-011752 ↗ filed Nov 14, 2024
Holdings Value
Holdings 49 stocks · $35.1M
| AGNC AGNC Investment Corp. | 10.74% | 360,000 | $3.8M | No change |
| NLY Annaly Capital Management Inc. | 10.16% | 177,588 | $3.6M | No change |
| ARR Armour Residential REIT Inc. | 10.12% | 174,050 | $3.6M | No change |
| PFF iShares Preferred & Income S | 9.22% | 97,300 | $3.2M | No change |
| CMTL Comtech Telecommunications | 4.55% | 332,004 | $1.6M | Add +62.7% |
| PHAT Phathom Pharmaceuticals Inc. | 3.24% | 62,802 | $1.1M | No change |
| RBRK Rubrik Inc. Class A | 2.95% | 32,231 | $1.0M | New |
| AGX Argan Inc. | 2.91% | 10,050 | $1.0M | Add +195.6% |
| OPRA Opera Ltd.-ADR | 2.72% | 61,650 | $952K | New |
| CVGW Calavo Growers Inc. | 2.58% | 31,750 | $906K | Add +111.7% |
| AES AES Corp. | 2.12% | 37,000 | $742K | New |
| BWXT BWX Technologies Inc. | 1.94% | 6,250 | $679K | No change |
| MMM 3M Co. | 1.75% | 4,500 | $615K | No change |
| NPK National Presto Inds Inc. | 1.68% | 7,825 | $588K | Add +73.9% |
| SIGA Siga Technologies Inc. | 1.64% | 85,080 | $574K | Add +49.9% |
| IDCC Interdigital Inc. | 1.51% | 3,750 | $531K | Reduce -10.7% |
| NAT Nordic American Tankers Ltd. | 1.40% | 134,000 | $492K | Add +25.2% |
| WLY Wiley (john) & Sons Class A | 1.38% | 10,000 | $483K | No change |
| MPLX MPLX LP | 1.37% | 10,770 | $479K | Reduce -12.2% |
| PSMT Pricesmart Inc. | 1.35% | 5,175 | $475K | No change |
| HPE Hewlett Packard Enterprise | 1.35% | 23,200 | $475K | Add +45.0% |
| EMLC Vaneck JPM Em Local Curr BND | 1.30% | 18,000 | $457K | No change |
| CSV Carriage Services Inc. | 1.24% | 13,200 | $433K | New |
| LXFR Luxfer Holdings PLC | 1.23% | 33,211 | $430K | No change |
| WTTR Select Water Solutions Inc. | 1.15% | 36,100 | $402K | Add +43.8% |
| LGTY Logility Supply Chain Soluti filed as AMER SOFTWARE INC | 1.08% | 34,000 | $380K | New |
| AEM Agnico Eagle Mines Ltd. | 1.03% | 4,500 | $363K | Reduce -7.2% |
| JEF Jefferies Financial Group Inc. | 0.92% | 5,225 | $322K | No change |
| EPM Evolution Petroleum Corp. | 0.91% | 60,168 | $319K | No change |
| DK Delek US Holdings Inc. | 0.83% | 15,500 | $291K | Add +34.8% |
| IMMR Immersion Corporation | 0.81% | 32,000 | $285K | New |
| YORW York Water Co. filed as YORK WTR CO | 0.80% | 7,500 | $281K | No change |
| BRC Brady Corporation Class A | 0.80% | 3,660 | $280K | No change |
| VHI Valhi Inc. | 0.79% | 8,335 | $278K | Reduce -51.5% |
| DUK Duke Energy Corp. | 0.79% | 2,400 | $277K | No change |
| JWN Nordstrom Inc. | 0.77% | 12,000 | $270K | No change |
| KDP Keurig Dr Pepper Inc. | 0.75% | 7,000 | $262K | No change |
| RELL Richardson Elec Ltd. | 0.74% | 21,044 | $260K | Reduce -45.7% |
| DVN Devon Energy Corp. | 0.73% | 6,550 | $256K | No change |
| BTI British American Tob-SP ADR | 0.73% | 7,000 | $256K | New |
| FE Firstenergy Corp. | 0.73% | 5,760 | $255K | No change |
| FLG Flagstar Bank NA filed as NEW YORK CMNTY BANCORP INC | 0.72% | 22,333 | $251K | No change |
| TRAK Repositrak Inc. | 0.68% | 12,966 | $239K | No change |
| CWT California Water Service Grp | 0.68% | 4,400 | $239K | New |
| BMY Bristol-Myers Squibb Co. | 0.68% | 4,600 | $238K | New |
| BAX Baxter International Inc. | 0.64% | 5,900 | $224K | New |
| UGI Ugi Corp. | 0.61% | 8,500 | $213K | New |
| KHC The Kraft Heinz Co. | 0.60% | 6,000 | $211K | New |
| PRGO Perrigo Co. PLC | 0.58% | 7,800 | $205K | No change |
Other holdings (11): bonds, preferreds, convertibles and warrants · $15.3M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 6,000 | $7.7M | No change |
| IONIS PHARMACEUTICALS IN (IONS 0.125 12/15/24) | NOTE 0.125%12/1 · principal | 2,756,000 | $2.7M | 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 |
| EURONET WORLDWIDE INC (EEFT 0.75 03/15/49) | NOTE 0.750% 3/1 · principal | 734,000 | $720K | No change |
| LENDINGTREE INC (TREE 0.5 07/15/25) | NOTE 0.500% 7/1 · principal | 535,000 | $501K | Add +7.0% |
| PEGASYSTEMS INC (PEGA 0.75 03/01/25) | NOTE 0.750% 3/0 · principal | 500,000 | $489K | No change |
| OMNICELL INC (OMCL 0.25 09/15/25) | NOTE 0.250% 9/1 · principal | 500,000 | $477K | New |
| VERINT SYSTEMS INC (VRNT 0.25 04/15/26) | NOTE 0.250% 4/1 · principal | 500,000 | $465K | No change |
| CARDLYTICS INC (CDLX 1 09/15/25) | NOTE 1.000% 9/1 · principal | 500,000 | $455K | No change |
| ETSY INC (ETSY 0.25 06/15/28) | NOTE 0.250% 6/1 · principal | 500,000 | $408K | New |
| CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) | 6.75DP CNV PFD B | 5,000 | $251K | New |
Total filed on the 13F, all lines: $50.4M.
Portfolio Sells Q2 2024 → Q3 2024
| GIL Gildan Activewear Inc. | Sold out | 0.00% | −1.69 |
| OGN Organon & Co. | Sold out | 0.00% | −1.45 |
| DINO HF Sinclair Corp. | Sold out | 0.00% | −1.42 |
| UTMD Utah Medical Products Inc. | Sold out | 0.00% | −1.39 |
| KARO Karooooo Ltd. | Sold out | 0.00% | −1.30 |
| FF Futurefuel Corp. | Sold out | 0.00% | −1.29 |
| HEES H&E Equipment Services Inc. | Sold out | 0.00% | −1.23 |
| B Barrick Gold Corp. | Sold out | 0.00% | −1.05 |
| NTIC Northern Technologies Intl | Sold out | 0.00% | −1.00 |
| HCSG Healthcare Services Group | Sold out | 0.00% | −0.97 |
| HIMX Himax Technologies Inc.-ADR | Sold out | 0.00% | −0.97 |
| AA Alcoa Corp. | Sold out | 0.00% | −0.92 |
| NKE Nike Inc. Class B | Sold out | 0.00% | −0.89 |
| RELL Richardson Elec Ltd. | Reduce -45.7% | 0.74% | −0.78 |
| LYB Lyondellbasell Indu Class A | Sold out | 0.00% | −0.71 |
| MOS The Mosaic Co. | Sold out | 0.00% | −0.67 |
| WBA Walgreens Boots Alliance Inc. | Sold out | 0.00% | −0.62 |
| MPLX MPLX LP | Reduce -12.2% | 1.37% | −0.36 |
| VHI Valhi Inc. | Reduce -51.5% | 0.79% | −0.22 |
| IDCC Interdigital Inc. | Reduce -10.7% | 1.51% | −0.10 |
| AEM Agnico Eagle Mines Ltd. | Reduce -7.2% | 1.03% | −0.01 |
Portfolio Buys Q2 2024 → Q3 2024
| RBRK Rubrik Inc. Class A | New | 2.95% | +2.95 |
| OPRA Opera Ltd.-ADR | New | 2.72% | +2.72 |
| CMTL Comtech Telecommunications | Add +62.7% | 4.55% | +2.51 |
| AES AES Corp. | New | 2.12% | +2.12 |
| AGX Argan Inc. | Add +195.6% | 2.91% | +2.09 |
| CVGW Calavo Growers Inc. | Add +111.7% | 2.58% | +1.46 |
| CSV Carriage Services Inc. | New | 1.24% | +1.24 |
| LGTY Logility Supply Chain Soluti | New | 1.08% | +1.08 |
| IMMR Immersion Corporation | New | 0.81% | +0.81 |
| BTI British American Tob-SP ADR | New | 0.73% | +0.73 |
| CWT California Water Service Grp | New | 0.68% | +0.68 |
| BMY Bristol-Myers Squibb Co. | New | 0.68% | +0.68 |
| BAX Baxter International Inc. | New | 0.64% | +0.64 |
| UGI Ugi Corp. | New | 0.61% | +0.61 |
| KHC The Kraft Heinz Co. | New | 0.60% | +0.60 |
| NPK National Presto Inds Inc. | Add +73.9% | 1.68% | +0.56 |
| WTTR Select Water Solutions Inc. | Add +43.8% | 1.15% | +0.26 |
| HPE Hewlett Packard Enterprise | Add +45.0% | 1.35% | +0.23 |
| SIGA Siga Technologies Inc. | Add +49.9% | 1.64% | +0.22 |
| NAT Nordic American Tankers Ltd. | Add +25.2% | 1.40% | −0.00 |
| DK Delek US Holdings Inc. | Add +34.8% | 0.83% | −0.11 |
Notes & Other Activity Q2 2024 → Q3 2024
| HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) | NOTE 0.250% 3/0 · principal | Sold out | 1,555,000 | $1.5Mbefore exit |
| CONMED CORP (CNMD 2.25 06/15/27) | NOTE 2.250% 6/1 · principal | Sold out | 1,000,000 | $894Kbefore exit |
| LENDINGTREE INC (TREE 0.5 07/15/25) | NOTE 0.500% 7/1 · principal | Add +7.0% | 535,000 | $501K |
| OMNICELL INC (OMCL 0.25 09/15/25) | NOTE 0.250% 9/1 · principal | New | 500,000 | $477K |
| MAGNITE INC (MGNI 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | Sold out | 500,000 | $452Kbefore exit |
| FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27) | NOTE 0.375% 1/1 · principal | Sold out | 500,000 | $413Kbefore exit |
| ETSY INC (ETSY 0.25 06/15/28) | NOTE 0.250% 6/1 · principal | New | 500,000 | $408K |
| CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) | 6.75DP CNV PFD B | New | 5,000 | $251K |
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 |