Penn Mutual Asset Management
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Penn Mutual Asset Management reported 56 stock positions worth $38.6 million. Its top holding was AGNC Investment (AGNC) at 8.6% of the portfolio, followed by Armour Residential REIT (ARR, 8.5%) and Annaly Capital Management (NLY, 8.4%). Compared with Q3 2024, it opened 17 new positions, sold out of 10, added to 15 and reduced 7. The biggest buy was a new position in Park Aerospace (PKE) and the biggest sale an exit from Rubrik Class A (RBRK).
- Most Recent 13F
- Q2 2026
- Location
- Conshohocken, PA
- CIK
- 0000855702
- Portfolio Value
- $38.6M (Q4 2024)
- SEC Filing
- 0000950123-25-002710 ↗ filed Feb 14, 2025
Holdings Value
Holdings 56 stocks · $38.6M
| AGNC AGNC Investment Corp. | 8.58% | 360,000 | $3.3M | No change |
| ARR Armour Residential REIT Inc. | 8.49% | 174,050 | $3.3M | No change |
| NLY Annaly Capital Management Inc. | 8.41% | 177,588 | $3.2M | No change |
| PFF iShares Preferred & Income S | 7.92% | 97,300 | $3.1M | No change |
| AES AES Corp. | 3.98% | 119,500 | $1.5M | Add +223.0% |
| NPK National Presto Inds Inc. | 3.34% | 13,125 | $1.3M | Add +67.7% |
| OPRA Opera Ltd.-ADR | 3.21% | 65,430 | $1.2M | Add +6.1% |
| MPLX MPLX LP | 2.47% | 19,970 | $956K | Add +85.4% |
| CSV Carriage Services Inc. | 2.22% | 21,500 | $857K | Add +62.9% |
| CVGW Calavo Growers Inc. | 2.10% | 31,750 | $810K | No change |
| PKE Park Aerospace Corp. | 1.97% | 52,000 | $762K | New |
| IMMR Immersion Corporation | 1.92% | 85,000 | $742K | Add +165.6% |
| CMTL Comtech Telecommunications | 1.66% | 160,377 | $643K | Reduce -51.7% |
| WTTR Select Water Solutions Inc. | 1.61% | 46,905 | $621K | Add +29.9% |
| RELL Richardson Elec Ltd. | 1.53% | 42,044 | $590K | Add +99.8% |
| MMM 3M Co. | 1.50% | 4,500 | $581K | No change |
| IDCC Interdigital Inc. | 1.48% | 2,950 | $571K | Reduce -21.3% |
| OXY Occidental Petroleum Corp. | 1.45% | 11,325 | $560K | New |
| AEM Agnico Eagle Mines Ltd. | 1.44% | 7,100 | $555K | Add +57.8% |
| BMY Bristol-Myers Squibb Co. | 1.41% | 9,600 | $543K | Add +108.7% |
| PHAT Phathom Pharmaceuticals Inc. | 1.32% | 62,802 | $510K | No change |
| DK Delek US Holdings Inc. | 1.32% | 27,500 | $509K | Add +77.4% |
| NRC NRC Health filed as NATIONAL RESH CORP | 1.29% | 28,281 | $499K | New |
| BWXT BWX Technologies Inc. | 1.28% | 4,450 | $496K | Reduce -28.8% |
| HPE Hewlett Packard Enterprise | 1.28% | 23,200 | $495K | No change |
| PSMT Pricesmart Inc. | 1.23% | 5,175 | $477K | No change |
| LGTY Logility Supply Chain Soluti | 1.20% | 42,000 | $465K | Add +23.5% |
| B Barrick Gold Corp. | 1.08% | 27,000 | $419K | New |
| EMLC Vaneck JPM Em Local Curr BND | 1.08% | 18,000 | $416K | No change |
| JEF Jefferies Financial Group Inc. | 1.06% | 5,225 | $410K | No change |
| UGI Ugi Corp. | 1.06% | 14,500 | $409K | Add +70.6% |
| NC Nacco Industries Class A | 1.04% | 13,535 | $404K | New |
| JACK Jack in the Box Inc. | 1.02% | 9,500 | $396K | New |
| WBA Walgreens Boots Alliance Inc. | 0.99% | 41,000 | $383K | New |
| SSTK Shutterstock Inc. | 0.98% | 12,500 | $379K | New |
| DVN Devon Energy Corp. | 0.98% | 11,550 | $378K | Add +76.3% |
| OFLX Omega Flex Inc. | 0.97% | 8,900 | $374K | New |
| AGX Argan Inc. | 0.96% | 2,700 | $370K | Reduce -73.1% |
| CWT California Water Service Grp | 0.94% | 8,050 | $365K | Add +83.0% |
| BABA Alibaba Group Holding-SP ADR | 0.94% | 4,300 | $365K | New |
| CTVA Corteva Inc. | 0.94% | 6,400 | $365K | New |
| SIGA Siga Technologies Inc. | 0.91% | 58,280 | $350K | Reduce -31.5% |
| TSN Tyson Foods Inc. Class A | 0.89% | 6,000 | $345K | New |
| LXFR Luxfer Holdings PLC | 0.85% | 25,211 | $330K | Reduce -24.1% |
| BF.B Brown-Forman Corp. Class B | 0.84% | 8,500 | $323K | New |
| EPM Evolution Petroleum Corp. | 0.81% | 60,168 | $315K | No change |
| BTU Peabody Energy Corp. | 0.73% | 13,500 | $283K | New |
| BRC Brady Corporation Class A | 0.70% | 3,660 | $270K | No change |
| BTI British American Tob-SP ADR | 0.66% | 7,000 | $254K | No change |
| CHCT Community Healthcare Trust I | 0.65% | 13,000 | $250K | New |
| YORW York Water Co. filed as YORK WTR CO | 0.64% | 7,500 | $245K | No change |
| MGPI MGP Ingredients Inc. | 0.61% | 6,000 | $236K | New |
| KDP Keurig Dr Pepper Inc. | 0.58% | 7,000 | $225K | No change |
| PRGO Perrigo Co. PLC | 0.52% | 7,800 | $201K | No change |
| BSM Black Stone Minerals LP | 0.49% | 13,000 | $190K | New |
| NAT Nordic American Tankers Ltd. | 0.47% | 73,000 | $183K | Reduce -45.5% |
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 | $7.2M | No change |
| OKTA INC (OKTA 0.125 09/01/25) | NOTE 0.125% 9/0 · principal | 1,500,000 | $1.4M | New |
| OMNICELL INC (OMCL 0.25 09/15/25) | NOTE 0.250% 9/1 · principal | 1,500,000 | $1.4M | Add +200.0% |
| CRACKER BARREL OLD COUNT (CBRL 0.625 06/15/26) | NOTE 0.625% 6/1 · principal | 1,250,000 | $1.2M | No change |
| BANDWIDTH INC (BAND 0.5 04/01/28) | NOTE 0.500% 4/0 · principal | 1,250,000 | $998K | New |
| PEGASYSTEMS INC (PEGA 0.75 03/01/25) | NOTE 0.750% 3/0 · principal | 1,000,000 | $992K | Add +100.0% |
| MGP INGREDIENTS INC (MGPI 1.875 11/15/41) | NOTE 1.875%11/1 · principal | 1,000,000 | $926K | New |
| EURONET WORLDWIDE INC (EEFT 0.75 03/15/49) | NOTE 0.750% 3/1 · principal | 734,000 | $727K | No change |
| LENDINGTREE INC (TREE 0.5 07/15/25) | NOTE 0.500% 7/1 · principal | 599,000 | $573K | Add +12.0% |
| VERINT SYSTEMS INC (VRNT 0.25 04/15/26) | NOTE 0.250% 4/1 · principal | 530,000 | $497K | Add +6.0% |
| CARDLYTICS INC (CDLX 1 09/15/25) | NOTE 1.000% 9/1 · principal | 500,000 | $448K | No change |
| ETSY INC (ETSY 0.25 06/15/28) | NOTE 0.250% 6/1 · principal | 500,000 | $409K | No change |
Total filed on the 13F, all lines: $55.4M.
Portfolio Sells Q3 2024 → Q4 2024
| RBRK Rubrik Inc. Class A | Sold out | 0.00% | −2.95 |
| CMTL Comtech Telecommunications | Reduce -51.7% | 1.66% | −2.89 |
| AGX Argan Inc. | Reduce -73.1% | 0.96% | −1.95 |
| WLY Wiley (john) & Sons Class A | Sold out | 0.00% | −1.38 |
| NAT Nordic American Tankers Ltd. | Reduce -45.5% | 0.47% | −0.93 |
| VHI Valhi Inc. | Sold out | 0.00% | −0.79 |
| DUK Duke Energy Corp. | Sold out | 0.00% | −0.79 |
| JWN Nordstrom Inc. | Sold out | 0.00% | −0.77 |
| SIGA Siga Technologies Inc. | Reduce -31.5% | 0.91% | −0.73 |
| FE Firstenergy Corp. | Sold out | 0.00% | −0.73 |
| FLG Flagstar Bank NA | Sold out | 0.00% | −0.72 |
| TRAK Repositrak Inc. | Sold out | 0.00% | −0.68 |
| BWXT BWX Technologies Inc. | Reduce -28.8% | 1.28% | −0.65 |
| BAX Baxter International Inc. | Sold out | 0.00% | −0.64 |
| KHC The Kraft Heinz Co. | Sold out | 0.00% | −0.60 |
| LXFR Luxfer Holdings PLC | Reduce -24.1% | 0.85% | −0.37 |
| IDCC Interdigital Inc. | Reduce -21.3% | 1.48% | −0.04 |
Portfolio Buys Q3 2024 → Q4 2024
| PKE Park Aerospace Corp. | New | 1.97% | +1.97 |
| AES AES Corp. | Add +223.0% | 3.98% | +1.86 |
| NPK National Presto Inds Inc. | Add +67.7% | 3.34% | +1.67 |
| OXY Occidental Petroleum Corp. | New | 1.45% | +1.45 |
| NRC NRC Health | New | 1.29% | +1.29 |
| MPLX MPLX LP | Add +85.4% | 2.47% | +1.11 |
| IMMR Immersion Corporation | Add +165.6% | 1.92% | +1.11 |
| B Barrick Gold Corp. | New | 1.08% | +1.08 |
| NC Nacco Industries Class A | New | 1.04% | +1.04 |
| JACK Jack in the Box Inc. | New | 1.02% | +1.02 |
| WBA Walgreens Boots Alliance Inc. | New | 0.99% | +0.99 |
| SSTK Shutterstock Inc. | New | 0.98% | +0.98 |
| CSV Carriage Services Inc. | Add +62.9% | 2.22% | +0.98 |
| OFLX Omega Flex Inc. | New | 0.97% | +0.97 |
| BABA Alibaba Group Holding-SP ADR | New | 0.94% | +0.94 |
| CTVA Corteva Inc. | New | 0.94% | +0.94 |
| TSN Tyson Foods Inc. Class A | New | 0.89% | +0.89 |
| BF.B Brown-Forman Corp. Class B | New | 0.84% | +0.84 |
| RELL Richardson Elec Ltd. | Add +99.8% | 1.53% | +0.79 |
| BTU Peabody Energy Corp. | New | 0.73% | +0.73 |
| BMY Bristol-Myers Squibb Co. | Add +108.7% | 1.41% | +0.73 |
| CHCT Community Healthcare Trust I | New | 0.65% | +0.65 |
| MGPI MGP Ingredients Inc. | New | 0.61% | +0.61 |
| BSM Black Stone Minerals LP | New | 0.49% | +0.49 |
| OPRA Opera Ltd.-ADR | Add +6.1% | 3.21% | +0.49 |
| DK Delek US Holdings Inc. | Add +77.4% | 1.32% | +0.49 |
| WTTR Select Water Solutions Inc. | Add +29.9% | 1.61% | +0.46 |
| UGI Ugi Corp. | Add +70.6% | 1.06% | +0.45 |
| AEM Agnico Eagle Mines Ltd. | Add +57.8% | 1.44% | +0.40 |
| CWT California Water Service Grp | Add +83.0% | 0.94% | +0.26 |
| DVN Devon Energy Corp. | Add +76.3% | 0.98% | +0.25 |
| LGTY Logility Supply Chain Soluti | Add +23.5% | 1.20% | +0.12 |
Notes & Other Activity Q3 2024 → Q4 2024
| IONIS PHARMACEUTICALS IN (IONS 0.125 12/15/24) | NOTE 0.125%12/1 · principal | Sold out | 2,756,000 | $2.7Mbefore exit |
| OKTA INC (OKTA 0.125 09/01/25) | NOTE 0.125% 9/0 · principal | New | 1,500,000 | $1.4M |
| OMNICELL INC (OMCL 0.25 09/15/25) | NOTE 0.250% 9/1 · principal | Add +200.0% | 1,500,000 | $1.4M |
| BANDWIDTH INC (BAND 0.5 04/01/28) | NOTE 0.500% 4/0 · principal | New | 1,250,000 | $998K |
| PEGASYSTEMS INC (PEGA 0.75 03/01/25) | NOTE 0.750% 3/0 · principal | Add +100.0% | 1,000,000 | $992K |
| MGP INGREDIENTS INC (MGPI 1.875 11/15/41) | NOTE 1.875%11/1 · principal | New | 1,000,000 | $926K |
| LENDINGTREE INC (TREE 0.5 07/15/25) | NOTE 0.500% 7/1 · principal | Add +12.0% | 599,000 | $573K |
| VERINT SYSTEMS INC (VRNT 0.25 04/15/26) | NOTE 0.250% 4/1 · principal | Add +6.0% | 530,000 | $497K |
| CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) | 6.75DP CNV PFD B | Sold out | 5,000 | $251Kbefore exit |
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 |