Penn Mutual Asset Management
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 13, 2025), Penn Mutual Asset Management reported 57 stock positions worth $39.5 million. Its top holding was Annaly Capital Management (NLY) at 9.1% of the portfolio, followed by AGNC Investment (AGNC, 8.7%) and iShares Preferred & Income S (PFF, 7.6%). Compared with Q4 2024, it opened 22 new positions, sold out of 21, added to 9 and reduced 8. The biggest buy was a new position in Rubrik Class A (RBRK) and the biggest sale an exit from National Presto Inds (NPK).
- Most Recent 13F
- Q2 2026
- Location
- Conshohocken, PA
- CIK
- 0000855702
- Portfolio Value
- $39.5M (Q1 2025)
- SEC Filing
- 0000950123-25-004920 ↗ filed May 13, 2025
Holdings Value
Holdings 57 stocks · $39.5M
| NLY Annaly Capital Management Inc. | 9.13% | 177,588 | $3.6M | No change |
| AGNC AGNC Investment Corp. | 8.73% | 360,000 | $3.4M | No change |
| PFF iShares Preferred & Income S | 7.57% | 97,300 | $3.0M | No change |
| ARR Armour Residential REIT Inc. | 7.53% | 174,050 | $3.0M | No change |
| RBRK Rubrik Inc. Class A | 6.56% | 42,521 | $2.6M | New |
| CSV Carriage Services Inc. | 2.41% | 24,595 | $953K | Add +14.4% |
| AGX Argan Inc. | 2.09% | 6,292 | $825K | Add +133.0% |
| AES AES Corp. | 2.00% | 63,500 | $789K | Reduce -46.9% |
| AEM Agnico Eagle Mines Ltd. | 1.95% | 7,100 | $770K | No change |
| MPLX MPLX LP | 1.89% | 13,970 | $748K | Reduce -30.1% |
| IMMR Immersion Corporation | 1.88% | 98,000 | $743K | Add +15.3% |
| PKE Park Aerospace Corp. | 1.77% | 52,000 | $699K | No change |
| CURI Curiositystream Inc. | 1.66% | 245,289 | $657K | New |
| PZZA Papa John's Intl Inc. | 1.63% | 15,700 | $645K | New |
| YORW York Water Co. filed as YORK WTR CO | 1.62% | 18,500 | $642K | Add +146.7% |
| ALCO Alico Inc. | 1.59% | 21,000 | $627K | New |
| OPRA Opera Ltd.-ADR | 1.55% | 38,419 | $612K | Reduce -41.3% |
| HII Huntington Ingalls Industrie | 1.55% | 3,000 | $612K | New |
| CWT California Water Service Grp | 1.53% | 12,450 | $603K | Add +54.7% |
| BMY Bristol-Myers Squibb Co. | 1.48% | 9,600 | $586K | No change |
| OXY Occidental Petroleum Corp. | 1.42% | 11,325 | $559K | No change |
| CBRL Cracker Barrel Old Country | 1.38% | 14,000 | $543K | New |
| NC Nacco Industries Class A | 1.36% | 15,960 | $538K | Add +17.9% |
| ARCO Arcos Dorados Holdings Inc. Class A | 1.35% | 66,000 | $532K | New |
| B Barrick Gold Corp. | 1.33% | 27,000 | $525K | No change |
| UGI Ugi Corp. | 1.21% | 14,500 | $480K | No change |
| DVN Devon Energy Corp. | 1.09% | 11,550 | $432K | No change |
| EMLC Vaneck JPM Em Local Curr BND | 1.09% | 18,000 | $429K | No change |
| MATW Matthews Intl Corp. Class A | 1.07% | 19,000 | $423K | New |
| BF.B Brown-Forman Corp. Class B | 1.06% | 12,300 | $417K | Add +44.7% |
| DK Delek US Holdings Inc. | 1.05% | 27,500 | $414K | No change |
| IDCC Interdigital Inc. | 1.05% | 2,000 | $414K | Reduce -32.2% |
| TAP Molson Coors Beverage Co. Class B | 1.03% | 6,700 | $408K | New |
| PHAT Phathom Pharmaceuticals Inc. | 1.00% | 62,802 | $394K | No change |
| AAON Aaon Inc. | 0.99% | 5,000 | $391K | New |
| PAA Plains All Amer Pipeline LP | 0.99% | 19,500 | $390K | New |
| BABA Alibaba Group Holding-SP ADR | 0.97% | 2,900 | $383K | Reduce -32.6% |
| TSN Tyson Foods Inc. Class A | 0.97% | 6,000 | $383K | No change |
| SNN Smith & Nephew PLC -Spon ADR | 0.96% | 13,325 | $378K | New |
| PRGO Perrigo Co. PLC | 0.91% | 12,800 | $359K | Add +64.1% |
| SUI Sun Communities Inc. filed as SUN CMNTYS INC | 0.91% | 2,785 | $358K | New |
| MU Micron Technology Inc. | 0.90% | 4,100 | $356K | New |
| OFLX Omega Flex Inc. | 0.85% | 9,600 | $334K | Add +7.9% |
| SIGA Siga Technologies Inc. | 0.81% | 58,280 | $319K | No change |
| WTTR Select Water Solutions Inc. | 0.79% | 29,905 | $314K | Reduce -36.2% |
| LXFR Luxfer Holdings PLC | 0.76% | 25,211 | $299K | No change |
| EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC | 0.75% | 4,500 | $297K | New |
| NRC NRC Health filed as NATIONAL RESH CORP | 0.66% | 20,281 | $260K | Reduce -28.3% |
| RYN Rayonier Inc. | 0.64% | 9,000 | $251K | New |
| C Citigroup Inc. | 0.63% | 3,500 | $248K | New |
| NOMD Nomad Foods Ltd. | 0.62% | 12,500 | $246K | New |
| COFS Choiceone Financial SVCS Inc. | 0.62% | 8,500 | $245K | New |
| KDP Keurig Dr Pepper Inc. | 0.61% | 7,000 | $240K | No change |
| VSH Vishay Intertechnology Inc. | 0.60% | 15,000 | $239K | New |
| SIRI Sirius XM Holdings Inc. | 0.57% | 10,000 | $225K | New |
| RELL Richardson Elec Ltd. | 0.57% | 20,125 | $225K | Reduce -52.1% |
| AMPL Amplitude Inc. Class A | 0.34% | 13,130 | $134K | New |
Other holdings (5): bonds, preferreds, convertibles and warrants · $12.6M (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 |
| CERENCE INC (CRNC 1.5 07/01/28) | NOTE 1.500% 7/0 · principal | 2,525,000 | $1.8M | New |
| OMNICELL INC (OMCL 0.25 09/15/25) | NOTE 0.250% 9/1 · principal | 1,500,000 | $1.5M | No change |
| CRACKER BARREL OLD COUNT (CBRL 0.625 06/15/26) | NOTE 0.625% 6/1 · principal | 1,250,000 | $1.2M | No change |
| MGP INGREDIENTS INC (MGPI 1.875 11/15/41) | NOTE 1.875%11/1 · principal | 1,000,000 | $949K | No change |
Total filed on the 13F, all lines: $52.1M.
Portfolio Sells Q4 2024 → Q1 2025
| NPK National Presto Inds Inc. | Sold out | 0.00% | −3.34 |
| CVGW Calavo Growers Inc. | Sold out | 0.00% | −2.10 |
| AES AES Corp. | Reduce -46.9% | 2.00% | −1.98 |
| CMTL Comtech Telecommunications | Sold out | 0.00% | −1.66 |
| OPRA Opera Ltd.-ADR | Reduce -41.3% | 1.55% | −1.66 |
| MMM 3M Co. | Sold out | 0.00% | −1.50 |
| BWXT BWX Technologies Inc. | Sold out | 0.00% | −1.28 |
| HPE Hewlett Packard Enterprise | Sold out | 0.00% | −1.28 |
| PSMT Pricesmart Inc. | Sold out | 0.00% | −1.23 |
| LGTY Logility Supply Chain Soluti | Sold out | 0.00% | −1.20 |
| JEF Jefferies Financial Group Inc. | Sold out | 0.00% | −1.06 |
| JACK Jack in the Box Inc. | Sold out | 0.00% | −1.02 |
| WBA Walgreens Boots Alliance Inc. | Sold out | 0.00% | −0.99 |
| SSTK Shutterstock Inc. | Sold out | 0.00% | −0.98 |
| RELL Richardson Elec Ltd. | Reduce -52.1% | 0.57% | −0.96 |
| CTVA Corteva Inc. | Sold out | 0.00% | −0.94 |
| EPM Evolution Petroleum Corp. | Sold out | 0.00% | −0.81 |
| WTTR Select Water Solutions Inc. | Reduce -36.2% | 0.79% | −0.81 |
| BTU Peabody Energy Corp. | Sold out | 0.00% | −0.73 |
| BRC Brady Corporation Class A | Sold out | 0.00% | −0.70 |
| BTI British American Tob-SP ADR | Sold out | 0.00% | −0.66 |
| CHCT Community Healthcare Trust I | Sold out | 0.00% | −0.65 |
| NRC NRC Health | Reduce -28.3% | 0.66% | −0.63 |
| MGPI MGP Ingredients Inc. | Sold out | 0.00% | −0.61 |
| MPLX MPLX LP | Reduce -30.1% | 1.89% | −0.58 |
| BSM Black Stone Minerals LP | Sold out | 0.00% | −0.49 |
| NAT Nordic American Tankers Ltd. | Sold out | 0.00% | −0.47 |
| IDCC Interdigital Inc. | Reduce -32.2% | 1.05% | −0.43 |
| BABA Alibaba Group Holding-SP ADR | Reduce -32.6% | 0.97% | +0.03 |
Portfolio Buys Q4 2024 → Q1 2025
| RBRK Rubrik Inc. Class A | New | 6.56% | +6.56 |
| CURI Curiositystream Inc. | New | 1.66% | +1.66 |
| PZZA Papa John's Intl Inc. | New | 1.63% | +1.63 |
| ALCO Alico Inc. | New | 1.59% | +1.59 |
| HII Huntington Ingalls Industrie | New | 1.55% | +1.55 |
| CBRL Cracker Barrel Old Country | New | 1.38% | +1.38 |
| ARCO Arcos Dorados Holdings Inc. Class A | New | 1.35% | +1.35 |
| AGX Argan Inc. | Add +133.0% | 2.09% | +1.13 |
| MATW Matthews Intl Corp. Class A | New | 1.07% | +1.07 |
| TAP Molson Coors Beverage Co. Class B | New | 1.03% | +1.03 |
| YORW York Water Co. | Add +146.7% | 1.62% | +0.99 |
| AAON Aaon Inc. | New | 0.99% | +0.99 |
| PAA Plains All Amer Pipeline LP | New | 0.99% | +0.99 |
| SNN Smith & Nephew PLC -Spon ADR | New | 0.96% | +0.96 |
| SUI Sun Communities Inc. | New | 0.91% | +0.91 |
| MU Micron Technology Inc. | New | 0.90% | +0.90 |
| EL Estee Lauder Companies Class A | New | 0.75% | +0.75 |
| RYN Rayonier Inc. | New | 0.64% | +0.64 |
| C Citigroup Inc. | New | 0.63% | +0.63 |
| NOMD Nomad Foods Ltd. | New | 0.62% | +0.62 |
| COFS Choiceone Financial SVCS Inc. | New | 0.62% | +0.62 |
| VSH Vishay Intertechnology Inc. | New | 0.60% | +0.60 |
| CWT California Water Service Grp | Add +54.7% | 1.53% | +0.58 |
| SIRI Sirius XM Holdings Inc. | New | 0.57% | +0.57 |
| PRGO Perrigo Co. PLC | Add +64.1% | 0.91% | +0.39 |
| AMPL Amplitude Inc. Class A | New | 0.34% | +0.34 |
| NC Nacco Industries Class A | Add +17.9% | 1.36% | +0.32 |
| BF.B Brown-Forman Corp. Class B | Add +44.7% | 1.06% | +0.22 |
| CSV Carriage Services Inc. | Add +14.4% | 2.41% | +0.20 |
| IMMR Immersion Corporation | Add +15.3% | 1.88% | −0.04 |
| OFLX Omega Flex Inc. | Add +7.9% | 0.85% | −0.12 |
Notes & Other Activity Q4 2024 → Q1 2025
| CERENCE INC (CRNC 1.5 07/01/28) | NOTE 1.500% 7/0 · principal | New | 2,525,000 | $1.8M |
| OKTA INC (OKTA 0.125 09/01/25) | NOTE 0.125% 9/0 · principal | Sold out | 1,500,000 | $1.4Mbefore exit |
| BANDWIDTH INC (BAND 0.5 04/01/28) | NOTE 0.500% 4/0 · principal | Sold out | 1,250,000 | $998Kbefore exit |
| PEGASYSTEMS INC (PEGA 0.75 03/01/25) | NOTE 0.750% 3/0 · principal | Sold out | 1,000,000 | $992Kbefore exit |
| EURONET WORLDWIDE INC (EEFT 0.75 03/15/49) | NOTE 0.750% 3/1 · principal | Sold out | 734,000 | $727Kbefore exit |
| LENDINGTREE INC (TREE 0.5 07/15/25) | NOTE 0.500% 7/1 · principal | Sold out | 599,000 | $573Kbefore exit |
| VERINT SYSTEMS INC (VRNT 0.25 04/15/26) | NOTE 0.250% 4/1 · principal | Sold out | 530,000 | $497Kbefore exit |
| CARDLYTICS INC (CDLX 1 09/15/25) | NOTE 1.000% 9/1 · principal | Sold out | 500,000 | $448Kbefore exit |
| ETSY INC (ETSY 0.25 06/15/28) | NOTE 0.250% 6/1 · principal | Sold out | 500,000 | $409Kbefore 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 |