Penn Mutual Asset Management
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Penn Mutual Asset Management reported 63 stock positions worth $45.1 million. Its top holding was Rubrik Class A (RBRK) at 10.5% of the portfolio, followed by Annaly Capital Management (NLY, 7.4%) and AGNC Investment (AGNC, 7.3%). Compared with Q1 2025, it opened 18 new positions, sold out of 12, added to 16 and reduced 8. The biggest buy was Rubrik Class A (RBRK, shares +24%) and the biggest sale an exit from Bristol-Myers Squibb (BMY).
- Most Recent 13F
- Q2 2026
- Location
- Conshohocken, PA
- CIK
- 0000855702
- Portfolio Value
- $45.1M (Q2 2025)
- SEC Filing
- 0000950123-25-008382 ↗ filed Aug 14, 2025
Holdings Value
Holdings 63 stocks · $45.1M
| RBRK Rubrik Inc. Class A | 10.47% | 52,717 | $4.7M | Add +24.0% |
| NLY Annaly Capital Management Inc. | 7.41% | 177,588 | $3.3M | No change |
| AGNC AGNC Investment Corp. | 7.33% | 360,000 | $3.3M | No change |
| PFF iShares Preferred & Income S | 6.62% | 97,300 | $3.0M | No change |
| ARR Armour Residential REIT Inc. | 6.48% | 174,050 | $2.9M | No change |
| CSV Carriage Services Inc. | 2.89% | 28,468 | $1.3M | Add +15.8% |
| OPRA Opera Ltd.-ADR | 2.11% | 50,419 | $953K | Add +31.2% |
| NC Nacco Industries Class A | 1.97% | 20,078 | $890K | Add +25.8% |
| ARCO Arcos Dorados Holdings Inc. Class A | 1.85% | 106,000 | $836K | Add +60.6% |
| IMMR Immersion Corporation | 1.82% | 104,000 | $820K | Add +6.1% |
| PZZA Papa John's Intl Inc. | 1.81% | 16,700 | $817K | Add +6.4% |
| HII Huntington Ingalls Industrie | 1.73% | 3,225 | $779K | Add +7.5% |
| PKE Park Aerospace Corp. | 1.70% | 52,000 | $768K | No change |
| MPLX MPLX LP | 1.59% | 13,970 | $720K | No change |
| ALCO Alico Inc. | 1.52% | 21,000 | $686K | No change |
| CWT California Water Service Grp | 1.51% | 14,950 | $680K | Add +20.1% |
| YORW York Water Co. filed as YORK WTR CO | 1.47% | 21,000 | $664K | Add +13.5% |
| NOMD Nomad Foods Ltd. | 1.37% | 36,500 | $620K | Add +192.0% |
| PHAT Phathom Pharmaceuticals Inc. | 1.33% | 62,802 | $602K | No change |
| RYN Rayonier Inc. | 1.33% | 27,000 | $599K | Add +200.0% |
| TTAN Servicetitan Inc. Class A | 1.32% | 5,540 | $594K | New |
| B Barrick Mining Corp. | 1.25% | 27,000 | $562K | No change |
| AEM Agnico Eagle Mines Ltd. | 1.24% | 4,700 | $559K | Reduce -33.8% |
| CURI Curiositystream Inc. | 1.22% | 98,000 | $552K | Reduce -60.0% |
| AAON Aaon Inc. | 1.06% | 6,500 | $479K | Add +30.0% |
| OXY Occidental Petroleum Corp. | 1.05% | 11,325 | $476K | No change |
| EMLC Vaneck JPM Em Local Curr BND | 1.01% | 18,000 | $456K | No change |
| MATW Matthews Intl Corp. Class A | 1.01% | 19,000 | $454K | No change |
| IDCC Interdigital Inc. | 0.99% | 2,000 | $448K | No change |
| DK Delek US Holdings Inc. | 0.96% | 20,500 | $434K | Reduce -25.4% |
| NRC NRC Health filed as NATIONAL RESH CORP | 0.94% | 25,281 | $425K | Add +24.6% |
| ADEA Adeia Inc. | 0.94% | 30,000 | $424K | New |
| CBRL Cracker Barrel Old Country | 0.93% | 6,900 | $421K | Reduce -50.7% |
| BRZE Braze Inc. Class A | 0.92% | 14,706 | $413K | New |
| TOST Toast Inc. Class A | 0.91% | 9,274 | $411K | New |
| SNN Smith & Nephew PLC -Spon ADR | 0.90% | 13,325 | $408K | No change |
| OGN Organon & Co. | 0.90% | 42,000 | $407K | New |
| GSL Global Ship Lease Inc. Class A | 0.87% | 15,000 | $395K | New |
| COFS Choiceone Financial SVCS Inc. | 0.86% | 13,500 | $387K | Add +58.8% |
| GEN Gen Digital Inc. | 0.85% | 13,000 | $382K | New |
| JBSS John B. Sanfilippo & Son Inc. filed as SANFILIPPO JOHN B & SON INC | 0.84% | 6,000 | $379K | New |
| NX Quanex Building Products | 0.84% | 20,000 | $378K | New |
| MNRO Monro Inc. | 0.83% | 25,000 | $373K | New |
| DVN Devon Energy Corp. | 0.81% | 11,550 | $367K | No change |
| CVGW Calavo Growers Inc. | 0.81% | 13,750 | $366K | New |
| AES AES Corp. | 0.80% | 34,500 | $363K | Reduce -45.7% |
| PAA Plains All Amer Pipeline LP | 0.79% | 19,500 | $357K | No change |
| SUI Sun Communities Inc. filed as SUN CMNTYS INC | 0.78% | 2,785 | $352K | No change |
| PRGO Perrigo Co. PLC | 0.76% | 12,800 | $342K | No change |
| AGX Argan Inc. | 0.75% | 1,542 | $340K | Reduce -75.5% |
| MCHP Microchip Technology Inc. | 0.70% | 4,500 | $317K | New |
| C Citigroup Inc. | 0.66% | 3,500 | $298K | No change |
| WTTR Select Water Solutions Inc. | 0.66% | 34,405 | $297K | Add +15.1% |
| TRS Trimas Corp. | 0.63% | 10,000 | $286K | New |
| LYTS Lsi Industries Inc. | 0.57% | 15,000 | $255K | New |
| OSPN Onespan Inc. | 0.55% | 15,000 | $250K | New |
| SIGA Siga Technologies Inc. | 0.55% | 38,280 | $250K | Reduce -34.3% |
| FF Futurefuel Corp. | 0.55% | 63,789 | $248K | New |
| LXFR Luxfer Holdings PLC | 0.55% | 20,211 | $246K | Reduce -19.8% |
| BTI British American Tob-SP ADR | 0.55% | 5,200 | $246K | New |
| VSH Vishay Intertechnology Inc. | 0.53% | 15,000 | $238K | No change |
| COLB Columbia Banking System Inc. | 0.52% | 10,000 | $234K | New |
| KDP Keurig Dr Pepper Inc. | 0.51% | 7,000 | $231K | No change |
Other holdings (4): bonds, preferreds, convertibles and warrants · $11.5M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 6,000 | $7.0M | No change |
| CERENCE INC (CRNC 1.5 07/01/28) | NOTE 1.500% 7/0 · principal | 2,575,000 | $2.0M | Add +2.0% |
| OMNICELL INC (OMCL 0.25 09/15/25) | NOTE 0.250% 9/1 · principal | 1,500,000 | $1.5M | No change |
| PACIRA BIOSCIENCES INC (PCRX 2.125 05/15/29) | NOTE 2.125% 5/1 · principal | 1,000,000 | $979K | New |
Total filed on the 13F, all lines: $56.6M.
Portfolio Sells Q1 2025 → Q2 2025
| BMY Bristol-Myers Squibb Co. | Sold out | 0.00% | −1.48 |
| AGX Argan Inc. | Reduce -75.5% | 0.75% | −1.34 |
| UGI Ugi Corp. | Sold out | 0.00% | −1.21 |
| AES AES Corp. | Reduce -45.7% | 0.80% | −1.19 |
| BF.B Brown-Forman Corp. Class B | Sold out | 0.00% | −1.06 |
| TAP Molson Coors Beverage Co. Class B | Sold out | 0.00% | −1.03 |
| BABA Alibaba Group Holding-SP ADR | Sold out | 0.00% | −0.97 |
| TSN Tyson Foods Inc. Class A | Sold out | 0.00% | −0.97 |
| MU Micron Technology Inc. | Sold out | 0.00% | −0.90 |
| OFLX Omega Flex Inc. | Sold out | 0.00% | −0.85 |
| EL Estee Lauder Companies Class A | Sold out | 0.00% | −0.75 |
| AEM Agnico Eagle Mines Ltd. | Reduce -33.8% | 1.24% | −0.71 |
| SIRI Sirius XM Holdings Inc. | Sold out | 0.00% | −0.57 |
| RELL Richardson Elec Ltd. | Sold out | 0.00% | −0.57 |
| CBRL Cracker Barrel Old Country | Reduce -50.7% | 0.93% | −0.44 |
| CURI Curiositystream Inc. | Reduce -60.0% | 1.22% | −0.44 |
| AMPL Amplitude Inc. Class A | Sold out | 0.00% | −0.34 |
| SIGA Siga Technologies Inc. | Reduce -34.3% | 0.55% | −0.26 |
| LXFR Luxfer Holdings PLC | Reduce -19.8% | 0.55% | −0.21 |
| DK Delek US Holdings Inc. | Reduce -25.4% | 0.96% | −0.09 |
Portfolio Buys Q1 2025 → Q2 2025
| RBRK Rubrik Inc. Class A | Add +24.0% | 10.47% | +3.90 |
| TTAN Servicetitan Inc. Class A | New | 1.32% | +1.32 |
| ADEA Adeia Inc. | New | 0.94% | +0.94 |
| BRZE Braze Inc. Class A | New | 0.92% | +0.92 |
| TOST Toast Inc. Class A | New | 0.91% | +0.91 |
| OGN Organon & Co. | New | 0.90% | +0.90 |
| GSL Global Ship Lease Inc. Class A | New | 0.87% | +0.87 |
| GEN Gen Digital Inc. | New | 0.85% | +0.85 |
| JBSS John B. Sanfilippo & Son Inc. | New | 0.84% | +0.84 |
| NX Quanex Building Products | New | 0.84% | +0.84 |
| MNRO Monro Inc. | New | 0.83% | +0.83 |
| CVGW Calavo Growers Inc. | New | 0.81% | +0.81 |
| NOMD Nomad Foods Ltd. | Add +192.0% | 1.37% | +0.75 |
| MCHP Microchip Technology Inc. | New | 0.70% | +0.70 |
| RYN Rayonier Inc. | Add +200.0% | 1.33% | +0.69 |
| TRS Trimas Corp. | New | 0.63% | +0.63 |
| NC Nacco Industries Class A | Add +25.8% | 1.97% | +0.61 |
| LYTS Lsi Industries Inc. | New | 0.57% | +0.57 |
| OPRA Opera Ltd.-ADR | Add +31.2% | 2.11% | +0.56 |
| OSPN Onespan Inc. | New | 0.55% | +0.55 |
| FF Futurefuel Corp. | New | 0.55% | +0.55 |
| BTI British American Tob-SP ADR | New | 0.55% | +0.55 |
| COLB Columbia Banking System Inc. | New | 0.52% | +0.52 |
| ARCO Arcos Dorados Holdings Inc. Class A | Add +60.6% | 1.85% | +0.51 |
| CSV Carriage Services Inc. | Add +15.8% | 2.89% | +0.47 |
| NRC NRC Health | Add +24.6% | 0.94% | +0.28 |
| COFS Choiceone Financial SVCS Inc. | Add +58.8% | 0.86% | +0.24 |
| PZZA Papa John's Intl Inc. | Add +6.4% | 1.81% | +0.18 |
| HII Huntington Ingalls Industrie | Add +7.5% | 1.73% | +0.18 |
| AAON Aaon Inc. | Add +30.0% | 1.06% | +0.07 |
| CWT California Water Service Grp | Add +20.1% | 1.51% | −0.02 |
| IMMR Immersion Corporation | Add +6.1% | 1.82% | −0.06 |
| WTTR Select Water Solutions Inc. | Add +15.1% | 0.66% | −0.14 |
| YORW York Water Co. | Add +13.5% | 1.47% | −0.15 |
Notes & Other Activity Q1 2025 → Q2 2025
| CERENCE INC (CRNC 1.5 07/01/28) | NOTE 1.500% 7/0 · principal | Add +2.0% | 2,575,000 | $2.0M |
| CRACKER BARREL OLD COUNT (CBRL 0.625 06/15/26) | NOTE 0.625% 6/1 · principal | Sold out | 1,250,000 | $1.2Mbefore exit |
| PACIRA BIOSCIENCES INC (PCRX 2.125 05/15/29) | NOTE 2.125% 5/1 · principal | New | 1,000,000 | $979K |
| MGP INGREDIENTS INC (MGPI 1.875 11/15/41) | NOTE 1.875%11/1 · principal | Sold out | 1,000,000 | $949Kbefore 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 |