CIK: 0000855702
Total reported value
$19.5M
Reporting period: 2026-03-31 · Number of holdings: 9
Penn Mutual Asset Management disclosed 9 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $19.5M and a quarterly turnover rate of 158.2%.
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Penn Mutual Asset Management's disclosed holdings carry a Herfindahl concentration index of 0.223 — mathematically equivalent to about 4 equally-sized positions, well below its 9 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 1.06), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Add WFC 7.5 PERP L
0.0% -$342.0K
Add NLY
0.0% -$214.9K
Add AGNC
0.0% -$248.4K
Add ARR
0.0% -$175.8K
Add RBRK
0.0% -$453.1K
Add PHAT
0.0% -$344.2K
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | WFC 7.5 PERP L | Wells Fargo & Company | Stock-Financials | 35.50% | +31.15% | — | |
| 2 | NLY | Annaly Capital Management In | Stock-Real Estate | 19.24% | +16.87% | — | |
| 3 | AGNC | Agnc Investment CORP | Stock-Real Estate | 18.50% | +16.19% | — | |
| 4 | ARR | Armour Residential Reit INC | Stock-Other | 14.87% | +13.03% | — | |
| 5 | RBRK | Rubrik Inc-a | Stock-Tech | 4.13% | +3.38% | — | |
| 6 | PHAT | Phathom Pharmaceuticals INC | Stock-Other | 3.57% | +2.95% | — | |
| 7 | EMLC | Vaneck JPM Em Local Curr Bnd | ETF-Other | 2.32% | +2.04% | — | |
| 8 | NOW | Servicenow INC | Stock-Tech | 1.28% | +0.79% | -55.00% | |
| 9 | TTAN | Servicetitan Inc-a | Stock-Tech | 0.58% | +0.47% | — |
Performance for Q3 2026
+0.9%
Performance Last 4 Quarters
+14.1%
Based on 43% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 9 | $19.5M | 100 | |
| 2025-12-31 | 12 | $167.3M | 100 | |
| 2025-09-30 | 62 | $51.5M | 45 | |
| 2025-06-30 | 67 | $56.6M | 0 | |
| 2025-03-31 | 62 | $52.1M | 100 | |
| 2024-12-31 | 68 | $55.4M | 0 | |
| 2024-09-30 | 60 | $50.4M | 0 | |
| 2024-06-30 | 65 | $47.0M | 0 | |
| 2024-03-31 | 62 | $46.9M | 0 | |
| 2023-12-31 | 78 | $129.7M | 0 | |
| 2023-09-30 | 69 | $106.6M | 0 | |
| 2023-06-30 | 69 | $110.9M | 0 | |
| 2023-03-31 | 63 | $105.4M | 0 | |
| 2022-12-31 | 61 | $89.6M | 0 | |
| 2022-09-30 | 64 | $76.4M | 0 | |
| 2022-06-30 | 54 | $74.2M | 0 | |
| 2022-03-31 | 54 | $86.2M | 0 | |
| 2021-12-31 | 56 | $93.3M | 0 | |
| 2021-09-30 | 73 | $63.2M | 0 | |
| 2021-06-30 | 87 | $80.0M | 51 | |
| 2021-03-31 | 82 | $88.5M | 46 | |
| 2020-12-31 | 75 | $113.2M | 61 | |
| 2020-09-30 | 50 | $70.9M | 66 | |
| 2020-06-30 | 30 | $97.8M | 58 | |
| 2020-03-31 | 30 | $137.9M | 53 | |
| 2019-12-31 | 30 | $124.2M | 36 | |
| 2019-09-30 | 23 | $148.3M | 58 | |
| 2019-06-30 | 22 | $101.4M | 100 | |
| 2019-03-31 | 21 | $8.7M | 100 | |
| 2018-12-31 | 20 | $73.1M | 40 | |
| 2018-09-30 | 21 | $107.7M | — |
Penn Mutual Asset Management's most significant position changes for 2026-03-31: Sold out: Ishr Ibx Usd Invgd Cb Etf-ui (LQD); Sold out: Ishares Preferred & Income S (PFF); Sold out: Braze Inc-a (BRZE); Trim: Servicenow INC (NOW) — shares -55.00%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | WFC 7.5 PERP L | Wells Fargo & Company | +31.2% | — | Unchanged |
| 2 | NLY | Annaly Capital Management In | +16.9% | — | Unchanged |
| 3 | AGNC | Agnc Investment CORP | +16.2% | — | Unchanged |
| 4 | ARR | Armour Residential Reit INC | +13% | — | Unchanged |
| 5 | RBRK | Rubrik Inc-a | +3.4% | — | Unchanged |
| 6 | PHAT | Phathom Pharmaceuticals INC | +3% | — | Unchanged |
| 7 | EMLC | Vaneck JPM Em Local Curr Bnd | +2% | — | Unchanged |
| 8 | NOW | Servicenow INC | +0.8% | -55.00% | Trim |
| 9 | TTAN | Servicetitan Inc-a | +0.5% | — | Unchanged |
| 10 | LQD | Ishr Ibx Usd Invgd Cb Etf-ui | — | EXIT | Sold out |
| 11 | PFF | Ishares Preferred & Income S | — | EXIT | Sold out |
| 12 | BRZE | Braze Inc-a | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-08 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-01-23 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-12-03 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-13 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-13 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-13 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-11 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-05 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-13 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-11 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-12 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-05 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-26 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-13 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-09 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-10 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-03 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-14 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-13 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-07 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-13 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-01-31 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-09 | 13F-HR | View on EDGAR |
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