Penn Mutual Asset Management

High-turnover traderSector-focusedConcentrated strategy

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%.

Personality snowflake

Concentration: 89.25
Portfolio Stability: 100
Momentum/Contrarian: 50
Sector conviction: 100
Diversification: 18
Sizing Uniformity: 89.35

Recent moves

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

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
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%	—

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	9	$19.5M	100	1WFC 7.5 PERP L 2NLY 3AGNC Top holdings2026-03-31 1.WFC 7.5 PERP L 2.NLY 3.AGNC 4.ARR 5.RBRK 6.PHAT 7.EMLC 8.NOW 9.TTAN
2025-12-31	12	$167.3M	100	1LQD 2WFC 7.5 PERP L 3NLY Top holdings2025-12-31 1.LQD 2.WFC 7.5 PERP L 3.NLY 4.AGNC 5.ARR 6.PFF 7.RBRK 8.PHAT 9.NOW 10.EMLC
2025-09-30	62	$51.5M	45	1WFC 7.5 PERP L 2NLY 3AGNC Top holdings2025-09-30 1.WFC 7.5 PERP L 2.NLY 3.AGNC 4.PFF 5.ARR 6.CRNC 1.5 07-01-28 7.PKE 8.OPRA 9.PCRX 2.125 05-15-29 10.HII
2025-06-30	67	$56.6M	0	1WFC 7.5 PERP L 2RBRK 3NLY Top holdings2025-06-30 1.WFC 7.5 PERP L 2.RBRK 3.NLY 4.AGNC 5.PFF 6.ARR 7.CRNC 1.5 07-01-28 8.OMCL 0.25 09-15-25 9.CSV 10.PCRX 2.125 05-15-29
2025-03-31	62	$52.1M	100	1WFC 7.5 PERP L 2NLY 3AGNC Top holdings2025-03-31 1.WFC 7.5 PERP L 2.NLY 3.AGNC 4.PFF 5.ARR 6.RBRK 7.CRNC 1.5 07-01-28 8.OMCL 0.25 09-15-25 9.CBRL 0.625 06-15-26 10.CSV
2024-12-31	68	$55.4M	0	1WFC 7.5 PERP L 2AGNC 3ARR Top holdings2024-12-31 1.WFC 7.5 PERP L 2.AGNC 3.ARR 4.NLY 5.PFF 6.AES 7.OKTA 0.125 09-01-25 8.OMCL 0.25 09-15-25 9.NPK 10.OPRA
2024-09-30	60	$50.4M	0	1WFC 7.5 PERP L 2AGNC 3NLY Top holdings2024-09-30 1.WFC 7.5 PERP L 2.AGNC 3.NLY 4.ARR 5.PFF 6.IONS 0.125 12-15-24 7.CMTL 8.CBRL 0.625 06-15-26 9.PHAT 10.RBRK
2024-06-30	65	$47.0M	0	1WFC 7.5 PERP L 2AGNC 3NLY Top holdings2024-06-30 1.WFC 7.5 PERP L 2.AGNC 3.NLY 4.ARR 5.PFF 6.IONS 0.125 12-15-24 7.HALO 0.25 03-01-27 8.CBRL 0.625 06-15-26 9.CNMD 2.25 06-15-27 10.EEFT 0.75 03-15-49
2024-03-31	62	$46.9M	0	1WFC 7.5 PERP L 2AGNC 3NLY Top holdings2024-03-31 1.WFC 7.5 PERP L 2.AGNC 3.NLY 4.ARR 5.PFF 6.IONS 0.125 12-15-24 7.HALO 0.25 03-01-27 8.TPB 2.5 07-15-24 9.CBRL 0.625 06-15-26 10.UTMD
2023-12-31	78	$129.7M	0	1WFC 7.5 PERP L 2IONS 0.125 12-15-24 3EDD Top holdings2023-12-31 1.WFC 7.5 PERP L 2.IONS 0.125 12-15-24 3.EDD 4.UTMD 5.BCX 6.PKE 7.WBA 8.MIXTUSD 9.SGOL 10.EPM
2023-09-30	69	$106.6M	0	1WFC 7.5 PERP L 2PKE 3FF Top holdings2023-09-30 1.WFC 7.5 PERP L 2.PKE 3.FF 4.BCX 5.EDD 6.EPM 7.SGOL 8.NAT 9.UTMD 10.RELL
2023-06-30	69	$110.9M	0	1WFC 7.5 PERP L 2EDD 3BCX Top holdings2023-06-30 1.WFC 7.5 PERP L 2.EDD 3.BCX 4.EPM 5.PKE 6.FF 7.SGOL 8.RELL 9.SPG 10.NAT
2023-03-31	63	$105.4M	0	1FBRT 2WFC 7.5 PERP L 3BCX Top holdings2023-03-31 1.FBRT 2.WFC 7.5 PERP L 3.BCX 4.EDD 5.SGOL 6.SPOK 7.PKE 8.SPG 9.MPLX 10.EPM
2022-12-31	61	$89.6M	0	1WFC 7.5 PERP L 2BCX 3FBRT Top holdings2022-12-31 1.WFC 7.5 PERP L 2.BCX 3.FBRT 4.EDD 5.SGOL 6.SPG 7.SPOK 8.AGNC 9.T 10.DLY
2022-09-30	64	$76.4M	0	1WFC 7.5 PERP L 2BCX 3FBRT Top holdings2022-09-30 1.WFC 7.5 PERP L 2.BCX 3.FBRT 4.EDD 5.SGOL 6.SPG 7.DLY 8.RITM 9.AGNC 10.T
2022-06-30	54	$74.2M	0	1FBRT 2BCX 3SGOL Top holdings2022-06-30 1.FBRT 2.BCX 3.SGOL 4.EDD 5.AGNC 6.RITM 7.T 8.SPG 9.DLY 10.NAD
2022-03-31	54	$86.2M	0	1FBRT 2BCX 3SGOL Top holdings2022-03-31 1.FBRT 2.BCX 3.SGOL 4.EDD 5.RITM 6.AGNC 7.SPG 8.T 9.DLY 10.NAD
2021-12-31	56	$93.3M	0	1FBRT 2WFC 7.5 PERP L 3SGOL Top holdings2021-12-31 1.FBRT 2.WFC 7.5 PERP L 3.SGOL 4.FTV 0.875 02-15-22 5.EDD 6.SPG 7.AGNC 8.RITM 9.T 10.DLY
2021-09-30	73	$63.2M	0	1RITM 2FTV 0.875 02-15-22 3EDD Top holdings2021-09-30 1.RITM 2.FTV 0.875 02-15-22 3.EDD 4.SPG 5.UGI 7.25 06-01-24 6.NLYEUR 7.PHAT 8.NAD 9.LNG 4.25 03-15-45 10.OKTA
2021-06-30	87	$80.0M	51	1EMLC 2EDD 3FTV 0.875 02-15-22 Top holdings2021-06-30 1.EMLC 2.EDD 3.FTV 0.875 02-15-22 4.XEMDX 5.RITM 6.SPG 7.NAD 8.PHAT 9.UGI 7.25 06-01-24 10.OKTA
2021-03-31	82	$88.5M	46	1EMLC 2NLYEUR 3EDD Top holdings2021-03-31 1.EMLC 2.NLYEUR 3.EDD 4.RITM 5.FTV 0.875 02-15-22 6.DLY 7.XEMDX 8.NAD 9.SPG 10.PHAT
2020-12-31	75	$113.2M	61	1NLYEUR 2EMLC 3SGOL Top holdings2020-12-31 1.NLYEUR 2.EMLC 3.SGOL 4.AGNC 5.EDD 6.FTV 0.875 02-15-22 7.RITM 8.XEMDX 9.DLY 10.T
2020-09-30	50	$70.9M	66	1EMLC 2AGNC 3AIMT Top holdings2020-09-30 1.EMLC 2.AGNC 3.AIMT 4.FTV 0.875 02-15-22 5.DLY 6.XEMDX 7.RITM 8.T 9.NAD 10.PHAT
2020-06-30	30	$97.8M	58	1EMLC 2SGOL 3AGNC Top holdings2020-06-30 1.EMLC 2.SGOL 3.AGNC 4.WFC 7.5 PERP L 5.T 6.EDD 7.RITM 8.FTV 0.875 02-15-22 9.DLY 10.NLYEUR
2020-03-31	30	$137.9M	53	1EMLC 2NLYEUR 3AGNC Top holdings2020-03-31 1.EMLC 2.NLYEUR 3.AGNC 4.PFF 5.SGOL 6.EDD 7.T 8.WFC 7.5 PERP L 9.ABX 10.DLY
2019-12-31	30	$124.2M	36	1EMLC 2AGNC 3NLYEUR Top holdings2019-12-31 1.EMLC 2.AGNC 3.NLYEUR 4.SGOL 5.EDD 6.WFC 7.5 PERP L 7.RITM 8.XEMDX 9.SPG 10.CMO
2019-09-30	23	$148.3M	58	1EMLC 2AGNC 3NLYEUR Top holdings2019-09-30 1.EMLC 2.AGNC 3.NLYEUR 4.RITM 5.SGOL 6.EDD 7.WFC 7.5 PERP L 8.TWOEUR 9.XEMDX 10.SPG
2019-06-30	22	$101.4M	100	1AGNC 2NLYEUR 3SGOL Top holdings2019-06-30 1.AGNC 2.NLYEUR 3.SGOL 4.T 5.EDD 6.EMLC 7.WFC 7.5 PERP L 8.RITM 9.SPG 10.DOCU
2019-03-31	21	$8.7M	100	1SGOL 2EDD 3AGNC Top holdings2019-03-31 1.SGOL 2.EDD 3.AGNC 4.NLYEUR 5.CMO 6.CLNSEUR 7.XEMDX 8.RITM 9.GHY 10.T
2018-12-31	20	$73.1M	40	1AGNC 2SGOL 3EDD Top holdings2018-12-31 1.AGNC 2.SGOL 3.EDD 4.NLYEUR 5.WFC 7.5 PERP L 6.XEMDX 7.CMO 8.T 9.GHY 10.CLNSEUR
2018-09-30	21	$107.7M	—	1AGNC 2NLYEUR 3SGOL Top holdings2018-09-30 1.AGNC 2.NLYEUR 3.SGOL 4.EDD 5.WFC 7.5 PERP L 6.XEMDX 7.CIM 8.RITM 9.CMO 10.T

Holding changes this quarter

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%.

Position changes disclosed by Penn Mutual Asset Management for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	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

FAQ

What is Penn Mutual Asset Management and what type of investor is it?

Penn Mutual Asset Management is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $19.5M, spread across 9 disclosed positions.

What are Penn Mutual Asset Management's largest equity positions?

Based on the latest 13F filing, Penn Mutual Asset Management's top holdings by market value are: 1. Wells Fargo & Company (WFC 7.5 PERP L) — $6.9M (35.5%) 2. Annaly Capital Management In (NLY) — $3.8M (19.2%) 3. Agnc Investment CORP (AGNC) — $3.6M (18.5%) 4. Armour Residential Reit INC (ARR) — $2.9M (14.9%) 5. Rubrik Inc-a (RBRK) — $806.6K (4.1%)

What changes did Penn Mutual Asset Management make in its most recent portfolio filing?

In the latest quarter, Penn Mutual Asset Management took a more defensive posture — trimming 1 positions and completely exiting 3 holdings. The largest of these moves: 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%

What sectors does Penn Mutual Asset Management focus on?

Penn Mutual Asset Management is concentrated in the following sectors based on its current disclosed equity portfolio: • Real Estate: 47.6% • Financials: 44.8% • Information Technology: 7.6%