{"url":"https://nivawealth.com/firms/penn-mutual-asset-management-107518","iapdUrl":"https://adviserinfo.sec.gov/firm/summary/107518","regulatoryAum":42286743213,"crd":"107518","secFileNumber":"801-35477","legalName":"Penn Mutual Asset Management, LLC","displayName":"Penn Mutual Asset Management","website":null,"linkedinUrl":"https://www.linkedin.com/company/penn-mutual-asset-management-inc-/","founded":null,"organization":"Delaware limited liability company","fiscalYearEnd":"December","headquarters":{"street":"Eight Tower Bridge, 161 Washington Street, Suite 1111","city":"Conshohocken","state":"PA","stateName":"Pennsylvania","country":"United States","postalCode":"19428"},"tradeNames":[],"registration":{"secApproved":"2 February 1990","noticeFilings":null,"latestNoticeFiling":null},"staff":{"employees":30,"advisory":30,"brokerDealerReps":3,"insuranceAgents":0,"promoters":0},"aum":{"discretionary":42286743213,"discretionaryAccounts":35,"nonDiscretionary":0,"nonDiscretionaryAccounts":0,"wrapProgram":33011324009,"nonUsClientsPct":0,"nonAumClients":1},"clientTypes":[{"label":"Investment companies","clients":29,"regulatoryAum":9275419204},{"label":"Insurance companies","clients":5,"regulatoryAum":32983935631},{"label":"Corporations and other businesses","clients":1,"regulatoryAum":27388378}],"fees":[],"feeNotes":[],"custodians":[{"name":"The Bank of New York Mellon","shortName":"The Bank of New York Mellon","location":"Syracuse, NY","smaAssets":31551805164}],"custodyNote":"Penn Mutual Asset Management has custody of $29.10B for 6 clients.","otherCustodians":[],"leadership":[{"name":"Keith Gordon Huckerby","title":"Chief Operating Officer, Manager of Board of Managers","crd":"2641591"},{"name":"Victoria Marie Robinson","title":"Chief Compliance Officer, Manager of Board of Managers","crd":"4556827"},{"name":"Stephen Kennedy","title":"Manager of Board of Managers","crd":"2531263"},{"name":"Richard Klenk","title":"Manager of Board of Managers","crd":"8145249"},{"name":"David Michael O'Malley","title":"Chairman of the Board of Managers","crd":"4468593"}],"ownership":[{"label":"The Penn Mutual Life Insurance Company","detail":"Owner in the 75% or more ownership band and a control person, since June 1989."}],"branchOffices":null,"filedOffices":{"otherThanPrincipal":0,"privateResidences":0},"listedOfficeAddresses":1,"officesByState":[{"state":"Pennsylvania","offices":1,"addresses":[{"street":"Eight Tower Bridge, 161 Washington Street, Suite 1111","city":"Conshohocken","headquarters":true}]}],"advFacts":{"source":{"file":"ia100226.zip","asOf":"2 October 2026"},"telephone":"215-956-8114","stateRegisteredReps":4,"otherAdviserReps":0,"compensation":["A percentage of assets under management"],"activities":["Portfolio management for investment companies","Portfolio management for pooled investment vehicles (other than investment companies)","Portfolio management for businesses (other than small businesses) or institutional clients","Selection of other advisers (including private fund managers)"],"financialPlanningClients":null,"assetMix":[{"label":"U.S. government/agency bonds","percent":1},{"label":"U.S. state and local bonds","percent":6},{"label":"Investment grade corporate bonds","percent":40},{"label":"Non-investment grade corporate bonds","percent":4},{"label":"Derivatives","percent":1},{"label":"Cash and cash equivalents","percent":2},{"label":"Other","percent":45,"detail":"Contains Abs, Clo, CMBS, RMBS, Preferred Stock, Equities (excluding FHLB), Rated Fixed Income Notes, and Alternative Investments."}],"privateFunds":0},"sources":{"adv1FilingDate":"1 April 2026","adv1Url":"https://reports.adviserinfo.sec.gov/reports/ADV/107518/PDF/107518.pdf","brochureDate":null,"brochureUrl":null,"iapdCompiledDate":null,"retrievedDate":"15 October 2026","retrievedOn":"2026-10-15","adv1Pages":{},"brochurePages":{}},"otherBusiness":[],"faq":[{"question":"How many clients does Penn Mutual Asset Management have?","answer":"Penn Mutual Asset Management has 35 clients and manages $42.3 billion for them, as of April 2026. They include 29 investment companies, 5 insurance companies and 1 corporations and other businesses.","source":"Form ADV Part 1A, Items 5.D and 5.F, filed 1 April 2026","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What services does Penn Mutual Asset Management offer?","answer":"Penn Mutual Asset Management provides portfolio management for investment companies, portfolio management for pooled vehicles, portfolio management for institutions and selecting other managers.","source":"Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Which custodians does Penn Mutual Asset Management use?","answer":"Penn Mutual Asset Management’s separately managed account assets are held at The Bank of New York Mellon (Syracuse, NY), with $31,551,805,164. Only custodians holding at least a tenth of those assets are named.","source":"Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 1 April 2026","sourceRef":{"doc":"adv1","section":"custodians"}},{"question":"How many financial advisors does Penn Mutual Asset Management have?","answer":"Penn Mutual Asset Management has 4 investment adviser representatives registered with state securities authorities, out of 30 employees, and 30 perform investment advisory functions. 3 are registered representatives of a broker-dealer and 0 are licensed insurance agents.","source":"Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What does Penn Mutual Asset Management invest in?","answer":"At the end of its last fiscal year, Penn Mutual Asset Management’s separately managed accounts held 45% contains abs, clo, cmbs, rmbs, preferred stock, equities (excluding fhlb), rated fixed income notes, and alternative investments., 40% investment grade corporate bonds, 6% state and local bonds, 4% high-yield corporate bonds, 2% cash and equivalents, 1% U.S. government and agency bonds and 1% derivatives. It advises no private funds of its own.","source":"Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Who owns Penn Mutual Asset Management?","answer":"Penn Mutual Asset Management’s direct owner is the Penn Mutual Life Insurance Company (75% or more).","source":"Form ADV Part 1A, Schedules A and B, filed 1 April 2026","sourceRef":{"doc":"adv1","section":"scheduleA"}},{"question":"How does Penn Mutual Asset Management get paid?","answer":"Penn Mutual Asset Management is paid through a percentage of assets under management. Its Form ADV lists no commissions or performance-based fees among how it is paid.","source":"Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}}],"holdings":{"url":"https://nivawealth.com/firms/penn-mutual-asset-management-107518/holdings","form":"13F-HR","periodOfReport":"2026-06-30","filedOn":"2026-07-24","filingIndexUrl":"https://www.sec.gov/Archives/edgar/data/855702/000119312526315380/0001193125-26-315380-index.html","totalValue":19487305,"positionCount":9,"top10Share":1,"top10":[{"issuer":"WELLS FARGO & CO","titleOfClass":"PERP PFD CNV A","cusip":"949746804","value":6942000,"shares":6000,"shareType":"SH","priorValue":6930000,"priorShares":6000},{"issuer":"ANNALY CAPITAL MANAGEMENT IN","titleOfClass":"COM NEW","cusip":"035710839","value":3970868,"shares":177588,"shareType":"SH","priorValue":3755986,"priorShares":177588},{"issuer":"AGNC INVT CORP","titleOfClass":"COM","cusip":"00123Q104","value":3924000,"shares":360000,"shareType":"SH","priorValue":3610800,"priorShares":360000},{"issuer":"ARMOUR RESIDENTIAL REIT INC","titleOfClass":"COM SHS","cusip":"042315705","value":3037173,"shares":174050,"shareType":"SH","priorValue":2903154,"priorShares":174050},{"issuer":"PHATHOM PHARMACEUTICALS INC","titleOfClass":"COM","cusip":"71722W107","value":681402,"shares":62802,"shareType":"SH","priorValue":697730,"priorShares":62802},{"issuer":"VANECK ETF TRUST","titleOfClass":"JP MRGAN EM LOC","cusip":"92189H300","value":460080,"shares":18000,"shareType":"SH","priorValue":451980,"priorShares":18000},{"issuer":"RUBRIK INC.","titleOfClass":"CL A","cusip":"781154109","value":198051,"shares":2467,"shareType":"SH","priorValue":806634,"priorShares":16472},{"issuer":"NAVAN INC","titleOfClass":"CL A","cusip":"639193101","value":189798,"shares":8299,"shareType":"SH"},{"issuer":"SERVICETITAN INC","titleOfClass":"SHS CL A","cusip":"81764X103","value":83933,"shares":1187,"shareType":"SH","priorValue":113403,"priorShares":1787}],"positionsListed":9,"positions":[{"issuer":"WELLS FARGO & CO","titleOfClass":"PERP PFD CNV A","cusip":"949746804","value":6942000,"shares":6000,"shareType":"SH","priorValue":6930000,"priorShares":6000},{"issuer":"ANNALY CAPITAL MANAGEMENT IN","titleOfClass":"COM NEW","cusip":"035710839","value":3970868,"shares":177588,"shareType":"SH","priorValue":3755986,"priorShares":177588},{"issuer":"AGNC INVT CORP","titleOfClass":"COM","cusip":"00123Q104","value":3924000,"shares":360000,"shareType":"SH","priorValue":3610800,"priorShares":360000},{"issuer":"ARMOUR RESIDENTIAL REIT INC","titleOfClass":"COM SHS","cusip":"042315705","value":3037173,"shares":174050,"shareType":"SH","priorValue":2903154,"priorShares":174050},{"issuer":"PHATHOM PHARMACEUTICALS INC","titleOfClass":"COM","cusip":"71722W107","value":681402,"shares":62802,"shareType":"SH","priorValue":697730,"priorShares":62802},{"issuer":"VANECK ETF TRUST","titleOfClass":"JP MRGAN EM LOC","cusip":"92189H300","value":460080,"shares":18000,"shareType":"SH","priorValue":451980,"priorShares":18000},{"issuer":"RUBRIK INC.","titleOfClass":"CL A","cusip":"781154109","value":198051,"shares":2467,"shareType":"SH","priorValue":806634,"priorShares":16472},{"issuer":"NAVAN INC","titleOfClass":"CL A","cusip":"639193101","value":189798,"shares":8299,"shareType":"SH"},{"issuer":"SERVICETITAN INC","titleOfClass":"SHS CL A","cusip":"81764X103","value":83933,"shares":1187,"shareType":"SH","priorValue":113403,"priorShares":1787}]},"notice":"Compiled from public SEC Form ADV filings on the dates in `sources`. Facts as filed; not a rating, ranking, or recommendation. Niva Wealth is not affiliated with this firm. Disciplinary history is deliberately not included here or on the page; the SEC publishes the complete record at the `iapdUrl` above."}