Penn Mutual Asset Management, LLC

Penn Mutual Asset Management, LLC is an SEC‑registered investment adviser and a wholly owned subsidiary of The Penn Mutual Life Insurance Company that provides discretionary investment management exclusively to affiliated clients, including insurance company general accounts, separate accounts, and other affiliated corporate entities. The firm also acts as adviser to a proprietary fund complex (Penn Series Funds, consisting of 29 funds) and qualifies as a Qualified Professional Asset Manager under ERISA.

PMAM follows a value‑oriented, relative‑value investment process that integrates a top‑down macro view, asset‑class relative value, and security selection to construct diversified portfolios, with liability‑driven investing the primary approach for insurance portfolios. The firm uses derivatives as part of its toolkit to express macro or sector views and manage duration and risk, and it may retain unaffiliated sub‑advisers to manage portions of certain mandates.

A number of operational and client‑type features distinguish PMAM from many institutional peers: it sponsors a fee‑based wrap program for certain affiliates that explicitly bundles costs related to derivative transactions, it is registered with the CFTC as a Commodity Trading Advisor and Commodity Pool Operator while claiming exclusions under CFTC Regulation 4.5 for registered funds, and it operates with corporate affiliations to its insurance parent and to an affiliated broker‑dealer (which PMAM does not use as an approved execution venue). Its exclusive focus on affiliated insurance and registered investment company clients, oversight of sub‑advisers for the proprietary fund complex, and its combination of insurance general account and registered‑fund management are uncommon among similar investment manager firms.