Penn Mutual Asset Management, LLC

Penn Mutual Asset Management, LLC, established in June 1989, is a registered investment adviser managing approximately $30.3 billion in client assets as of December 31, 2022. The firm offers a fee-based advisory wrap program for affiliated insurance company clients, providing customized discretionary investment advisory services. Fees for the Wrap Fee Program are negotiable, and PMAM may waive or reimburse fees as appropriate. The firm utilizes a value-driven investment approach focusing on strong performance and rigorous risk management. Investment strategies include a macro view, asset class relative value analysis, and security selection. PMAM's investment philosophy centers on prudent diversification, downside protection, and attractive risk-adjusted returns. The firm discloses material risks associated with its investment strategies, such as corporate debt securities risk, counterparty risk, and derivatives risk. PMAM does not engage in soft dollar arrangements or directed brokerage. The firm also provides information on client account requirements, portfolio manager selection, and client contact. PMAM has no disciplinary events to report and has established a Code of Ethics to ensure client interests are prioritized. The firm may utilize third-party solicitors for client referrals, and clients are provided with detailed disclosure statements regarding referral arrangements. PMAM has no financial conditions impairing its ability to meet contractual commitments.