Penn Mutual Asset Management
Long book
$19.5M
Q1 2026
Positions
9
Top-10 weight
100%
concentration
Last quarter
+13.5%
SPY +14.8%
Turnover
25%
of book per quarter
Strategy in plain words
auto-generated from filingsPenn Mutual Asset Management is a concentrated fundamental stock-picker, specialised in real_estate (85% of the long book), running a $19.5M US long book across 9 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is modest: positions are typically held for years. Current anchor positions: WELLS FARGO & COMPANY, ANNALY CAPITAL MANAGEMENT IN, AGNC INVESTMENT CORP, ARMOUR RESIDENTIAL REIT INC, RUBRIK INC-A.
Over the last 9 quarters its long book ran on average 0.1pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-1.3%
Q2 2024
+12.0%
Q3 2024
+0.0%
Q4 2024
-2.0%
Q1 2025
+9.5%
Q2 2025
+5.7%
Q3 2025
+3.8%
Q4 2025
-1.3%
Q1 2026
+13.5%
Sector allocation
Other 79%
Technology 13%
Healthcare 8%
Long book by quarter
What does Penn Mutual own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| WFC 7.5 PERP L WELLS FARGO & COMPANY | — | 6.0K | $6.9M | 35.5% | Held |
| RBRK RUBRIK INC-A | Technology | 16.5K | $807K | 4.1% | Held |
| PHAT PHATHOM PHARMACEUTICALS INC | Healthcare | 62.8K | $698K | 3.6% | Held |
| NOW SERVICENOW INC | Technology | 2.4K | $250K | 1.3% | -55.0% |
| TTAN SERVICETITAN INC-A | Technology | 1.8K | $113K | 0.6% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 8, 2026 | 9 | $19.5M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 23, 2026 | 12 | $167.3M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Dec 3, 2025 | 62 | $51.5M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 67 | $56.6M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 13, 2025 | 62 | $52.1M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 68 | $55.4M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 60 | $50.4M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 65 | $47.0M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 62 | $46.9M | canonical | SEC ↗ |
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