HORSHAM, Pa.--(BUSINESS WIRE)--Penn Mutual Asset Management, LLC (PMAM), a SEC registered investment adviser and wholly owned subsidiary of The Penn Mutual Life Insurance Company (Penn Mutual), announces the launch of a new high yield investment strategy.
“With our integrated approach to credit, we believe there are opportunities to generate attractive risk-adjusted returns in the high yield sector by combining corporate bonds, leveraged loans and structured assets into a single strategy for institutional and private investors,” says Greg Zappin, CFA, Managing Director and Portfolio Manager at PMAM.
The strategy’s launch comes as the PMAM portfolio management team reaches its three-year anniversary as a distinct entity. The firm, known for its fixed income expertise, previously launched its global unconstrained fixed income strategy in January 2016 and continues to explore additional strategies.
“While our team and assets under management have grown in the past three years, we remain committed to following our disciplined investment process through rigorous and ongoing analysis. We rely on our independent, bottoms-up credit research to drive investment decisions, and we consistently choose to work in spaces we know and understand well,” explains Mark Heppenstall, CFA, Chief Investment Officer and Portfolio Manager at PMAM.
Zappin adds: “Our team has long invested in high yield assets and formalizing the strategy provides an opportunity for other institutional and private investors to access these capabilities and expertise.”
PMAM is also entrusted with managing the general accounts for Penn Mutual and its insurance subsidiaries, and is the adviser for the Penn Series Funds, Inc., a proprietary mutual fund complex.
About Penn Mutual Asset Management
Penn Mutual Asset Management, LLC (PMAM), a SEC registered investment adviser and wholly owned subsidiary of The Penn Mutual Life Insurance Company, is focused on risk-based institutional asset management, advisory and fund operation services. The firm is dedicated to creating value through a prudent, thoughtful and rigorous investment decision-making process.
With over $23.5 billion in total assets under management as of June 30, 2017, PMAM is committed to executing on its core asset management competencies, which include total return-based investing, advisory services and expertise in alternative asset investing. PMAM offers a wide range of tailored investment strategies and solutions to help meet the investment goals of their clients, while focusing on their mission to provide exceptional experience and service.
The past performance of the strategy is not a guarantee of future performance. Investment performance and principal value in the strategy will fluctuate, may be worth more or less than their original invested amount. Fixed Income securities are subject to interest rate, inflation, credit, and default risk. In addition, High Yield Bonds have a higher risk of default or other adverse credit events, but have the potential to pay higher earnings over investment grade bonds. The higher risk of default, or the inability of the creditor to repay its debt, is the primary reason for the higher interest rates on high yield bonds.