9AT: PENN MUTUAL ASSET MANAGEMENT, LLC

Adviser Profile

As of Date	04/01/2026
Registration	SEC, Approved, 02/02/1990
ADV Location	CONSHOHOCKEN, PA, United States
Contact Info	215 xxxxxxx
Websites

AUM^*	42,286,743,213 8%
of that, discretionary	42,286,743,213 8%
Number of Employees	30 -14%
of those in investment advisory functions	30 -14%
Private Fund GAV^*	0 -100%
Avg Account Size	1,208,192,663 24%
SMA’s	Yes
Private Funds	0 2

Adviser Type

- Large advisory firm
- An investment adviser (or subadviser) to an investment company

Client Types

- Investment companies
- Insurance companies
- Corporations or other businesses not listed above

Advisory Activities

- Portfolio management for investment companies
- Portfolio management for pooled investment vehicles
- Portfolio management for businesses
- Selection of other advisers

Compensation Arrangments

- A percentage of assets under your management

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser STEPSTONE GROUP EUROPE ALTERNATIVE INVESTMENTS LIMITED	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund2.1b	Total Private Fund GAV2.1b	AUM47.3b	#Funds7
Adviser CAPITAL GROUP PRIVATE CLIENT SERVICES, INC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund124.2m	Total Private Fund GAV124.2m	AUM48.4b	#Funds3
Adviser RUFFER LLP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund4.9b	Total Private Fund GAV4.9b	AUM24.9b	#Funds1
Adviser POLEN CAPITAL MANAGEMENT, LLC	Hedge Fund85.1m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund23.5m	Total Private Fund GAV108.6m	AUM24.1b	#Funds2
Adviser VONTOBEL ASSET MANAGEMENT, INC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund33.7m	Total Private Fund GAV33.7m	AUM20.3b	#Funds1
Adviser CALAMOS ADVISORS LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund215.1m	Total Private Fund GAV215.1m	AUM43.9b	#Funds5
Adviser HIGHLAND ASSOCIATES INC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund1.6b	Total Private Fund GAV1.6b	AUM21.0b	#Funds5
Adviser JARISLOWSKY FRASER LTD	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM38.2b	#Funds-
Adviser PGIM PRIVATE PLACEMENT INVESTORS, L.P.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM24.4b	#Funds-
Adviser EARNEST PARTNERS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund1.9b	Total Private Fund GAV1.9b	AUM42.6b	#Funds7

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker16935C109	Stock NameCHIME FINL INC COM SHS CL A	$ Position$6,711,309	% Position29.00%	$ Change	# Change
Stck Ticker949746804	Stock NameWELLS FARGO & CO PERP PFD CNV A	$ Position$6,473,940	% Position28.00%	$ Change-7.00%	# Change0.00%
Stck Ticker035710839	Stock NameANNALY CAPITAL MANAGEMENT IN COM NEW	$ Position$3,354,637	% Position15.00%	$ Change-16.00%	# Change0.00%
Stck Ticker00123Q104	Stock NameAGNC INVT CORP COM	$ Position$3,265,200	% Position14.00%	$ Change-17.00%	# Change0.00%
Stck Ticker042315705	Stock NameARMOUR RESIDENTIAL REIT INC COM SHS	$ Position$2,407,112	% Position10.00%	$ Change-21.00%	# Change0.00%
Stck Ticker71722W107	Stock NamePHATHOM PHARMACEUTICALS INC COM	$ Position$458,455	% Position2.00%	$ Change-33.00%	# Change0.00%
Stck Ticker92189H300	Stock NameVANECK ETF TRUST JP MRGAN EM LOC	$ Position$446,940	% Position2.00%	$ Change-3.00%	# Change0.00%

Brochure Summary

Overview

PMAM was organized in June 1989, under the name of Independence Capital Management, Inc. The principal office of PMAM is located at Eight Tower Bridge, 161 Washington Street, 11th Floor West Suite 1111, Conshohocken, Pennsylvania 19428. PMAM is a wholly owned subsidiary of The Penn Mutual Life Insurance Company (“Penn Mutual”), a mutual life insurance company. As of December 31, 2023, PMAM is managing approximately $33.6b in client assets, all of which is managed on a discretionary basis. PMAM offers investment management services to: affiliated insurance company general and separate accounts and other affiliated corporate entities; third-party U.S. institutional clients; registered investment companies; private funds; separately managed portfolios; and other pooled investment vehicles. The Firm generally manages client investment portfolios (on both a discretionary

and non-discretionary basis) in a manner consistent with client written investment objectives, guidelines, limitations and restrictions. PMAM manages client investment portfolios based on various investment strategies and may perform day-to-day investment management services directly or retain independent investment advisers (“Sub-Advisers”) to manage a portion or all of client investment portfolios. PMAM also offers a fee-based advisory wrap program (“Wrap Fee Program”) which is a customized discretionary investment advisory program for affiliated insurance company clients seeking to bundle fees for services associated with investment management, custodian fees, proxy fees, brokerage and other transaction costs (including costs related to derivative transactions). For more information on the Wrap Fee Program, please refer to the PMAM Wrap Fee Program Brochure.

PENN MUTUAL ASSET MANAGEMENT, LLC

PENN MUTUAL ASSET MANAGEMENT, LLC

INDEPENDENCE CAPITAL MANAGEMENT INC.

PENN MUTUAL ASSET MANAGEMENT, INC.

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Similar advisers

Top Holdings

Brochure Summary

Overview

Need help?

Send a question to 9AT support.

PENN MUTUAL ASSET MANAGEMENT, LLC PENN MUTUAL ASSET MANAGEMENT, LLC INDEPENDENCE CAPITAL MANAGEMENT INC. PENN MUTUAL ASSET MANAGEMENT, INC.

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Similar advisers

Top Holdings

Brochure Summary

Overview

PENN MUTUAL ASSET MANAGEMENT, LLC

PENN MUTUAL ASSET MANAGEMENT, LLC

INDEPENDENCE CAPITAL MANAGEMENT INC.

PENN MUTUAL ASSET MANAGEMENT, INC.