9AT: PENN MUTUAL ASSET MANAGEMENT, LLC

other names

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

Adviser Profile

As of Date	10/29/2025
ADV Location	CONSHOHOCKEN, PA, United States
Adviser Type - Large advisory firm - An investment adviser (or subadviser) to an investment company
Number of Employees	35 -8%
of those in investment advisory functions	35 -8%
Registration	SEC, Approved, 02/02/1990

AUM^*	39,106,375,391 29%
of that, discretionary	39,106,375,391 29%
Private Fund GAV^*	109,092,369 59%
Avg Account Size	977,659,385 29%
SMA’s	Yes
Private Funds	2 1
Contact Info	215 xxxxxxx
Websites

Client Types

- Investment companies
- Pooled investment vehicles
- 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

Fund Type	Count	GAV
Fund TypeOther Private Fund	Count2	GAV$109,092,369

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 HERMES INVESTMENT MANAGEMENT LIMITED	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund186.7m	Total Private Fund GAV186.7m	AUM24.9b	#Funds1
Adviser STEPSTONE GROUP EUROPE ALTERNATIVE INVESTMENTS LIMITED	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund1.4b	Total Private Fund GAV1.4b	AUM36.7b	#Funds5
Adviser EARNEST PARTNERS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund1.6b	Total Private Fund GAV1.6b	AUM38.3b	#Funds6
Adviser RUFFER LLP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund4.6b	Total Private Fund GAV4.6b	AUM24.2b	#Funds1
Adviser COLCHESTER GLOBAL INVESTORS	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund1.2b	Total Private Fund GAV1.2b	AUM24.0b	#Funds8
Adviser RESEARCH AFFILIATES	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund4.5m	Total Private Fund GAV4.5m	AUM26.3b	#Funds2
Adviser JASPER RIDGE PARTNERS, L.P.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund10.3b	Total Private Fund GAV10.3b	AUM40.1b	#Funds15
Adviser CALAMOS ADVISORS LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund242.8m	Total Private Fund GAV242.8m	AUM38.2b	#Funds9
Adviser CAPITAL GROUP PRIVATE CLIENT SERVICES, INC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund111.4m	Total Private Fund GAV111.4m	AUM42.7b	#Funds3
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-

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker949746804	Stock NameWELLS FARGO CO NEW PERP PFD CNV A	$ Position$7,405,740	% Position14.00%	$ Change5.00%	# Change0.00%
Stck Ticker00123Q104	Stock NameAGNC INVT CORP COM	$ Position$3,524,400	% Position7.00%	$ Change7.00%	# Change0.00%
Stck Ticker035710839	Stock NameANNALY CAPITAL MANAGEMENT IN COM NEW	$ Position$3,589,053	% Position7.00%	$ Change7.00%	# Change0.00%
Stck Ticker464288687	Stock NameISHARES TR PFD AND INCM SEC	$ Position$3,076,626	% Position6.00%	$ Change3.00%	# Change0.00%
Stck Ticker042315705	Stock NameARMOUR RESIDENTIAL REIT INC COM SHS	$ Position$2,600,307	% Position5.00%	$ Change-11.00%	# Change0.00%
Stck Ticker156727AD1	Stock NameCERENCE INC NOTE 1.500 7/0	$ Position$2,131,662	% Position4.00%	$ Change8.00%	# Change0.00%
Stck Ticker06849F108	Stock NameBARRICK MNG CORP COM SHS	$ Position$812,696	% Position2.00%	$ Change45.00%	# Change-8.00%
Stck Ticker008474108	Stock NameAGNICO EAGLE MINES LTD COM	$ Position$792,232	% Position2.00%	$ Change42.00%	# Change0.00%
Stck Ticker446413106	Stock NameHUNTINGTON INGALLS INDS INC COM	$ Position$928,510	% Position2.00%	$ Change19.00%	# Change0.00%
Stck Ticker143905107	Stock NameCARRIAGE SVCS INC COM	$ Position$822,565	% Position2.00%	$ Change-37.00%	# Change-35.00%

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

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