Penn Mutual Asset Management Launches Institutional Mutual Fund

Penn Mutual AM Unconstrained Bond Fund (PMUBX) provides opportunity for absolute returns across various market conditions.

July 31, 2018

Horsham, Pa. – July 31, 2018Penn Mutual Asset Management, LLC (PMAM), a registered investment advisory firm and wholly owned subsidiary of The Penn Mutual Life Insurance Company (Penn Mutual), announces the launch of the Penn Mutual AM Unconstrained Bond Fund (PMUBX). This Fund utilizes an unconstrained approach and seeks attractive risk-adjusted total return through a combination of income and capital appreciation. PMAM chose to launch the Fund as a series of the Advisors' Inner Circle Fund III.

“Our entrance into the institutional mutual fund space was a natural next step in the evolution of our existing unconstrained bond strategy. The Fund accommodates investors who have different preferences for accessing our approach,” said Keith Huckerby, president and chief marketing officer of PMAM. “We are excited to offer investors access to our investment team’s depth of fixed income expertise in an institutional mutual fund wrapper.”

The firm, known for its integrated approach to fixed income investing, launched its unconstrained fixed income strategy in January 2016. Given today’s rising rate environment and heightened volatility in the markets, this strategy utilizes a flexible mandate that pursues opportunities across various asset classes, which may have the potential to deliver higher excess returns than traditional fixed income strategies.

“Today’s global market conditions demand a truly nimble, absolute-return focus for fixed income investors, and we believe our approach provides a solution for investors who are conscious of the potential impacts of rising interest rates, currency fluctuations and geopolitical risk,” added Mark Heppenstall, CFA, chief investment officer and portfolio manager at PMAM.

PMAM is entrusted with managing the general account for Penn Mutual and its insurance subsidiaries as well as being the adviser for Penn Series Funds, Inc., a proprietary fund complex.

For more information about the Fund, contact Kristin Vassalotti, CRPC®, marketing & communications, at or (215) 956-8188, or visit 

About Penn Mutual Asset Management

Penn Mutual Asset Management, LLC (PMAM), is an institutional asset-management firm located just outside of Philadelphia, Pa. The firm is committed to serving the institutional marketplace by offering fixed income investment solutions and client-focused services.

These solutions are accessible through separately managed accounts, sub-advisory relationships and various commingled vehicles.

With over $24 billion in total assets under management as of June 30, 2018, the firm is dedicated to creating value through a prudent, thoughtful and rigorous investment decision-making process. As fixed income specialists, PMAM tailors its proven approach with the objective to generate risk-adjusted returns that result in consistent earnings, while balancing the need for capital preservation to achieve each client’s strategy and goals.

Since 1989, Penn Mutual Asset Management has been a registered investment adviser and wholly owned subsidiary of The Penn Mutual Life Insurance Company, which has been in the insurance and investment business since 1847.

All investors should consider the investment objectives, risks, charges and expenses carefully before investing. For the full prospectus, which contains this and other information about the Fund, please call 877-PMA-MLLC (877-762-6552) or visit  Investors should read the prospectus carefully before investing.

The Fund is distributed by SEI Investments Distribution Co. (SIDCO), which is not affiliated with Penn Mutual Asset Management, LLC or any of its affiliates.

Important Risks: An investment in the Fund involves risk, including possible loss of principal value. The Fund’s other investment risks include, but are not limited to, interest rate, inflation, credit and default risk associated with fixed income securities. In addition, high yield bonds have a higher risk of default or other adverse credit events. Other risks include, but are not limited to, allocation risk, conflicts of interest risk, counterparty credit risk, derivative risk, foreign investments risk, high portfolio turnover risk, liquidity risk and volatility risk. The Fund may use derivatives and leverage, which may increase volatility and magnify the Fund’s gains or losses. See “Principal Risks” in the prospectus for a detailed discussion of these and other risks applicable to the Fund.

Follow the latest news and insights from the PMAM investment team at The Long View, as well as on LinkedIn and Twitter.


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