Penn Mutual Asset Management (PMAM), an SEC registered investment adviser and wholly owned subsidiary of The Penn Mutual Life Insurance Company (Penn Mutual), has launched 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,” says Mark Heppenstall (pictured), 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.”