Latest Stories

Signals and Noise and High Vol-of-Vol

By Keith Huckerby | January 29, 2015

The key to long term success as an asset manager is to have a convicted investment thesis, all the while watching market signals and filtering noise.

Surprise – The ECB Does Not Disappoint

By David O'Malley | January 26, 2015

The European Central Bank (ECB) did not disappoint the markets with its quantitative easing (QE) program. The new program has a headline value of 1.14 trillion euros and involves monthly buying of 60 billion euros worth of bonds through September, 2016.

Will the Broader High-Yield Market Continue to Decouple from Energy?

By Greg Zappin | January 22, 2015

This week’s chart depicts the bifurcation in spreads and performance between energy- and non-energy-related bonds in the JPM HY Index.

Uncertainty Causes Market Volatility

By David O'Malley | January 19, 2015

Markets don’t like uncertainty, and risk assets typically trade lower and volatility increases as uncertainty rises. This is the environment driving market action in 2015.

Equity and High-Yield Bond Valuations through the Fed Model Lens

By Mark Heppenstall | January 15, 2015

The Fed Model shows a widening spread between the earnings yield of the S&P 500 and that of high-yield bonds. Is this a warning sign?

Capital and Bond Market Outlook (2015)

By David O'Malley | January 14, 2015

Penn Mutual Asset Management’s outlook for stock and credit markets is cautious as we enter 2015.

Expect a Strong Economy and Low Inflation. Rates Move Higher, but Stocks Await Earnings

By David O'Malley | January 12, 2015

Last week, the markets experienced significant volatility. Friday’s solid employment number makes 2014 the best year for employment gains since 1999.

The Value of Investing in Top Quartile VC Funds

By Trevor M. Williams | January 8, 2015

Much has been said about the value of investing in top quartile venture capital funds. Empirically, the numbers bear this out.

Penn Mutual Asset Management’s Economic and Market Review for 2014

By David O'Malley | January 7, 2015

Economies around the world have experienced mixed performance. The U.S. economy has been relatively strong during the year and continues to trend positively.

A New Year, with $50 Oil and a Strong Q1 for the U.S. Economy?

By David O'Malley | January 5, 2015

I am very excited about 2015 for many reasons, but one of my top professional reasons is for what could become of Penn Mutual Asset Management in the years ahead.

Disclosure Statement

This blog post is for informational use only. The views expressed are those of the author, Dave O’Malley, and do not necessarily reflect the views of Penn Mutual Asset Management. This material is not intended to be relied upon as a forecast, research or investment advice, and it is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy.

Any statements about financial and company performance of The Penn Mutual Life Insurance Company or its insurance subsidiaries (each, “Client”) made by the author is provided with a written consent from the Client.  Penn Mutual Asset Management is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.


Opinions and statements of financial market trends that are based on current market conditions constitute judgment of the author and are subject to change without notice.  The information and opinions contained in this material are derived from sources deemed to be reliable but should not be assumed to be accurate or complete.  Statements that reflect projections or expectations of future financial or economic performance of the markets may be considered forward-looking statements.  Actual results may differ significantly.  Any forecasts contained in this material are based on various estimates and assumptions, and there can be no assurance that such estimates or assumptions will prove accurate.

Investing involves risk, including possible loss of principal.  Past performance is no guarantee of future results.  All information referenced in preparation of this material has been obtained from sources believed to be reliable, but accuracy and completeness are not guaranteed. There is no representation or warranty as to the accuracy of the information and Penn Mutual Asset Management shall have no liability for decisions based upon such information.

High-Yield bonds are subject to greater fluctuations in value and risk of loss of income and principal. Investing in higher yielding, lower rated corporate bonds have a greater risk of price fluctuations and loss of principal and income than U.S. Treasury bonds and bills. Government securities offer a higher degree of safety and are guaranteed as to the timely payment of principal and interest if held to maturity.

All trademarks are the property of their respective owners. This material may not be reproduced in whole or in part in any form, or referred to in any other publication, without express written permission.

Copyright © 2015 Penn Mutual. All Rights Reserved. All trademarks are the property of their respective owners.

Read Less...