Latest Stories

Sideways Market Action

By David O'Malley | September 28, 2015

Last week was pretty quiet relative to the past few months. Equities, bonds and commodities experienced relatively small price moves for the week, and overall volatility fell.

Has Quantitative Easing Led to Increased Risk for the Current Market?

By Zhiwei Ren | September 24, 2015

We have all seen the benefit of Quantitative Easing (QE) when it was coming in: It reduces market volatility and makes holding financial assets much more rewarding. What will happen to the market when QE starts to come out?

The Fed Decides to Wait. What Now?

By David O'Malley | September 21, 2015

The Fed’s decision to not increase rates should have been positive for both stocks and bonds; however, the risk markets are trying to determine the implications of global uncertainty on equity valuations.

Fed Succumbs to Recent Market Turbulence and Keeps Rates at Zero

By Mark Heppenstall | September 17, 2015

The Fed delivered another “goose egg” to investors as recent market turmoil and global economic weakness trumped improving economic conditions in the United States. What now?

Finding Value in the Private Equity Middle Market

By Justin Kaplan | September 17, 2015

This week’s chart focuses on finding value in the private equity middle market by looking at the purchase price multiples of companies whose enterprise values are between $100-$500 million (Middle Market) versus those valued at less than $100 million (Lower Middle Market).

The Top 6 Concerns for the Remainder of 2015

By David O'Malley | September 16, 2015

I recently invited a portfolio manager from one of our sub-advisers, David Giroux of T. Rowe Price Associates, to share his perspective on the markets and the economy. As you will see, David and I have similar concerns on many of the issues facing investors today, but we each have our own perspective.

Waiting for the Fed

By David O'Malley | September 14, 2015

All eyes turn to this week’s Fed interest rate decision on Thursday. I continue to expect the Fed to increase interest rates by 0.25% on Thursday.

Rating Shopping Presents Opportunities in CMBS

By Jennifer Ripper | September 10, 2015

Moody’s has been excluded from all subordinate conduit bonds since the second quarter of 2015, leaving Fitch as the only major rating agency of fixed rate conduit transactions.

Expect More Market Volatility Ahead

By David O'Malley | September 7, 2015

Now that summer is over, we enter the historically volatile period of September and October. This year is unique.

Idiosyncratic Risk in Leveraged Loans vs. High-Yield Corporate Bonds

By Jason Merrill | September 3, 2015

The market has recognized a notable difference in idiosyncratic risk between leveraged loans and high-yield corporate bonds.



Disclosure Statement

The material provided here is for informational use only. The views expressed are those of the author, and do not necessarily reflect the views of Penn Mutual Asset Management.

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This material is for informational use only. The views expressed are those of the author, 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.

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 © 2014 Penn Mutual. All Rights Reserved. All trademarks are the property of their respective owners.

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