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The Mind of a CLO Investor

By Jason Merrill | April 19, 2018

This week’s chart demonstrates recent annual issuance for higher-yielding domestic sectors in structured credit.  Many investors took substantial losses in non-agency commercial mortgage-backed securities (CMBS) and residential mortgage-backed securities (RMBS)… Read More

Stay Focused on the Fundamentals

By David O'Malley | April 16, 2018

The last few weeks, a significant amount of headline news distracted market participants’ attention from the fundamentals. Whether it is the tumult in Washington, the geopolitical tensions in the Middle… Read More

Is 1Q18 Volatile?

By Hong Mu | April 12, 2018

Is 1Q18 equity market volatile? It surely feels so. According to the chart, there were 23 days during 1Q18 in which the S&P 500 Index (SPX) moved more than 1%… Read More

News Headlines Create Market Volatility

By David O'Malley | April 9, 2018

Markets were volatile last week as trade tensions and geopolitical risks kept the markets’ attention. Last week’s employment data was a bit weaker than I expected, with smaller job gains… Read More

LIBOR Rising

By Zhiwei Ren | April 5, 2018

In the recent weeks, London Interbank Offered Rate (LIBOR) has been on a steady uptick. The main reasons for rising LIBOR are: 1) The large increase in U.S. T-Bill issuance… Read More

Markets Look for Momentum after a Volatile Q1

By David O'Malley | April 2, 2018

Equity markets had a volatile quarter, and their weakest in the last six, driven by concerns about rising interest rates, potential trade conflicts and valuation concerns. As I have written… Read More



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.

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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.

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