Market Overview

Penn Mutual Asset Management Launches Institutional Mutual Fund

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

Penn 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 vassalotti.kristin@pennmutualam.com
or (215) 956-8188, or visit www.pennmutualam.com.

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
www.pennmutualam.com.
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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