George Cipolloni

Background

About George Cipolloni

Portfolio Manager of the Penn Mutual AM 1847 Income Fund (PMEFX) since its inception in July 2020 - Morningstar 4 or 5 Star-rated Conservative Allocation fund (2023-Present)* Portfolio Manager of the Berwyn Income Fund (BERIX) from May 2006 to February 2019 (Research Analyst for BERIX from 2002-2006); PM of the Nedgroup Global Cautious Fund 2015 to 2019 * Contrarian Value investor within an Income Investable Universe - dividend paying Common Stocks, Corporate Bonds, including Investment Grade and High Yield Debt, Convertible Bonds and Preferred Stock * Berwyn Income Fund (BERIX)- 6-time Lipper Fund Award Winner (2007-2015)- Morningstar 4 or 5 Star-rated Conservative Allocation fund (2002-2019) Career Summary: Grew up in a working class family in Philadelphia and Delaware County, PA. Discovered an affinity for the investment markets during a Drexel Co-op experience on the options floor of the Philadelphia Stock Exchange with Susquehanna Investment Group in the late 1990's. Started investment industry career as an Investment Manager Due Diligence Analyst with Ernst & Young and Salomon Smith Barney (now Morgan Stanley). Over the combined three years with these two companies, met with roughly 100 investment firms. While being exposed to all types and methods of investing, developed a personal passion for Value Investing. Joined The Killen Group (TKG), a small, independent, Value-based, investment management and mutual fund firm in 2002 ($125 million in AUM). Started as an assistant research analyst working on the Berwyn Income Fund (BERIX). Was promoted to Portfolio Manager of BERIX and Investment Committee Member in 2006. Became a minority shareholder of The Killen Group in 2011; was elected to the firm's Management Committee in 2013. Without any marketing effort, from 2002 to 2015, BERIX grew from roughly $50 million in assets under management (AUM) to over $2.5 billion in AUM. The Killen Group's total firm AUM grew from $125 million to over $3 billion. In December 2015, TKG agreed to be acquired by Chartwell Investment Partners. Joined Penn Mutual Asset Management (PMAM) in March 2020 as PM of the Penn Mutual AM 1847 Income Fund (PMEFX).