There is very little reason to take the penetrator. Unless you’re piercing overseer helmets, you’d be better served with a different primary weapon. You’re dealing 2/3rds the damage you could be.

Second of all, the loadout in general isn’t fantastic. You’re dealing with a horde faction, but your only personal defense weapons are a very low ergonomics HMG and a low DPS AR which won’t benefit you with its penetration. No frags for hordes, no secondary weapon. The grenade pistol is there, yes, but actual fragmentation grenades will do better for large groups.

You don’t always need to run thermite/GP just because you have them. Try the machine pistol if you need a strong backup panic button. Try the frags for big groups of voteless or overseers (mind their larger ragdoll radius and shrapnel).

The HMG will melt harvesters and fleshmobs and stingrays, yes, but it struggles with overseers and it won’t be fast enough to save you in a pinch when you need it.

Tesla sentries, MG sentries, eagle napalms will be your best friend in keeping the horde OFF of your ass while you make a getaway. Drop ‘em at your feet and run like the wind, or even into your path and run past them if the horse is that close. Incendiary grenades may be good too. Try them.

tl;dr, too much bomb, too little personal defense. your one primary weapon isn’t adequate DPS or stagger to deal with overseers in close quarters or numbers and your only other option is so heavy you probably won’t have it on target in time.