ADVENT CAPITAL MANAGEMENT /DE/

CIK 0001097278 · Q1 2026

13F Equity AUM

$3.6B

-27.1% QoQ

Positions

210

-11 QoQ

AUM Rank

#1,227

Top 10%

Skill Alpha (FF)

—

Building track record (1q)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 20.6%Top 10: 32.0%Top 20: 47.4%

SPY6.1%

BAC 7.25 PERP L4.9%

UBER 0.875 12/01/28 4.0%

NEE 7.299 06/01/273.0%

VTR 3.75 06/01/262.6%

GPN 1.5 03/01/312.5%

CMS 3.375 05/01/282.3%

PPL 2.875 03/15/282.3%

KKR 6.25 03/01/28 D2.3%

APO 6.75 07/31/262.1%

Others (200)68.0%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Fixed Income24.6%

Technology19.5%

Financial Services19.5%

Unclassified13.9%

Healthcare5.4%

Consumer Cyclical5.3%

Utilities5.0%

Industrials3.5%

Other3.2%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 210Median: 0.16%Avg: 0.48%

0–0.5%

148(20.0%)

0.5–1%

32(21.2%)

1–3%

26(40.7%)

3–5%

3(11.9%)

5%+

1(6.1%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 196Unique: 14vs 20 funds

2.7%Low

210

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

4.2%

5.4%

4.6%

3.2%

BANK OF AMERICA CORP /DE/

2.6%

MORGAN STANLEY

2.2%

VANGUARD CAPITAL MANAGEMENT LLC

VANGUARD PORTFOLIO MANAGEMENT LLC

1.2%

GEODE CAPITAL MANAGEMENT, LLC

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New45Increased54Decreased86Exited56

New Positions

JBLU 2.5 09/01/290.5%

+19.4M

GH 0 11/15/270.3%

+12.0M

MSFT0.2%

+20K

NET 0 08/15/260.2%

+5.8M

GBX 2.875 04/15/280.2%

+4.9M

MCHP 0.75 06/01/300.1%

+4.4M

ATEC 0.75 08/01/260.1%

+4.1M

W 3.5 11/15/280.1%

+2.2M

W 3.25 09/15/270.1%

+3.0M

NOW0.1%

+35K

Increased

DDOG 0 12/01/292.1%

+41.3M(+110%)

AVAV 0 07/15/301.6%

+37.4M(+189%)

RIVN 3.625 10/15/300.9%

+28.2M(+439%)

GWRE 1.25 11/01/291.1%

+26.8M(+229%)

MSTR 0.875 03/15/310.8%

+21.8M(+308%)

AFRM 0.75 12/15/291.7%

+20.7M(+46%)

RUN 4 03/01/300.8%

+14.3M(+142%)

UPST 2 10/01/290.4%

+12.5M(+540%)

MARA 2.125 09/01/310.3%

+12.4M(+3804%)

TCOM 0.75 06/15/290.9%

+10.3M(+51%)

Decreased

MTH 1.75 05/15/281.4%

-52,285,000(-50%)

BOX 1.5 09/15/290.0%

-48,190,000(-100%)

DUK 4.125 04/15/260.9%

-42,934,000(-60%)

LYV 2.875 01/15/300.7%

-40,536,000(-62%)

NTNX 0.25 10/01/270.2%

-33,362,000(-82%)

QTWO 0.75 06/01/260.1%

-31,611,000(-90%)

NEE 3 03/01/271.4%

-29,963,000(-46%)

PRGS 3.5 03/01/300.4%

-25,922,000(-59%)

ON 0 05/01/270.1%

-25,339,000(-88%)

BL 1 06/01/290.1%

-23,626,000(-92%)

Exited

-78,180,000

-35,404,000

-400,000

-25,868,000

-23,068,000

-21,751,000

-21,261,000

-16,969,000

-16,156,000

-14,525,000

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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