Advent Capital Balanced Strategy Update
BALANCED STRATEGY PERFORMANCE
Balanced Strategy: Participate in the Upside, Protect on the Downside
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
Annual Returns
Balanced Composite
(Gross)
13.52%
23.23%
-1.70%
13.97%
7.26%
-1.58%
7.90%
23.47%
13.70%
-4.08%
19.71%
42.38%
-31.72%
8.74%
11.45%
3.44%
6.08%
26.34%
-9.63%
-6.57%
10.51%
27.96%
12.57%
23.58%
19.38%
7.67%
S&P 500
2.38%
31.49%
-4.38%
21.83%
11.96%
1.38%
13.69%
32.39%
16.00%
2.11%
15.06%
26.46%
-37.00%
5.49%
15.79%
4.91%
10.88%
28.68%
-22.10%
-11.89%
-9.10%
21.04%
28.58%
33.36%
22.96%
6.02%
Market Capture
Balanced Composite
(Gross)
567.0%
73.8%
38.7%
64.0%
60.7%
N/A
57.7%
72.5%
85.6%
N/A
130.8%
160.1%
85.7%
159.0%
72.5%
70.1%
55.9%
91.8%
43.6%
55.3%
N/A
132.9%
44.0%
70.7%
84.4%
127.4%
Summary:
Sum of Up Year Returns
Sum of Down Year Returns
ADVENT
CAPITAL MANAGEMENT, LLC
Market Upside Capture
Market Downside Capture
Balanced Composite
(Gross)
306.67%
-39.11%
87%
46%
S&P 500
352.49%
-84.47%
Advent's Balanced Strategy seeks to enhance the
positive asymmetric nature of convertibles,
historically participating in 87% of the upside while
protecting on the downside (46%).
The Balanced Composite represents the Balanced Convertible Institutional Composite. Performance data from October 1, 1995 through July 31, 2020 for the Balanced Composite and the S&P 500 Index. Returns presented on a
gross basis are substantially higher than returns presented on a net basis because gross returns do not reflect the deduction of investment advisory fees and other expenses that would be incurred by a client. Investment advisory
fees have a compounding effect in reducing the value of a client portfolio over time. Past performance is not a guarantee of future results. Please see the "Disclosures" section at the end of this presentation.
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