Advent Capital Balanced Strategy Update
DISCLOSURES
Firm Information:
Advent Capital Management, LLC (Advent) is an investment adviser registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940. Advent is an independent, privately held limited liability company. Advent
Capital Management UK Limited, a wholly-owned subsidiary of Advent located in London, is authorized and regulated by the U.K. Financial Conduct Authority. Advent specializes in global and domestic convertible, high yield, and event-driven
strategies based on a credit focused investment process with offices in New York and London. Advent has approximately $8.6 billion in assets under management (as of 5/31/20). We manage institutional assets across long-only, alternative
and closed end fund strategies. A list of all firm composites is available upon request.
Advent claims compliance with the Global Investment Performance Standards (GIPSⓇ) and has prepared and presented this report in compliance with the GIPS standards. The verification report(s) is/are available upon request. Advent has
been independently verified for the period 9/30/95 - 12/31/19. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies
and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Balanced Convertible Institutional Composite has been examined for the periods 10/01/95 - 12/31/19. The verification and
performance examination reports are available upon request. Additional information regarding policies for valuing portfolios, calculating performance and preparing compliant presentations are available upon request. Past performance does
not guarantee future results. This performance report should not be construed as a recommendation to purchase or sell any particular securities held in composite accounts. Market conditions can vary widely over time and can result in a loss
of portfolio value. Performance reflects the reinvestment of dividends and other earnings.
Year
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Total Return
Gross of Fees%
19.72
-4.08
13.70
23.47
7.91
-1.58
7.26
13.96
-1.70
23.23
Total Return
Net of Fees %
19.07
-4.59
13.18
22.91
7.43
-2.02
6.77
13.46
-2.17
22.64
Balanced Convertible Institutional Composite
ICE BofA All Convertible
Index %
16.79
-5.17
14.96
24.92
9.44
-2.99
10.43
13.70
0.15
23.15
Number of Portfolios
5
9
10
13
13
16
15
14
15
16
Dispersion%
0.15
0.07
0.10
0.13
0.27
0.34
0.16
0.10
0.08
ADVENT
CAPITAL MANAGEMENT, LLC
0.22
Total Composite Assets End
of Period ($MM)
Composite Characteristics:
1) Advent's Balanced Convertible Institutional Composite (Composite) consists of the following:
Inception of the Composite was October 1, 1995 and the creation of the Composite was October 1, 1995.
Periods presented represent only institutional accounts.
Accounts in the Composite invest in balanced convertible securities that seek to participate in 75-85% of the equity upside and only 50% of the downside.
As of 12/31/11, the 3-year ex-post standard deviation for the Composite was 13.03%. The ICE BofA All Convertible Index (VXA0) 3-year ex-post standard deviation was 12.84%.
As of 12/31/12, the 3-year ex-post standard deviation for the Composite was 11.49%. The ICE BofA All Convertible Index (VXAO) 3-year ex-post standard deviation was 10.86%.
As of 12/31/13, the 3-year ex-post standard deviation for the Composite was 9.87%. The ICE BofA All Convertible Index (VXAO) 3-year ex-post standard deviation was 9.67%.
As of 12/31/14, the 3-year ex-post standard deviation for the Composite was 7.76%. The ICE BofA All Convertible Index (VXAO) 3-year ex-post standard deviation was 7.68%.
As of 12/31/15, the 3-year ex-post standard deviation for the Composite was 8.40%. The ICE BofA All Convertible Index (VXAO) 3-year ex-post standard deviation was 8.26%.
As of 12/31/16, the 3-year ex-post standard deviation for the Composite was 8.85%. The ICE BofA All Convertible Index (VXAO) 3-year ex-post standard deviation was 8.81%.
As of 12/31/17, the 3-year ex-post standard deviation for the Composite was 7.92%. The ICE BofA All Convertible Index (VXAO) 3-year ex-post standard deviation was 7.84%.
322.2
485.4
963.7
1,472.0
1,614.9
1,630.6
1,581.4
1,615.4
1,647.1
1,221.5
Total Firm Assets
End of Period ($MM)
5,799.9
5,537.9
6,092.1
7,591.3
8,427.9
8,563.3
8,835.2
9,350.1
8,479.6
9,300.1View entire presentation