Advent Capital Balanced Strategy Update

BALANCED STRATEGY Convertible Price Dynamics Bond Price Protects like a bond Convertible Price Sell candidate - too bond-like not enough equity upside Conversion Value Positive Asymmetry The Balanced Strategy tends to invest within this range ADVENT CAPITAL MANAGEMENT, LLC Appreciation potential of a stock Conversion Premium Bond Value Sell candidate - too stock-like, not enough downside protection Stock Price 10

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