Advent Capital Balanced Strategy Update
DISCLOSURES
As of 12/31/18, the 3-year ex-post standard deviation for the Composite was 8.26%. The ICE BofA All Convertible Index (VXAO) 3-year ex-post standard deviation was 8.17%.
As of 12/31/19, the 3-year ex-post standard deviation for the Composite was 8.97%. The ICE BofA All Convertible Index (VXAO) 3-year ex-post standard deviation was 8.28%.
2) The following is the criteria for inclusion in the Advent Balanced Convertible Institutional Composite:
Through 3/31/11, all accounts must have had an initial account value of at least $5,000,000. As of 04/01/11, all accounts must have an initial account value of at least $3,000,000.
The Composite will be composed of all accounts that meet the criteria to invest in Rule 144A securities. Advent changed its composite criteria to Rule 144A eligible accounts in July of 1997. The decision was made to assure the
Composite was more representative of the overall convertible market.
The current Composite does not include non-QIB accounts due to their inability to invest in Rule 144A securities.
3) The following pertains to performance results:
ADVENT
CAPITAL MANAGEMENT, LLC
All performance is presented in U.S. Dollars.
Returns are presented both gross of fees and net of actual management fees paid by the Advent accounts but not expenses paid by the clients. The Balanced Convertible Strategy advertised fee schedule is 0.80% on the first 25
million, 0.65% on the next 25 million, 0.55% on the next 50 million, and 0.50% on over 100 million. The management fees are described in Part 2 Advent's Form ADV. 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 necessarily indicative of future results.
4) Benchmark Information:
The Composite is benchmarked to the ICE BofA All Convertible Index.
The ICE BofA All Convertible Index is comprised of U.S. Convertible Securities and is a rule-driven index with a goal to create an unbiased proxy for the broad U.S. convertible market.
Benchmark returns are not covered by the report of the independent verifiers.
Calculation Methodology:
The dispersion measure is the asset-weighted standard deviation for accounts in the composite for the entire year.View entire presentation