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Advent Capital Balanced Strategy Update

DISCLOSURES ADVENT CAPITAL MANAGEMENT, LLC IMPORTANT INFORMATION ABOUT THIS DOCUMENT: This document is approved for publication by Advent Capital Management, LLC (Advent) and Advent Capital Management UK Limited (Advent UK) and includes information about an Advent investment strategy and/or an Advent-managed separate account or collective investment vehicle (each, an account). Advent is registered with the U.S. Securities and Exchange Commission as an investment adviser. Advent UK is a wholly-owned subsidiary of Advent and is Authorized and Regulated by the UK Financial Conduct Authority. The information in this document is intended exclusively for current investors in an Advent investment strategy or account and is for informational purposes only and in particular may not be used in making any investment decision. This document is not, under any circumstances, intended for distribution to the general public. This document is confidential and may not be reproduced (in whole or in part) in any manner without the written permission of Advent. No investment advice, financial advice, tax advice, or legal advice is provided through this document, and no person is authorized to use this document for those purposes. Therefore, this document is not a recommendation to invest in any Advent investment strategy or buy or sell units or interests (interests) in an account. Any discussion or information herein relating to investment processes, portfolio characteristics or other matters relating to Advent or an Advent investment strategy or account is subject to change over time. Opinions and any forecasts of future events, returns or results expressed in this document reflect the opinion of Advent, are subject to change without notice, do not reflect actual investment results, are not guarantees of future events, returns or results and are not intended to provide financial planning, investment advice, legal advice or tax advice. Although this document, including any third party information, has been prepared using sources, models and data that Advent believes to be reasonably reliable, its accuracy, completeness or suitability cannot be guaranteed and should not be relied upon as such by any person. Neither Advent nor any of its affiliates is under any obligation to update or keep current the information contained in this document and any opinions expressed in this document are subject to change without notice. Any views contained herein are based on financial, economic, market and other conditions prevailing as of the date of this document. The information contained in this document does not purport to cover all matters that may be relevant for the purposes of considering whether or not to make any prospective investment. Prospective investors should conduct their own investigations in relation to the matters referred to in this document and are recommended to consult their own advisers in relation to such matters. No responsibility or liability is accepted by Advent or any of its officers, agents or advisors as to the accuracy, sufficiency or completeness of any of the information or opinions, or for any errors, omissions or misstatements, negligent or otherwise, contained in or excluded from this document (except to the extent that such liability arises out of fraud or fraudulent misrepresentation). DISTRIBUTION RESTRICTIONS: Information in this document must not be used in any jurisdiction where prohibited by law and must not be used in a way that would be contrary to local law or legislation. The information in this document does not constitute an offer to sell or a solicitation of an offer to buy an interest in an account or any other security that may be referenced herein. Persons receiving a copy of this document in any jurisdiction may not treat this document as constituting an offer, invitation or solicitation to them to subscribe for interests notwithstanding that, in the relevant jurisdiction, such an offer, invitation or solicitation could lawfully be made to them without compliance with any registration or other legal requirement. Any entity responsible for forwarding this material to other parties takes responsibility for ensuring compliance with applicable securities laws. It is the responsibility of any persons in possession of this document and persons wishing to apply for interests to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. Unless otherwise indicated, no regulator or government authority has reviewed this document or the merits of an Advent investment strategy or account. GENERAL RISK WARNINGS: Past performance does not guarantee, and is not a reliable indicator of, future results and the performance of an account may be substantially different. Current performance may be lower or higher than performance shown. The performance of an Advent investment strategy or account may be volatile, and an investor could lose all or a substantial portion of any investment made in an Advent investment strategy or account. No representation is given that an Advent investment strategy or account is suitable for any particular investor. Market conditions can fluctuate and vary widely over time and can result in a loss of portfolio value. It should not be assumed that results for historic portfolio investments or investment strategies will be achieved for other investments in the future. No guarantee or representation is made that any Advent investment strategy or account will achieve its investment objective or have positive returns. Investments may be in a variety of currencies and therefore changes in rates of exchange between currencies may cause the value of investments to decrease or increase. Furthermore, the value of investments may be adversely affected by fluctuations in exchange rates between the investor's reference currency and the base currency of the investments. Investments in derivative investments carry certain inherent risks such as the risk of counterparty default and before investing you should ensure you fully understand these risks. Use of leverage may also magnify losses as well as gains. 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. The returns of a client investment in any investment strategy will be reduced by the advisory fees and any other expenses it may incur in the management of its account. Advisory fees have a compounded effect in reducing account performance over time. Investing in financial markets involves a substantial degree of risk and there can be no guarantee that the investment objectives of an Advent investment strategy or account will be achieved. Investment losses may occur, and investors could lose some or all of their investment. This document may contain certain forward- looking statements. In some cases forward looking statements can be identified by the use of terms such as "believes", "estimates", "anticipates", "projects", "expects", "intends", "may", "will", "seeks" or "should" or variations thereof, or by discussions of strategy, plans, objectives, goals, future events or intentions. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Actual outcomes and results may differ materially from any outcomes or results expressed or implied by such forward-thinking statements. The success or achievement of various results, targets and objectives is dependent upon a multitude of factors, many of which are beyond the control of Advent. No representations are made as to the accuracy of such estimates or projections or that such estimates or projections will be realized. Actual events or conditions are unlikely to be consistent with, and may differ materially from, those assumed. Hypothetical performance or results do not reflect actual investment results, are not guarantees of future events, performance or results and are not intended to provide financial planning or investment advice. Actual future events, returns and results may vary completely and adversely from prior opinions and forecasts concerning such events, returns and results. Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results. REFERENCED INDEXES: Any index referred to herein is the intellectual property (including registered trademarks) of the applicable licensor. Any product based on an index is in no way sponsored, endorsed, sold or promoted by the applicable licensor and it shall not have any liability with respect thereto. All information contained herein is proprietary and is protected under copyright law.
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