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ADVENT CAPITAL MANAGEMENT /DE/

888 SEVENTH AVENUE, 31ST FLOOR, NEW YORK, NY 10019 • 2124821600

Q4 2025 · Filed 2026-02-09
Market Value
$602M
-1.9%
Holdings
36
-14
New Purchases
10
Added To
7
Closed
13
Reduced
4
Top 10 Concentration
96.5%
Turnover
63.9%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
SOMN 7.58% 0.00% +7.58% $46M
APO-PA 16.02% 15.06% +0.96% $96M
NOC 0.66% 0.00% +0.66% $4M
ABBV 0.57% 0.00% +0.57% $3M
GM 0.54% 0.00% +0.54% $3M
CCL 0.51% 0.00% +0.51% $3M
PNC 0.49% 0.00% +0.49% $3M
BSX 0.48% 0.00% +0.48% $3M
AVGO 0.46% 0.27% +0.19% $3M
VRT 0.54% 0.37% +0.17% $3M
ZTS 0.12% 0.00% +0.12% $705K
UNIT 0.12% 0.00% +0.12% $701K
ETN 0.69% 0.61% +0.08% $4M
APLS 0.08% 0.00% +0.08% $452K
ACVT 4.40% 4.34% +0.06% $27M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
BAC-PL 32.73% 36.38% -3.65% $197M
WFC-PL 31.87% 35.17% -3.30% $192M
AMGN 0.00% 0.74% -0.74% $0
FANG 0.00% 0.70% -0.70% $0
AMZN 0.00% 0.64% -0.64% $0
SPOT 0.00% 0.57% -0.57% $0
BMY 0.00% 0.55% -0.55% $0
MDT 0.00% 0.54% -0.54% $0
DAL 0.00% 0.46% -0.46% $0
T 0.00% 0.46% -0.46% $0
CMI 0.00% 0.41% -0.41% $0
MGM 0.00% 0.40% -0.40% $0
DFDV 0.00% 0.12% -0.12% $0
HUBS 0.00% 0.08% -0.08% $0
BBAI 0.00% 0.04% -0.04% $0

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Financial Services 80.6%
Technology 6.2%
Industrials 4.9%
Consumer Cyclical 3.6%
Healthcare 2.5%

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 5 $395M 65.6%
Large Cap 22 $179M 29.7%
Mid Cap 3 $1M 0.2%
Small Cap 3 $347K 0.1%
Micro Cap 3 $27M 4.4%

Portfolio Analytics

Avg Market Cap
$213.9B
Median Market Cap
$63.0B
Avg P/E
37.3
Median P/E
26.3
Avg Dividend Yield
0.01%
Avg Beta
1.11
# Stocks
35
# ETFs / Funds
1

Top Holdings (36 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 BAC-PL 32.73% 157,311 $197M $1,252.13 -$26M -19,195 -10.9%
2 WFC-PL 31.87% 157,600 $192M $1,217.03 -$24M -17,446 -10.0%
3 APO-PA 16.02% 1,277,582 $96M $75.47 $4M -43,088 -3.3%
4 SOMN 7.58% 916,989 $46M $49.77 +916,989 NEW
5 ACVT 4.40% 990,250 $27M $26.76 -$129K +250 +0.0%
6 STRK 1.39% 105,738 $8M $79.07 -$166K +12,500 +13.4%
7 ETN 0.69% 13,000 $4M $318.51 $398K +3,000 +30.0%
8 NOC 0.66% 7,000 $4M $570.21 +7,000 NEW
9 ABBV 0.57% 15,000 $3M $228.49 +15,000 NEW
10 GM 0.54% 40,000 $3M $81.32 +40,000 NEW
11 VRT 0.54% 20,000 $3M $162.01 $977K +5,000 +33.3%
12 CCL 0.51% 100,000 $3M $30.54 +100,000 NEW
13 PNC 0.49% 14,000 $3M $208.73 +14,000 NEW
14 BSX 0.48% 30,000 $3M $95.35 +30,000 NEW
15 AVGO 0.46% 8,000 $3M $346.10 $1M +3,000 +60.0%
16 RCL 0.42% 9,000 $3M $278.92 $245K +2,000 +28.6%
17 BTSGU 0.28% 13,528 $2M $126.30 $163 -3,465 -20.4%
18 ZTS 0.12% 5,600 $705K $125.82 +5,600 NEW
19 UNIT 0.12% 100,000 $701K $7.01 +100,000 NEW
20 APLS 0.08% 18,000 $452K $25.12 +18,000 NEW
21 ESPR 0.06% 90,000 $333K $3.70 $121K +10,000 +12.5%
22 BBAI-WT —% 18,260 $29K $1.60 -$9K
23 AUROW —% 61,500 $14K $0.23 -$22K
24 BMY —% -$3M -75,000 -100.0% SOLD
25 BBAI —% -$261K -40,000 -100.0% SOLD
26 DFDV —% -$766K -50,000 -100.0% SOLD
27 SPOT —% -$3M -5,000 -100.0% SOLD
28 T —% -$3M -100,000 -100.0% SOLD
29 FANG —% -$4M -30,000 -100.0% SOLD
30 DAL —% -$3M -50,000 -100.0% SOLD
31 HUBS —% -$468K -1,000 -100.0% SOLD
32 AMZN —% -$4M -18,000 -100.0% SOLD
33 AMGN —% -$5M -16,000 -100.0% SOLD
34 CMI —% -$3M -6,000 -100.0% SOLD
35 MDT —% -$3M -35,000 -100.0% SOLD
36 MGM —% -$2M -70,000 -100.0% SOLD

Options Breakdown

30 Calls $646M Call Value 3 Puts $1M Put Value 0.0 P/C Ratio

Top Calls

SymbolSharesValueStatus
SPY 860,000 $586M NEW
CSCO 400,000 $31M NEW
HD 20,000 $7M NEW
NCLH 300,000 $7M NEW
ORCL 25,000 $5M NEW
AKAM 40,000 $3M NEW
BABA 15,000 $2M
SOFI 45,000 $1M
BTDR 105,000 $1M
MARA 100,000 $898K NEW

Top Puts

SymbolSharesValueStatus
RIOT 100,000 $1M NEW
SPY $0 SOLD
BTDR $0 SOLD

New Positions

SymbolValue% Port
SOMN $46M 7.58%
NOC $4M 0.66%
ABBV $3M 0.57%
GM $3M 0.54%
CCL $3M 0.51%
PNC $3M 0.49%
BSX $3M 0.48%
ZTS $705K 0.12%
UNIT $701K 0.12%
APLS $452K 0.08%

Sold Out Positions

SymbolValue% Port
T —%
BMY —%
HUBS —%
SPOT —%
MGM —%
BBAI —%
CMI —%
DAL —%
MDT —%
FANG —%
AMZN —%
DFDV —%
AMGN —%
View SEC EDGAR Filings for ADVENT CAPITAL MANAGEMENT /DE/ →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms