ADVENT CAPITAL MANAGEMENT /DE/
Long book
$878.8M
Q1 2026
Positions
52
Top-10 weight
79%
concentration
Last quarter
+10.3%
SPY +14.8%
Turnover
51%
of book per quarter
Strategy in plain words
auto-generated from filingsADVENT CAPITAL MANAGEMENT /DE/ is a concentrated fundamental stock-picker, running a $878.8M US long book across 52 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: BANK OF AMERICA CORP, NEXTERA ENERGY INC, KKR & CO INC, APOLLO GLOBAL MANAGEMENT, SOUTHERN CO.
Over the last 9 quarters its long book ran on average 1.3pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+1.8%
Q2 2024
+9.5%
Q3 2024
+3.8%
Q4 2024
-5.9%
Q1 2025
+9.3%
Q2 2025
+1.5%
Q3 2025
+4.7%
Q4 2025
-6.2%
Q1 2026
+10.3%
Sector allocation
Other 43%
Utilities 22%
Financials 15%
Technology 8%
Healthcare 3%
Consumer discretionary 3%
Industrials 3%
Services media 2%
Long book by quarter
What does ADVENT CAPITAL own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| BAC 7.25 PERP L BANK OF AMERICA CORP | — | 149.2K | $178.0M | 20.3% | -5.2% |
| NEE NEXTERA ENERGY INC | Utilities | 1.9M | $109.5M | 12.5% | -2.6% |
| KKR KKR & CO INC | Financials | 2.0M | $82.5M | 9.4% | +2.4% |
| APO 6.75 07/31/26 APOLLO GLOBAL MANAGEMENT | — | 1.3M | $76.7M | 8.7% | +2.0% |
| SO SOUTHERN CO | Utilities | 1.1M | $58.1M | 6.6% | +22.3% |
| BA 6 10/15/27 BOEING CO/THE | — | 867.2K | $56.4M | 6.4% | +2.1% |
| MCHP MICROCHIP TECHNOLOGY INC | Technology | 760.7K | $43.5M | 4.9% | +43.5% |
| ARES ARES MANAGEMENT CORP | Financials | 933.1K | $34.7M | 4.0% | +1.4% |
| HPE 7.625 09/01/27 HP ENTERPRISE CO | — | 375.6K | $24.4M | 2.8% | -28.8% |
| BRKR BRUKER CORP | Healthcare | 71.1K | $20.6M | 2.3% | -18.0% |
| QXO QXO INC | Consumer discretionary | 367.5K | $20.5M | 2.3% | +38.5% |
| PCG PG&E CORP | Utilities | 470.4K | $20.3M | 2.3% | +0.8% |
| WFC 7.5 PERP L WELLS FARGO & COMPANY | — | 148.2K | $17.2M | 2.0% | -6.0% |
| NOVT NOVANTA INC | Technology | 287.6K | $15.4M | 1.8% | -50.6% |
| FOUR SHIFT4 PAYMENTS INC | Services media | 247.2K | $13.2M | 1.5% | -23.6% |
| MSTR 8 PERP STRATEGY INC | — | 97.8K | $7.0M | 0.8% | -7.5% |
| ALB ALBEMARLE CORP | Materials | 81.3K | $5.8M | 0.7% | +4.6% |
| BTSG 6.75 02/01/27 BRIGHTSPRING HEALTH SERV | — | 26.3K | $3.8M | 0.4% | +94.5% |
| GM GENERAL MOTORS CO | Industrials | 50.0K | $3.7M | 0.4% | +25.0% |
| UAL UNITED AIRLINES HOLDINGS INC | Industrials | 40.0K | $3.7M | 0.4% | New |
| NOW SERVICENOW INC | Technology | 35.0K | $3.7M | 0.4% | New |
| ETN EATON CORP PLC | Industrials | 10.0K | $3.6M | 0.4% | -23.1% |
| SPOT SPOTIFY TECHNOLOGY SA | Communications | 7.0K | $3.4M | 0.4% | New |
| AMZN AMAZON.COM INC | Consumer discretionary | 16.0K | $3.3M | 0.4% | New |
| ABBV ABBVIE INC | Healthcare | 15.0K | $3.3M | 0.4% | Held |
| CCL CARNIVAL CORP LTD | Industrials | 125.0K | $3.2M | 0.4% | +25.0% |
| CRWD CROWDSTRIKE HOLDINGS INC - A | Technology | 8.0K | $3.1M | 0.4% | New |
| MS MORGAN STANLEY | Financials | 18.0K | $3.0M | 0.3% | New |
| IBM INTL BUSINESS MACHINES CORP | Technology | 12.0K | $2.9M | 0.3% | New |
| GOOG ALPHABET INC-CL C | Technology | 10.0K | $2.9M | 0.3% | New |
| GE GENERAL ELECTRIC | Industrials | 10.0K | $2.8M | 0.3% | New |
| C CITIGROUP INC | Financials | 25.0K | $2.8M | 0.3% | New |
| GLW CORNING INC | Industrials | 20.0K | $2.7M | 0.3% | New |
| COMP COMPASS INC - CLASS A | Real estate | 341.7K | $2.5M | 0.3% | New |
| MTB M & T BANK CORP | Financials | 12.0K | $2.5M | 0.3% | New |
| STXN SEAGATE TECHNOLOGY HOLDINGS | — | 6.0K | $2.4M | 0.3% | New |
| CPA COPA HOLDINGS SA-CLASS A | Industrials | 19.0K | $2.2M | 0.2% | New |
| BE BLOOM ENERGY CORP- A | Industrials | 15.0K | $2.0M | 0.2% | New |
| CIFR CIPHER DIGITAL INC | Financials | 150.0K | $1.9M | 0.2% | New |
| AAPL APPLE INC | Technology | 3.0K | $761K | 0.1% | New |
| FTAI FTAI AVIATION LTD | Services media | 940 | $230K | 0.0% | New |
| QGEN QIAGEN N.V. | Healthcare | 3.9K | $156K | 0.0% | New |
| W WAYFAIR INC- CLASS A | Consumer discretionary | 2.1K | $156K | 0.0% | New |
| ESPR ESPERION THERAPEUTICS INC | Healthcare | 50.0K | $137K | 0.0% | -44.4% |
| BBAI BIGBEAR.AI HOLDINGS INC | Technology | 20.0K | $70K | 0.0% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 7, 2026 | 215 | $3.63B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 9, 2026 | 228 | $4.98B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 13, 2025 | 227 | $4.59B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 237 | $4.70B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 12, 2025 | 214 | $4.56B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 209 | $4.33B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 227 | $4.11B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 13, 2024 | 198 | $4.17B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 187 | $3.93B | canonical | SEC ↗ |
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