Advent is a Delaware limited liability company that was founded on June 29, 1995, as a
division of Utendahl Capital Management L.P. Advent became independent on April 17, 2001,
and registered with the SEC as an investment adviser on May 14, 2001. As of December 31,
2023, Advent managed approximately $8.65 billion in regulatory assets under management, all
on a discretionary basis. Advent was founded by its President and Chief Investment Officer,
Tracy V. Maitland, who remains the principal owner. Advent is a firm that values diversity, with
more than 50% of the firm comprised of diverse employees.
Advent invests primarily in convertible bonds, but its focus on capital structure research
enables it to implement investment strategies that incorporate equities, preferred stock, high yield
securities, corporate bonds, secured debt, collateralized loan obligations (“CLOs”) and other
investments. Advent’s proficiency in investing across the entire capital structure is driven by the
strength of its proprietary fundamental, bottom-up credit and equity research.
Advent manages investment advisory accounts for clients that include high net worth
individuals, individuals other than high net worth individuals, banking and thrift institutions,
registered investment companies, pooled investment vehicles other than registered investment
companies (“Private Funds”), pension and profit sharing plans, endowments, charitable
organizations, state and municipal government entities (including government pension plans),
insurance companies, sovereign wealth funds and foreign official institutions, other corporations
and businesses, non-U.S. entities such as UCITS and SICAVs, and other U.S. and non-U.S.
investors (each a “Client” and collectively the “Clients”). Advent’s investment advisory
arrangements are further described in Item 7 of this Brochure. Advent will typically exercise
investment discretion over Client accounts, including the type and amount of securities and other
financial instruments purchased and sold for the Client. Advent’s investment advisory services
are tailored to the individual needs of each Client as expressed in the written investment
objectives, policies, limitations, risk constraints and other portfolio management guidelines
(collectively, “investment guidelines”) that apply under the Client’s investment management
agreement with Advent. Private Funds are not tailored to meet the individualized investment
needs of any particular investor. An investment in a Private Fund does not create a client-adviser
relationship between Advent and an underlying investor. Advent may invest Client assets in any
type of company (each,
a “Portfolio Company”) or other issuer and in any combination of the
following (and other) types of investments on a long or short basis in accordance with applicable
investment guidelines: U.S. and non-U.S. securities; convertible securities; high yield and other
debt securities; common stock; preferred stock; warrants; bank loans and loan participations;
equity options; swaps; futures contracts and options on futures contracts; other derivatives;
when-issued, delayed-delivery and forward-commitment transactions; restricted, illiquid and
other private securities, CLOs; and special opportunity investments. Clients may impose
restrictions on the types of instruments, as well as specific companies, in which their assets will
be invested by Advent, and whether leverage should be employed. Advent is a UNPRI signatory
and has a dedicated Environmental, Social and Governance (“ESG”) Committee that meets on a
regular basis to further the firm’s commitment to ESG considerations. The ESG Committee
works in conjunction with Advent’s research, trading and portfolio management personnel
(collectively, the “Investment Team”) to implement the firm’s ESG philosophy into the
investment process. As a responsible investor, Advent is not prohibited from investing in any
specific sector or company unless a Client elects to incorporate specific ESG limitations in their
investment guidelines. However, as fundamental research is at Advent’s core, Advent applies an
objective set of criteria to evaluate the merits and efficacy of all investment strategies, including
detailed credit analysis, which incorporates certain ESG criteria.
Advent also acts as a subadviser in wrap fee programs. Advent’s portion of the fees paid
by wrap program participants is negotiated between Advent and the sponsor of the wrap fee
program and is paid to Advent directly by the sponsor. Advent will seek best execution of all
fixed income securities transactions for wrap accounts using the same price discovery process it
uses when transacting fixed income securities for other Clients. In some cases, however, wrap
program sponsors prohibit Advent from executing transactions with the sponsor or its affiliates.
Wrap program accounts may trade less frequently than Advent’s other Client accounts and
therefore may not participate in certain aggregated orders in which other Advent Clients
participate. This may result in wrap program transactions being executed at different prices and
in different amounts than aggregated orders transacted for other Advent Clients.
Advent manages long-only and alternative investment strategies. These strategies are
described in Item 8 of this Brochure.