ADVENT CAPITAL MANAGEMENT /DE/ Q3 2025 Filing

Filed November 13, 2025

Portfolio Value

$4.6T

Holdings

219

Report Date

Q3 2025

Filing Type

13F-HR

All Holdings (219 positions)

#	Stock	Shares	Value	% Portfolio	Type
1	BAC 7.25 PERP LBANK OF AMERICA CORP	176,506	$223.3B	4.87%
2	WFC 7.5 PERP LWELLS FARGO & COMPANY	175,046	$215.8B	4.70%
3	UBER 0.875 12/01/28 2028UBER TECHNOLOGIES INC	125,451,000	$184.7B	4.03%
4	VTR 3.75 06/01/26VENTAS REALTY LP	102,867,000	$133.1B	2.90%
5	GPN 1.5 03/01/31GLOBAL PAYMENTS INC	140,503,000	$128.9B	2.81%
6	MTH 1.75 05/15/28MERITAGE HOMES CORP	111,695,000	$114.9B	2.50%
7	NEE 7.299 06/01/27NEXTERA ENERGY INC	2,119,534	$105.4B	2.30%
8	SPYSPDR S&P 500 ETF Trust	158,000	$105.3B	2.29%	Put
9	DUK 4.125 04/15/26DUKE ENERGY CORP	93,911,000	$100.9B	2.20%
10	APO 6.75 07/31/26APOLLO GLOBAL MANAGEMENT	1,320,670	$92.4B	2.01%
11	KKR 6.25 03/01/28 DKKR & CO INC	1,771,241	$92.1B	2.01%
12	PPL 2.875 03/15/28PPL CAPITAL FUNDING INC	77,086,000	$88.1B	1.92%
13	CMS 3.375 05/01/28CMS ENERGY CORP	77,733,000	$85.3B	1.86%
14	NEENEXTERA ENERGY CAPITAL	58,205,000	$68.9B	1.50%
15	EXPE 0 02/15/26EXPEDIA GROUP INC	66,705,000	$67.3B	1.47%
16	PRGS 3.5 03/01/30PROGRESS SOFTWARE CORP	64,630,000	$65.2B	1.42%
17	DKNG 0 03/15/28DRAFTKINGS HOLDINGS INC	66,630,000	$60.0B	1.31%
18	FOUR 0.5 08/01/27SHIFT4 PAYMENTS INC	60,160,000	$59.4B	1.29%
19	CNP 4.25 08/15/26CENTERPOINT ENERGY INC	52,075,000	$57.9B	1.26%
20	BA 6 10/15/27BOEING CO/THE	819,770	$56.4B	1.23%
21	BOX 1.5 09/15/29BOX INC	54,865,000	$55.3B	1.20%
22	LNTH 2.625 12/15/27LANTHEUS HOLDINGS INC	52,317,000	$55.2B	1.20%
23	TTEK 2.25 08/15/28TETRA TECH INC	44,874,000	$48.6B	1.06%
24	SO 4.5 06/15/27SOUTHERN CO	43,579,000	$48.5B	1.06%
25	FIVN 1 03/15/29FIVE9 INC	50,345,000	$44.7B	0.97%
26	PCG 4.25 12/01/27PG&E CORP	44,036,000	$44.6B	0.97%
27	ARES 6.75 10/01/27 BARES MANAGEMENT CORP	837,300	$41.9B	0.91%
28	VAC 3.25 12/15/27MARRIOTT VACATION WORLDW	42,987,000	$41.1B	0.90%
29	WK 1.25 08/15/28WORKIVA INC	41,072,000	$40.6B	0.89%
30	TYL 0.25 03/15/26TYLER TECHNOLOGIES INC	36,753,000	$40.4B	0.88%
31	PSN 2.625 03/01/29PARSONS CORP	35,335,000	$40.4B	0.88%
32	AKAM 1.125 02/15/29AKAMAI TECHNOLOGIES INC	42,466,000	$39.9B	0.87%
33	COIN 0.5 06/01/26COINBASE GLOBAL INC	35,554,000	$39.6B	0.86%
34	ABNB 0 03/15/26AIRBNB INC	40,318,000	$39.5B	0.86%
35	QTWO 0.75 06/01/26Q2 HOLDINGS INC	37,913,000	$39.4B	0.86%
36	PENN 2.75 05/15/26PENN ENTERTAINMENT INC	37,846,000	$39.2B	0.85%
37	CFLT 0 01/15/27CONFLUENT INC	41,107,000	$38.8B	0.85%
38	SNOW 0 10/01/29SNOWFLAKE INC	24,532,000	$38.5B	0.84%
39	SMCI 3.5 03/01/29SUPER MICRO COMPUTER INC	35,806,000	$36.6B	0.80%
40	SNAP 0.5 05/01/30SNAP INC	41,661,000	$35.8B	0.78%
41	BABA 0.5 06/01/31ALIBABA GROUP HOLDING	19,467,000	$35.8B	0.78%
42	RIVN 3.625 10/15/30RIVIAN AUTO INC	38,682,000	$35.7B	0.78%
43	DXCM 0.375 05/15/28DEXCOM INC	38,026,000	$34.7B	0.76%
44	ON 0.5 03/01/29ON SEMICONDUCTOR CORP	36,189,000	$33.5B	0.73%
45	MCHP 7.5 03/15/28MICROCHIP TECHNOLOGY INC	549,710	$32.4B	0.71%
46	UPWK 0.25 08/15/26UPWORK INC	32,174,000	$31.2B	0.68%
47	VERX 0.75 05/01/29VERTEX INC	30,556,000	$31.2B	0.68%
48	BRKR 6.375 09/01/28BRUKER CORP	112,520	$30.6B	0.67%
49	ITRI 0 03/15/26ITRON INC	28,553,000	$30.2B	0.66%
50	PMT 8.5 06/01/29PENNYMAC CORP	28,548,000	$29.5B	0.64%
51	NOG 3.625 04/15/29NORTHERN OIL & GAS INC	29,298,000	$29.5B	0.64%
52	VSH 2.25 09/15/30VISHAY INTERTECHNOLOGY	31,888,000	$29.1B	0.63%
53	RGEN 1 12/15/28REPLIGEN CORP	28,133,000	$28.4B	0.62%
54	F 0 03/15/26FORD MOTOR COMPANY	27,488,000	$27.9B	0.61%
55	HAE 2.5 06/01/29HAEMONETICS CORP	29,423,000	$27.3B	0.59%
56	XYZ 0.25 11/01/27BLOCK INC	29,674,000	$27.1B	0.59%
57	ACVTAdvent Convertible Bond ETF	990,000	$26.6B	0.58%
58	FOUR 6 05/01/28SHIFT4 PAYMENTS INC	284,030	$26.5B	0.58%
59	BSY 0.125 01/15/26BENTLEY SYSTEMS INC	26,021,000	$25.7B	0.56%
60	SHAK 0 03/01/28SHAKE SHACK INC	26,357,000	$25.1B	0.55%
61	ETSY 0.125 09/01/27ETSY INC	26,781,000	$24.7B	0.54%
62	WEC 4.375 06/01/29WEC ENERGY GROUP INC	19,948,000	$24.5B	0.53%
63	EVH 3.5 12/01/29EVOLENT HEALTH INC	30,062,000	$24.2B	0.53%
64	TVTX 2.25 03/01/29TRAVERE THERAPEUTICS INC	20,182,000	$22.9B	0.50%
65	TCOM 0.75 06/15/29TRIP.COM GROUP LTD	17,409,000	$22.3B	0.49%
66	JAZZ 3.125 09/15/30JAZZ INVESTMENTS I LTD	18,532,000	$22.0B	0.48%
67	ENPH 0 03/01/28ENPHASE ENERGY INC	25,263,000	$21.9B	0.48%
68	TDOC 1.25 06/01/27TELADOC HEALTH INC	23,197,000	$21.8B	0.47%
69	ENOV 3.875 10/15/28ENOVIS CORP	21,906,000	$21.6B	0.47%
70	BBIO 2.25 02/01/29BRIDGEBIO PHARMA INC	21,691,000	$21.4B	0.47%
71	WGO 3.25 01/15/30WINNEBAGO INDUSTRIES	23,407,000	$21.0B	0.46%
72	JAZZ 2 06/15/26JAZZ INVESTMENTS I LTD	17,886,000	$19.1B	0.42%
73	UBER 0 12/15/25UBER TECHNOLOGIES INC	15,340,000	$18.7B	0.41%
74	HPE 7.625 09/01/27HP ENTERPRISE CO	270,147	$18.3B	0.40%
75	FLR 1.125 08/15/29FLUOR CORP	15,374,000	$18.3B	0.40%
76	PCG 6 12/01/27 APG&E CORP	437,794	$17.2B	0.37%
77	SHOPCN 0.125 11/01/25SHOPIFY INC	16,204,000	$17.1B	0.37%
78	ALRM 2.25 06/01/29ALARM.COM HLDGS INC	17,578,000	$16.9B	0.37%
79	AVAV 0 07/15/30AEROVIRONMENT INC	12,625,000	$15.7B	0.34%
80	TNDM 1.5 03/15/29 2024TANDEM DIABETES CARE INC	17,302,000	$15.2B	0.33%
81	NEO 0.25 01/15/28NEOGENOMICS INC	17,401,000	$15.1B	0.33%
82	CSWC 5.125 11/15/29CAPITAL SOUTHWEST CORP	15,086,000	$14.9B	0.33%
83	ARRY 1 12/01/28ARRAY TECHNOLOGIES INC	16,844,000	$14.6B	0.32%
84	EVH 4.5 08/15/31EVOLENT HEALTH INC	14,361,000	$14.4B	0.31%
85	MCHP 0.75 06/01/30MICROCHIP TECHNOLOGY INC	14,800,000	$14.4B	0.31%
86	ON 0 05/01/27ON SEMICONDUCTOR CORP	11,697,000	$13.3B	0.29%
87	PD 1.5 10/15/28 *PAGERDUTY INC.	13,453,000	$13.2B	0.29%
88	IONS 1.75 06/15/28IONIS PHARMACEUTICALS IN	9,250,000	$12.8B	0.28%
89	WK 1.125 08/15/26WORKIVA INC	10,743,000	$12.8B	0.28%
90	TXNM 5.75 06/01/54TXNM ENERGY INC	9,634,000	$12.6B	0.27%
91	LNT 3.875 03/15/26ALLIANT ENERGY CORP	11,380,000	$12.3B	0.27%
92	HALO 1 08/15/28HALOZYME THERAPEUTICS IN	8,395,000	$11.8B	0.26%
93	SEI 4.75 05/01/30SOLARIS ENERGY INFRASTRU	6,580,000	$11.8B	0.26%
94	CABO 0 03/15/26CABLE ONE INC	11,925,000	$11.6B	0.25%
95	SSRMCN 2.5 04/01/39SSR MINING INC	8,058,000	$11.4B	0.25%
96	JD 0.25 06/01/29JD.COM INC	9,815,000	$10.6B	0.23%
97	NMFC 7.5 10/15/25NEW MOUNTAIN FINANCE COR	10,547,000	$10.6B	0.23%
98	AWK 3.625 06/15/26AMERICAN WATER CAPITAL C	10,425,000	$10.5B	0.23%
99	NCLH 1.125 02/15/27NCL CORPORATION LTD	10,034,000	$10.3B	0.22%
100	FRPT 3 04/01/28FRESHPET INC	8,664,000	$9.8B	0.21%

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