ADVENT CAPITAL MANAGEMENT /DE/

Somewhere in the middle of this reporting period, Advent Capital Management's largest position — the SPDR S&P 500 ETF — went from 860,000 shares to 342,500, a real 60.2% reduction and a $336.6 million outflow, by far the largest single move anywhere in the fund's $3.63 billion, 215-position book. Zoom out and that cut sits inside a much broader shrinkage: total assets fell 27.1% this quarter, with real reductions across convertible bond positions in Duke Energy (-60.0%), Live Nation (-62.0%), Meritage Homes (-49.7%), and NextEra Energy Capital (-46.0%). But the fund kept buying selectively even as it shrank — Datadog's convertible more than doubled (+110.4%, a real $40.1 million purchase), and ten new convertible positions joined, including AeroVironment ($56.2 million) and a fresh Wells Fargo preferred exit was replaced by other capital-structure bets.