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AVK

Advent Convertible and Income Fund
AVK

54 hedge funds and large institutions have $101M invested in Advent Convertible and Income Fund in 2017 Q3 according to their latest regulatory filings, with 6 funds opening new positions, 12 increasing their positions, 26 reducing their positions, and 9 closing their positions.

New
Increased
Maintained
Reduced
Closed

5% less funds holding

Funds holding: 57 → 54 (-3)

13.5% less ownership

Funds ownership: 40.65% → 27.14% (-14%)

33% less capital invested

Capital invested by funds: $151M → $101M (-$49.8M)

33% less first-time investments, than exits

New positions opened: 6 | Existing positions closed: 9

54% less repeat investments, than reductions

Existing positions increased: 12 | Existing positions reduced: 26

100% less funds holding in top 10

Funds holding in top 10: 2 → 0 (-2)

Holders
54
Holders Change
-3
Holders Change %
-5.26%
% of All Funds
1.35%
Holding in Top 10
–
Holding in Top 10 Change
-2
Holding in Top 10 Change %
-100%
% of All Funds
–
New
6
Increased
12
Reduced
26
Closed
9
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
LCM
Laurion Capital Management
New York
+$2.5M
2
SFS
Shaker Financial Services
Virginia
+$1.04M
3
EDRIA
Edmonds Duncan Registered Investment Advisors
Kansas
+$502K
4
Invesco
Invesco
Georgia
+$478K
5
DA
Doliver Advisors
Texas
+$332K

Top Sellers

Rank Fund Capital Flow
1
SCM
Saba Capital Management
New York
-$25.2M
2
RCM
Rivernorth Capital Management
Florida
-$8.92M
3
EVM
Eaton Vance Management
Massachusetts
-$4.3M
4
OA
Oxbow Advisors
Texas
-$4.15M
5
SIA
Sit Investment Associates
Minnesota
-$2.71M
Name Holding Trade Value Shares
Change 		Change in
Stake
CIA
26
Capital Investment Advisors
Georgia
$372K -$215K -13,654 -37%
Baird Financial Group
27
Baird Financial Group
Wisconsin
$370K – – –
LTFS
28
Ladenburg Thalmann Financial Services
Florida
$319K -$9.56K -606 -3%
NFG
29
Nations Financial Group
Iowa
$309K – – –
Millennium Management
30
Millennium Management
New York
$271K +$108K +6,874 +67%
WAM
31
Wolverine Asset Management
Illinois
$267K +$267K +16,958 New
CAN
32
Cetera Advisor Networks
California
$211K -$69.1K -4,382 -25%
Citadel Advisors
33
Citadel Advisors
Florida
$183K +$183K +11,601 New
ASN
34
Advisory Services Network
Georgia
$141K -$41.4K -2,624 -23%
Royal Bank of Canada
35
Royal Bank of Canada
Ontario, Canada
$138K +$1.64K +104 +1%
AG
36
Advisor Group
Arizona
$100K -$54.2K -3,438 -35%
PNC Financial Services Group
37
PNC Financial Services Group
Pennsylvania
$88K -$47 -3 -0.1%
Northwestern Mutual Wealth Management
38
Northwestern Mutual Wealth Management
Wisconsin
$73K -$4.35K -276 -6%
TDC
39
Thompson Davis & Co
Virginia
$55K -$37K -2,344 -40%
IA
40
IFP Advisors
Florida
$45K -$2.62K -166 -6%
ZB
41
Zions Bancorporation
Utah
$33K – – –
NSIM
42
North Star Investment Management
Illinois
$28K +$568 +36 +2%
Bank of Montreal
43
Bank of Montreal
Ontario, Canada
$24K – – –
CPIG
44
Chicago Partners Investment Group
Illinois
$20K +$20.3K +1,284 New
FANJ
45
Financial Architects (New Jersey)
New Jersey
$18K – – –
AWM
46
Avior Wealth Management
Nebraska
$13K -$8.79K -557 -40%
IWM
47
IHT Wealth Management
Illinois
$10K +$205 +13 +2%
AIM
48
Anchor Investment Management
South Carolina
$8.1K – – –
Thrivent Financial for Lutherans
49
Thrivent Financial for Lutherans
Minnesota
$6K -$3.9K -247 -40%
BC
50
Bartlett & Co
Ohio
$6K – – –
1
2
3

AVK Hedge Fund Activity: Q3 2017 in Review

54 of the 4,011 institutional investors tracked by Wall St. Rank reported a position in Advent Convertible and Income Fund (AVK) for Q3 2017, worth a combined $101M — down 33% from $151M a quarter earlier.

Sellers outnumbered buyers: 9 funds closed out of AVK and 6 opened new positions — a net loss of 3 holders — while 26 trimmed existing stakes and 12 added.

The largest buyer was Laurion Capital Management, opening a new position worth an estimated $2.5M. The largest seller was Saba Capital Management, cutting an estimated $25.2M.

  • 54 institutional investors held Advent Convertible and Income Fund (AVK) as of Q3 2017, down from 57 in Q2 2017.
  • Funds reported $101M of Advent Convertible and Income Fund stock for Q3 2017, down 33% quarter-over-quarter.
  • 6 funds opened new Advent Convertible and Income Fund positions in Q3 2017 and 9 closed out, a net change of -3 holders.
  • The largest Advent Convertible and Income Fund buyer in Q3 2017 was Laurion Capital Management, an estimated $2.5M added.
  • The largest Advent Convertible and Income Fund seller in Q3 2017 was Saba Capital Management, an estimated $25.2M sold.

Based on aggregated 13F filings for Q3 2017.