ACVT in your portfolio
Why ACVT?
ACVT uses convertible securities to bridge the gap between traditional fixed income and equities, seeking income, growth, and a more balanced approach to risk.
Income + Growth
Income with capital appreciation potential.
Lower Equity Sensitivity
Equity participation with less equity risk.
Downside Resilience
Designed to provide a more defensive profile.
Beyond Traditional Bonds
Bond characteristics with equity-like upside potential.
Overview
Investment Objective
Income. Growth Potential. A More Defensive Approach to Convertibles.
ACVT is designed to deliver total return through a combination of income and capital appreciation. The fund focuses on lower delta convertible securities, convertibles that generally have less sensitivity to stock market movements. These securities can offer an attractive middle ground: the income and bond characteristics of fixed income, with the potential to participate in the upside of the underlying issuer’s stock.
By emphasizing convertibles with greater bond characteristics, ACVT is designed as an enhanced fixed-income solution for investors seeking income and growth potential with a more defensive profile. The strategy can complement traditional fixed income by providing a differentiated way to seek total return while maintaining an emphasis on the defensive characteristics of the underlying bonds.
Investment Philosophy
Defensive, Credit-First Approach
ACVT follows a defensive investment strategy rooted in bottom-up fundamental analysis. The portfolio focuses on identifying securities with the potential for positive asymmetry, those that may offer limited downside relative to the broader convertible market while maintaining the ability to participate in the underlying equity upside.
Growth & Income with a Value Bias
ACVT utilizes a growth and income strategy with a distinct value orientation. The fund targets securities from companies and sectors that are temporarily out of favor, where both equity and bond valuations appear attractive. The objective is to capitalize on mispriced opportunities with strong recovery potential.
Where ACVT Can Work in Your Portfolio
Looking for more from your bonds?
ACVT can be a return seeking alternative to traditional bonds.
Rather than relying primarily on interest income, ACVT invests in lower delta convertible securities designed to provide the combination of income and the potential for capital appreciation with less equity sensitivity than traditional convertibles.
Think of it as fixed income with another gear.
Want to mitigate risk in part of your equity portfolio?
ACVT can provide access to equity-like upside with a built-in bond component.
Its lower equity sensitivity can help reduce the impact of market declines while still participating when stocks rise. That makes ACVT a potential “middle ground” between stocks and bonds designed to capture more of the upside than traditional fixed income, while seeking to provide a more defensive risk profile than equities.
One strategy. Two potential roles: Whether you’re looking to enhance your fixed income allocation or mitigate risk off the equity side of your portfolio, ACVT offers a differentiated way to pursue income and capital appreciation while seeking to limit downside risk.
| Traditional Bonds | ACVT | Equities | |
|---|---|---|---|
| Income | ✓ | ✓ | — |
| Capital appreciation | Limited | ✓ | ✓ |
| Equity sensitivity | Lowest | Low | High |
| Downside resilience | ✓ | ✓ | — |
Illustrative only. There can be no guarantee the Fund will provide downside resilience, capital appreciation, or income. Investing involves risk, including possible loss of principal.
Why Advent?
Dedicated Credit Specialists that have been a market leader in the convertible asset class since 1995
Credit Driven Research Process from one of the largest teams of investment professionals dedicated to the convertible asset class
One of the largest investment platforms in the world that emphasizes convertibles as an asset class
Convertible Security Dynamics
What is a Convertible Security?
A convertible security is a type of investment that combines features of both a bond and a stock.
Like a traditional bond, a convertible security can provide income and the potential for downside support through its underlying debt characteristics. But unlike a traditional bond, it also gives the investor the right to convert the security into a predetermined number of shares of the company’s stock.
This creates a potentially attractive combination: if the company’s stock rises, the convertible can participate in some of that upside. If the stock declines, the underlying bond characteristics can provide a level of downside support.
In simple terms, a convertible allows investors to participate in the potential growth of a company while retaining the characteristics of a bond. This ability to capture more of the upside when markets rise while providing greater downside support when markets fall is known as “positive asymmetry.”
Corporate Bond
or Preferred
Stock
+
Embedded
Option
=
Convertible Security
What Makes a Convertible Structure Attractive?
Distressed
Bond Like
Balanced
Equity Surrogate
One of the key benefits of convertible securities is that they can provide upside participation when the stock market rises, while also retaining many of the characteristics of a corporate bond. A convertible bond has what is often called a “bond floor” the value the security would have based on its underlying bond characteristics, including its interest payments, maturity and the issuer’s credit quality, without giving any value to the option to convert into stock. This bond value can provide an important measure of downside support. (See the black Bond Value (Bond Floor) line above.)
When the stock price is well below the level at which conversion would make sense, the convertible generally behaves more like a traditional corporate bond. At that point, the security’s value is driven primarily by factors such as the issuer’s credit quality, interest rates and the value of its contractual payments. At the same time, the investor retains the right, but not the obligation, to convert the bond into shares of the company’s stock. If the stock price rises enough, that conversion feature can become increasingly valuable, allowing the investor to participate in some of the stock’s upside. If the stock remains weak, the investor can continue to hold the bond and benefit from its underlying debt characteristics rather than being forced to convert. ACVT focuses on out-of-favor convertible securities that trade close to their underlying Bond Value, or “bond floor.” By purchasing these securities near their bond value, ACVT seeks to combine the defensive characteristics of the underlying debt with the potential for meaningful upside if the company’s stock or credit profile improves.
Source: Advent Capital Management, LLC. This chart is for illustrative purposes only and is not intended to represent the performance of any specific product or holding.
Fund Details and Pricing
Fund Details
(As of 4/30/2025)
| Detail | Value |
|---|---|
| Ticker | ACVT |
| NAV | $25.06 |
| Market | $25.06 |
| Premium/Discount | -0.03% |
| Exchange | NYSE Arca, Inc. |
| Inception Date | 4/30/2025 |
30 Day
Median Bid/Ask
(As of 4/30/2025)
| Median Bid/Ask | % |
|---|---|
| 30 Day | - |
| Premium/Discount | (As of -) |
|---|
| Days at premium |
| Days at NAV |
| Days at discount |
Performance
Annualized Total Returns (%)
(As of 4/30/2025 4/30/2025)
| 1M | YTD | 1YR | Since Inception | |
|---|---|---|---|---|
| ACVT NAV | - | - | - | - |
| ACVT MKT | - | - | - | - |
| ICE BofA All Yield Alternatives US Convertible Index (VYLD) | -1.87% | 6.76% | 6.92% | 11.26% |
| Bloomberg US Aggregate Index | - | - | - | - |
| QTD | YTD | 1YR | Since Inception | |
|---|---|---|---|---|
| ACVT NAV | - | - | - | - |
| ACVT MKT | - | - | - | - |
| ICE BofA All Yield Alternatives US Convertible Index (VYLD) | -1.08% | 6.76% | 6.92% | 11.26% |
| Bloomberg US Aggregate Index | - | - | - | - |
Performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Return periods greater than one year are annualized.
ICE BofA All Yield Alternatives U.S. Convertible Index: This index is a subset of the ICE BofA US Convertible Index (the “Parent Index”) and measures the performance of U.S. convertible securities with a delta less than 0.4. The Parent Index measures the performance of the U.S. dollar denominated market for convertible securities of U.S. companies.
Bloomberg U.S. Aggregate Index: This index is a broad-based benchmark that measures the investment grade, U.S. dollar- denominated, fixed-rate taxable bond market.
Portfolio
Top 10 Holdings
(As of -)
| Security Name | CUSIP | Price | Market Value | Weight % |
|---|
Subject to Change
Fund holdings and/or sector allocations are subject to change.
Fund Facts
(As of -)
| Name | Fund |
|---|---|
| Net Assets | - |
| Number of Holdings | - |
| Weighted Average Price | - |
| Duration | - |
| Delta | - |
| Median Conversion Premium | - |
| Premium to Bond Value | - |
Duration is a measurement of a bond's interest rate risk that considers a bond's maturity, yield, coupon, and call features. The maturity date refers to the moment in time when the principal of a fixed income instrument must be repaid to an investor.
Delta is a measure of a convertible security’s sensitivity to movements in its underlying stock price. Higher deltas indicate greater equity sensitivity.
Conversion premium is the amount by which the market price of a convertible security exceeds the conversion value, expressed as a percentage. It is a gauge of equity participation.
Premium to Bond Value is the amount that the market price of the convertible security is above its fixed income value (bond floor), expressed as a percentage. It is a gauge of downside mitigation to a declining equity price.
Credit Quality of Bonds
(As of -)
| Class | % |
|---|---|
| AAA | 0.00% |
| AA | 0.00% |
| A | 1.60% |
| BBB | 13.20% |
| BB | 8.50% |
| B | 1.00% |
| CCC and below | 2.00% |
| Unrated Securities | 73.70% |
Quality ratings reflect the credit quality of the underlying securities in the fund's portfolio and not that of the fund itself. Quality ratings are subject to change. Standard & Poor’s (S&P) assigns a rating of AAA as the highest to D as the lowest credit quality rating.
Maturity Schedule
(As of -)
| Range | % |
|---|---|
| <1 Year | |
| 1 to 2 Years | |
| 2 to 3 Years | |
| 3 to 4 Years | |
| 4 to 5 Years | |
| 5 to 10 Years | |
| >10 Years |
Yield
(As of -)
| Name | % |
|---|---|
| 12-Month Distribution Yield (As of TBD) |
- |
| 30-day SEC yield (As of TBD) |
- |
| Unsubsidized 30-Day SEC yield (As of TBD) |
- |
| Yield to Maturity (As of TBD) |
- |
12-Month Distribution Yield: The sum of a fund's total trailing 12-month interest and dividend payments divided by the most recent day's ending share price (NAV).
30-Day SEC Yield: Reflects the dividends and interest earned by the Fund during the 30-day period ended as of the date stated above after deducting the Fund's expenses for that same period.
30-Day Unsubsidized Yield: Represents net investment income earned by a fund over a 30-day period, expressed as an annual percentage rate based on the fund's share price at the end of the 30-day period. Unsubsidized yield does not adjust for any fee waivers and/or expense reimbursements in effect.
Yield to Maturity: The internal rate of return of a security based on the given market price. It is the discount rate that equates a security price (including accrued interest) with its projected cash flow.
Sector
(As of -)
| Sector | % Of Assets | Index |
|---|---|---|
| Consumer Discretionary | ||
| Consumer Staples | ||
| Energy | ||
| Financials | ||
| Healthcare | ||
| Industrials | ||
| Media | ||
| Materials | ||
| Technology | ||
| Telecommunications | ||
| Utilities | ||
| Cash and Cash Equivalents |
Distributions
Distributions
Schedule: Monthly
| Frequency | Income |
|---|
Total Capital Gains
Schedule: Annual
| Year | Capital Gains |
|---|
Fees and Expenses
Fund Information
| Name | Fund |
|---|---|
| Inception Date | 4/30/2025 |
| Ticker | ACVT |
| CUSIP number | 75526L845 |
Fees
| Expense | % |
|---|---|
| Total (Gross) | 0.80 |
| Total (Net) | 0.65 |
Advent Capital Management, LLC (the “Adviser”) has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit Total Annual Fund Operating Expenses to 0.65% of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursement to exceed 0.65%, as applicable: acquired fund fees and expenses, if any, brokerage commissions, extraordinary items, interest, and taxes. These contractual limitations are in effect until April 30, 2026, and may not be terminated prior to that date without the approval of the Board of Trustees (the “Board”) of The RBB Fund Trust (the “Trust”).
