AVK: Extended High Beta Convertibles Fund [Seeking Alpha]
Advent Convertible and Income Fund (AVK)
US:NYSE Investor Relations:
guggenheiminvestments.com/cef/fund/avk
Company Research
Source: Seeking Alpha
The Advent Claymore Convertible Securities & Income Fund is a high beta name with a high leverage ratio. The CEF contains a large convertibles sleeve and a high yield bond, one utilized to support the dividend. The CEF's discount to NAV has narrowed towards the top of its historic range, with the fund exhibiting a high variation in its discount. This name is highly leveraged with a 46% leverage ratio, which also contributes to the CEF's high expense ratio. Thesis When the markets are experiencing euphoria, a retail investor should look at how to cut high beta investments rather than think about missing out on further gains. It now seems that semiconductors stocks are unstoppable, with new highs established every day. From market chatter, it looks like investors no longer look at fundamentals in this sub-sector, but are loath to miss out when they see others posting eye-watering gains on the respective names. While nobody can predict the future, history often repeats itself,
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AVK
Sec Filings
- 3/26/24 - Form NPORT-P
- 2/12/24 - Form SC
- 2/2/24 - Form 4
- AVK's page on the SEC website