SCHEDULE 13G: Investment Advisers Disclose 9.9% Passive Stake in Advent Convertible and Income Fund
Beneficial Ownership Report
Sit Investment Associates, Inc. and its subsidiary, Sit Fixed Income Advisors II, LLC, have disclosed a 9.9% passive beneficial ownership stake in Advent Convertible and Income Fund as of December 31, 2024.
Summary
- Sit Investment Associates, Inc. and its subsidiary, Sit Fixed Income Advisors II, LLC, have jointly filed a Schedule 13G with the SEC.
- The filing reports their beneficial ownership of 4,355,074 shares of common stock in Advent Convertible and Income Fund.
- This ownership represents 9.9% of the outstanding common stock of Advent Convertible and Income Fund, calculated based on 44,148,745 shares outstanding as of October 31, 2024.
- Both reporting entities are registered investment advisers and hold these securities for client accounts, disclaiming beneficial ownership under Rule 13d-4 of the Securities Exchange Act of 1934.
- The shares were acquired and are held in the ordinary course of business, without the purpose or effect of changing or influencing the control of the issuer.
Sentiment
Score: 5
Explanation: The document is a factual disclosure of beneficial ownership, neither inherently positive nor negative for the issuer's operational performance. It indicates a significant, passive investment by an institutional investor.
Positives
- The disclosure indicates a significant, passive investment by established investment advisers, potentially signaling confidence in the fund's long-term prospects from an institutional perspective.
Risks
- The filing explicitly states that the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer, indicating a passive investment strategy.
Future Outlook
NA
Industry Context
This filing is a standard disclosure for investment advisers acquiring a significant passive stake (over 5%) in a publicly traded fund. It reflects a common practice in the investment management industry where large asset managers hold positions across various funds and companies on behalf of their clients.
Stakeholder Impact
- Shareholders: Provides transparency regarding significant institutional ownership, confirming a large passive stake held by investment advisers on behalf of their clients.
Key Dates
| Date | Description |
|---|---|
| 2024-10-31 | Date of outstanding shares calculation for Advent Convertible and Income Fund (44,148,745 shares) as reported in the Issuer's Form N-CSR. |
| 2024-12-31 | Date of event which requires the filing of this statement. |
| 2025-01-03 | Date of signature for Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC. |
Keywords
Schedule 13G, beneficial ownership, Advent Convertible and Income Fund, Sit Investment Associates, Sit Fixed Income Advisors II, common stock, investment adviser, passive investment, SEC filing
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