Advent Capital Management: Key Portfolio Changes in Q2 2026

Advent Capital Management, a prominent investment firm focused on growth equity investments, saw notable changes across its portfolio holdings as of June 30, 2026. The analysis of their most significant buying and selling activities this quarter reveals shifts in focus towards specific sectors while exiting others.

The investor's filing indicates several substantial purchases during Q2 2026:

• WELLS FARGO & COMPANY (WFC-L) experienced a significant increase in its position, with shares rising by +3858%, effectively doubling the holding. This substantial stake growth suggests strong confidence in Wells Fargo's prospects.
• STMicroelectronics NV (STM) saw its position increase dramatically, with shares growing by +100%. Advent added a considerable amount to this semiconductor holding, boosting its portfolio allocation significantly.
• The investor also initiated new positions or substantially increased stakes in several other companies:

• Rocket Cos Inc (RKT) was added with a 100% increase, representing a significant investment.
• Cummins Inc (CMI), an industrial equipment company, also saw its position grow by 100%, indicating renewed interest in the sector.
• Wayfair Inc (W) experienced a substantial increase of over +1347%, suggesting strong conviction in this consumer cyclical company's growth potential.
• APOLLO GLOBAL MANAGEMENT was listed as a holding, though the data shows its allocation decreased from previous periods. Further investigation into prior period holdings would be needed to confirm if this is truly a new position or just an existing one still held.
• BigBear.ai Holdings Inc (BBAI) was added with a 100% increase, pointing towards potential interest in the AI sector through this specific company.

In contrast to these significant inflows, Advent Capital Management also reported substantial sales during Q2:

• PG&E CORP (69331C306) experienced a sharp decline of -44.9%, indicating a significant reduction or exit from this utility stock.
• APOLLO GLOBAL MANAGEMENT's allocation decreased by 16.46%, suggesting an investor decision to sell some of their stake in the alternative asset manager.
• The firm sold shares in Vertiv Holdings Co (VRT), reducing its position by a notable percentage, though specific figures for the sale magnitude weren't provided beyond the change from prior period.

These activities reflect Advent's dynamic investment strategy focused on capitalizing on growth opportunities while strategically exiting positions perceived differently or maturing. The substantial buying activity across various sectors including Technology (STM, BBAI), Consumer Cyclical (W, HZO, LOW), and Industrials (RKT, CMI) signals confidence in these areas for future expansion.

Conversely, the significant sale from PG&E Corp suggests a departure from certain sectors or specific investment thesis adjustments. The reduction in Apollo Global Management's allocation also points towards potential divestment activities within their portfolio management process.

The overall impact of these changes on Advent's portfolio structure is clear: they are actively managing their holdings, focusing resources on high-growth areas like Technology and Consumer Cyclical while reducing exposure elsewhere. This quarter's filing provides valuable insight into the firm's investment priorities and operational style.