ADVENT CAPITAL MANAGEMENT /DE/ PENN — Penn National Gaming Inc

Ownership history in ADVENT CAPITAL MANAGEMENT /DE/  ·  35 quarters on record

AI Ownership Summary

ADVENT CAPITAL MANAGEMENT /DE/ reported Penn National Gaming Inc (PENN) in 35 quarterly 13F filings from 2023 Q4 through 2025 Q4. Peak portfolio weight reached 1.02% in 2024 Q4. The latest visible filing shows PENN at 0.02% of the fund.

This page tracks quarterly shares, estimated market value, portfolio weight, filing dates, and disclosure-aligned stock prices directly from SEC EDGAR 13F filings. Older history is available after unlock; the visible window still shows the most recent pattern.

What this PENN ownership page tells you

This page is designed to answer the real investor question behind a 13F filing: how meaningful was ADVENT CAPITAL MANAGEMENT /DE/'s position in Penn National Gaming Inc, and how did that conviction change over time? You can read the holding window, peak weight, latest reported size, disclosure timing, and quarter-by-quarter changes without piecing the story together from raw SEC rows.

Freshest filing
Latest Reported Filing
2025 Q4

PENN was reported at 0.02% of portfolio in the most recent visible filing.

High-water mark
Peak Conviction
1.02% in 2024 Q4

Peak weight helps separate a token disclosure from a real conviction holding the fund genuinely cared about.

Time in book
Holding Window
2023 Q4 to 2025 Q4

Longer holding windows often tell a very different story from short-lived tactical trades or one-quarter experiments.

Decision context
Why It Matters
Position size beats headlines

Knowing that a fund owned a stock is useful. Knowing whether it was a 0.20% placeholder or a true high-conviction position is where the signal actually starts.

PENN stock page ADVENT CAPITAL MANAGEMENT /DE/ fund profile ADVENT CAPITAL MANAGEMENT /DE/ full holdings
How ADVENT CAPITAL MANAGEMENT /DE/ held PENN — position size vs. price
% of Fund (quarterly)    PENN price (quarter-end, indexed to 100)    SPY (indexed to 100)    QQQ (indexed to 100)
📋 Quarterly Holdings History 13 quarters  ▾
Quarter Action Sold % After 3M Timing Shares Change Chg % % of Fund Mkt Value Filed Price (Filed)
2025 Q4 REDUCED 97.7% +1.9% ❌ 872,000 -36,974,000 -97.7% 0.02% $868K 2026-02-14 (Est.) $11.76
2025 Q3 ADDED — — — 37,846,000 +37,835,614 +364294.4% 0.85% $39.18B 2025-11-13 $14.80
2025 Q2 REDUCED 100.0% +10.3% ❌ 10,386 -44,390,614 -100.0% 0.00% $185.6M 2025-08-13 $17.80
2025 Q2 ADDED — — — 44,401,000 +44,380,229 +213664.4% 0.98% $46.21B 2025-08-13 $17.80
2025 Q1 REDUCED 99.9% +9.6% ❌ 20,771 -40,718,229 -99.9% 0.01% $338.8M 2025-05-12 $15.97
2025 Q1 ADDED — — — 40,739,000 +424,000 +1.1% 0.92% $41.84B 2025-05-12 $15.97
2024 Q4 ADDED — — — 40,315,000 +40,301,279 +293719.7% 1.02% $44.37B 2025-02-13 $22.44
2024 Q4 REDUCED 100.0% -17.7% ✅ 13,721 -33,969,279 -100.0% 0.01% $271.9M 2025-02-13 $22.44
2024 Q3 ADDED — — — 33,983,000 +33,965,754 +196948.6% 0.90% $36.86B 2024-11-13 $21.23
2024 Q3 REDUCED 99.9% -0.7% ✅ 17,246 -12,301,754 -99.9% 0.01% $325.3M 2024-11-13 $21.23
2024 Q2 REDUCED — — — 12,319,000 -250,000 -2.0% 0.33% $13.61B 2024-08-13 $18.81
2024 Q1 REDUCED 6.2% +3.1% ❌ 12,569,000 -830,000 -6.2% 0.35% $13.83B 2024-05-14 $16.90
2023 Q4 ADDED — — — 13,399,000 +4,797,000 +55.8% 0.40% $17.42B 2024-02-13 $22.72
22 older quarters hidden  —  Sign in free or upgrade to Premium to see full history

🏢 Other funds also holding PENN

As of 2026 Q1 — sorted by position size

HENNESSY ADVISORS INC 3Y 7Y 0.98% BW Gestao de Investimentos Ltda. 3Y 7Y 0.27% PEREGRINE CAPITAL MANAGEMENT LLC 3Y 7Y 0.17% Baron Wealth Management LLC 0.16% Bayforest Capital Ltd 0.16% Sage Investment Advisers LLC 3Y 0.16% Counterpoint Mutual Funds LLC 3Y 0.14% ACORN FINANCIAL ADVISORY SERVICES INC /ADV 3Y 0.13% HARBOR CAPITAL ADVISORS, INC. 3Y 0.08% Oak Thistle LLC 3Y 0.07%

FAQ About ADVENT CAPITAL MANAGEMENT /DE/ and PENN

These are the practical questions this page is built to answer before you even open the full history table.

How long has ADVENT CAPITAL MANAGEMENT /DE/ reported owning PENN?

ADVENT CAPITAL MANAGEMENT /DE/ reported PENN across 13 quarterly 13F filings, from 2023 Q4 through 2025 Q4.

What was the largest reported PENN position in ADVENT CAPITAL MANAGEMENT /DE/'s portfolio?

The largest reported portfolio weight for PENN was 1.02% in 2024 Q4.

What is the latest reported PENN position on this page?

The most recent filing on this page is 2025 Q4, when ADVENT CAPITAL MANAGEMENT /DE/ reported 872,000 shares, equal to 0.02% of portfolio, with an estimated market value of $868K.

What does the chart on this PENN ownership page compare?

The chart compares ADVENT CAPITAL MANAGEMENT /DE/'s quarterly PENN portfolio weight with the stock's indexed share price, so you can see whether the fund was building, trimming, or holding the position as price moved.

How well did ADVENT CAPITAL MANAGEMENT /DE/ time their PENN position?

Based on 13F filing dates vs. subsequent PENN price moves, ADVENT CAPITAL MANAGEMENT /DE/ correctly timed 14 out of 33 reported position changes (42%). The annualised alpha on PENN relative to SPY over the holding period was -34.7%.

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