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Trending ETFs

Name

As of 03/27/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$13.00

$698 M

1.95%

$0.25

1.49%

Vitals

YTD Return

4.9%

1 yr return

11.0%

3 Yr Avg Return

0.4%

5 Yr Avg Return

5.5%

Net Assets

$698 M

Holdings in Top 10

29.8%

52 WEEK LOW AND HIGH

$12.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.49%

SALES FEES

Front Load 3.75%

Deferred Load N/A

TRADING FEES

Turnover 98.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$2,500

IRA

$500


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/27/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$13.00

$698 M

1.95%

$0.25

1.49%

MCFAX - Profile

Distributions

  • YTD Total Return 4.9%
  • 3 Yr Annualized Total Return 0.4%
  • 5 Yr Annualized Total Return 5.5%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -0.36%
DIVIDENDS
  • Dividend Yield 2.0%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Miller Convertible Bond Fund
  • Fund Family Name
    Miller Funds
  • Inception Date
    Jan 22, 2008
  • Shares Outstanding
    N/A
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Greg Miller

Fund Description

Wellesley Asset Management, Inc. (“Wellesley” or the “Advisor”), the Fund’s advisor, seeks to maximize the Fund’s total return comprising current income and capital appreciation and preserve principal by investing in convertible bonds. Convertible bonds often provide interest income, as well as capital appreciation if the value of converting to the underlying equity increases over time. Wellesley also seeks to minimize volatility and preserve capital using various strategies, such as investing in convertible bonds that have “put” provisions, relatively short maturities, and/or a guarantee of principal by the issuer. Generally, the convertible bonds in the portfolio will have remaining maturities or put provisions of less than seven years.

Under normal conditions, the Fund invests at least 80% of its assets (defined as net assets plus borrowings for investment purposes) in convertible bonds (the “80% Policy”). The Fund’s 80% Policy is a non-fundamental policy and may be changed without shareholder approval upon 60 days’ written notice to shareholders. The Fund defines convertible bonds as including synthetic convertible bonds and other securities that Wellesley identifies as having characteristics similar to convertible bonds, including any combination of bonds, options, index-linked securities, debt and equity instruments that Wellesley believes have convertible bond-like characteristics.

The Fund primarily invests in convertible bonds of companies that are domiciled in, or have their principal place of business or principal securities trading market in, or that derive at least 50% of their revenue or profits from goods produced, sales made or services performed in, the United States (“U.S. companies”). The Fund invests in convertible bonds issued by companies in a variety of sectors.

Convertible bonds are generally obligations of a company that can be converted into a predetermined number of shares of common stock of the company issuing the security. Convertible bonds generally offer both defensive characteristics (i.e., provide income during periods when the market price of the underlying common stock declines) and upside potential (i.e., may provide capital appreciation when the market price of the underlying common stock rises). The Fund is not restricted with respect to the credit quality of its holdings and invests in some convertible bonds that are rated less than investment grade or determined to be of comparable credit quality by Wellesley. Synthetic convertible bonds are financial instruments created by combining two or more separate securities that, in total, have returns that are similar to a convertible bond. Synthetic convertible bonds are created by third parties, which typically are investment banks and brokerage firms. They may include structured equity linked products (“SELPs”) and index-linked and equity-linked convertible structured notes. There is no limit on the portion of the Fund’s portfolio that will be allocated among convertible bonds and synthetic convertibles. The Fund from time to time invests in securities that have been privately placed but are eligible for purchase and sale by certain qualified institutional buyers such as the Fund under Rule 144A under the Securities Act of 1933.

Wellesley will purchase a convertible bond when it believes there is a high probability that the principal amount of the fixed-income component of the investment will be repaid upon put or maturity and the conversion component offers potential upside. Wellesley attempts to identify convertible bonds that are trading at attractive valuations relative to Wellesley’s evaluation of the issuer’s creditworthiness. Wellesley’s investment process includes the use of both quantitative and fundamental research on each issuer to analyze credit quality and the specific terms of each offering. In general, Wellesley sells securities when an issuer’s credit quality deteriorates, the conversion feature of a security is no longer a likely source of capital appreciation, to increase diversification, or when Wellesley believes more attractive investments are available.

In addition to convertible bonds, the Fund may invest in other types of securities and instruments including equity and other exchange-traded securities, short-term debt securities, and money market instruments.

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MCFAX - Performance

Return Ranking - Trailing

Period MCFAX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.9% -3.1% 4.5% 17.07%
1 Yr 11.0% -9.4% 14.9% 71.95%
3 Yr 0.4%* -16.9% 1.5% 22.22%
5 Yr 5.5%* -6.2% 12.2% 87.01%
10 Yr 4.2%* -0.9% 10.0% 91.80%

* Annualized

Return Ranking - Calendar

Period MCFAX Return Category Return Low Category Return High Rank in Category (%)
2023 2.3% -7.7% 13.1% 89.29%
2022 -13.9% -37.8% -9.7% 9.64%
2021 -3.1% -18.9% 2.4% 10.84%
2020 15.5% 5.8% 54.0% 91.14%
2019 9.9% 9.9% 24.4% 98.73%

Total Return Ranking - Trailing

Period MCFAX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.9% -3.1% 4.5% 17.07%
1 Yr 11.0% -9.4% 14.9% 71.95%
3 Yr 0.4%* -16.9% 1.5% 22.22%
5 Yr 5.5%* -6.2% 12.2% 87.01%
10 Yr 4.2%* -0.9% 10.0% 91.80%

* Annualized

Total Return Ranking - Calendar

Period MCFAX Return Category Return Low Category Return High Rank in Category (%)
2023 5.5% -7.7% 15.3% 84.52%
2022 -11.0% -37.8% -9.7% 4.82%
2021 3.9% -12.2% 11.3% 53.01%
2020 19.4% 5.8% 64.4% 91.14%
2019 12.7% 12.2% 28.7% 98.73%

NAV & Total Return History


MCFAX - Holdings

Concentration Analysis

MCFAX Category Low Category High MCFAX % Rank
Net Assets 698 M 20.2 M 4.43 B 50.00%
Number of Holdings 90 40 381 68.60%
Net Assets in Top 10 205 M 4.58 M 632 M 36.05%
Weighting of Top 10 29.84% 9.5% 50.5% 37.21%

Top 10 Holdings

  1. JPM 0 09/24/25 3.65%
  2. C 1 02/03/27 3.19%
  3. UBS 0 09/25/26 3.10%
  4. BACR 0 02/12/26 3.02%
  5. UBER 0 12/15/25 3.01%
  6. LCII 1 1/8 05/15/26 2.90%
  7. GBX 2 7/8 04/15/28 2.83%
  8. MS 2 1/2 11/06/26 2.83%
  9. AKAM 0 3/8 09/01/27 2.67%
  10. JAZZ 2 06/15/26 2.64%

Asset Allocation

Weighting Return Low Return High MCFAX % Rank
Bonds
94.35% 0.00% 141.12% 6.98%
Convertible Bonds
79.78% 33.22% 110.54% 50.00%
Cash
3.18% -78.94% 18.48% 62.79%
Stocks
2.46% 0.00% 23.09% 54.65%
Preferred Stocks
0.00% 0.00% 22.50% 95.35%
Other
0.00% -17.11% 0.97% 39.53%

Stock Sector Breakdown

Weighting Return Low Return High MCFAX % Rank
Utilities
0.00% 0.00% 100.00% 95.56%
Technology
0.00% 0.00% 23.73% 57.78%
Real Estate
0.00% 0.00% 27.87% 43.33%
Industrials
0.00% 0.00% 23.08% 81.11%
Healthcare
0.00% 0.00% 20.31% 67.78%
Financial Services
0.00% 0.00% 20.48% 1.11%
Energy
0.00% 0.00% 40.56% 51.11%
Communication Services
0.00% 0.00% 100.00% 43.33%
Consumer Defense
0.00% 0.00% 25.78% 38.89%
Consumer Cyclical
0.00% 0.00% 24.79% 55.56%
Basic Materials
0.00% 0.00% 24.08% 38.89%

Stock Geographic Breakdown

Weighting Return Low Return High MCFAX % Rank
US
2.46% 0.00% 22.42% 54.65%
Non US
0.00% 0.00% 1.55% 43.02%

Bond Sector Breakdown

Weighting Return Low Return High MCFAX % Rank
Corporate
97.81% 91.11% 100.00% 46.51%
Cash & Equivalents
2.35% 0.00% 18.32% 50.00%
Government
0.01% 0.00% 2.94% 9.30%
Derivative
0.00% -0.03% 0.94% 24.42%
Securitized
0.00% 0.00% 0.00% 37.21%
Municipal
0.00% 0.00% 0.00% 37.21%

Bond Geographic Breakdown

Weighting Return Low Return High MCFAX % Rank
US
94.35% 0.00% 141.12% 6.98%
Non US
0.00% 0.00% 18.83% 48.84%

MCFAX - Expenses

Operational Fees

MCFAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.49% 0.20% 3.16% 30.23%
Management Fee 0.75% 0.20% 1.23% 71.76%
12b-1 Fee 0.50% 0.00% 1.00% 64.71%
Administrative Fee N/A 0.04% 0.15% 26.67%

Sales Fees

MCFAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 3.75% 2.25% 5.75% 68.75%
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

MCFAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 2.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

MCFAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 98.00% 30.00% 154.00% 77.63%

MCFAX - Distributions

Dividend Yield Analysis

MCFAX Category Low Category High MCFAX % Rank
Dividend Yield 1.95% 0.00% 13.84% 11.63%

Dividend Distribution Analysis

MCFAX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Quarterly Quarterly Quarterly

Net Income Ratio Analysis

MCFAX Category Low Category High MCFAX % Rank
Net Income Ratio -0.36% -3.72% 10.32% 80.00%

Capital Gain Distribution Analysis

MCFAX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Annually

Distributions History

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MCFAX - Fund Manager Analysis

Managers

Greg Miller


Start Date

Tenure

Tenure Rank

Dec 27, 2007

14.44

14.4%

CEO and co-founder of Wellesley Asset Management in 1991, Greg draws on over thirty-five years of investment and financial experience. Greg is a nationally recognized provider of investment advisory services deploying convertible bonds. As CEO and Portfolio Manager, he has directed the absolute return-seeking, limited risk investing philosophy of Wellesley Asset Management for over twenty-five years with the primary goal of principal protection combined with investment growth. Greg and the team at Wellesley Asset Management currently manage over $2.5 billion in convertible bonds for high and ultra-high net worth individuals, registered investment advisors, banks, pensions, wirehouses, financial advisors, and other investment professionals nationwide.   Greg is the author of an Amazon bestselling book, Outrunning the Bear: How You Can Outperform Stocks and Bonds with Convertibles. He has written several articles and has been written up in various prominent investment and financial publications, including The Wall Street Journal, Institutional Investor, Investment Advisor Magazine, Barron’s and Bloomberg/BusinessWeek. Greg has been ranked a Top 100 Independent Financial Advisor by Barron’s for seven years in a row. In Barron’s September 2017 Top 100 list, he ranked # 1 in Massachusetts and #3 nationwide. Barron’s also ranked Greg #1 in Massachusetts in its March 2018 list of America’s Top 1,200 Financial Advisors for the fourth consecutive year. In 2007, Wellesley Asset Management launched an open-end convertible mutual fund for which Greg serves as a Portfolio Manager. The fund seeks to outperform both equities and fixed income over complete market cycles. In 2014, Wellesley Asset Management launched two additional open-end mutual funds. One is a leveraged convertible bond fund, and the other an intermediate term bond fund. The intermediate bond fund seeks to outperform Bloomberg Barclays U.S. Aggregate Bond Index over complete market cycles. The mutual funds Wellesley manages currently have over $1.2 billion in assets.   Greg worked with an international accounting firm and for over 20 years had his own CPA firm. Greg graduated from Boston University and holds an MBA with high distinction from Babson College. He lectures frequently on absolute return investing deploying convertible bonds to other investment professionals, institutional clients, pensions, registered investment advisors, and high net-worth individuals. Greg lives with his wife in Durham, NH.

Michael Miller


Start Date

Tenure

Tenure Rank

Mar 01, 2010

12.26

12.3%

As Chief Investment Officer of Wellesley Asset Management, Inc. and Co-Portfolio Manager of the firm’s mutual funds, separate managed accounts and private fund, Michael is an integral part of the firm’s investment team. He is responsible for convertible bond research and product development, analyzing and monitoring portfolio holdings, and communicating performance, portfolio and fund data. He also constructs and analyzes client portfolios.   In addition to his capacity as Chief Investment officer, Michael works directly with some of the firm’s institutional clients. Michael uses his over ten plus years of fixed income and financial planning experience to guide and educate many financial advisors, plan sponsors, registered investment advisors and asset allocators on the benefits of convertible bond investing.   Michael frequently speaks at national conferences educating investment professionals about the convertible bond asset class.   In 2017, Michael was recognized by Forbes magazine as a Top Next Generation Wealth Advisor and received the rating of number one in Massachusetts and number eleven nationally. Michael is a Certified Fixed Income Practitioner and a member of the Financial Planning Association.   Michael received his Bachelor of Science degree in Business Administration from American University’s Kogod School of Business in Washington, DC, where he specialized in finance, and his Master of Business Administration degree from Babson College F.W. Olin Graduate School of Business. Michael resides with his family in Wayland, Massachusetts.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.25 36.97 10.12 7.42