MCPIX: Miller Convertible Plus I

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MCPIX Miller Convertible Plus I


Profile

MCPIX - Profile

Vitals

  • YTD Return -17.7%
  • 3 Yr Annualized Return -6.2%
  • 5 Yr Annualized Return -2.1%
  • Net Assets $120 M
  • Holdings in Top 10 85.4%

52 WEEK LOW AND HIGH

$19.56
$19.02
$25.87

Expenses

OPERATING RELATED FEES

  • Expense Ratio 4.75%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 110.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

  • Standard (Taxable) $1,000,000
  • IRA $1,000,000

Fund Classification


Distributions

  • YTD Total Return -17.7%
  • 3 Yr Annualized Total Return -2.1%
  • 5 Yr Annualized Total Return 1.4%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -0.26%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Miller Convertible Plus Fund
  • Fund Family Name
    Miller Investment
  • Inception Date
    Dec 31, 2014
  • Shares Outstanding
    N/A
  • Share Class
    Inst
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Greg Miller

Fund Description

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 managers define convertible bonds as including synthetic convertible bonds and other securities that the advisor identifies as having characteristics similar to convertible bonds.


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Categories

Performance

MCPIX - Performance

Return Ranking - Trailing

Period MCPIX Return Category Return Low Category Return High Rank in Category (%)
YTD -17.7% -39.0% 3.5% 81.21%
1 Yr -9.7% -38.3% 15.4% 65.84%
3 Yr -6.2%* -17.0% 3.0% 80.85%
5 Yr -2.1%* -13.8% 1.1% 28.93%
10 Yr N/A* -8.1% 3.6% N/A

* Annualized

Return Ranking - Calendar

Period MCPIX Return Category Return Low Category Return High Rank in Category (%)
2019 17.4% -8.6% 24.4% 26.25%
2018 -14.3% -15.4% -2.5% 89.66%
2017 1.0% -7.8% 15.4% 85.11%
2016 14.2% -5.4% 14.2% 0.73%
2015 2.5% -26.1% 2.5% 0.83%

Total Return Ranking - Trailing

Period MCPIX Return Category Return Low Category Return High Rank in Category (%)
YTD -17.7% -39.0% 3.5% 81.21%
1 Yr -9.7% -38.3% 15.4% 65.84%
3 Yr -2.1%* -13.8% 8.8% 63.12%
5 Yr 1.4%* -13.8% 6.0% 32.23%
10 Yr N/A* -8.1% 7.8% N/A

* Annualized

Total Return Ranking - Calendar

Period MCPIX Return Category Return Low Category Return High Rank in Category (%)
2019 17.4% -8.6% 24.4% 26.25%
2018 -7.5% -15.4% 4.5% 49.66%
2017 7.1% -7.1% 18.4% 62.41%
2016 16.5% -5.4% 20.1% 2.19%
2015 4.9% -26.1% 6.2% 6.61%

NAV & Total Return History


Holdings

MCPIX - Holdings

Concentration Analysis

MCPIX Category Low Category High MCPIX % Rank
Net Assets 120 M 196 K 8.93 B 83.93%
Number of Holdings 48 38 495 96.43%
Net Assets in Top 10 -11.3 M -350 M 1.04 B 99.40%
Weighting of Top 10 85.43% 9.2% 91.8% 1.19%

Top 10 Holdings

  1. Barclays Line Of Credit 47.53%
  2. JPMorgan Chase Financial Company LLC 0% 4.58%
  3. Barclays Bank plc 0% 4.35%
  4. IIP Operating Partnership LP 3.75% 4.30%
  5. JPMorgan Chase Financial Company LLC 0% 4.14%
  6. InterDigital, Inc. 2% 4.13%
  7. Vishay Intertechnology, Inc. 2.25% 4.12%
  8. BofA Finance LLC 0% 4.12%
  9. Insight Enterprise 0.75% 4.10%
  10. Pacira Biosciences Inc 2.38% 4.06%

Asset Allocation

Weighting Return Low Return High MCPIX % Rank
Convertible Bonds
124.21% 0.00% 124.21% 0.60%
Preferred Stocks
6.16% -16.01% 74.30% 80.95%
Cash
1.66% -7.42% 19.16% 75.60%
Stocks
0.00% 0.00% 50.50% 94.64%
Other
0.00% 0.00% 10.63% 83.33%
Bonds
-32.04% -32.04% 76.63% 100.00%

Expenses

MCPIX - Expenses

Operational Fees

MCPIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 4.75% 0.41% 94.07% 5.52%
Management Fee 1.42% 0.00% 1.42% 100.00%
12b-1 Fee 0.00% 0.00% 1.00% 11.46%
Administrative Fee N/A 0.01% 0.55% 44.00%

Sales Fees

MCPIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.00% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

MCPIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 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.

MCPIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 110.00% 5.00% 175.00% 80.12%

Distributions

MCPIX - Distributions

Dividend Yield Analysis

MCPIX Category Low Category High MCPIX % Rank
Dividend Yield 0.00% 0.00% 6.47% 80.95%

Dividend Distribution Analysis

MCPIX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Monthly Monthly Monthly

Net Income Ratio Analysis

MCPIX Category Low Category High MCPIX % Rank
Net Income Ratio -0.26% -0.26% 9.22% 100.00%

Capital Gain Distribution Analysis

MCPIX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Dividend Payout History

View More +

Fund Manager Analysis

MCPIX - Fund Manager Analysis

Managers

Greg Miller


Start Date

Tenure

Tenure Rank

Dec 31, 2014

5.17

5.2%

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

Dec 31, 2014

5.17

5.2%

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
0.23 34.72 9.03 9.17