- ISIN
- US89832P3901
- CUSIP
- 89832P390
- Issuer
- Miller Value Funds
- Inception Date
- Feb 27, 2014
- Category
- Diversified Portfolio
- Min. Investment
- $1,000,000
- Distribution Policy
- Distributing
- Asset Class
- Multi-Asset
- Asset Class Size
- Small-Cap
- Asset Class Style
- Value
Share Price Chart
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Performance
LMCLX Performance Chart
Miller Income Fund (LMCLX) is up 5.3% since the beginning of the year. LMCLX is currently trading at $10 per share. Investors who bought $1,000 worth of LMCLX shares 5 years ago would now be looking at an investment worth $1,329.
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Returns By Period
Miller Income Fund (LMCLX) has returned 5.29% so far this year and 16.14% over the past 12 months. Over the last ten years, LMCLX has returned 9.25% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
Miller Income Fund
- 1D
- -0.52%
- 1M
- -1.95%
- YTD
- 5.29%
- 6M
- 4.38%
- 1Y
- 16.14%
- 3Y*
- 18.87%
- 5Y*
- 5.85%
- 10Y*
- 9.25%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
LMCLX Monthly Returns History
Based on dividend-adjusted daily data since Mar 5, 2014, LMCLX's average daily return is +0.03%, while the average monthly return is +0.66%. At this rate, an investment would double in approximately 8.8 years.
Historically, 53% of months were positive and 47% were negative. The best month was Nov 2020 with a return of +13.9%, while the worst month was Mar 2020 at -32.1%. The longest winning streak lasted 8 consecutive months, and the longest losing streak was 5 months.
On a daily basis, LMCLX closed higher 51% of trading days. The best single day was Mar 25, 2020 with a return of +6.7%, while the worst single day was Mar 9, 2020 at -9.8%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2.54% | 2.58% | -2.10% | 6.10% | -1.92% | -1.75% | 5.29% | ||||||
| 2025 | 3.34% | -3.46% | -4.85% | -4.73% | 6.37% | 4.62% | 2.67% | 5.21% | -3.12% | -1.23% | 0.68% | 3.49% | 8.40% |
| 2024 | -2.11% | 5.17% | 8.77% | -4.72% | 5.76% | -1.84% | 7.99% | -0.24% | 1.18% | 3.54% | 9.43% | -6.47% | 27.96% |
| 2023 | 8.72% | -4.43% | -6.87% | -0.00% | -5.39% | 9.32% | 8.89% | -3.44% | -2.83% | -4.18% | 6.95% | 8.73% | 13.95% |
| 2022 | -3.28% | -5.76% | -1.37% | -6.65% | 1.85% | -13.16% | 3.79% | -0.88% | -9.69% | 9.80% | 5.90% | -3.67% | -22.77% |
| 2021 | 6.94% | 4.49% | 5.03% | 1.38% | 3.19% | 5.35% | -0.74% | 1.07% | -2.72% | 3.43% | -3.85% | 2.88% | 29.14% |
Benchmark Metrics
Miller Income Fund has an annualized alpha of -1.78%, beta of 0.73, and R2 of 0.57 versus S&P 500 Index. Calculated based on daily prices since March 05, 2014.
- This fund participated in 111.07% of S&P 500 Index downside but only 85.66% of its upside - more exposed to losses than it benefited from rallies.
- Alpha
- -1.78%
- Beta
- 0.73
- R²
- 0.57
- Upside Capture
- 85.66%
- Downside Capture
- 111.07%
Expense Ratio
LMCLX has a high expense ratio of 0.96%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
LMCLX ranks 22 for risk / return — below 22% of mutual funds on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Miller Income Fund (LMCLX) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| LMCLX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.79 | ||
| Sortino ratioReturn per unit of downside risk | -0.99 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.37 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.70 | 2.78 | -1.08 |
| Martin ratioReturn relative to average drawdown | 5.46 | 12.44 | -6.98 |
Dividends
Dividend History
Miller Income Fund provided a 3.41% dividend yield over the last twelve months, with an annual payout of $0.33 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.33 | $0.33 | $0.37 | $0.41 | $0.42 | $0.50 | $0.45 | $0.68 | $0.66 | $0.67 | $0.67 | $0.63 |
Dividend yield | 3.41% | 3.59% | 4.28% | 5.81% | 6.33% | 5.52% | 6.04% | 8.23% | 9.22% | 7.97% | 8.54% | 8.40% |
Monthly Dividends
The table displays the monthly dividend distributions for Miller Income Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.13 | $0.00 | $0.00 | $0.09 | $0.00 | $0.00 | $0.10 | $0.33 |
| 2024 | $0.00 | $0.00 | $0.12 | $0.00 | $0.00 | $0.12 | $0.00 | $0.00 | $0.12 | $0.00 | $0.00 | $0.00 | $0.37 |
| 2023 | $0.00 | $0.00 | $0.12 | $0.00 | $0.00 | $0.12 | $0.00 | $0.00 | $0.09 | $0.00 | $0.00 | $0.09 | $0.41 |
| 2022 | $0.00 | $0.00 | $0.11 | $0.00 | $0.00 | $0.11 | $0.00 | $0.00 | $0.11 | $0.00 | $0.00 | $0.09 | $0.42 |
| 2021 | $0.00 | $0.00 | $0.12 | $0.00 | $0.00 | $0.13 | $0.00 | $0.00 | $0.15 | $0.00 | $0.00 | $0.11 | $0.50 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Miller Income Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Miller Income Fund was 44.81%, occurring on Mar 23, 2020. Recovery took 206 trading sessions.
The current Miller Income Fund drawdown is 3.63%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
COVID crash2020 | -44.81%Mar 2020 | 2mo | 9mo 27d | 11mo 27dJan 2020 - Jan 2021 |
Bear market2022 | -34.67%Sep 2022 | 10mo 23d | 1y 10mo | 2y 8moNov 2021 - Jul 2024 |
2016 bear market2016 | -34.44%Feb 2016 | 10mo | 1y 12d | 1y 10moApr 2015 - Feb 2017 |
2025 selloff2025 | -22.59%Apr 2025 | 4mo 3d | 4mo 7d | 8mo 10dDec 2024 - Aug 2025 |
Rate-hike selloffLate 2018 | -22.29%Dec 2018 | 4mo 25d | 1y | 1y 4moAug 2018 - Dec 2019 |
Drawdown Indicators
| LMCLX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.81% | -56.78% | +11.97% |
Max Drawdown (1Y)Largest decline over 1 year | -9.69% | -9.10% | -0.59% |
Max Drawdown (3Y)Largest decline over 3 years | -22.59% | -18.90% | -3.69% |
Max Drawdown (5Y)Largest decline over 5 years | -34.67% | -25.43% | -9.24% |
Max Drawdown (10Y)Largest decline over 10 years | -44.81% | -33.92% | -10.89% |
Current DrawdownCurrent decline from peak | -3.63% | -1.80% | -1.83% |
Average DrawdownAverage peak-to-trough decline | -10.45% | -10.71% | +0.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.01% | 2.03% | +0.98% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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