Miller Convertible Bond Fund (MCIFX)

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The chart shows the growth of an initial investment of $10,000 in Miller Convertible Bond Fund, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.

Miller Convertible Bond Fund (MCIFX) has returned -1.07% so far this year and 5.93% over the past 12 months. Over the last ten years, MCIFX has returned 5.25% per year, falling short of the S&P 500 Index benchmark, which averaged 12.16% annually.

Based on dividend-adjusted daily data since Dec 31, 2007, MCIFX's average daily return is +0.02%, while the average monthly return is +0.48%. At this rate, your investment would double in approximately 12.1 years.

Historically, 63% of months were positive and 37% were negative. The best month was Apr 2020 with a return of +7.2%, while the worst month was Oct 2008 at -15.0%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 5 months.

On a daily basis, MCIFX closed higher 50% of trading days. The best single day was Apr 6, 2020 with a return of +2.7%, while the worst single day was Mar 18, 2020 at -3.8%.

Miller Convertible Bond Fund has an annualized alpha of 2.46%, beta of 0.31, and R² of 0.68 versus S&P 500 Index. Calculated based on daily prices since January 02, 2008.

• This fund participated in 52.73% of S&P 500 Index downside but only 47.71% of its upside — more exposed to losses than it benefited from rallies.
• This fund generated an annualized alpha of 2.46% versus S&P 500 Index — delivering returns beyond what market exposure alone would predict.
• Beta of 0.31 indicates this fund moves significantly less than S&P 500 Index — a genuinely defensive profile with reduced participation in both market rallies and downturns.

MCIFX has a high expense ratio of 0.97%, indicating above-average management fees.

MCIFX ranks 47 for risk / return — on par with similar mutual funds. You're getting a typical balance of risk and reward. Not a standout, but not a red flag either — a reasonable choice if other factors align with your goals.

The table below present risk-adjusted performance metrics for Miller Convertible Bond Fund (MCIFX) and compare them to a chosen benchmark (S&P 500 Index).

Miller Convertible Bond Fund provided a 4.92% dividend yield over the last twelve months, with an annual payout of $0.61 per share. The fund has been increasing its distributions for 2 consecutive years.

The table displays the monthly dividend distributions for Miller Convertible Bond Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.

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.

The table below displays the maximum drawdowns of the Miller Convertible Bond 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 Convertible Bond Fund was 29.19%, occurring on Nov 20, 2008. Recovery took 201 trading sessions.

The current Miller Convertible Bond Fund drawdown is 4.53%.

The chart below shows the rolling one-month volatility.