Miller Convertible Bond Fund (MCIFX)

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Miller Convertible Bond Fund (MCIFX) is up 7.3% since the beginning of the year. MCIFX is currently trading at $13 per share. Investors who bought $1,000 worth of MCIFX shares 5 years ago would now be looking at an investment worth $1,182.

Miller Convertible Bond Fund (MCIFX) has returned 7.29% so far this year and 13.83% over the past 12 months. Over the last ten years, MCIFX has returned 5.69% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% 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 +0.51%. At this rate, an investment would double in approximately 11.4 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 2.59%, beta of 0.31, and R2 of 0.68 versus S&P 500 Index. Calculated based on daily prices since December 31, 2007.

• This fund participated in 52.43% of S&P 500 Index downside but only 47.48% of its upside - more exposed to losses than it benefited from rallies.
• This fund generated an annualized alpha of 2.59% 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 78 for risk / return — better than 78% of mutual funds on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.

Miller Convertible Bond Fund provided a 5.14% dividend yield over the last twelve months, with an annual payout of $0.69 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 0.99%.

The chart below shows the rolling one-month volatility.