Miller Income Fund
Data updated: 2024-02-29
C000175526 — Miller Income Fund. United States Small Cap Value Equity · $147.65M AUM · 0.90% expense ratio. Holdings, fees, performance and SEC filings.
C000175526 Fund Overview
Miller Income Fund is a US mutual fund managed by Trust for Advised Portfolios, categorised as United States Small Cap Value Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Trust for Advised Portfolios
- Category: United States Small Cap Value Equity
- Assets under management: $147.65M
- 1-year return: 14.0%
- SEC CIK: 0001261788
- SEC series ID: S000055731
- Share class ID: C000175526
C000175526 Investment Objective and Strategy
Miller Income Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Trust for Advised Portfolios.
Investment objective
The Miller Income Fund (the Fund) seeks to provide a high level of income while maintaining the potential for growth.
Principal investment strategy
The Funds investment style is flexible and intended to generate a high level of income from a wide array of sources. The investment strategy involves identifying instances where the Adviser believes the capital markets have mispriced investment opportunities and exploiting price discrepancies and inefficiencies in the market. The Funds strategy is not limited by investment style or asset class, and the portfolio managers have the ability to move across asset classes and up and down the capital structure in an effort to access the greatest yield and valuation opportunities. The portfolio managers believe that this flexible approach will allow the Fund to maintain a high level of income while also preserving the opportunity for growth over time. Under normal market conditions, the Fund will invest without limit primarily in cash distributing equity, and equity-like securities, fixed income securities, derivatives, and other financial instruments of issuers located anywhere in the world.
The cash distributing securities in which the Fund may invest include, but are not limited to, common stock, business development companies (BDCs), real estate investment trusts (REITs), master limited partnerships (MLPs), closed-end investment companies, exchange traded funds (ETFs), preferred stock, convertible securities, trust preferred securities, investment grade corporate bonds, below investment grade corporate bonds (commonly known as junk bonds), royalty trusts, commodity-linked derivatives, asset-backed and mortgage-backed securities, private mortgage-related securities, including non-U.S. mortgage pass-through securities, U.S. Government securities, U.S. Government and agency bonds, sovereign government and agency bonds, municipal securities, bank loans, emerging market debt, equipment trust certificates, money market instruments, zero coupon bonds, indexed securities, including those that are linked to currencies, and inflation-indexed securities, structured notes including those that are linked to currencies, depositary receipts, and floating rate debt instruments.
The Fund can invest without limit in foreign securities in any country, including countries with developing or emerging markets. Derivatives may be used by the Fund primarily for the following: as a hedging technique in an attempt to manage risk; as a substitute for buying or selling securities; to provide additional exposure to investment types or market factors; to change the characteristics of the Funds portfolio; and/or in an attempt to enhance income or returns. Derivative instruments the Fund may use include, but are not limited to: covered calls, forwards, including currency forwards, futures, structured notes, swaps, caps, floors, and collars. The Funds derivative investments may be significant at times. The Fund is classified as non-diversified, which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund.
C000175526 Holdings
Top 10 holdings of Miller Income Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Stellantis NV | 7.09% |
| Western Alliance Bancorp | 6.10% |
| AT&T Inc | 5.85% |
| Geo Group Inc/the | 5.72% |
| Jackson Financial Inc | 5.48% |
| OneMain Holdings Inc | 5.40% |
| CTO Realty Growth Inc | 5.03% |
| Buckle Inc/The | 4.83% |
| Vonovia SE | 4.82% |
| Bread Financial Holdings Inc | 4.75% |
C000175526 Portfolio Allocation
Asset-class allocation of Miller Income Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 77.2% |
| Fixed Income | 22.5% |
C000175526 Performance
Total returns for C000175526 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 14.0% |
| 3 years (annualised) | 4.4% |
C000175526 Risk Information
Risk metrics for C000175526, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 22.7%
C000175526 Costs and Fees
C000175526 costs about $90 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.90%
- Gross expense ratio: 0.94%
- Portfolio turnover: 59%
- Brokerage commissions: 12.98 bps of average net assets (SEC N-CEN)
C000175526 Cashflows
Over the 12 months to 2023-12, Miller Income Fund had net inflows of $63.89M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2023-12 | $7.03M |
| 2023-11 | $2.99M |
| 2023-10 | $2.55M |
| 2023-09 | $3.64M |
| 2023-08 | $3.77M |
| 2023-07 | $1.87M |
C000175526 Debt Constituents
Largest debt holdings of Miller Income Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Geo Group Inc/the | 5.72% |
| Cannabist Co. Hldgs, Inc. | 4.58% |
| Pitney Bowes, Inc. | 3.61% |
| Microstrategy, Inc. | 3.59% |
| Iheartcommunications, Inc. | 1.86% |
| Carvana Co. | 1.58% |
| Gray Escrow Ii, Inc. | 1.55% |
C000175526 Prospectus and SEC Filings
Official Miller Income Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2023-01-26
- Prospectus (485BPOS) — filed 2022-01-28
- Prospectus (485BPOS) — filed 2021-01-28
- Portfolio holdings (N-PORT) — filed 2024-02-29
- Portfolio holdings (N-PORT) — filed 2023-11-29
- Portfolio holdings (N-PORT) — filed 2023-08-29
- Annual census (N-CEN) — filed 2023-12-14
- Annual census (N-CEN) — filed 2022-12-13
Related Funds
Other United States Small Cap Value Equity funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.