MCFAX Performance — Miller Convertible Bond Fund, Class A
Data updated: 2026-09-04
MCFAX returned +9.65% year to date and +14.07% over one year to Jul 2026. Annualised returns are +7.24% over 3 years and +3.19% over 5 years. The fund trailed its Preferred & Convertible category average: $100 invested three years ago grew to $123, against $146 for the category, and to $114 over one year, against $120. Volatility over the past three years was 6.30% a year. In the 12 months to Jul 2026 the fund lost a net $231.5M, and assets reached $384.96M.
MCFAX Growth of $100
What $100 invested in Miller Convertible Bond Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Preferred & Convertible category average over the same months.
| Period | MCFAX | Category average |
|---|---|---|
| 1 year (Aug 2025 – Jul 2026) | $114 | $120 |
| 3 years (Aug 2023 – Jul 2026) | $123 | $146 |
| 5 years (Aug 2021 – Jul 2026) | $117 | $132 |
| Since data start (Nov 2019 – Jul 2026) | $146 | $199 |
MCFAX Trailing Returns
Total returns to Jul 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +9.65% |
| 1 year | +14.07% |
| 3 years (annualised) | +7.24% |
| 5 years (annualised) | +3.19% |
MCFAX Annual Returns
Calendar-year total returns of Miller Convertible Bond Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jul) | +9.65% |
| 2025 | +5.80% |
| 2024 | +5.22% |
| 2023 | +5.54% |
| 2022 | −10.97% |
| 2021 | +3.92% |
| 2020 | +19.39% |
| 2019 (Nov–Dec) | +2.71% |
MCFAX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +2.4% | +0.4% | −3.0% | +4.3% | +3.0% | +1.3% | +1.0% | — | — | — | — | — |
| 2025 | +1.6% | −0.6% | −1.7% | −1.1% | +1.5% | +1.5% | +0.6% | +1.7% | +0.7% | +0.7% | +0.8% | +0.1% |
| 2024 | +1.0% | +2.0% | +1.9% | −2.4% | +0.6% | +0.5% | +1.5% | +0.7% | +0.4% | −1.0% | +2.2% | −2.1% |
| 2023 | +2.8% | −2.1% | +0.2% | −0.2% | −0.7% | +2.4% | +2.0% | −0.7% | −1.7% | −3.3% | +2.6% | +4.3% |
| 2022 | −3.2% | +0.6% | +0.9% | −5.1% | −1.1% | −3.5% | +2.5% | −1.7% | −4.6% | +3.3% | +2.8% | −1.8% |
| 2021 | +0.9% | +1.1% | −0.7% | +0.8% | −0.1% | −0.2% | 0.0% | +0.2% | −1.8% | +1.0% | −0.4% | +3.1% |
| 2020 | +0.6% | −1.3% | −10.2% | +7.1% | +3.3% | +4.2% | +5.1% | +4.6% | −2.0% | −1.3% | +5.3% | +3.7% |
| 2019 | — | — | — | — | — | — | — | — | — | — | +1.0% | +1.7% |
MCFAX Risk
Risk measures from monthly returns over Aug 2023 – Jul 2026.
- 3-year volatility (annualised): 6.30%
- 3-year Sharpe ratio: 0.43 (vs 4.5% risk-free rate)
- Best month: +4.32% (Dec 2023)
- Worst month: −3.27% (Oct 2023)
MCFAX Fund Flows
Monthly money in and out of Miller Convertible Bond Fund, from SEC Form N-PORT.
- 12-month net flow: −$231.5M
- 12-month gross sales (incl. reinvestments): $55.2M
- Sales ÷ redemptions: 0.19×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jul 2026 | $6.1M | $6.4M | −$306K |
| Jun 2026 | $7.8M | $5.3M | $2.4M |
| May 2026 | $2.3M | $11.7M | −$9.3M |
| Apr 2026 | $2.4M | $87.7M | −$85.3M |
| Mar 2026 | $12.3M | $21.6M | −$9.3M |
| Feb 2026 | $2.9M | $7.1M | −$4.2M |
| Jan 2026 | $4.2M | $9.7M | −$5.5M |
| Dec 2025 | $5.0M | $14.9M | −$10.0M |
| Nov 2025 | $2.0M | $65.5M | −$63.5M |
| Oct 2025 | $2.3M | $11.1M | −$8.8M |
| Sep 2025 | $4.6M | $14.4M | −$9.8M |
| Aug 2025 | $3.3M | $31.2M | −$27.9M |
MCFAX Assets Under Management
Net assets of Miller Convertible Bond Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-07-31 | $384.96M |
| 2026-04-30 | $376.90M |
| 2026-01-31 | $481.73M |
| 2025-10-31 | $547.73M |
| 2025-07-31 | $578.19M |
| 2025-04-30 | $588.73M |
| 2025-01-31 | $631.04M |
| 2024-10-31 | $670.16M |
| 2024-07-31 | $681.38M |
| 2024-04-30 | $654.01M |
| 2024-01-31 | $687.33M |
| 2023-10-31 | $691.57M |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.