MCPIX — Miller Convertible Plus Fund
Data updated: 2024-06-07
MCPIX — Miller Convertible Plus Fund. Short Preferred / Convertible Bond · $42.02M AUM · 3.16% expense ratio. Holdings, fees, performance and SEC filings.
MCPIX Fund Overview
MCPIX — Miller Convertible Plus Fund is a US mutual fund managed by Miller Investment Trust, categorised as Short Preferred / Convertible Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Miller Investment Trust
- Category: Short Preferred / Convertible Bond
- Assets under management: $42.02M
- 1-year return: 5.6%
- Ticker: MCPIX
- SEC CIK: 0001414039
- SEC series ID: S000046812
- Share class ID: C000146254
MCPIX Investment Objective and Strategy
Miller Convertible Plus Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Miller Investment Trust.
Investment objective
The Funds primary investment objective is to use leverage to maximize total return comprising current income and capital appreciation. The Fund also seeks to realize a total return that outperforms both the Bloomberg Barclays U.S. Aggregate Bond Index and the S&P 500 Total Return Index over full market cycles. The Funds investment objective is a non-fundamental policy and may be changed without shareholder approval upon 60 days written notice to shareholders.
Principal investment strategy
Wellesley Asset Management, Inc. (Wellesley), the Funds advisor, seeks to maximize the Funds total return comprising current income and capital appreciation by investing in a leveraged portfolio consisting primarily of convertible bonds. Convertible bonds often provide interest income, as well as capital appreciation if the value of converting to the underlying equity increases over time. The Fund may experience periods of high volatility. The Fund may invest in securities without principal protection and employs substantial leverage, primarily in the form of borrowing, to increase the potential gain from attractive securities selection. Such borrowing can benefit the Fund if the net rate of return on its investments purchased with the proceeds of the loan exceeds the interest or fees payable thereon.
The Fund currently anticipates using indebtedness in an amount up to approximately 331/3% of the Funds total assets (including borrowing proceeds) to leverage the Funds portfolio. Under normal conditions, the Fund invests at least 80% of its assets (defined as net assets plus borrowings for investment purposes) in convertible bonds (the 80% Policy). The Funds 80% investment policy is a non-fundamental policy and may be changed without shareholder approval upon 60 days written notice to shareholders. The Fund defines convertible bonds as including synthetic convertible bonds and other securities that Wellesley identifies as having characteristics similar to convertible bonds, including any combination of bonds, options, index-linked securities, debt and equity instruments that Wellesley believes have convertible bond-like characteristics.
There is no limit on the portion of the Funds portfolio that will be allocated among convertible bonds, synthetic convertible bonds and other similar investments. The Fund expects that the average duration of its portfolio will be less than seven years, but there are no restrictions on the maximum or minimum maturity of any individual security and Wellesley has broad discretion to adjust duration depending on its outlook for factors such as interest rates. The convertible bonds purchased by the Fund may contain put options that entitle the holder to sell the security back to the issuer at a stated price on one or more future dates. The Fund primarily invests in convertible bonds of companies that are domiciled in, or have their principal place of business or principal securities trading market in, or that derive at least 50% of their revenue or profits from goods produced, sales made or services performed in, the United States (U.S.
companies). Convertible bonds are generally obligations of a company that can be converted into a predetermined number of shares of common stock of the company issuing the security. Convertible bonds offer both defensive characteristics (i.e., provide income during periods when the market price of the underlying common stock declines) and upside potential (i.e., may provide capital appreciation when the market price of the underlying common stock rises). The Fund is not restricted with respect to the credit quality of its holdings and invests in some convertible bonds that are rated less than investment grade or determined to be of comparable credit quality by Wellesley (commonly called high yield or junk bonds). Wellesley may pair convertible bonds with put and call options as necessary to seek principal protection in its long positions.
Wellesley will also invest in other instruments it believes have the characteristics of convertible bonds such as synthetic convertible bonds which are financial instruments created by combining two or more separate securities or derivatives that, in total, have returns that are similar to a convertible bond. Synthetic convertible bonds may be created by investment banks, brokerage firms or the Fund. They may include structured equity linked products (SELPs) and index-linked and equity-linked convertible structured notes, which may include a guarantee feature to guarantee return of the original issue price. There is no limit on the portion of the Funds portfolio that will be allocated among convertible bonds, synthetic convertibles and other similar investments. The Fund expects that the average duration of its portfolio of convertible securities will range from two to ten years, but there are no restrictions on the maximum or minimum maturity of any individual security and Wellesley has broad discretion to adjust duration depending on its outlook for factors such as interest rates.
The Fund generally will invest in securities that have been privately placed but are eligible for purchase and sale by certain qualified institutional buyers such as the Fund under Rule 144A under the Securities Act of 1933. Wellesley will purchase a convertible bond when it believes there is a high probability that the principal amount of the fixed-income component of the investment will be repaid upon put or maturity and the conversion component offers potential upside. Wellesley attempts to identify convertible bonds that are trading at attractive valuations relative to Wellesleys evaluation of the issuers creditworthiness. Wellesleys investment process includes the use of both quantitative and fundamental research on each issuer to analyze credit quality and the specific terms of each offering.
In general, Wellesley sells securities when an issuers credit quality deteriorates, the conversion feature of a security is no longer a likely source of capital appreciation, to increase diversification, or when Wellesley believes more attractive investments are available.
MCPIX Holdings
Top 10 holdings of Miller Convertible Plus Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Lantheus Holdings Inc | 3.36% |
| UBS AG, London Branch | 3.30% |
| Fluor Corporation | 3.24% |
| The Greenbrier Companies, Inc. | 3.21% |
| LivaNova PLC | 3.15% |
| Uber Technologies Inc | 3.11% |
| Insulet Corporation | 3.07% |
| Itron, Inc. | 3.03% |
| DexCom Inc | 3.02% |
| Akamai Technologies, Inc. | 3.02% |
MCPIX Portfolio Allocation
Asset-class allocation of Miller Convertible Plus Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 99.0% |
| Cash & Equivalents | 1.7% |
MCPIX Performance
Total returns for MCPIX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 5.6% |
| 3 years (annualised) | -3.7% |
MCPIX Risk Information
Risk metrics for MCPIX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 9.6%
MCPIX Costs and Fees
MCPIX costs about $316 per $10,000 invested per year in fund expenses.
- Net expense ratio: 3.16%
- Gross expense ratio: 3.16%
- Portfolio turnover: 122%
- Brokerage commissions: 0.02 bps of average net assets (SEC N-CEN)
MCPIX Cashflows
Over the 12 months to 2024-04, Miller Convertible Plus Fund had net inflows of $15.93M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2024-04 | −$11.87M |
| 2024-03 | −$254.46K |
| 2024-02 | −$1.48M |
| 2024-01 | $1.60M |
| 2023-12 | $4.00M |
| 2023-11 | $10.99M |
MCPIX Debt Constituents
Largest debt holdings of Miller Convertible Plus Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Lantheus Holdings Inc | 3.36% |
| UBS AG, London Branch | 3.30% |
| Fluor Corporation | 3.24% |
| The Greenbrier Companies, Inc. | 3.21% |
| LivaNova PLC | 3.15% |
| Uber Technologies Inc | 3.11% |
| Insulet Corporation | 3.07% |
| Itron, Inc. | 3.03% |
| DexCom Inc | 3.02% |
| Akamai Technologies, Inc. | 3.02% |
MCPIX Prospectus and SEC Filings
Official Miller Convertible Plus Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2024-02-28
- Prospectus supplement (497) — filed 2023-03-06
- Prospectus supplement (497) — filed 2022-03-14
- Portfolio holdings (N-PORT) — filed 2024-06-07
- Portfolio holdings (N-PORT) — filed 2024-03-01
- Portfolio holdings (N-PORT) — filed 2023-12-15
- Annual census (N-CEN) — filed 2024-01-04
- Annual census (N-CEN) — filed 2023-01-09
Related Funds
Other Short Preferred / Convertible Bond 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.