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Trending ETFs

Miller Market Neutral Income Fund

mutual fund
MMNIX
Payout Change
Pending
Price as of:
$10.56 +0.01 +0.09%
primary theme
N/A
share class
MMNIX (Mutual Fund)

Miller Market Neutral Income Fund

Payout Change
Pending
Price as of:
$10.56 +0.01 +0.09%
primary theme
N/A
share class
MMNIX (Mutual Fund)

Miller Market Neutral Income Fund

Payout Change
Pending
Price as of:
$10.56 +0.01 +0.09%
primary theme
N/A
share class

Name

As of 10/10/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$10.56

$65.2 M

2.93%

$0.31

1.56%

Vitals

YTD Return

7.7%

1 yr return

N/A

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$65.2 M

Holdings in Top 10

92.3%

52 WEEK LOW AND HIGH

$10.6
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.56%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

N/A

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 10/10/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$10.56

$65.2 M

2.93%

$0.31

1.56%

MMNIX - Profile

Distributions

  • YTD Total Return 7.7%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 2.9%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Miller Market Neutral Income Fund
  • Fund Family Name
    Miller Funds
  • Inception Date
    Nov 30, 2021
  • Shares Outstanding
    N/A
  • Share Class
    I
  • Currency
    USD
  • Domiciled Country
    US

Fund Description

Wellesley Asset Management, Inc. (“Wellesley” or the “Advisor”), the Fund’s advisor, seeks to achieve maximum current income while remaining market neutral by achieving a low correlation to the fluctuations of the U.S. stock market.

The Fund’s primary investment vehicle are convertible bonds. The Fund seeks to hedge market risk in part by investing in convertible arbitrage opportunities by, for example, selling common stocks short against positions in which the Fund has invested in convertible securities. Convertible arbitrage positions may be incorporated into a total return swap with an investment bank counterparty to also hedge market risk. Further hedging of portfolio risks may utilize derivative instruments including but not limited to other types of swaps, options, warrants, future contracts, and exchange traded funds (“ETFs”). The Fund may enter into credit default swaps and interest rate swaps to hedge against fixed income market risk. The Fund may seek to generate income from option premiums by writing (selling) call options.

Secondarily, the fund may invest in, but is not limited to, government bonds, corporate bonds, preferred securities, and equities.

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 generally offer both defensive characteristics (i.e., may 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. There is no limit on the portion of the Fund’s portfolio that is allocated among convertible bonds. The Fund generally invests 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 attempts to identify convertible bonds that are trading at attractive valuations relative to Wellesley’s evaluation of the issuer’s creditworthiness. Wellesley’s 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 issuer’s credit quality deteriorates, the security or strategy no longer meets our return criteria, to increase diversification, when there is deterioration in the fundamental prospects of the underlying company, or when Wellesley believes more attractive investments are available. Wellesley diversifies the Fund’s portfolio in terms by company, industry, sector and other factors in attempt to lower the risks of the portfolio.

In an effort to enhance income, the Fund may write call and put options. The Fund may write call options on individual equity securities and convertible bonds that are in the Fund’s portfolio. In addition, the Fund may write call options on ETFs and securities indexes.

In an effort to minimize the downside risk of individual equity security and convertible bond holdings or the Fund’s portfolio in its entirety, the Fund may purchase put options on individual securities, ETFs and securities indexes.

The Fund may employ leverage, 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.

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MMNIX - Performance

Return Ranking - Trailing

Period MMNIX Return Category Return Low Category Return High Rank in Category (%)
YTD 7.7% N/A N/A N/A
1 Yr N/A N/A N/A N/A
3 Yr N/A* N/A N/A N/A
5 Yr N/A* N/A N/A N/A
10 Yr N/A* N/A N/A N/A

* Annualized

Return Ranking - Calendar

Period MMNIX Return Category Return Low Category Return High Rank in Category (%)
2023 N/A N/A N/A N/A
2022 N/A N/A N/A N/A
2021 N/A N/A N/A N/A
2020 N/A N/A N/A N/A
2019 N/A N/A N/A N/A

Total Return Ranking - Trailing

Period MMNIX Return Category Return Low Category Return High Rank in Category (%)
YTD 7.7% N/A N/A N/A
1 Yr N/A N/A N/A N/A
3 Yr N/A* N/A N/A N/A
5 Yr N/A* N/A N/A N/A
10 Yr N/A* N/A N/A N/A

* Annualized

Total Return Ranking - Calendar

Period MMNIX Return Category Return Low Category Return High Rank in Category (%)
2023 N/A N/A N/A N/A
2022 N/A N/A N/A N/A
2021 N/A N/A N/A N/A
2020 N/A N/A N/A N/A
2019 N/A N/A N/A N/A

NAV & Total Return History


MMNIX - Holdings

Concentration Analysis

MMNIX Category Low Category High MMNIX % Rank
Net Assets 65.2 M N/A N/A N/A
Number of Holdings 64 N/A N/A N/A
Net Assets in Top 10 23.9 M N/A N/A N/A
Weighting of Top 10 92.33% N/A N/A N/A

Top 10 Holdings

  1. BNP CASH DEPOSIT ACCT 52.92%
  2. SRPT 1 1/4 09/15/27 4.69%
  3. TYL 0 1/4 03/15/26 4.68%
  4. NEE 3 03/01/27 4.66%
  5. HALO 1 08/15/28 4.44%
  6. UBER 0 7/8 12/01/28 4.32%
  7. AKAM 0 1/8 05/01/25 4.27%
  8. SEDG 2 1/4 07/01/29 4.20%
  9. MMSI 3 02/01/29 4.08%
  10. MKSI 1 1/4 06/01/30 4.08%

Asset Allocation

Weighting Return Low Return High MMNIX % Rank
Bonds
108.65% N/A N/A N/A
Cash
54.70% N/A N/A N/A
Preferred Stocks
0.00% N/A N/A N/A
Other
0.00% N/A N/A N/A
Convertible Bonds
0.00% N/A N/A N/A
Stocks
-56.63% N/A N/A N/A

Bond Sector Breakdown

Weighting Return Low Return High MMNIX % Rank
Cash & Equivalents
54.70% N/A N/A N/A
Derivative
0.00% N/A N/A N/A
Securitized
0.00% N/A N/A N/A
Corporate
0.00% N/A N/A N/A
Municipal
0.00% N/A N/A N/A
Government
0.00% N/A N/A N/A

Bond Geographic Breakdown

Weighting Return Low Return High MMNIX % Rank
US
108.65% N/A N/A N/A
Non US
0.00% N/A N/A N/A

MMNIX - Expenses

Operational Fees

MMNIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.56% N/A N/A N/A
Management Fee 1.25% N/A N/A N/A
12b-1 Fee N/A N/A N/A N/A
Administrative Fee N/A N/A N/A N/A

Sales Fees

MMNIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A N/A N/A N/A
Deferred Load N/A N/A N/A N/A

Trading Fees

MMNIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

MMNIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A N/A N/A N/A

MMNIX - Distributions

Dividend Yield Analysis

MMNIX Category Low Category High MMNIX % Rank
Dividend Yield 2.93% N/A N/A N/A

Dividend Distribution Analysis

MMNIX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly

Net Income Ratio Analysis

MMNIX Category Low Category High MMNIX % Rank
Net Income Ratio N/A N/A N/A N/A

Capital Gain Distribution Analysis

MMNIX Category Low Category High Capital Mode
Capital Gain Distribution Frequency

Distributions History

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MMNIX - Fund Manager Analysis

Tenure Analysis

Category Low Category High Category Average Category Mode
N/A N/A N/A N/A