Fund Evaluator:
Miller Convertible Bond C (MCFCX)
Follow This Fund
Best Performing in Convertibles Over the Last Year
| 24.2% | Harbor Ares Systematic Cnvrt Scs Ins (HACSX) |
| 24.1% | Fidelity Advisor Convertible Secs Z (FIQVX) |
| 24.0% | Fidelity Convertible Securities (FCVSX) |
| 23.8% | Harbor Ares Systematic Cnvrt Scs Inv (HICSX) |
| 21.1% | Invesco Convertible Securities Y (CNSDX) |
Fund Details
Miller Convertible Bond C Overview
Miller Convertible Bond C (MCFCX) is an actively managed Allocation Convertibles fund. Miller Investment launched the fund in 2009.
The investment seeks to maximize total return comprising current income and capital appreciation, consistent with preservation of capital. The fund invests at least 80% of its assets (defined as net assets plus borrowings for investment purposes) in convertible bonds. The managers define convertible bonds as including synthetic convertible bonds and other securities that the advisor identifies as having characteristics similar to convertible bonds.
About Miller Convertible Bond C (MCFCX)
There are 4 members of the management team with an average tenure of 5.50 years: Greg Miller (2026), David Clott (2023), Michael Miller (2010), James Buckham (2023). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and ICE BofA All Yield Alte US Conv TR USD index with a weighting of 100%. Miller Convertible Bond C has 52 securities in its portfolio. The top 10 holdings constitute 29.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Miller Convertible Bond C is part of the Hybrid Securities global asset class and is within the Allocation fund group. Miller Convertible Bond C has 6.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 22.2% (16.2% domestic bond, 6.0% foreign bond and 77.1% convertible bond). Miller Convertible Bond C has 0.7% of the portfolio in cash.
Assets Under Management
The fund has $20 million in total assets, which is below the $212 million average for the Convertibles category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
MCFCX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Miller Convertible Bond C expense ratio is high compared to funds in the Convertibles category. Miller Convertible Bond C has an expense ratio of 2.04%, which is 84% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Miller Convertible Bond C has a portfolio turnover rate of 114%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 109% for the Convertibles category.
Recently, in the month of July 2026, Miller Convertible Bond C returned 0.9%, which earned it a grade of A, as the Convertibles category had an average return of -4.5%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Miller Convertible Bond C has a trailing yield of 4.13%, which is above the 1.71% category average. The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Miller Convertible Bond C Grades
Year to date, the fund has returned 9.4%, 3.6 percentage points worse than the category, which translates into a grade of F. The fund has returned 13.6% over the past year (grade of F), 6.7% over the past three years (grade of F) and 2.7% per year over the past five years (grade of F) and 4.6% per year over the past 10 years (grade of F).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about Miller Convertible Bond C, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
MCFCX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| MCFCX Return (NAV) | 0.9% | 5.3% | 13.6% | 6.7% | 2.7% | 4.6% |
| MCFCX Grade | A | A | F | F | F | F |
| +/- Category | 5.4% | 4.2% | -7.3% | -7.1% | -2.9% | -6.1% |
| Convertibles Avg | -4.5% | 1.1% | 20.9% | 13.8% | 5.6% | 10.7% |
| MCFCX Tax Cost Ratio | na | na | 1.8% | 1.5% | 1.6% | 1.4% |
MCFCX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MCFCX Return (NAV) | 9.4% | 5.2% | 4.7% | 5.0% | -11.4% | 3.4% | 18.8% | 12.2% | -6.6% | 6.2% | 8.5% |
| MCFCX Grade | F | F | F | F | A | D | F | F | F | F | C |
| +/- Category | -3.6% | -10.9% | -6.5% | -3.7% | 6.4% | -1.5% | -23.7% | -10.7% | -5.0% | -7.6% | 0.4% |
| Convertibles Avg | 13.0% | 16.1% | 11.2% | 8.7% | -17.8% | 4.9% | 42.4% | 22.9% | -1.6% | 13.8% | 8.1% |
| Risk Measures | |
| Standard Deviation: | 6.3% |
| Total Risk Index: | 0.51 - Below Average |
| Category Risk Index: | 0.54 - Low |
| Category Risk Grade: | A (8% Rank) |
| Beta: | 0.59 |
| R-Squared: | 77% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 4.1% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $384 Mil |
| Fund Total Assets: | $ 20 Mil |
| Share Class Type: | C |
| Portfolio Turnover: | 114% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 16.4 years | |||
| Average Tenure: 5.5 years | |||
| Managers (Year): Miller Michael (2010), Buckham James (2023), Clott David (2023), Miller Greg (2026) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 52 |
| % in Top 10 Holdings: | 29.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 6.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 16.2% |
| Foreign Bond: | 6.0% |
| Convertible Bond: | 77.1% |
| Other: | 0.0% |
| Cash: | 0.7% |
Purchase Information
| Fund Family: | Miller Investment |
| Phone Number: | 877-441-4434 |
| Website: | www.millerconvertiblefund.com |
| Status: | Open |
| Inception Date: | December 1, 2009 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $ 500 |
| True No-Load: | No |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 1.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 1.00% |
Expenses and Fees | |
| Expense Ratio (%): | 2.04% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.11% |
| Share Class: | Miller Convertible Bond I |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
