Fund Evaluator:
Miller Intermediate Bond I (MIFIX)
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Best Performing in Multisector Bond Over the Last Year
| 7.1% | Morningstar Multisector Bond (MSTMX) |
| 6.0% | Fidelity Advisor Strategic Income Z (FIWDX) |
| 5.4% | Russell Inv Opportunistic Credit Y (RGCYX) |
| 5.4% | Russell Inv Opportunistic Credit M (RGOTX) |
| 5.2% | Payden Managed Income SI (PKBIX) |
Fund Details
Miller Intermediate Bond I Overview
Miller Intermediate Bond I (MIFIX) is an actively managed Taxable Bond Multisector Bond fund. Miller Investment launched the fund in 2014.
The investment seeks to maximize total return comprising current income and capital appreciation, consistent with preservation of capital. Under normal conditions, the fund invests at least 80% of its assets (defined as net assets plus borrowings for investment purposes) in a portfolio of bonds with a dollar-weighted average maturity of between three and ten years.
About Miller Intermediate Bond I (MIFIX)
There are 4 members of the management team with an average tenure of 4.25 years: Greg Miller (2026), David Clott (2024), Michael Miller (2014), James Buckham (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg US Agg Bond TR USD index with a weighting of 100%. Miller Intermediate Bond I has 46 securities in its portfolio. The top 10 holdings constitute 32.4% 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 Intermediate Bond I is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Miller Intermediate Bond I has 1.7% 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 39.3% (37.6% domestic bond, 1.7% foreign bond and 57.9% convertible bond). Miller Intermediate Bond I has 2.8% of the portfolio in cash.
Assets Under Management
The fund has $162 million in total assets, which is below the $1 billion average for the Multisector Bond 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.
MIFIX 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 Intermediate Bond I expense ratio is high compared to funds in the Multisector Bond category. Miller Intermediate Bond I has an expense ratio of 0.99%, which is 6% higher than its category average, making the fund expense ratio grade a D. 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 Intermediate Bond I has a portfolio turnover rate of 134%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 162% for the Multisector Bond category.
Recently, in the month of July 2026, Miller Intermediate Bond I returned 0.6%, which earned it a grade of A, as the Multisector Bond category had an average return of -0.7%. 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 Intermediate Bond I has a trailing yield of 3.85%, which is below the 5.31% 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 Intermediate Bond I Grades
Year to date, the fund has returned 5.9%, 5.0 percentage points better than the category, which translates into a grade of A. The fund has returned 9.9% over the past year (grade of A), 7.2% over the past three years (grade of A) and 4.0% per year over the past five years (grade of A) and 5.0% per year over the past 10 years (grade of A).
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MIFIX 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 |
|
| MIFIX Return (NAV) | 0.6% | 3.3% | 9.9% | 7.2% | 4.0% | 5.0% |
| MIFIX Grade | A | A | A | A | A | A |
| +/- Category | 1.3% | 3.2% | 5.6% | 0.9% | 1.6% | 1.5% |
| Multisector Bond Avg | -0.7% | 0.0% | 4.3% | 6.3% | 2.4% | 3.5% |
| MIFIX Tax Cost Ratio | na | na | 1.8% | 1.8% | 1.7% | 1.7% |
MIFIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MIFIX Return (NAV) | 5.9% | 7.1% | 7.3% | 6.9% | -7.7% | 4.3% | 14.2% | 9.8% | -1.9% | 3.1% | 9.3% |
| MIFIX Grade | A | D | A | F | B | A | A | D | C | F | B |
| +/- Category | 5.0% | -1.0% | 1.6% | -1.5% | 2.4% | 2.1% | 7.9% | -0.5% | -0.1% | -3.5% | 1.8% |
| Multisector Bond Avg | 0.9% | 8.1% | 5.7% | 8.4% | -10.1% | 2.2% | 6.3% | 10.3% | -1.9% | 6.6% | 7.5% |
| Risk Measures | |
| Standard Deviation: | 4.9% |
| Total Risk Index: | 0.40 - Low |
| Category Risk Index: | 1.09 - Above Average |
| Category Risk Grade: | D (65% Rank) |
| Beta: | 0.62 |
| R-Squared: | 50% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 3.9% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $162 Mil |
| Fund Total Assets: | $ 162 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 134% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 11.6 years | |||
| Average Tenure: 4.3 years | |||
| Managers (Year): Miller Michael (2014), Buckham James (2024), Clott David (2024), Miller Greg (2026) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 46 |
| % in Top 10 Holdings: | 32.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.7% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 37.6% |
| Foreign Bond: | 1.7% |
| Convertible Bond: | 57.9% |
| Other: | 0.0% |
| Cash: | 2.8% |
Purchase Information
| Fund Family: | Miller Investment |
| Phone Number: | 877-441-4434 |
| Website: | www.millerconvertiblefund.com |
| Status: | Open |
| Inception Date: | December 31, 2014 |
| Min. Initial Purchase: | $1,000,000 |
| Min. Initial IRA Purchase: | $1,000,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.00% |
Expenses and Fees | |
| Expense Ratio (%): | 0.99% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.94% |
| Share Class: | Miller Intermediate Bond I |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
