Fund Evaluator:
Miller Market Neutral Income I (MMNIX)
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Best Performing in Relative Value Arbitrage Over the Last Year
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Fund Details
Miller Market Neutral Income I Overview
Miller Market Neutral Income I (MMNIX) is an actively managed Alternative Relative Value Arbitrage fund. Miller Investment launched the fund in 2023.
The investment seeks to provide total return through a combination of current income and capital appreciation with low correlation to equity and fixed income markets and consistent with stability of principal. 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. It’s primary investment vehicle are convertible bonds. Secondarily, the fund may invest in, but is not limited to, government bonds, corporate bonds, preferred securities, and equities.
About Miller Market Neutral Income I (MMNIX)
There are 3 members of the management team with an average tenure of 2.53 years: David Clott (2024), Michael Miller (2023), 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 Bloomberg US Govt/Credit 1-3 Yr TR USD index with a weighting of 100%. Miller Market Neutral Income I has 122 securities in its portfolio. The top 10 holdings constitute 25.3% 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 Market Neutral Income I is part of the Alternative Strategies global asset class and is within the Alternative fund group. Miller Market Neutral Income I has -0.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is -41.6%. There is -0.8% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is -1.3% (-1.3% domestic bond, 0.0% foreign bond and 90.5% convertible bond). Miller Market Neutral Income I has 53.3% of the portfolio in cash.
Assets Under Management
The fund has $360 million in total assets, which is below the $1 billion average for the Relative Value Arbitrage 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.
MMNIX 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 Market Neutral Income I expense ratio is high compared to funds in the Relative Value Arbitrage category. Miller Market Neutral Income I has an expense ratio of 1.66%, which is 16% 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 Market Neutral Income I has a portfolio turnover rate of 467%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 252% for the Relative Value Arbitrage category.
Recently, in the month of July 2026, Miller Market Neutral Income I returned 0.3%, which earned it a grade of D, as the Relative Value Arbitrage category had an average return of 0.3%. 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 Market Neutral Income I has a trailing yield of 1.60%, which is below the 2.27% 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 Market Neutral Income I Grades
Year to date, the fund has returned 4.3%, 0.1 percentage points better than the category, which translates into a grade of B. The fund has returned 8.9% over the past year (grade of A).
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MMNIX 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 |
|
| MMNIX Return (NAV) | 0.3% | 1.6% | 8.9% | na | na | na |
| MMNIX Grade | D | C | A | na | na | na |
| +/- Category | -0.0% | -0.0% | 1.3% | na | na | na |
| Relative Value Arbitrage Avg | 0.3% | 1.6% | 7.6% | 7.1% | 4.6% | 5.1% |
| MMNIX Tax Cost Ratio | na | na | 1.7% | na | na | na |
MMNIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MMNIX Return (NAV) | 4.3% | 10.0% | 9.6% | na | na | na | na | na | na | na | na |
| MMNIX Grade | B | A | A | na | na | na | na | na | na | na | na |
| +/- Category | 0.1% | 1.8% | 2.2% | na | na | na | na | na | na | na | na |
| Relative Value Arbitrage Avg | 4.2% | 8.2% | 7.4% | 6.9% | -3.7% | 4.6% | 11.0% | 7.2% | 0.9% | 4.0% | 5.5% |
| Risk Measures | |
| Standard Deviation: | na |
| Total Risk Index: | na |
| Category Risk Index: | na |
| Category Risk Grade: | |
| Beta: | na |
| R-Squared: | na |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 1.6% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $360 Mil |
| Fund Total Assets: | $ 360 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 467% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 2.6 years | |||
| Average Tenure: 2.5 years | |||
| Managers (Year): Miller Michael (2023), Buckham James (2023), Clott David (2024) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 122 |
| % in Top 10 Holdings: | 25.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | -0.8% |
Portfolio Allocation |
|
| Domestic Stock: | -41.6% |
| Foreign Stock: | -0.8% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | -1.3% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 90.5% |
| Other: | 0.0% |
| Cash: | 53.3% |
Purchase Information
| Fund Family: | Miller Investment |
| Phone Number: | 877-441-4434 |
| Website: | www.millerconvertiblefund.com |
| Status: | Open |
| Inception Date: | December 29, 2023 |
| 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 (%): | 1.66% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.43% |
| Share Class: | Miller Market Neutral Income I |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
