MILLER CONVERTIBLE PLUS FUND (MCPIX)

Overview

Convertible bonds combine the fixed income features of bonds, with the capital appreciation potential of stocks. The goal of the Fund is to primarily deploy leveraged convertible bonds to outperform both equity and fixed income investments over complete market cycles.

Strategy and Process

A Blend of Debt and Equity

Convertible bonds blend the characteristics of both bond and stock investments. Convertibles seek to provide equity like returns due to the equity component with potentially less volatility due to the bond-like features.

Long-term Diversification Potential

Convertible bonds may be a good option for investors whose goal is to diversify their portfolio.

Experienced Investment Approach

The Fund’s investment advisor holds over 20 years of experience with its multi-step approach to convertible bond analysis, focused on the issuer’s credit-worthiness and financial statement fundamentals.

Fact Sheet     Fund Documents

For additional information about the fund, please email us at information@wam.com.


Portfolio Management

Greg Miller, CPA, Chief Executive Officer and Portfolio Manager, has over 30 years’ experience investing in convertible bonds. Mr. Miller founded Wellesley Asset Management in 1991. He is the architect of the firm’s convertible bond investment strategy and has been Portfolio Manager on Wellesley’s separately managed account and mutual fund suites since their inception. Mr. Miller has written numerous articles and has been profiled in various prominent investment and financial publications, including Barron’s, Institutional Investor, Investment Advisor Magazine, and Bloomberg Businessweek. He has been the recipient of numerous industry-related awards throughout his career and a frequent guest speaker on convertible bond investing. Mr. Miller graduated from Boston University with a Bachelor of Science degree in Business Administration, and holds a Master of Business Administration in Finance with high distinction from Babson College.

 

Michael Miller, CFIP, President, CIO and Portfolio Manager, has over 10 years’ experience in the industry. He works directly with the firm’s trading, private client and institutional teams and oversees day to day operations, strategic planning and execution. Additionally, Mr. Miller is responsible for convertible bond research and product development, analyzing and monitoring portfolio holdings, and communicating performance, portfolio and fund data. He also constructs and analyzes client portfolios and works directly with the firm’s institutional clients. He frequently speaks at national investment conferences educating investors about the convertible bond asset class. Mr. Miller received his Bachelor of Science degree in Business Administration from American University’s Kogod School of Business in Washington, DC, where he specialized in finance, and his Master of Business Administration degree from Babson College.

2108-NLD-10/21/2019



About Risk

Investments in convertible securities subject the Fund to the risks associated with both fixed-income securities, including credit risk and interest risk, and common stocks. A portion of the Fund’s convertible securities may be rated below investment grade. Exchangeable and synthetic convertible securities may be more volatile and less liquid than traditional convertible securities. In general, stock and other equity security values fluctuate, and sometimes widely fluctuate, in response to activities specific to the company as well as general market, economic and political conditions. Lower rated fixed-income securities are subject to greater risk of loss of income and principal than higher-rated securities. The prices of lower rated bonds are likely to be more sensitive to adverse economic changes or individual corporate developments. All fixed-income securities are subject to two types of risk: credit risk and interest rate risk. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed income securities go up. The use of leverage through activities such as borrowing or purchasing derivatives can magnify the effects of changes in the value of the Fund and make the Fund’s share price more volatile and sensitive to market movements. 

Investors should carefully consider the investment objectives, risks, charges and expenses of the Miller Convertible Plus Fund. This and other important information about the Fund are contained in the prospectus, which can be obtained by calling 781-416-4000. The prospectus should be read carefully before investing. The Miller Convertible Plus Fund is distributed by Northern Lights Distributors, LLC, member FINRA/SIPC. Wellesley Asset Management, Inc. and Northern Lights Distributors, LLC are not affiliated entities.

2135-NLD-9/4/2018

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