Overview

The Fund strives to achieve absolute returns through all market environments by using a variety of fixed income securities in a laddered approach. The Fund employs a disciplined strategy that seeks to enhance returns while managing risk and volatility. The Fund seeks to outperform the Bloomberg Barclays U.S. Aggregate Bond Index over full market cycles.

Strategy and Process

Total Return

Portfolio managers utilize a variety of government and corporate fixed income securities with a focus on quality. The diversification of bonds allows for the potential of strong risk-adjusted returns in both bull and bear markets. The Fund’s primary investment objective is to maximize total return comprising current income and capital appreciation, consistent with preservation of capital. The Fund also seeks to realize a total return that outperforms the Bloomberg Barclays U.S. Aggregate Bond Index over full market cycles.

Reduced Volatility

Duration is an important aspect to fund volatility. The Fund aims to control market volatility in order to reduce Fund risk. This is achieved through a focus on quality and maintaining a laddered portfolio of ultra-short, short, and medium duration assets.

Quality

One of the Fund’s primary focuses is to deliver investors the potential for positive returns not just during bull markets, but also in volatile and bear markets. Using a fundamental, bottom up selection process, the portfolio managers of the fund put strong emphasis on quality assets, only selecting individual issuers that pass through a disciplined screening method focused on financial health and future growth expectations.

Fact Sheet
Fund Documents

For additional information about the fund, please email us at information@wia.cc.

 


Management

Greg Miller, CPA, CEO and Portfolio Manager has over 30 years’ experience investing in convertible bonds. Mr. Miller is the architect of the firm’s convertible bond investment strategy and has been Portfolio Manager on Wellesley’s separate account and mutual fund suite 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. 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.

 

Darlene M. Murphy, CPA, CFP®, President and Portfolio Manager is a co-founder and principal of Wellesley Asset Management. Ms. Murphy is responsible for the firm’s overall day to day operations, strategic planning and execution. Ms. Murphy is a Portfolio Manager, directs Client Services and Operations, and is an officer of the Miller Family of Funds.

Ms. Murphy received a Bachelor’s Degree in Finance from Simmons College, and holds an MBA from Babson College where she was a recipient of the Douglass Prize for Entrepreneurship, and later, an evaluator for the business plan competition.

 

Michael Miller, CFIP, CIO and Portfolio Manager, has over 10 years’ experience in the industry and 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. Mr. Miller 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.

 


Investors cannot directly invest in an index and unmanaged index returns do not reflect any fees, expenses or sales charges. Performance of an index is not illustrative of any particular investment or product.

S&P 500 TR USD Index: The S&P 500 Total Return Index is a free-float capitalization-weighted index published since 1957 of the prices of 500 large-cap common stocks actively traded in the United States. The stocks included in the S&P 500 are those of large publicly held companies that trade on either of the two largest American stock market exchanges; the New York Stock Exchange and the NASDAQ. The S&P 500 Total Return Index calculates the performance of a group of stocks assuming that all dividends and distributions are reinvested.

Bloomberg Barclays U.S. Aggregate Bond index: The Bloomberg Barclays U.S. Aggregate Bond index is a market capitalization-weighted index often used to represent investment grade bonds being traded in United States.


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.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Miller Intermediate Bond 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 Intermediate Bond 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