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.

A bridge spans over water, with several cars traveling across its surface

Strategy and Process

Boston's street at night

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@wam.com.

Portfolio Management

Michael Miller

Michael Miller

Michael Miller, Chairman, President, and Portfolio Manager, has over 15 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.

Greg Miller

Greg Miller

Greg Miller, CPA, Portfolio Manager and Founder, 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 prior 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.

David Clott

David Clott CPA

Portfolio Manager and Co-CIO

David joined Wellesley in 2023 with over 30 years of asset management industry experience. His convertible bond investing experience began in the mid 1990’s as an analyst at Phoenix Investments. David joined Aviva Investors in 1999 as a US convertible bond portfolio manager and in 2002 David founded the Aviva Investors Global Convertible Bond Strategy, launching a European based long only convertible mutual fund. In 2005 he founded the Morley (Aviva) Convertible Arbitrage hedge fund and in 2009 he founded the Aviva Investors Global Convertible Absolute Return fund. David graduated from Bryant University with a Bachelor of Science degree in Finance and received his Master of Science degree in Energy and Climate Policy from Johns Hopkins University. He holds the CFA designation.

James Buckham

James Buckham CFA

Portfolio Manager and Co-CIO

Jim joined Wellesley in 2011 with over 30 years of asset management industry experience. Jim is responsible for researching new convertible bond investment opportunities, monitoring existing holdings, trading, and instructing clients and prospects about convertible bond investing. His professional background encompasses over thirty years of fixed income trading, deal making and analysis experience. Before joining Wellesley Asset Management, Jim worked at DeutscheBank on the convertible bond desk advising mutual funds and hedge funds in New York, Boston and Toronto. Prior to that Jim spent 12 years trading convertible bonds, equities and derivatives at Fidelity Investments. Jim graduated from Boston University with a Bachelor of Arts degree in Economics and received his Master of Business Administration degree from Bentley University. He holds the CFA designation.