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Trending ETFs

Name

As of 03/25/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$11.47

$201 M

19.82%

$2.27

1.69%

Vitals

YTD Return

1.3%

1 yr return

0.8%

3 Yr Avg Return

-2.7%

5 Yr Avg Return

-0.8%

Net Assets

$201 M

Holdings in Top 10

79.7%

52 WEEK LOW AND HIGH

$11.5
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.69%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 11.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$20,000,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/25/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$11.47

$201 M

19.82%

$2.27

1.69%

RWDYX - Profile

Distributions

  • YTD Total Return 1.3%
  • 3 Yr Annualized Total Return -2.7%
  • 5 Yr Annualized Total Return -0.8%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio -1.14%
DIVIDENDS
  • Dividend Yield 19.8%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Redwood Managed Volatility Fund
  • Fund Family Name
    Redwood
  • Inception Date
    Dec 19, 2013
  • Shares Outstanding
    N/A
  • Share Class
    Y
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Michael Messinger

Fund Description

To pursue its investment objective the Fund uses a trend-following strategy that seeks to identify the critical turning points in the markets for high yield bonds (also known as “junk bonds”) and bank loans. The Fund’s adviser, Redwood Investment Management, LLC (“Redwood” or the “Adviser”) uses a quantitatively driven process that seeks to invest in diversified high yield bond, bank loan, and other fixed income exposures with similar characteristics when the high yield bond and bank loan markets are trending upwards, and short-term fixed income securities when the high yield bond and bank loan markets are trending downwards. By tactically allocating its investments, the Fund seeks to reduce its exposure to declines in the high yield bond and bank loan markets, thereby seeking to limit downside volatility and downside loss in down-trending markets.

The Fund’s exposure to these asset classes will be achieved through investments in derivative instruments such as total return swaps, which may include swaps on either individual or baskets of underlying diversified high yield bond exchange-traded funds (“ETFs”), bank loan funds, multi-sector bond funds and other fixed income funds, and credit default swaps. A total return swap is a contract that exchanges a floating rate for the total return of a security or index in which a payer and receiver exchange the credit risk and market risk of an underlying asset for the payment of a fee. The payer owns the underlying asset, also called the reference asset, and agrees to pay the receiver the total return on the asset, including its market appreciation and coupons, while the receiver agrees to pay a set rate, which could be fixed or variable. If the reference asset depreciates, the receiver pays the depreciation to the payer because the payer has transferred default risk, credit deterioration risk and market risk to the receiver. The Fund’s exposure to the different asset classes may be achieved through investments in total return swaps, where the Fund will pay a counterparty a set fee in exchange for the total return of a reference asset, which will usually be mutual funds or ETFs that are determined by the Adviser to be representative of the various fixed income classes described above. A credit default swap is a contract that enables an investor to buy or sell protection against a pre-determined issuer credit event. One party, acting as a ’protection buyer,’ makes periodic payments, which may be based on, among other things, a fixed or floating rate of interest, to the other party, a ’protection seller,’ in exchange for a promise by the protection seller to make a payment to the protection buyer if a negative credit event (such as a delinquent payment or default) occurs with respect to a referenced bond or group of bonds. Credit default swaps may also be structured based on the debt of a basket of issuers, rather than a single issuer, and may be customized with respect to the default event that triggers purchase or other factors. As a credit protection seller in a credit default swap contract, the Fund would be required to pay the par (or other agreed-upon) value of a referenced debt obligation to the counterparty following certain negative credit events as to a specified third-party debtor, such as default by a U.S. or non-U.S. corporate issuer on its debt obligations. In return for its obligation, the Fund would receive from the counterparty a periodic stream of payments, which may be based on, among other things, a fixed or floating rate of interest, over the term of the contract provided that no event of default has occurred. If no default occurs, the Fund would keep the stream of payments, and would have no payment obligations to the counterparty. The Fund may sell credit protection in order to earn additional income and/or to take a synthetic long position in the underlying security or basket of securities.

The Fund may also enter into credit default swap contracts as protection buyer in order to hedge against the risk of default on the debt of a particular issuer or basket of issuers or attempt to profit from a deterioration or perceived deterioration in the creditworthiness of the particular issuer(s). The purchase of credit default swaps involves costs, which will reduce the Fund’s return. In certain circumstances, credit default swaps could be used to assist in managing the duration of the Fund.

The derivative instruments in which the Fund invests may obtain their investment exposure from underlying securities of any maturity or quality, including securities rated below investment grade. The Fund may also gain exposure to the high yield bond and bank loan markets (both public and private debt) through direct investments in bonds or through investments in investment companies, including open-end mutual funds, ETFs, closed-end funds, including tender offer and interval funds and business development companies, and real estate investment trusts (“REITs”). The investment companies in which the Fund invests may invest in securities of any maturity or quality, including securities rated below investment grade. The bonds in which the Fund may directly invest may be of any maturity or quality, including securities rated below investment grade.

The Fund may gain exposure to foreign (non-U.S.) securities, including emerging market securities, to the extent the Fund invests in derivatives of other investment companies that hold securities of foreign (non-U.S.) issuers. The short-term fixed-income securities in which the Fund invests may include corporate bonds and other corporate debt securities, asset-backed securities, securities issued by the U.S. government or its agencies and instrumentalities, securities issued by non-U.S. governments or their agencies and instrumentalities, money market securities and other interest-bearing instruments or any derivative instrument meant to track the return of any such instrument, and cash. The Fund may invest in short-term fixed income strategies of any maturity and credit quality, including securities rated below investment grade (“junk bonds”). The Fund may invest in affiliated and unaffiliated registered investment companies.

The Adviser employs a total return and downside volatility management investment approach, which seeks to reduce exposure to losses in the markets while capturing gains during up-trends in these markets. However, the Fund’s downside volatility may be higher than the general global equity, fixed income, currency and commodity markets over short-term periods.

The Fund may borrow money to enter into a swap contracts that may leverage the Fund’s portfolio to a significant degree. In addition, the Fund may engage in active and frequent trading.

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RWDYX - Performance

Return Ranking - Trailing

Period RWDYX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.3% -6.5% 5.7% 42.04%
1 Yr 0.8% -9.3% 24.0% 95.83%
3 Yr -2.7%* -16.7% 18.1% 91.71%
5 Yr -0.8%* -13.0% 15.2% 91.93%
10 Yr 0.7%* -13.4% 6.7% 90.12%

* Annualized

Return Ranking - Calendar

Period RWDYX Return Category Return Low Category Return High Rank in Category (%)
2023 -6.0% -12.0% 15.7% 97.07%
2022 -11.5% -31.8% 18.4% 39.87%
2021 -5.3% -26.6% 25.7% 90.36%
2020 -6.9% -49.2% 18.7% 92.93%
2019 5.4% -35.1% 15.3% 39.62%

Total Return Ranking - Trailing

Period RWDYX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.3% -6.5% 5.7% 42.04%
1 Yr 0.8% -9.3% 24.0% 95.83%
3 Yr -2.7%* -16.7% 18.1% 91.71%
5 Yr -0.8%* -13.0% 15.2% 91.93%
10 Yr 0.7%* -13.4% 6.7% 90.12%

* Annualized

Total Return Ranking - Calendar

Period RWDYX Return Category Return Low Category Return High Rank in Category (%)
2023 1.1% -7.0% 22.2% 94.44%
2022 -11.1% -31.8% 21.1% 65.35%
2021 0.9% -13.5% 49.9% 66.34%
2020 -1.9% -28.6% 24.1% 89.75%
2019 9.3% -4.8% 19.1% 45.52%

NAV & Total Return History


RWDYX - Holdings

Concentration Analysis

RWDYX Category Low Category High RWDYX % Rank
Net Assets 201 M 2.32 M 127 B 73.33%
Number of Holdings 164 2 10577 74.66%
Net Assets in Top 10 153 M -1.57 B 65.8 B 48.71%
Weighting of Top 10 79.66% 0.7% 170.6% 10.80%

Top 10 Holdings

  1. B 11/02/23 35.40%
  2. B 11/21/23 14.64%
  3. REDWOOD-R/E-I 7.32%
  4. T 0 7/8 01/31/24 6.24%
  5. T 1 1/8 01/15/25 4.81%
  6. T 2 1/2 05/31/24 4.17%
  7. B 11/16/23 2.57%
  8. T 1 1/2 01/31/27 2.27%
  9. T 0 5/8 08/15/30 1.39%
  10. T 1 5/8 05/15/31 0.86%

Asset Allocation

Weighting Return Low Return High RWDYX % Rank
Bonds
90.87% -150.81% 203.29% 42.34%
Stocks
7.32% -1.60% 99.88% 16.54%
Cash
1.73% -94.66% 258.91% 71.47%
Other
0.08% -72.32% 100.00% 69.04%
Convertible Bonds
0.01% 0.00% 33.50% 83.96%
Preferred Stocks
0.00% 0.00% 30.46% 85.43%

Stock Sector Breakdown

Weighting Return Low Return High RWDYX % Rank
Utilities
0.00% 0.00% 100.00% 11.82%
Technology
0.00% 0.00% 28.30% 79.80%
Real Estate
0.00% 0.00% 100.00% 29.56%
Industrials
0.00% 0.00% 100.00% 8.37%
Healthcare
0.00% 0.00% 18.60% 19.21%
Financial Services
0.00% 0.00% 100.00% 83.74%
Energy
0.00% 0.00% 100.00% 24.63%
Communication Services
0.00% 0.00% 100.00% 36.95%
Consumer Defense
0.00% 0.00% 99.97% 81.28%
Consumer Cyclical
0.00% 0.00% 89.95% 32.51%
Basic Materials
0.00% 0.00% 100.00% 15.76%

Stock Geographic Breakdown

Weighting Return Low Return High RWDYX % Rank
US
7.32% -1.47% 99.88% 15.48%
Non US
0.00% -0.13% 17.73% 80.27%

Bond Sector Breakdown

Weighting Return Low Return High RWDYX % Rank
Government
25.81% 0.00% 99.43% 19.25%
Corporate
8.01% 0.00% 96.66% 85.29%
Cash & Equivalents
0.73% 0.00% 88.14% 76.41%
Derivative
0.08% -72.32% 37.37% 34.70%
Securitized
0.00% 0.00% 99.65% 98.12%
Municipal
0.00% 0.00% 54.26% 84.19%

Bond Geographic Breakdown

Weighting Return Low Return High RWDYX % Rank
US
90.87% -151.11% 203.29% 28.22%
Non US
0.00% 0.00% 67.77% 90.59%

RWDYX - Expenses

Operational Fees

RWDYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.69% 0.01% 20.67% 29.35%
Management Fee 1.25% 0.00% 2.29% 92.77%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.70% 54.42%

Sales Fees

RWDYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

RWDYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 2.00% 70.83%

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

RWDYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 11.00% 0.00% 632.00% 2.75%

RWDYX - Distributions

Dividend Yield Analysis

RWDYX Category Low Category High RWDYX % Rank
Dividend Yield 19.82% 0.00% 18.15% 9.32%

Dividend Distribution Analysis

RWDYX Category Low Category High Category Mod
Dividend Distribution Frequency None Annually Monthly Quarterly

Net Income Ratio Analysis

RWDYX Category Low Category High RWDYX % Rank
Net Income Ratio -1.14% -1.55% 11.51% 99.38%

Capital Gain Distribution Analysis

RWDYX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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RWDYX - Fund Manager Analysis

Managers

Michael Messinger


Start Date

Tenure

Tenure Rank

Dec 19, 2013

8.45

8.5%

After years of personal research while working with talented investors and “allocators” in the leveraged finance ecosystem, Michael founded Redwood in 2010 as a quantitative research based money management firm with a “RiskFirst™” mandate. The initial tactical fixed-income strategy, Defensive Credit, formed the quantitative research foundation that led to the launch of Redwood’s 5-Star Morningstar rated Mutual Fund, the Redwood Managed Risk Plus L.P. hedge fund, as well as the Multi-Sector Managed Risk, and Systematic Macro Trend (SMarT) strategies. Since then, Michael has expanded Redwood’s capabilities, with additions of talented professionals, to provide tactical and strategic beta investment solutions that include Redwood’s AlphaFactor® equity strategies, fixed-income, and alternatives, as well as Redwood’s Dynamic Risk-Budget Model asset allocation portfolios. Michael is responsible for overseeing the development, implementation, and live risk management of Redwood’s investment strategies. Prior to Redwood, Michael served as a Vice President for Riversource Investments, (now known as Columbia Management), worked in multiple roles at ING investment management, and began his career as an Analyst at UBS. He received his B.S in Finance from the University of Arizona in Tucson.

Michael Cheung


Start Date

Tenure

Tenure Rank

Jan 08, 2016

6.4

6.4%

Michael is a Portfolio Manager and Head of Quantitative Research at Redwood Investment Management. Michael works closely with the firm’s founder and President in overseeing the development, implementation, and live risk management of Redwood’s investment strategies. He leads the quantitative research effort including other members of the quantitative analyst team, and is responsible for proprietary investment model algorithm design and maintenance. Michael brings extensive experience working with a variety of programming languages and database structures, as well as broad knowledge of capital markets, global macro, and quantitative analysis, from his prior experience as a head trader on a proprietary equities trading desk. In addition, Michael was also formerly the head of a statistical arbitrage strategy that traded across multiple asset classes. He studied quantitative economics and mathematics at the University of California, Irvine.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 28.19 5.72 3.19