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Name

As of 07/07/2023

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

Highland Resolute Fund

RMRGX | Fund

$10.65

$206 M

0.00%

1.94%

Vitals

YTD Return

2.5%

1 yr return

2.1%

3 Yr Avg Return

2.7%

5 Yr Avg Return

-0.3%

Net Assets

$206 M

Holdings in Top 10

N/A

52 WEEK LOW AND HIGH

$10.7
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.94%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 42.00%

Redemption Fee 2.00%


Min Investment

Standard (Taxable)

$1,000,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 07/07/2023

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

Highland Resolute Fund

RMRGX | Fund

$10.65

$206 M

0.00%

1.94%

RMRGX - Profile

Distributions

  • YTD Total Return 2.5%
  • 3 Yr Annualized Total Return 2.7%
  • 5 Yr Annualized Total Return -0.3%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.37%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Annually

Fund Details

  • Legal Name
    Highland Resolute Fund
  • Fund Family Name
    Redmont
  • Inception Date
    Dec 30, 2011
  • Shares Outstanding
    18930102
  • Share Class
    Inst
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    T. Jason Copeland

Fund Description

The Fund pursues its objective primarily by allocating its assets among (i) investment sub-advisers (the “Sub- Advisers”) who manage alternative or hedging investment strategies, (ii) other open-end funds, closed-end funds, or exchange-traded funds that use alternative or hedging strategies (collectively “underlying funds”), and (iii) derivatives, principally (though not limited to) total return swaps on reference pools of securities

which may be managed by unaffiliated parties (“Underlying Pools”), for the purposes of seeking economic exposure to alternative or hedging strategies.

In addition to the strategies described above, the Fund may invest in equity securities of issuers of any market capitalization in the U.S. or abroad, and in fixed-income securities of any credit quality and maturity, including those with fixed or variable terms and those of defaulted/distressed issuers and bank loans.

In seeking exposure to certain derivatives, the Fund may invest up to 25% of its total assets in a wholly-owned subsidiary organized under the laws of the Cayman Islands. The Subsidiary, which will be managed by the Adviser, has the same investment objective as the Fund. The Subsidiary expects to invest in derivative instruments such as swaps, futures and forward contracts.

The hedging or alternative strategies to which the Fund seeks to provide exposure may include the use of short selling, options, futures, derivatives or similar instruments (whether directly or indirectly through the Fund’s investments in the Subsidiary), market neutral and arbitrage strategies, commodities or commodity-linked investments, leverage, and investments in distressed securities. These strategies attempt to exploit disparities or inefficiencies in the markets, geographical areas, and companies; take advantage of security mispricings or anticipated price movements; and/or benefit from cyclical themes or special situations or events. The Fund generally seeks to maintain net equity exposure ranging between ten percent (10%) to sixty percent (60%) of net assets. The remainder of the Fund’s exposure (i.e., other than net equity) is expected to come primarily from the direct or indirect investment in investment grade fixed income securities of varying maturities, cash, non-equity derivatives or similar instruments.

In selecting and weighting investment options, the Adviser seeks to identify strategies which, based on the investment styles and historical performance of the associated managers, have the potential, in the opinion of the Adviser, to perform independently of each other and achieve positive risk-adjusted returns in various market cycles.

The Subsidiary may invest without limitation in derivative instruments, but will otherwise be subject to the same fundamental investment limitations as the Fund. The Adviser may change the allocation of the Fund’s assets among the available investment options at any time.

Sub-Advisers

Passaic Partners LLC (“Passaic” or the “Sub-Adviser”) is responsible for the day-to-day management of its allocated portion of Fund assets. The Adviser has ultimate responsibility, subject to the oversight of the Board of Trustees of the Fund, to oversee the Sub-Adviser, and to recommend their hiring, termination and replacement. The Adviser may hire and terminate Sub-Advisers in accordance with the terms of an exemptive order obtained by the Fund and the Adviser from the SEC, under which the Adviser is permitted, subject to supervision and approval of the Board of Trustees, to enter into and materially amend sub-advisory agreements for the Fund, specifically without shareholder approval. Currently, the Adviser has entered into a sub-advisory agreement with Passaic.

Underlying Funds

By investing in an underlying fund, the Fund becomes a shareholder of that underlying fund. As a result, the Fund’s shareholders will indirectly bear the Fund’s proportionate share of the fees and expenses paid by shareholders of the underlying fund, in addition to the fees and expenses the Fund’s shareholders directly bear in connection with the Fund’s own operations.

Swap Contracts on Underlying Pools

The Fund or the Subsidiary may enter into total return swaps, which are contracts with a brokerage firm or other financial institution (the swap counterparty) for periods ranging from a few days to multiple years. In a total return swap, the Fund or the Subsidiary agrees with the swap counterparty to “swap” the total return (including typically, income and capital gains distributions, principal prepayment, credit losses, etc.) of an underlying reference asset (such as an index, security or underlying pool of securities) in exchange for a regular payment, at a floating rate, at a fixed rate, or the total rate of return on another financial instrument. The Fund or the Subsidiary may take either position in a total return swap (i.e., receive or pay the total return on the underlying reference asset or index). The Fund or Subsidiary may, through such a total return swap, seek to access the returns of a single or multiple Underlying Pool(s) that use a single manager or multiple managers to execute strategies which the Adviser deems to be consistent with the Fund’s investment objective and principal investment strategies. Each Underlying Pool typically invests according to the alternative or hedging investment strategies described above.

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RMRGX - Performance

Return Ranking - Trailing

Period RMRGX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.5% -73.0% 19.4% 11.47%
1 Yr 2.1% -9.1% 86.9% 13.09%
3 Yr 2.7%* -9.5% 16.2% 55.02%
5 Yr -0.3%* -4.9% 14.4% 29.15%
10 Yr -0.2%* -0.9% 7.5% N/A

* Annualized

Return Ranking - Calendar

Period RMRGX Return Category Return Low Category Return High Rank in Category (%)
2023 -13.6% -22.7% 305.1% 24.44%
2022 5.5% -9.8% 27.3% 29.03%
2021 1.7% -20.8% 10.9% 88.44%
2020 1.7% -12.4% 29.4% 88.12%
2019 -2.4% -10.5% 15.8% 38.22%

Total Return Ranking - Trailing

Period RMRGX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.5% -73.0% 19.4% 11.47%
1 Yr 2.1% -13.4% 86.9% 13.09%
3 Yr 2.7%* -9.5% 16.2% 49.40%
5 Yr -0.3%* -5.3% 14.4% 26.46%
10 Yr -0.2%* -0.9% 7.5% N/A

* Annualized

Total Return Ranking - Calendar

Period RMRGX Return Category Return Low Category Return High Rank in Category (%)
2023 -13.6% -22.7% 305.1% 24.81%
2022 5.5% -9.8% 27.3% 29.44%
2021 1.7% -20.8% 10.9% 89.78%
2020 1.7% -8.4% 29.4% 94.55%
2019 -2.4% -10.2% 18.0% 49.74%

NAV & Total Return History


RMRGX - Holdings

Concentration Analysis

RMRGX Category Low Category High RMRGX % Rank
Net Assets 206 M 1.5 M 5.01 B 57.56%
Number of Holdings 16 4 4478 82.69%
Net Assets in Top 10 145 M -398 M 2.55 B 32.51%
Weighting of Top 10 N/A 13.1% 100.0% 2.10%

Top 10 Holdings

  1. Vanguard Institutional Index I 28.06%
  2. Parametric Volatil Risk Prm-Defensv Insl 21.97%
  3. Melchior Segregated Portfolio 19.71%
  4. Melchior Segregated Portfolio 19.71%
  5. Melchior Segregated Portfolio 19.71%
  6. Melchior Segregated Portfolio 19.71%
  7. Melchior Segregated Portfolio 19.71%
  8. Melchior Segregated Portfolio 19.71%
  9. Melchior Segregated Portfolio 19.71%
  10. Melchior Segregated Portfolio 19.71%

Asset Allocation

Weighting Return Low Return High RMRGX % Rank
Stocks
40.77% -3.75% 97.95% 37.81%
Cash
33.06% -6278.21% 410.43% 34.63%
Bonds
25.29% -326.45% 6347.80% 42.40%
Convertible Bonds
0.78% 0.00% 87.92% 24.03%
Preferred Stocks
0.06% -0.12% 46.97% 28.62%
Other
0.05% -21.53% 148.54% 65.72%

Stock Sector Breakdown

Weighting Return Low Return High RMRGX % Rank
Utilities
0.00% 0.00% 9.23% 55.12%
Technology
0.00% 0.00% 39.58% 16.14%
Real Estate
0.00% 0.00% 51.26% 50.79%
Industrials
0.00% 0.00% 21.45% 61.81%
Healthcare
0.00% 0.00% 45.63% 22.83%
Financial Services
0.00% 0.00% 59.28% 56.30%
Energy
0.00% 0.00% 100.00% 48.43%
Communication Services
0.00% 0.00% 21.78% 24.02%
Consumer Defense
0.00% 0.00% 13.62% 37.80%
Consumer Cyclical
0.00% 0.00% 29.09% 37.40%
Basic Materials
0.00% 0.00% 27.46% 77.56%

Stock Geographic Breakdown

Weighting Return Low Return High RMRGX % Rank
US
39.91% -8.85% 91.88% 24.03%
Non US
0.86% -19.62% 42.11% 80.21%

Bond Sector Breakdown

Weighting Return Low Return High RMRGX % Rank
Cash & Equivalents
50.19% 0.27% 100.00% 44.17%
Government
24.91% 0.00% 84.29% 48.41%
Securitized
9.62% 0.00% 56.83% 15.90%
Corporate
8.25% 0.00% 87.73% 47.70%
Derivative
7.00% 0.00% 88.81% 37.10%
Municipal
0.03% 0.00% 27.33% 17.31%

Bond Geographic Breakdown

Weighting Return Low Return High RMRGX % Rank
US
21.08% -126.19% 6311.18% 62.90%
Non US
4.21% -382.37% 121.02% 16.25%

RMRGX - Expenses

Operational Fees

RMRGX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.94% 0.29% 31.15% 51.44%
Management Fee 1.50% 0.00% 2.50% 83.75%
12b-1 Fee N/A 0.00% 1.00% 17.32%
Administrative Fee N/A 0.01% 0.30% N/A

Sales Fees

RMRGX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.50% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

RMRGX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 2.00% 1.00% 2.00% 27.27%

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.

RMRGX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 42.00% 0.00% 491.00% 42.34%

RMRGX - Distributions

Dividend Yield Analysis

RMRGX Category Low Category High RMRGX % Rank
Dividend Yield 0.00% 0.00% 4.56% 67.84%

Dividend Distribution Analysis

RMRGX Category Low Category High Category Mod
Dividend Distribution Frequency Annually Annually Quarterly Annually

Net Income Ratio Analysis

RMRGX Category Low Category High RMRGX % Rank
Net Income Ratio 1.37% -2.51% 6.83% 12.59%

Capital Gain Distribution Analysis

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

Distributions History

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RMRGX - Fund Manager Analysis

Managers

T. Jason Copeland


Start Date

Tenure

Tenure Rank

Dec 01, 2020

1.5

1.5%

Portfolio Manager of the Fund. Mr. Copeland joined the Adviser in May 2011 as a Senior Investment Analyst supporting the firm’s sourcing, due diligence, and monitoring efforts relating to alternative investments. Mr. Copeland became a shareholder of the Adviser and Director of Alternative Investments in 2017. Mr. Copeland is a voting member of the Adviser’s Manager Working Group which is responsible for the approval and oversight of all investment strategies, the Funds Working Group which is responsible for oversight of Highland’s proprietary investment products, and the Investment Working group which all other groups report. Mr. Copeland holds a Bachelor and a Masters degree from the University of Alabama and has earned the right to use the CFA and CAIA designations.

Matthew Sampson


Start Date

Tenure

Tenure Rank

Dec 01, 2020

1.5

1.5%

Portfolio Manager of the Fund. Mr. Sampson joined the Adviser in May 2017 as a Senior Investment Analyst supporting the firm’s sourcing, due diligence, and monitoring efforts relating to private investments. Mr. Sampson is a voting member of the Adviser’s Portfolio Working Group which is responsible for the oversight of discretionary and non-discretionary portfolios, the Funds Working Group which is responsible for oversight of Highland’s proprietary investment products, and the Manager Working Group which is responsible for maintaining a list of approved strategies and managing related risks. Prior to joining the Adviser, Mr. Sampson was a Senior Investment Analyst with Regions Bank where he was responsible for manager research across various asset classes and model portfolio construction within the fixed income sleeve. Mr. Sampson is a graduate of the University of Alabama and has earned the right to use the CFA designation.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.02 17.37 4.48 1.67