Highland Resolute I
Name
As of 07/07/2023Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
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
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 07/07/2023Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
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%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Annually
Fund Details
-
Legal NameHighland Resolute Fund
-
Fund Family NameRedmont
-
Inception DateDec 30, 2011
-
Shares Outstanding18930102
-
Share ClassInst
-
CurrencyUSD
-
Domiciled CountryUnited States
-
ManagerT. 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.
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
- Vanguard Institutional Index I 28.06%
- Parametric Volatil Risk Prm-Defensv Insl 21.97%
- Melchior Segregated Portfolio 19.71%
- Melchior Segregated Portfolio 19.71%
- Melchior Segregated Portfolio 19.71%
- Melchior Segregated Portfolio 19.71%
- Melchior Segregated Portfolio 19.71%
- Melchior Segregated Portfolio 19.71%
- Melchior Segregated Portfolio 19.71%
- 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
Date | Amount | Type |
---|---|---|
Dec 30, 2021 | $0.609 | OrdinaryDividend |
Dec 31, 2019 | $0.120 | OrdinaryDividend |
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 |