RWDIX: Redwood Managed Volatility I

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RWDIX Redwood Managed Volatility I


Profile

RWDIX - Profile

Vitals

  • YTD Return -8.0%
  • 3 Yr Annualized Return -3.0%
  • 5 Yr Annualized Return -1.1%
  • Net Assets $392 M
  • Holdings in Top 10 51.1%

52 WEEK LOW AND HIGH

$14.08
$14.08
$15.43

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.58%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 2.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

  • Standard (Taxable) $10,000
  • IRA N/A

Fund Classification

  • Primary Caregory
  • Fund Type Open End Mutual Fund
  • Investment Style Nontraditional Bond

Distributions

  • YTD Total Return -8.0%
  • 3 Yr Annualized Total Return -3.0%
  • 5 Yr Annualized Total Return -1.1%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio -0.05%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

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

Fund Description

The fund uses a trend-following strategy that seeks to identify the critical turning points in the markets for high yield bonds and bank loans. The fund's adviser uses a quantitatively driven process that seeks to invest in diversified high yield bond funds, bank loan, and other fixed income exposure funds 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.


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Categories

Performance

RWDIX - Performance

Return Ranking - Trailing

Period RWDIX Return Category Return Low Category Return High Rank in Category (%)
YTD -8.0% -30.1% 13.5% 50.67%
1 Yr -6.2% -26.7% 9.7% 37.28%
3 Yr -3.0%* -14.1% 5.2% 37.82%
5 Yr -1.1%* -7.4% 2.6% 12.18%
10 Yr N/A* -4.3% 2.4% N/A

* Annualized

Return Ranking - Calendar

Period RWDIX Return Category Return Low Category Return High Rank in Category (%)
2019 5.2% -7.4% 12.4% 22.02%
2018 -5.0% -9.2% 0.8% 62.20%
2017 1.7% -12.3% 9.4% 40.85%
2016 7.7% -2.8% 9.0% 4.02%
2015 -6.5% -11.1% 4.8% 79.90%

Total Return Ranking - Trailing

Period RWDIX Return Category Return Low Category Return High Rank in Category (%)
YTD -8.0% -30.1% 13.5% 50.67%
1 Yr -6.2% -26.7% 9.7% 37.28%
3 Yr -3.0%* -10.9% 5.2% 57.14%
5 Yr -1.1%* -7.3% 2.5% 45.18%
10 Yr N/A* -4.3% 3.7% N/A

* Annualized

Total Return Ranking - Calendar

Period RWDIX Return Category Return Low Category Return High Rank in Category (%)
2019 5.2% -7.0% 12.6% 22.02%
2018 -5.0% -9.2% 4.1% 74.80%
2017 1.7% -3.1% 15.2% 59.57%
2016 7.7% -2.8% 11.2% 10.27%
2015 -6.5% -10.1% 5.4% 87.63%

NAV & Total Return History


Holdings

RWDIX - Holdings

Concentration Analysis

RWDIX Category Low Category High RWDIX % Rank
Net Assets 392 M 2.74 M 34.5 B 59.07%
Number of Holdings 14 11 4949 97.59%
Net Assets in Top 10 176 M -2.94 B 11.5 B 39.66%
Weighting of Top 10 51.13% 6.9% 866.9% 28.90%

Top 10 Holdings

  1. Blackrock High Yield 15.35%
  2. Vanguard High Yield 13.02%
  3. Neuberger High Inc I 7.07%
  4. Ishares Iboxx High Y 4.48%
  5. Recv Invesco Senior Loan 4.28%
  6. Redwood Mvf Cdx 33 4.02%
  7. Recv Bb Bar Us Corp Hy In 1.45%
  8. Recv Bb Bar Us Corp Hy In 1.45%

Asset Allocation

Weighting Return Low Return High RWDIX % Rank
Cash
48.87% -262.70% 76.18% 1.38%
Other
47.11% -13.23% 125.73% 0.69%
Bonds
4.02% 0.01% 367.71% 98.62%
Stocks
0.00% -43.16% 16.35% 60.00%
Preferred Stocks
0.00% 0.00% 19.94% 65.52%
Convertible Bonds
0.00% -1.28% 105.59% 81.03%

Bond Sector Breakdown

Weighting Return Low Return High RWDIX % Rank
Cash & Equivalents
96.13% -103.66% 96.13% 0.34%
Derivative
3.87% -238.73% 70.10% 29.66%
Securitized
0.00% 0.00% 98.27% 94.83%
Corporate
0.00% 0.00% 93.82% 97.24%
Municipal
0.00% 0.00% 51.18% 56.90%
Government
0.00% -7.42% 398.07% 91.03%

Bond Geographic Breakdown

Weighting Return Low Return High RWDIX % Rank
US
4.02% 0.01% 137.78% 92.07%
Non US
0.00% -0.85% 256.81% 95.86%

Expenses

RWDIX - Expenses

Operational Fees

RWDIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.58% 0.20% 14.11% 35.36%
Management Fee 1.25% 0.00% 2.15% 90.67%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.03% 0.45% 44.22%

Sales Fees

RWDIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.40% 6.50% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

RWDIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.40% 2.00% 29.17%

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.

RWDIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 2.00% 0.00% 532.00% 0.79%

Distributions

RWDIX - Distributions

Dividend Yield Analysis

RWDIX Category Low Category High RWDIX % Rank
Dividend Yield 0.00% 0.00% 4.83% 55.33%

Dividend Distribution Analysis

RWDIX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annually Monthly Monthly

Net Income Ratio Analysis

RWDIX Category Low Category High RWDIX % Rank
Net Income Ratio -0.05% -0.23% 6.40% 99.65%

Capital Gain Distribution Analysis

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

Dividend Payout History

View More +

Fund Manager Analysis

RWDIX - Fund Manager Analysis

Managers

Michael Messinger


Start Date

Tenure

Tenure Rank

Dec 19, 2013

6.2

6.2%

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

4.15

4.2%

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 25.18 5.65 1.6