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Trending ETFs

Name

As of 03/26/2024

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

$14.16

$156 M

4.61%

$0.65

1.73%

Vitals

YTD Return

1.4%

1 yr return

3.8%

3 Yr Avg Return

-0.6%

5 Yr Avg Return

1.1%

Net Assets

$156 M

Holdings in Top 10

99.8%

52 WEEK LOW AND HIGH

$14.2
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.73%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 8.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$2,500

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/26/2024

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

$14.16

$156 M

4.61%

$0.65

1.73%

RWMIX - Profile

Distributions

  • YTD Total Return 1.4%
  • 3 Yr Annualized Total Return -0.6%
  • 5 Yr Annualized Total Return 1.1%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 2.11%
DIVIDENDS
  • Dividend Yield 4.6%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Redwood Managed Municipal Income Fund
  • Fund Family Name
    Redwood
  • Inception Date
    Mar 09, 2017
  • Shares Outstanding
    N/A
  • Share Class
    I
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Michael Cheung

Fund Description

Under normal circumstances, the Fund will, directly or indirectly, invest at least 80% of its assets in, or derive at least 80% of its income from, securities that are exempt from regular federal income tax and may subject the investors to alternative minimum tax. Utilizing a quantitative and tactical approach, the Fund implements a strategy that seeks to hold a diversified portfolio of primarily high-yield municipal open-end mutual funds, closed-end funds, or ETFs when various risk measurements show the high yield municipal bond markets are trending upwards, and municipal money market securities or funds when the high yield municipal bond markets are trending downwards. Depending on market conditions, the Fund may be invested: (i) primarily in high yield municipal bond funds and other municipal fixed income funds with similar characteristics; (ii) primarily in short-term municipal money market fund securities; or (iii) a combination of (i) and (ii). The strategy can also invest in other fixed income assets classes such as, but not limited to, long-term, intermediate and short-term municipal funds and single state municipal funds. In performing its investment selection, the high-yield municipal asset class’s directional trends are evaluated using quantitative models and inputs. Though it intends to invest primarily in the securities identified immediately above, the Fund may invest in debt securities of any credit quality or maturity. In addition to high yield municipal bond markets, the Fund may also have exposure to the U.S. fixed income markets (including private debt) by investing up to 20% of its assets in other investment companies that are not municipal funds, 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 Fund may invest in affiliated and unaffiliated investment companies.

The Fund may invest directly or indirectly in various types of derivatives, including swap contracts as a substitute for making direct investments in underlying instruments or to reduce certain investment exposures. The Fund may borrow money to enter into a swap contracts that may leverage the Fund’s portfolio to a significant degree.

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RWMIX - Performance

Return Ranking - Trailing

Period RWMIX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.4% -6.0% 3.9% 1.09%
1 Yr 3.8% -10.3% 16.1% 13.11%
3 Yr -0.6%* -10.4% 26.2% 1.88%
5 Yr 1.1%* -6.6% 191.4% 19.37%
10 Yr N/A* -2.4% 73.7% N/A

* Annualized

Return Ranking - Calendar

Period RWMIX Return Category Return Low Category Return High Rank in Category (%)
2023 0.9% -16.2% 8.1% 90.19%
2022 -10.4% -34.7% 131.9% 1.72%
2021 -2.4% -11.6% 4.4% 12.46%
2020 -2.0% -10.1% 946.1% 98.36%
2019 6.4% -1.7% 156.4% 22.67%

Total Return Ranking - Trailing

Period RWMIX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.4% -6.0% 3.9% 1.09%
1 Yr 3.8% -10.3% 16.1% 13.11%
3 Yr -0.6%* -10.4% 26.2% 1.88%
5 Yr 1.1%* -6.6% 191.4% 19.37%
10 Yr N/A* -2.4% 73.7% N/A

* Annualized

Total Return Ranking - Calendar

Period RWMIX Return Category Return Low Category Return High Rank in Category (%)
2023 3.8% -11.3% 11.0% 95.44%
2022 -9.6% -32.2% 131.9% 3.95%
2021 4.3% -9.4% 9.2% 0.53%
2020 0.1% -1.9% 1009.0% 99.02%
2019 10.1% 1.1% 21668.0% 17.77%

NAV & Total Return History


RWMIX - Holdings

Concentration Analysis

RWMIX Category Low Category High RWMIX % Rank
Net Assets 156 M 2.73 M 292 B 85.45%
Number of Holdings 20 1 17889 97.55%
Net Assets in Top 10 171 M -106 M 36.5 B 60.47%
Weighting of Top 10 99.81% 4.4% 134.1% 1.77%

Top 10 Holdings

  1. BLKR-LI MUNI-INS 28.81%
  2. JPM-T/F MMKT-AGY 27.83%
  3. JPM-MUNI MM-AGY 27.82%
  4. REDWOOD-R/E-I 11.71%
  5. US BANK MMDA - USBGFS 9 3.60%
  6. NUVEEN HIGH YLD MUNI BND- 0.01%
  7. PIMCO HI YLD MUNI BND-I 0.01%
  8. INVESCO HI YLD MUNI-Y 0.01%
  9. MNSTY MCKY H/Y MUNI BND-I 0.00%
  10. NORTHERN HI YLD MUNI 0.00%

Asset Allocation

Weighting Return Low Return High RWMIX % Rank
Cash
88.26% -54.51% 88.26% 0.10%
Stocks
11.75% 0.00% 99.93% 3.13%
Preferred Stocks
0.00% 0.00% 74.68% 54.79%
Other
0.00% -13.23% 58.65% 81.12%
Convertible Bonds
0.00% 0.00% 7.93% 91.23%
Bonds
0.00% 0.00% 215.98% 98.83%

Stock Sector Breakdown

Weighting Return Low Return High RWMIX % Rank
Utilities
0.00% 0.00% 100.00% 61.11%
Technology
0.00% 0.00% 43.45% 61.11%
Real Estate
0.00% 0.00% 99.26% 61.11%
Industrials
0.00% 0.00% 48.31% 22.22%
Healthcare
0.00% 0.00% 17.70% 61.11%
Financial Services
0.00% 0.00% 100.00% 61.11%
Energy
0.00% 0.00% 100.00% 61.11%
Communication Services
0.00% 0.00% 100.00% 61.11%
Consumer Defense
0.00% 0.00% 99.67% 61.11%
Consumer Cyclical
0.00% 0.00% 100.00% 50.00%
Basic Materials
0.00% 0.00% 100.00% 66.67%

Stock Geographic Breakdown

Weighting Return Low Return High RWMIX % Rank
US
11.75% 0.00% 99.93% 3.03%
Non US
0.00% 0.00% 86.52% 38.85%

RWMIX - Expenses

Operational Fees

RWMIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.73% 0.01% 39.10% 5.42%
Management Fee 0.70% 0.00% 1.76% 98.72%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.50% N/A

Sales Fees

RWMIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.00% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

RWMIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

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.

RWMIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 8.00% 2.00% 493.39% 0.58%

RWMIX - Distributions

Dividend Yield Analysis

RWMIX Category Low Category High RWMIX % Rank
Dividend Yield 4.61% 0.00% 9.75% 89.36%

Dividend Distribution Analysis

RWMIX Category Low Category High Category Mod
Dividend Distribution Frequency None Annual Monthly Monthly

Net Income Ratio Analysis

RWMIX Category Low Category High RWMIX % Rank
Net Income Ratio 2.11% -1.28% 4.79% 24.79%

Capital Gain Distribution Analysis

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

Distributions History

View More +

RWMIX - Fund Manager Analysis

Managers

Michael Cheung


Start Date

Tenure

Tenure Rank

Mar 09, 2017

5.23

5.2%

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.

Michael Messinger


Start Date

Tenure

Tenure Rank

Mar 09, 2017

5.23

5.2%

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.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.07 33.43 6.82 1.16