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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

$17.77

$242 M

4.91%

$0.87

1.39%

Vitals

YTD Return

4.1%

1 yr return

8.1%

3 Yr Avg Return

5.0%

5 Yr Avg Return

11.1%

Net Assets

$242 M

Holdings in Top 10

99.7%

52 WEEK LOW AND HIGH

$17.8
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.39%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 160.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$2,500

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/25/2024

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

$17.77

$242 M

4.91%

$0.87

1.39%

RWSIX - Profile

Distributions

  • YTD Total Return 4.1%
  • 3 Yr Annualized Total Return 5.0%
  • 5 Yr Annualized Total Return 11.1%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.93%
DIVIDENDS
  • Dividend Yield 4.9%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Redwood Systematic Macro Trend ("SMarT") Fund
  • Fund Family Name
    Redwood
  • Inception Date
    Nov 02, 2017
  • Shares Outstanding
    N/A
  • Share Class
    I
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Michael Cheung

Fund Description

Utilizing a quantitative and tactical approach, the Fund implements an investment strategy that seeks to hold a diversified portfolio of securities, exchange-traded funds (“ETFs”), open-end investment companies and/or closed-end investment companies, including tender offer and interval funds within any of the following asset classes when, in the view of the Fund’s adviser, Redwood Investment Management, LLC (“Redwood” or the “Adviser”), various risk measurements show the potential to produce positive returns: domestic and international small-cap equities; growth and income equities; preferred securities; convertible bonds; high yield bonds and leveraged loans; emerging market bonds; and real estate investment trusts. During periods that the Adviser identifies as above average risk, the Fund’s assets may be moved into money market instruments, including money market funds, or U.S. government security funds. In performing its investment selection, the Adviser evaluates directional trends using quantitative models and inputs. The Fund may invest up to 20% of its net assets in open-end investment companies or ETFs that invest primarily in emerging market debt. Though it intends to invest in the securities identified above, the Fund may also invest in debt securities of any credit quality or maturity and other equity securities. The Fund may invest in affiliated and unaffiliated investment companies.

The Adviser’s quantitative strategy takes into account macro market data and other market-based inputs and metrics to seek to identify market trends. When making investment decisions for the Fund the portfolio managers consider both technical factors as well as an assessment of current market conditions and other factors.

The Fund may also 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 enter into a swap contract that may leverage the Fund’s portfolio to a significant degree. The Fund may also borrow money for direct investment purposes to purchase underlying securities in which the Fund invests. These derivatives and borrowing transactions could create aggregate exposure to securities for the Fund in excess of its net assets, thereby leveraging the Fund.

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RWSIX - Performance

Return Ranking - Trailing

Period RWSIX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.1% -3.3% 18.6% 0.67%
1 Yr 8.1% -4.9% 45.2% 2.61%
3 Yr 5.0%* 2.1% 22.7% 2.25%
5 Yr 11.1%* 2.3% 20.5% N/A
10 Yr N/A* 3.9% 11.0% N/A

* Annualized

Return Ranking - Calendar

Period RWSIX Return Category Return Low Category Return High Rank in Category (%)
2023 -1.3% -43.0% 40.7% 2.78%
2022 -9.2% -9.5% 22.1% 85.90%
2021 9.8% -21.7% -3.5% 4.48%
2020 13.5% -7.3% 13.7% N/A
2019 7.8% -9.0% 23.3% N/A

Total Return Ranking - Trailing

Period RWSIX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.1% -3.3% 18.6% 0.67%
1 Yr 8.1% -4.9% 51.9% 3.29%
3 Yr 5.0%* -4.2% 22.7% 2.62%
5 Yr 11.1%* 2.3% 20.5% N/A
10 Yr N/A* 3.9% 11.0% N/A

* Annualized

Total Return Ranking - Calendar

Period RWSIX Return Category Return Low Category Return High Rank in Category (%)
2023 8.9% -43.0% 40.7% 2.78%
2022 -6.1% -9.5% 22.1% 87.64%
2021 18.2% -21.7% -2.0% 43.72%
2020 22.4% -5.9% 16.6% N/A
2019 11.2% -5.0% 23.3% N/A

NAV & Total Return History


RWSIX - Holdings

Concentration Analysis

RWSIX Category Low Category High RWSIX % Rank
Net Assets 242 M 484 K 72.2 B 74.47%
Number of Holdings 13 2 20588 31.60%
Net Assets in Top 10 237 M -82.8 M 13.4 B 59.85%
Weighting of Top 10 99.66% 10.3% 100.0% 53.78%

Top 10 Holdings

  1. B 01/25/24 68.75%
  2. REDWOOD-R/E-I 13.04%
  3. B 11/16/23 8.68%
  4. B 01/04/24 2.91%
  5. US BANK MMDA - USBGFS 9 1.58%
  6. T 3 1/4 08/31/24 1.34%
  7. T 3 1/8 08/15/25 1.22%
  8. GOLDMAN-FS GOVT-AD 1.11%
  9. B 11/02/23 0.82%
  10. T 1 1/8 01/15/25 0.22%

Asset Allocation

Weighting Return Low Return High RWSIX % Rank
Bonds
84.09% 0.00% 333.36% 99.54%
Stocks
13.10% 7.79% 211.56% 1.07%
Cash
2.81% -539.12% 41.99% 89.92%
Preferred Stocks
0.00% -0.97% 33.15% 94.81%
Other
0.00% -9.78% 94.18% 0.46%
Convertible Bonds
0.00% 0.00% 65.78% 98.02%

Stock Sector Breakdown

Weighting Return Low Return High RWSIX % Rank
Utilities
0.00% 0.00% 100.00% 21.68%
Technology
0.00% 0.00% 58.51% 52.21%
Real Estate
0.00% 0.00% 42.71% 32.52%
Industrials
0.00% 0.00% 32.22% 53.74%
Healthcare
0.00% 0.00% 34.71% 84.89%
Financial Services
0.00% 0.00% 41.66% 94.50%
Energy
0.00% 0.00% 60.62% 16.95%
Communication Services
0.00% 0.00% 47.69% 26.72%
Consumer Defense
0.00% 0.00% 23.24% 33.44%
Consumer Cyclical
0.00% 0.00% 33.09% 5.80%
Basic Materials
0.00% 0.00% 23.76% 58.93%

Stock Geographic Breakdown

Weighting Return Low Return High RWSIX % Rank
US
13.10% 4.00% 95.97% 1.37%
Non US
0.00% 0.00% 115.59% 67.94%

Bond Sector Breakdown

Weighting Return Low Return High RWSIX % Rank
Government
31.07% 0.00% 95.51% 63.97%
Cash & Equivalents
2.70% 0.00% 81.86% 0.31%
Municipal
0.10% 0.00% 99.96% 94.35%
Derivative
0.00% 0.00% 27.37% 89.01%
Securitized
0.00% 0.00% 49.58% 96.64%
Corporate
0.00% 0.00% 98.56% 98.93%

Bond Geographic Breakdown

Weighting Return Low Return High RWSIX % Rank
US
84.09% 0.00% 333.36% 99.39%
Non US
0.00% -23.83% 32.03% 97.25%

RWSIX - Expenses

Operational Fees

RWSIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.39% 0.09% 4.29% 29.42%
Management Fee 1.00% 0.00% 1.39% 98.27%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.70% N/A

Sales Fees

RWSIX 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% 5.50% N/A

Trading Fees

RWSIX 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.

RWSIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 160.00% 2.00% 395.00% 95.97%

RWSIX - Distributions

Dividend Yield Analysis

RWSIX Category Low Category High RWSIX % Rank
Dividend Yield 4.91% 0.00% 2.55% 76.61%

Dividend Distribution Analysis

RWSIX Category Low Category High Category Mod
Dividend Distribution Frequency None Monthly Monthly Monthly

Net Income Ratio Analysis

RWSIX Category Low Category High RWSIX % Rank
Net Income Ratio 0.93% -0.55% 6.42% 92.66%

Capital Gain Distribution Analysis

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

Distributions History

View More +

RWSIX - Fund Manager Analysis

Managers

Michael Cheung


Start Date

Tenure

Tenure Rank

Nov 02, 2017

4.58

4.6%

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.

Richard Duff


Start Date

Tenure

Tenure Rank

Nov 02, 2017

4.58

4.6%

Richard is President of Redwood Investment Management, with two decades of senior investment management experience including portfolio management and distribution as well as company strategy and product development in both large and small firms. Richard is responsible for overseeing Redwood’s investment solutions, from initial ideation to final implementation and risk management, distribution team development and management, and is a portfolio manager of two Redwood AlphaFactor® equity funds. Richard began his career as Senior Investment Officer at Pacific Income Advisers where he was a member of the equity strategy team utilizing quantitative screening in equity portfolio management. Later Richard was a Managing Director at BlackRock, where he was a member of the Equity Operating Committee and the AMG Executive Team. Richard’s BlackRock experience included managing a 100+ member team with a nine figure P&L, turning around the firm’s closed end fund franchise including the successful launch of BlackRock’s first equity strategy closed end funds, and leading the integration of the largest retained group in BlackRock’s first investment management firm acquisition. Richard received his BA from the University of California, Berkeley, attended Washington and Lee University, School of Law and received his JD from University of San Francisco, School of Law.

Michael Messinger


Start Date

Tenure

Tenure Rank

Nov 02, 2017

4.58

4.6%

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
0.06 28.06 6.32 1.75