Name
As of 03/27/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
1.0%
1 yr return
3.4%
3 Yr Avg Return
-0.8%
5 Yr Avg Return
1.0%
Net Assets
$156 M
Holdings in Top 10
99.8%
52 WEEK LOW AND HIGH
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 03/27/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
RWMIX - Profile
Distributions
- YTD Total Return 1.0%
- 3 Yr Annualized Total Return -0.8%
- 5 Yr Annualized Total Return 1.0%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 2.11%
- Dividend Yield 4.6%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameRedwood Managed Municipal Income Fund
-
Fund Family NameRedwood
-
Inception DateMar 09, 2017
-
Shares OutstandingN/A
-
Share ClassI
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerMichael 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 classs 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 Funds portfolio to a significant degree.
RWMIX - Performance
Return Ranking - Trailing
Period | RWMIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 1.0% | -6.0% | 3.9% | 1.09% |
1 Yr | 3.4% | -10.3% | 16.1% | 13.11% |
3 Yr | -0.8%* | -10.4% | 26.2% | 1.88% |
5 Yr | 1.0%* | -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 | 1.0% | -6.0% | 3.9% | 1.09% |
1 Yr | 3.4% | -10.3% | 16.1% | 13.11% |
3 Yr | -0.8%* | -10.4% | 26.2% | 1.88% |
5 Yr | 1.0%* | -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
- BLKR-LI MUNI-INS 28.81%
- JPM-T/F MMKT-AGY 27.83%
- JPM-MUNI MM-AGY 27.82%
- REDWOOD-R/E-I 11.71%
- US BANK MMDA - USBGFS 9 3.60%
- NUVEEN HIGH YLD MUNI BND- 0.01%
- PIMCO HI YLD MUNI BND-I 0.01%
- INVESCO HI YLD MUNI-Y 0.01%
- MNSTY MCKY H/Y MUNI BND-I 0.00%
- 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
Date | Amount | Type |
---|---|---|
Mar 28, 2024 | $0.046 | OrdinaryDividend |
Feb 29, 2024 | $0.055 | OrdinaryDividend |
Jan 31, 2024 | $0.067 | OrdinaryDividend |
Dec 28, 2023 | $0.035 | OrdinaryDividend |
Nov 30, 2023 | $0.024 | OrdinaryDividend |
Oct 31, 2023 | $0.026 | OrdinaryDividend |
Sep 29, 2023 | $0.024 | OrdinaryDividend |
Aug 31, 2023 | $0.034 | OrdinaryDividend |
Jul 31, 2023 | $0.029 | OrdinaryDividend |
Jun 30, 2023 | $0.033 | OrdinaryDividend |
May 31, 2023 | $0.024 | OrdinaryDividend |
Apr 28, 2023 | $0.031 | OrdinaryDividend |
Mar 31, 2023 | $0.016 | OrdinaryDividend |
Feb 28, 2023 | $0.047 | OrdinaryDividend |
Jan 31, 2023 | $0.071 | OrdinaryDividend |
Dec 29, 2022 | $0.019 | OrdinaryDividend |
Nov 30, 2022 | $0.018 | OrdinaryDividend |
Oct 31, 2022 | $0.010 | OrdinaryDividend |
Sep 30, 2022 | $0.015 | OrdinaryDividend |
Aug 30, 2022 | $0.046 | OrdinaryDividend |
Jul 29, 2022 | $0.002 | OrdinaryDividend |
Jun 29, 2022 | $0.003 | OrdinaryDividend |
Apr 28, 2022 | $0.017 | OrdinaryDividend |
Feb 28, 2022 | $0.012 | OrdinaryDividend |
Sep 29, 2021 | $0.030 | OrdinaryDividend |
Aug 30, 2021 | $0.027 | OrdinaryDividend |
Jul 29, 2021 | $0.030 | OrdinaryDividend |
Jun 29, 2021 | $0.024 | OrdinaryDividend |
May 27, 2021 | $0.027 | OrdinaryDividend |
Apr 29, 2021 | $0.037 | OrdinaryDividend |
Mar 30, 2021 | $0.024 | OrdinaryDividend |
Feb 25, 2021 | $0.029 | OrdinaryDividend |
Jan 28, 2021 | $0.033 | OrdinaryDividend |
Dec 29, 2020 | $0.061 | OrdinaryDividend |
Nov 27, 2020 | $0.024 | OrdinaryDividend |
Oct 29, 2020 | $0.033 | OrdinaryDividend |
Sep 29, 2020 | $0.034 | OrdinaryDividend |
Aug 28, 2020 | $0.026 | OrdinaryDividend |
Jul 30, 2020 | $0.022 | OrdinaryDividend |
Apr 29, 2020 | $0.042 | OrdinaryDividend |
Mar 30, 2020 | $0.025 | OrdinaryDividend |
Feb 27, 2020 | $0.041 | OrdinaryDividend |
Jan 30, 2020 | $0.039 | OrdinaryDividend |
Dec 27, 2019 | $0.054 | OrdinaryDividend |
Nov 27, 2019 | $0.039 | OrdinaryDividend |
Oct 30, 2019 | $0.050 | OrdinaryDividend |
Sep 27, 2019 | $0.044 | OrdinaryDividend |
Aug 29, 2019 | $0.043 | OrdinaryDividend |
Jul 30, 2019 | $0.047 | OrdinaryDividend |
Jun 27, 2019 | $0.040 | OrdinaryDividend |
May 30, 2019 | $0.048 | OrdinaryDividend |
Apr 29, 2019 | $0.048 | OrdinaryDividend |
Mar 28, 2019 | $0.045 | OrdinaryDividend |
Feb 27, 2019 | $0.051 | OrdinaryDividend |
Jan 30, 2019 | $0.040 | OrdinaryDividend |
Dec 27, 2018 | $0.032 | OrdinaryDividend |
Nov 29, 2018 | $0.007 | OrdinaryDividend |
Oct 30, 2018 | $0.028 | OrdinaryDividend |
Sep 27, 2018 | $0.049 | OrdinaryDividend |
Aug 30, 2018 | $0.053 | OrdinaryDividend |
Jul 30, 2018 | $0.042 | OrdinaryDividend |
Jun 28, 2018 | $0.048 | OrdinaryDividend |
May 30, 2018 | $0.020 | OrdinaryDividend |
Feb 27, 2018 | $0.008 | OrdinaryDividend |
Jan 30, 2018 | $0.038 | OrdinaryDividend |
Dec 27, 2017 | $0.057 | OrdinaryDividend |
Nov 29, 2017 | $0.049 | OrdinaryDividend |
Oct 30, 2017 | $0.047 | OrdinaryDividend |
Sep 28, 2017 | $0.048 | OrdinaryDividend |
Aug 30, 2017 | $0.049 | OrdinaryDividend |
Jul 28, 2017 | $0.041 | OrdinaryDividend |
Jun 29, 2017 | $0.030 | OrdinaryDividend |
May 30, 2017 | $0.050 | OrdinaryDividend |
Apr 27, 2017 | $0.014 | OrdinaryDividend |
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 |