RWMNX: Redwood Managed Municipal Income N

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RWMNX Redwood Managed Municipal Income N


Profile

RWMNX - Profile

Vitals

  • YTD Return -6.8%
  • 3 Yr Annualized Return 0.6%
  • 5 Yr Annualized Return N/A
  • Net Assets $161 M
  • Holdings in Top 10 98.8%

52 WEEK LOW AND HIGH

$15.78
$15.73
$17.70

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.34%

SALES FEES

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

BROKERAGE FEES

  • Turnover 7.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

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

Fund Classification


Distributions

  • YTD Total Return -6.8%
  • 3 Yr Annualized Total Return 0.6%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 2.78%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

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

Fund Description

Under normal circumstances, the fund will, directly or indirectly, invest at least 80% of its assets (including any borrowings for investment purposes) 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. It 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.


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Categories

Performance

RWMNX - Performance

Return Ranking - Trailing

Period RWMNX Return Category Return Low Category Return High Rank in Category (%)
YTD -6.8% -13.7% 0.5% 61.14%
1 Yr -4.3% -13.7% 5.3% 27.89%
3 Yr 0.6%* -2.7% 1.8% 3.59%
5 Yr N/A* -2.2% 1.9% N/A
10 Yr N/A* -1.4% 1.8% N/A

* Annualized

Return Ranking - Calendar

Period RWMNX Return Category Return Low Category Return High Rank in Category (%)
2019 8.4% -0.7% 9.1% 2.14%
2018 -1.8% -4.8% 9.2% 35.06%
2017 N/A -9.7% 8.6% N/A
2016 N/A -6.1% -0.8% N/A
2015 N/A -5.6% 2.9% N/A

Total Return Ranking - Trailing

Period RWMNX Return Category Return Low Category Return High Rank in Category (%)
YTD -6.8% -13.7% 0.5% 61.14%
1 Yr -4.3% -13.7% 5.3% 28.42%
3 Yr 0.6%* -2.7% 1.8% 5.99%
5 Yr N/A* -2.2% 2.5% N/A
10 Yr N/A* -1.4% 4.3% N/A

* Annualized

Total Return Ranking - Calendar

Period RWMNX Return Category Return Low Category Return High Rank in Category (%)
2019 8.4% -0.7% 9.1% 2.14%
2018 -1.8% -4.8% 9.2% 37.93%
2017 N/A -9.7% 8.8% N/A
2016 N/A -6.1% 1.0% N/A
2015 N/A -5.6% 5.3% N/A

NAV & Total Return History


Holdings

RWMNX - Holdings

Concentration Analysis

RWMNX Category Low Category High RWMNX % Rank
Net Assets 161 M 366 K 17.9 B 82.14%
Number of Holdings 11 6 3645 98.45%
Net Assets in Top 10 189 M -38.7 M 2.51 B 33.68%
Weighting of Top 10 98.78% 4.2% 98.8% 1.04%

Top 10 Holdings

  1. Nuveen High Yield Municipal Bond I 49.60%
  2. MainStay MacKay High Yield Muncpl Bd I 14.53%
  3. Invesco Oppenheimer Rchst HYMncpl Y 12.01%
  4. Lord Abbett High Yield Municipal Bond I 10.98%
  5. MFS Municipal High Income I 9.34%
  6. Northern High Yield Muni 2.33%

Asset Allocation

Weighting Return Low Return High RWMNX % Rank
Bonds
97.88% 79.21% 148.07% 50.52%
Cash
1.33% -1.98% 17.48% 61.14%
Other
0.62% -0.09% 1.67% 11.40%
Stocks
0.17% 0.00% 3.82% 7.22%
Preferred Stocks
0.00% -48.07% 0.00% 52.85%
Convertible Bonds
0.00% 0.00% 0.00% 53.37%

Stock Sector Breakdown

Weighting Return Low Return High RWMNX % Rank
Industrials
98.50% 0.00% 100.00% 11.54%
Consumer Cyclical
1.19% 0.00% 78.24% 57.69%
Basic Materials
0.30% 0.00% 100.00% 50.00%
Utilities
0.00% 0.00% 0.00% 61.54%
Technology
0.00% 0.00% 0.00% 61.54%
Real Estate
0.00% 0.00% 0.00% 61.54%
Healthcare
0.00% 0.00% 0.00% 61.54%
Financial Services
0.00% 0.00% 0.00% 61.54%
Energy
0.00% 0.00% 100.00% 69.23%
Communication Services
0.00% 0.00% 0.00% 61.54%
Consumer Defense
0.00% 0.00% 0.00% 61.54%

Stock Geographic Breakdown

Weighting Return Low Return High RWMNX % Rank
US
0.17% 0.00% 3.82% 7.25%
Non US
0.00% 0.00% 0.00% 53.37%

Bond Sector Breakdown

Weighting Return Low Return High RWMNX % Rank
Municipal
94.76% 82.40% 100.00% 84.97%
Cash & Equivalents
4.61% 0.00% 17.60% 18.65%
Corporate
0.61% 0.00% 5.11% 13.47%
Derivative
0.02% 0.00% 0.26% 8.29%
Securitized
0.00% 0.00% 0.00% 53.37%
Government
0.00% -2.36% 0.96% 57.51%

Bond Geographic Breakdown

Weighting Return Low Return High RWMNX % Rank
US
89.84% 74.35% 141.91% 67.36%
Non US
8.04% 0.00% 14.58% 22.28%

Expenses

RWMNX - Expenses

Operational Fees

RWMNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.34% 0.21% 2.78% 27.08%
Management Fee 0.70% 0.00% 1.25% 95.43%
12b-1 Fee 0.25% 0.00% 1.00% 47.37%
Administrative Fee N/A 0.01% 0.35% N/A

Sales Fees

RWMNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.00% 4.75% N/A
Deferred Load N/A 1.00% 5.50% N/A

Trading Fees

RWMNX 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.

RWMNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 7.00% 5.10% 125.00% 2.59%

Distributions

RWMNX - Distributions

Dividend Yield Analysis

RWMNX Category Low Category High RWMNX % Rank
Dividend Yield 0.00% 0.00% 0.80% 72.08%

Dividend Distribution Analysis

RWMNX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

RWMNX Category Low Category High RWMNX % Rank
Net Income Ratio 2.78% 1.99% 5.67% 94.27%

Capital Gain Distribution Analysis

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

Dividend Payout History

View More +

Fund Manager Analysis

RWMNX - Fund Manager Analysis

Managers

Michael Messinger


Start Date

Tenure

Tenure Rank

Mar 09, 2017

3.15

3.2%

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

Mar 09, 2017

3.15

3.2%

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 28.35 6.95 0.44