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Trending ETFs

Redwood AlphaFactor Tactical International Fund

mutual fund
RWINX
Payout Change
Pending
Price as of:
$15.17 -0.08 -0.52%
primary theme
International Large-Cap Blend Equity
share class
RWINX (Mutual Fund)

Redwood AlphaFactor Tactical International Fund

Payout Change
Pending
Price as of:
$15.17 -0.08 -0.52%
primary theme
International Large-Cap Blend Equity
share class
RWINX (Mutual Fund)

Redwood AlphaFactor Tactical International Fund

Payout Change
Pending
Price as of:
$15.17 -0.08 -0.52%
primary theme
International Large-Cap Blend Equity
share class

Name

As of 10/03/2024

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

$15.17

$211 M

6.24%

$0.95

1.57%

Vitals

YTD Return

8.7%

1 yr return

16.3%

3 Yr Avg Return

2.6%

5 Yr Avg Return

6.8%

Net Assets

$211 M

Holdings in Top 10

37.8%

52 WEEK LOW AND HIGH

$15.3
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.57%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 63.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$10,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 10/03/2024

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

$15.17

$211 M

6.24%

$0.95

1.57%

RWINX - Profile

Distributions

  • YTD Total Return 8.7%
  • 3 Yr Annualized Total Return 2.6%
  • 5 Yr Annualized Total Return 6.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -0.71%
DIVIDENDS
  • Dividend Yield 6.2%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Redwood AlphaFactor Tactical International Fund
  • Fund Family Name
    Redwood
  • Inception Date
    Nov 02, 2017
  • Shares Outstanding
    N/A
  • Share Class
    N
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Michael Cheung

Fund Description

The Fund employs an investment approach designed to track the performance of the Adviser’s proprietary index, the Redwood AlphaFactor® Tactical International Index (the “International Index”). The International Index utilizes a quantitative, factor-based, investment methodology focused on large and middle capitalization common stocks of both developed and emerging markets outside of the United States, typically of companies with market capitalizations of greater than $2 billion. The methodology selects stocks based on a number of characteristics that include, but are not limited to, net share count reduction, free cash flow growth, dividend yield, volatility and debt/asset ratios. The International Index is rebalanced to equal weight on a quarterly basis, and reconstituted on a yearly basis. The Fund will be invested in a diversified portfolio of equity securities of developed international markets and emerging market countries or investments that are economically tied to equity securities (i.e., derivatives) such as American Depositary Receipts (ADRs), equity options, swaps, convertible bonds and warrants. In seeking to track the performance of the International Index, the Fund will typically hold approximately 100 stocks in its portfolio. However, the Fund may be invested in more or less than 100 stocks at any given time and may use other equity linked securities in pursuit of its investment strategies.

The strategy used by the International Index also employs a multi-factor tactical risk management overlay that seeks to identify periods of above-average risk. Under normal market conditions, the Fund will be invested in securities of countries outside of the United States or in investments that are economically tied to such foreign securities. In response to adverse market conditions, the Fund, in tracking the International Index, may be invested for temporary, defensive purposes in money market instruments such as treasury bills, certificates of deposit and commercial paper and other short-term instruments, money market funds, and in short- and intermediate-term U.S. or foreign Treasury bond or bond funds. Such investments can either be direct or through investments in other investment companies, including open-end mutual funds and exchange-traded funds (“ETFs”). The Fund may also invest up to 15% if its assets in closed-end funds, including tender offer and interval funds, and in real estate investment trusts (“REITs”). The Fund may invest in affiliated and unaffiliated investment companies.

The Fund uses a “passive” or indexing approach to attempt to approximate the investment performance of the International Index by investing in a portfolio of securities that generally replicates the International Index. The Fund may hold securities that are not specific securities held by the International Index at all times in executing its replication strategy of attempting to produce returns that track the International Index. This replication strategy includes using equity swaps, index swaps, ADRs, and various other securities that are not securities within the International Index themselves. In addition, when equity derivatives are such as equity swaps are used, the collateral for these swaps can be held in various fixed income instruments including but not limited to, cash, money markets, short to intermediate bonds, and short duration private debt. The Fund may concentrate its investments in a particular country, region, industry or group of industries to the extent that the International Index concentrates in a country, region, industry or group of industries. The Fund will use Solactive, AG as its index provider.

The Adviser anticipates that, generally, the Fund will hold all of the securities that comprise the International Index in approximate proportion to their weightings in the International Index. However, under various circumstances, it may not be possible or practicable to purchase all of those securities in those weightings. In these circumstances, the Fund may purchase a sample of securities in the International Index. There also may be instances in which the Adviser may choose to underweight or overweight a security in the International Index, purchase securities not in the International Index that the Adviser believes are appropriate to substitute for certain securities in the International Index or utilize various combinations of other available investment techniques. The Fund may sell securities that are represented in the International Index in anticipation of their removal from the International Index or purchase securities not represented in the International Index in anticipation of their addition to the International Index. The Fund may also, in order to comply with the tax diversification requirements of the Code, temporarily invest in securities not included in the International Index that are expected to be correlated with the securities included in its Index.

Given the Fund’s investment objective of attempting to track the performance of the International Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. Also, unlike many investment companies, the Fund does not attempt to outperform the International Index it tracks.

The Fund may engage in active and frequent trading.

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RWINX - Performance

Return Ranking - Trailing

Period RWINX Return Category Return Low Category Return High Rank in Category (%)
YTD 8.7% -2.7% 37.6% 89.52%
1 Yr 16.3% -1.8% 49.7% 98.77%
3 Yr 2.6%* -16.2% 49.6% 80.13%
5 Yr 6.8%* -34.2% 76.8% 77.46%
10 Yr N/A* 1.0% 32.6% N/A

* Annualized

Return Ranking - Calendar

Period RWINX Return Category Return Low Category Return High Rank in Category (%)
2023 2.2% -1.4% 22.0% 98.62%
2022 -13.1% -43.6% 71.3% 10.03%
2021 -4.4% -28.5% 18.9% 85.81%
2020 7.6% -90.1% 992.1% 53.28%
2019 3.9% -1.9% 38.8% 98.96%

Total Return Ranking - Trailing

Period RWINX Return Category Return Low Category Return High Rank in Category (%)
YTD 8.7% -2.7% 37.6% 89.52%
1 Yr 16.3% -1.8% 49.7% 98.77%
3 Yr 2.6%* -16.2% 49.6% 80.13%
5 Yr 6.8%* -34.2% 76.8% 77.46%
10 Yr N/A* 1.0% 32.6% N/A

* Annualized

Total Return Ranking - Calendar

Period RWINX Return Category Return Low Category Return High Rank in Category (%)
2023 9.2% 3.2% 23.8% 97.38%
2022 -11.6% -43.6% 144.8% 13.32%
2021 6.6% -22.6% 56.0% 83.41%
2020 14.2% -89.7% 1010.8% 25.74%
2019 4.3% 4.3% 38.8% 100.00%

NAV & Total Return History


RWINX - Holdings

Concentration Analysis

RWINX Category Low Category High RWINX % Rank
Net Assets 211 M 3.3 M 425 B 76.61%
Number of Holdings 104 1 10481 58.10%
Net Assets in Top 10 78.7 M 1.01 M 47.5 B 68.04%
Weighting of Top 10 37.83% 4.6% 147.7% 13.23%

Top 10 Holdings

  1. US BANK MMDA - USBGFS 9 13.60%
  2. RDWD-R/E INC-I 12.67%
  3. KB FINANCIAL GRO 1.64%
  4. HANA FINANCIAL G 1.56%
  5. EVERGREEN MARINE 1.49%
  6. LOBLAW COS LTD 1.46%
  7. CHECK POINT SOFT 1.37%
  8. KIA CORP 1.37%
  9. GALP ENERGIA 1.35%
  10. TELEFONICA DEUTS 1.34%

Asset Allocation

Weighting Return Low Return High RWINX % Rank
Stocks
74.48% 0.00% 102.63% 98.32%
Cash
22.09% 0.00% 44.84% 0.61%
Preferred Stocks
0.00% -0.05% 6.57% 83.49%
Other
0.00% -2.05% 69.93% 76.45%
Convertible Bonds
0.00% 0.00% 4.18% 63.50%
Bonds
0.00% -0.46% 79.43% 64.22%

Stock Sector Breakdown

Weighting Return Low Return High RWINX % Rank
Utilities
0.00% 0.00% 13.68% 26.25%
Technology
0.00% 0.00% 36.32% 10.25%
Real Estate
0.00% 0.00% 14.59% 52.75%
Industrials
0.00% 5.17% 99.49% 51.63%
Healthcare
0.00% 0.00% 20.35% 96.63%
Financial Services
0.00% 0.00% 47.75% 97.88%
Energy
0.00% 0.00% 16.89% 9.38%
Communication Services
0.00% 0.00% 21.69% 1.63%
Consumer Defense
0.00% 0.00% 32.29% 61.38%
Consumer Cyclical
0.00% 0.00% 36.36% 48.38%
Basic Materials
0.00% 0.00% 23.86% 6.63%

Stock Geographic Breakdown

Weighting Return Low Return High RWINX % Rank
Non US
59.25% 0.00% 99.44% 91.74%
US
15.24% 0.00% 102.01% 14.22%

RWINX - Expenses

Operational Fees

RWINX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.57% 0.01% 19.62% 20.52%
Management Fee 0.90% 0.00% 1.65% 94.92%
12b-1 Fee 0.25% 0.00% 1.00% 46.94%
Administrative Fee N/A 0.01% 1.00% N/A

Sales Fees

RWINX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 3.50% 5.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

RWINX 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.

RWINX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 63.00% 2.00% 247.00% 77.45%

RWINX - Distributions

Dividend Yield Analysis

RWINX Category Low Category High RWINX % Rank
Dividend Yield 6.24% 0.00% 17.49% 1.99%

Dividend Distribution Analysis

RWINX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annual SemiAnnual SemiAnnual

Net Income Ratio Analysis

RWINX Category Low Category High RWINX % Rank
Net Income Ratio -0.71% -0.93% 6.38% 99.37%

Capital Gain Distribution Analysis

RWINX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Monthly Annually

Distributions History

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RWINX - 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.

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.

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.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 30.35 6.35 3.25