Redwood Managed Volatility Fund
RWDYX
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- Redwood Managed Volatility Fund (RWDYX) is a mutual fund that employs a quantitative, trend-following strategy to pursue total return while managing downside volatility in high-yield fixed-income markets; it invests primarily in diversified high-yield corporate bonds, bank loans, and similar fixed-income securities during favorable upward-trending market conditions, shifting to short-term fixed-income or money market instruments when trends turn downward. The fund offers multiple share classes, including Class Y (RWDYX, CUSIP 90213U685, minimum initial investment $20,000,000), Class I (RWDIX), and Class N (RWDNX), all classified in the nontraditional bond category with a gross expense ratio of approximately 1.69% to 2.20%; top holdings typically include high-yield bond funds such as Vanguard High-Yield Corporate Adm, American Funds American High-Inc F3, and BlackRock High Yield Bond Instl, alongside select individual corporate bonds from issuers like Transocean Inc. and United States Steel Corporation. Launched on December 19, 2013, the fund is managed by Redwood Investment Management, LLC, an SEC-registered investment adviser, with key portfolio managers Michael Messinger (since inception) and Michael Cheung (since January 2016); it is domiciled in the United States, available for sale to U.S. investors, and distributed by Northern Lights Distributors, LLC. The fund operates within the asset management industry, targeting investors seeking growth and income through tactical risk management in high-yield sectors; its portfolio features significant allocations to bonds (around 84%), with credit quality concentrated in BB and B-rated securities, average effective duration of 3.13 years, and exposure across energy, technology, and cyclical sectors. Geographically, it focuses on U.S. and Americas-based holdings, with minor greater Europe and Asia exposure, maintaining total net assets of approximately $94-158 million across classes as of recent reports. No major acquisitions, funding rounds, partnerships, or strategic shifts have been announced in the last 1-2 years; the fund continues its core quantitative approach without noted reorganizations, new product launches, or operational changes, emphasizing prudent downside protection amid fixed-income market volatility.