RWLNX — Redwood Activist Leaders Fund
Data updated: 2020-09-28
RWLNX — Redwood Activist Leaders Fund. Blend / Core Equity · $41.53M AUM · 1.15% expense ratio. Holdings, fees, performance and SEC filings.
RWLNX Fund Overview
RWLNX — Redwood Activist Leaders Fund is a US mutual fund managed by Two Roads Shared Trust, categorised as Blend / Core Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Two Roads Shared Trust
- Category: Blend / Core Equity
- Assets under management: $41.53M
- Ticker: RWLNX
- SEC CIK: 0001552947
- SEC series ID: S000059549
- Share class ID: C000195029
RWLNX Investment Objective and Strategy
Redwood Activist Leaders Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Two Roads Shared Trust.
Investment objective
The Fund seeks to generate long-term capital growth.
Principal investment strategy
The Fund employs an investment approach designed to track the performance of the Advisers proprietary index, the Redwood Activist Leaders TM Index (the Activist Leaders TM Index ). The Activist Leaders TM Index focuses on common stocks, or investments that are economically tied to such equity securities ( i.e. , derivatives), such as equity options, swaps, convertible bonds, or warrants, that are the target of shareholder activism. These stocks are identified using a proprietary quantitative methodology built on the foundation of tracking legally mandated filings known as 13D filings that are submitted with the Securities and Exchange Commission (SEC). Rules adopted under the Securities Exchange Act of 1934 require a shareholder that acquires more than 5% of a companys shares to file a form with the SEC known as a Schedule 13D that discloses the investors identity and the investors purpose in acquiring those shares.
The Activist Leaders TM Index is comprised of equity securities with a market capitalization of at least $1 billion that have been the subject of a 13D filing made by an investor that has previously been identified by the Adviser as an Activist Leader TM . These equity securities are added to the Activist Leaders TM Index on the last trading day of the month in which the 13D filing was made by the Activist LeaderTM investor. These equity securities are removed from the Activist Leaders TM Index on the last trading day of the month in which the same Activist Leader TM files a 13D/A indicating that they are selling or have sold their position in the stock. Every month, the Activist Leaders TM Index constituents, including any additions and/or deletions to the Activist LeadersTM Index, are re-balanced to equal weighting.
The Fund will use Solactive, AG as its index provider. The Fund s Adviser identifies Activist Leader TM investors utilizing a proprietary methodology based upon its research into the effectiveness of activist investors achievement of stated objectives and creation of positive shareholder returns in positions that were the subject of a 13D filing by them. Once Activist Leaders TM are selected by the Adviser, the Activist Leaders TM Index follows the activity of the selected Activist Leaders TM by tracking 13D/13D/A filings: including adding a new constituent if a 13D filing shows a new position of 5% or above, and removing a constituent if a 13D/A filing shows a position dropping below 5%. Selection of Activist LeadersTM can change during the reconstitution of the Activist Leaders TM Index, which happens on a monthly basis that includes new holdings based on new 13D filings by designated Activist Leaders TM during the past month.
The Fund uses a passive or indexing approach to attempt to approximate the investment performance of the Activist Leaders TM Index by investing in a portfolio of securities that generally replicates the Activist Leaders TM Index. The Fund may concentrate its investments in a particular country, region, industry or group of industries to the extent that the Activist Leaders TM Index concentrates in a country, region, industry or group of industries. The Fund will use derivatives to track the Funds Activist Leaders TM Index and not for leverage or hedging purposes. The Fund may engage in active and frequent trading.
RWLNX Costs and Fees
RWLNX costs about $115 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.15%
- Gross expense ratio: 1.35%
- Portfolio turnover: 92%
- Brokerage commissions: 14.26 bps of average net assets (SEC N-CEN)
RWLNX Cashflows
Over the 12 months to 2020-07, Redwood Activist Leaders Fund had net inflows of $15.10M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2020-07 | $2.13M |
| 2020-06 | $1.84M |
| 2020-05 | $1.22M |
| 2020-04 | $2.98M |
| 2020-03 | $4.67M |
| 2020-02 | $2.25M |
RWLNX Debt Constituents
No individual debt constituents are reported in Redwood Activist Leaders Fund's latest SEC N-PORT filing.
RWLNX Prospectus and SEC Filings
Official Redwood Activist Leaders Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2020-03-16
- Prospectus (485BPOS) — filed 2017-11-15
- Prospectus supplement (497) — filed 2019-03-19
- Portfolio holdings (N-PORT) — filed 2020-09-28
- Portfolio holdings (N-PORT) — filed 2020-06-24
- Annual census (N-CEN) — filed 2020-01-14
- Annual census, amended (N-CEN/A) — filed 2019-12-27
Related Funds
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Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.