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Redwood Asset Management adds two income-producing preferred funds
By Susanna Moon
Chicago, March 15 – Redwood Asset Management Inc. has completed the initial public offering of exchange-traded fund units of the Redwood U.S. Preferred Share Fund and the Redwood Floating Rate Preferred Fund.
Redwood has listed the two income-generating preferred share funds to begin trading on the NEO Stock Exchange under the ticker symbols “RPU” and “RPS,” respectively.
The Redwood U.S. Preferred Share Fund is managed by a Chicago-based Nuveen Asset Management and “employs a fundamental, active approach that combines bottom-up credit research and top-down structural analysis to invest in U.S. institutional preferred securities that currently offer some of the most attractive yields in the investment-grade universe,” according to a company announcement.
The fund provides access to preferred shares across the $1,000-par institutional market, using a fundamental approach to identify high-quality securities and opportunistically capture structural inefficiencies caused by liquidity and technical factors, according to the release.
The fund offers both currency hedged and non-currency hedged units.
Meanwhile, the Redwood Floating Rate Preferred Fund uses top-down macro analysis and bottom-up stock selection as well as active risk mitigation to invest in Canadian preferred shares issued predominantly by investment-grade issuers, the company said.
The fund owns a high-quality portfolio of Canadian preferreds and provides an attractive source of tax-efficient dividends, has had strong performance relative to the S&P/TSX Preferred Share index over that past several years, the release said.
Redwood is a Toronto-based investment fund manager.
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