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Redwood Asset Management lists U.S. preferred fund for trading
By Susanna Moon
Chicago, July 31 – Redwood Asset Management Inc. announced the listing of its dollar-denominated exchange-traded fund units of the Redwood U.S. Preferred Share Fund.
The preferreds will begin trading on the Aequitas NEO Exchange on Monday under the ticker “RPU.U,” according to a company announcement.
The Redwood U.S. Preferred Share Fund is managed by a Chicago-based Nuveen Asset Management and uses 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 taps into 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,” the release noted.
The fund now offers currency hedged (RPU), non-currency hedged (RPU.B) and U.S. dollar-denominated (RPU.U) units.
The company said on March 15 that it had completed the initial public offering of the ETF units of the Redwood U.S. Preferred Share Fund and the Redwood Floating Rate Preferred Fund.
“The addition of a U.S. dollar ETF to our Redwood US Preferred Share Fund provides clients an excellent opportunity to invest their U.S. dollar holdings in an expertly managed, active strategy for yield and appreciation in the U.S. preferred share market,” Peter Shippen, president and chief executive officer of Redwood Asset Management, said in the press release.
“Canadian investors can invest their U.S. dollars in this Nuveen-managed strategy.”
Redwood is a Toronto-based investment fund manager.
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