TORONTO, Sept. 29, 2017 (GLOBE NEWSWIRE) -- Redwood Asset Management Inc. (“Redwood”), the manager of the Redwood Emerging Markets Dividend Fund (“Fund”), announces that it has discovered a discrepancy which has affected the net asset value per unit (“NAVPU”) of the Fund. Redwood has determined that an administrative error in calculating a potential incentive fee resulted in an understatement of the NAVPU of the Class F units of the Fund over the period from May 25, 2017 to September 26, 2017, the NAVPU of the Class A units for the period from July 2, 2017 to September 26, 2017 and the NAVPU of the ETF Class for the period from August 23, 2017 to September 26, 2017.
Redwood estimates that the error resulted in an understatement of NAVPU during the period of up to $0.25 or 2.07% on Class F units, up to $0.14 or 1.20% on Class A units and up to $0.17 or 0.84% on the ETF Class. Affected unitholders who redeemed their units during the relevant periods will be compensated and the Fund will be made whole on a timely basis. Unitholders of the Fund who purchased units at a discount will not be affected and the cost base of their units purchased will remain the same. The NAVPU for each of Class A, Class F and ETF Class that was calculated and published for September 27, 2017 reflected the correction for each class respectively and reestablished the correct NAVPU values.
Redwood has reviewed and updated its procedures and is working with its valuation agent to ensure that this administrative error will not be repeated. It should be noted that Redwood did not benefit from this error.
About Redwood Asset Management Inc. Redwood Asset Management is a Toronto-based investment fund manager, focused on delivering unique investment solutions managed by boutique global investment managers to Canadian investors. Redwood Asset Management is a wholly owned subsidiary of Purpose Investments Inc., which has over $3.6 billion in assets under management. More information about Redwood's product offerings is available at www.redwoodasset.com .
CONTACT INFORMATION
Redwood Asset Management Peter Shippen President & CEO T: 1.877.789.1517 invest@redwoodasset.com
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