XML 12 R4.htm IDEA: XBRL DOCUMENT v3.2.0.727
Label Element Value
Prospectus [Line Items] rr_ProspectusLineItems  
Document Type dei_DocumentType Other
Document Period End Date dei_DocumentPeriodEndDate Jul. 23, 2015
Registrant Name dei_EntityRegistrantName Two Roads Shared Trust
Central Index Key dei_EntityCentralIndexKey 0001552947
Amendment Flag dei_AmendmentFlag false
Trading Symbol dei_TradingSymbol trst
Document Creation Date dei_DocumentCreationDate Jul. 23, 2015
Document Effective Date dei_DocumentEffectiveDate Jul. 23, 2015
Prospectus Date rr_ProspectusDate Jul. 23, 2015
Redwood Managed Volatility Portfolio  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk/Return [Heading] rr_RiskReturnHeading

FUND SUMMARY

Objective [Heading] rr_ObjectiveHeading

Investment Objective:

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Redwood Managed Volatility Portfolio (the “Portfolio”) seeks a combination of total return and prudent management of portfolio downside volatility and downside loss.

Expense [Heading] rr_ExpenseHeading

Fees and Expenses of the Portfolio:

Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table below does not reflect expenses and charges that are, or may be, imposed under your variable annuity contract or variable life insurance policy. For information on these charges, please refer to the applicable contract or policy prospectus.

Operating Expenses Caption [Text] rr_OperatingExpensesCaption

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination May 01, 2016
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading

Portfolio Turnover:

Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Portfolio’s performance. For the fiscal year ended December 31, 2014, the Portfolio’s portfolio turnover rate was 213%.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 213.00%
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Based on estimated amounts for Class I shares for the current fiscal year.
Acquired Fund Fees and Expenses, Based on Estimates [Text] rr_AcquiredFundFeesAndExpensesBasedOnEstimates Based on estimated amounts for Class I shares for the current fiscal year.
Expense Example [Heading] rr_ExpenseExampleHeading

Example:

Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.

Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption

The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, the Example shows what your costs would be based upon these assumptions.

 

The Example does not reflect fees and expenses of any variable annuity contract or variable life insurance policy, and would be higher if it did. Keep in mind that this is only an estimate; actual expenses and performance may vary.

Strategy [Heading] rr_StrategyHeading

Principal Investment Strategies:

Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

To pursue its investment objective the Portfolio uses a trend-following strategy that seeks to identify the critical turning points in the markets for high yield bonds (also known as “junk bonds”) and bank loans. The Portfolio’s adviser, Redwood Investment Management, LLC (“Redwood” or the “Adviser”) uses a quantitative program that seeks to invest in diversified high yield bond funds, bank loan funds, multi-sector bond funds and other fixed income funds with similar characteristics when the high yield bond and bank loan markets are trending upwards, and short-term fixed income securities when the high yield bond and bank loan markets are trending downwards. Depending on market conditions, the Portfolio may be invested: (i) primarily in high yield bond funds, bank loan funds, multi-sector bond funds and other fixed income funds with similar characteristics; (ii) primarily in short-term fixed income securities; or (iii) a combination of (i) and (ii). The Portfolio also can invest in other income-oriented funds. By tactically allocating its investments , the Portfolio seeks to reduce its exposure to declines in the high yield bond and bank loan markets, thereby seeking to limit downside volatility and downside loss in down-trending markets.

 

The Adviser’s quantitative strategy takes into account macro market data and other market-based inputs and metrics to seek to identify market trends. When making investment decisions for the Portfolio the portfolio managers consider both technical factors as well as an assessment of current market conditions and other factors. To seek greater investment exposure to the Portfolio’s strategies, the Portfolio has the ability under federal law to leverage its portfolio by borrowing money from a bank in an amount of up to one-third of its assets (which includes the borrowed amount). The Portfolio invests opportunistically, based on its assessment of market conditions, to be more focused in particular assets.

 

The Portfolio gains exposure to the high yield bond and bank loan markets through investments in investment companies, including open-end mutual funds, exchange-traded funds (“ETFs”), and closed-end funds, including business development companies. The investment companies in which the Portfolio invests may invest in securities of any maturity or quality, including securities rated below investment grade. The Portfolio may gain exposure to foreign (non-U.S.) securities, including emerging market securities, to the extent the Portfolio invests in other investment companies that hold securities of foreign (non-U.S.) issuers. The short-term fixed income securities in which the Portfolio invests may include corporate bonds and other corporate debt securities, asset-backed securities, securities issued by the U.S. government or its agencies and instrumentalities, securities issued by non-U.S. governments or their agencies and instrumentalities, money market securities and other interest-bearing instruments or any derivative instrument meant to track the return of any such instrument, and cash. The Portfolio may also invest in money market funds or other investment companies whose assets are comprised primarily of short-term fixed income securities. The Portfolio may invest in short-term fixed income securities of any maturity and credit quality, including securities rated below investment grade (“junk bonds”).

 

The Adviser employs a total return and downside volatility management investment approach, which seeks to reduce exposure to losses in the markets while capturing gains during up-trends in these markets. The Adviser expects that the Portfolio will have lower downside volatility than the general global equity, fixed income, currency and commodity markets; however, the Portfolio’s downside volatility may be higher than any one or more of those markets over short-term periods.

 

The Portfolio may invest directly or indirectly in various types of derivatives, including total return swap contracts, as a substitute for making direct investments in underlying instruments or to reduce certain investment exposures. A total return swap is a contract that exchanges a floating rate for the total return of a security or index. While Federal law limits the Portfolio’s bank borrowings to one-third of the Portfolio’s assets (which includes the borrowed amount), the use of derivatives is not limited the same manner. Federal law generally requires the Portfolio to segregate or “earmark” liquid assets or otherwise cover the market exposure of its derivatives, including swap contracts. The Portfolio may borrow money to enter into a swap contracts that may leverage the Portfolio’s portfolio to a significant degree.

 

The Portfolio is “non-diversified” for purposes of the Investment Company Act of 1940 (the “1940 Act”), which means that the Portfolio may invest in fewer securities at any one time than a diversified fund.

Risk [Heading] rr_RiskHeading

Principal Investment Risks:

Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

As with all mutual funds, there is the risk that you could lose money through your investment in the Portfolio. The Portfolio is not intended to be a complete investment program but rather one component of a diversified investment portfolio. Many factors affect the Portfolio’s net asset value and performance.

 

• Asset-Backed Securities Risk. The risks of investing in asset-backed securities, including prepayment risk, extension risk, interest rate risk, market risk and management risk.

 

• Bank Loan Risk. The Portfolio’s investments in secured and unsecured participations in bank loans and assignments of such loans may create substantial risk. In making investments in such loans, which are made by banks or other financial intermediaries to borrowers, the Portfolio will depend primarily upon the creditworthiness of the borrower for payment of principal and interest.

 

• Borrowing Risk. Borrowing for investment purposes creates leverage, which may increase the volatility of the Portfolio. Additionally, money borrowed will be subject to certain costs, such as commitment fees and the cost of maintaining minimum average balances, as well as interest. Unless the income and capital appreciation, if any, on securities acquired with borrowed funds exceed the costs of borrowing, the use of leverage will diminish the investment performance of the Portfolio.

 

• Counterparty Risk. The risk that the Portfolio’s counterparty to an over-the-counter derivative contract, such as a total return swap, may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise to honor its obligations. Counterparty risk is a type of credit risk.

 

• Credit Risk. The risk that the Portfolio could lose money if the issuer or guarantor of a fixed income security or a derivative contract is unwilling or unable to make timely payments to meet its contractual obligations.

 

• Currency Risk. The risk that foreign currencies will decline in value relative to the U.S. dollar and adversely affect the value of the Portfolio’s investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

 

• Derivatives Risk. The derivative instruments in which the Portfolio may invest either directly or through an underlying fund, may be more volatile than other instruments. The risks associated with investments in derivatives also include leverage, liquidity, interest rate, market, credit and management risks, mispricing or improper valuation. Changes in the market value of a derivative may not correlate perfectly with the underlying asset, rate or index, and the Portfolio could lose more than the principal amount invested. In addition, if a derivative is being used for hedging purposes there can be no assurance given that each derivative position will achieve a perfect correlation with the security or currency against which it is being hedged, or that a particular derivative position will be available when sought by the portfolio manager.

 

• Emerging Markets Risk. The risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

 

• Fixed Income Risk. When the Portfolio invests in fixed income securities or derivatives, the value of your investment in the Portfolio will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities or derivatives owned by the Portfolio. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Portfolio, possibly causing the Portfolio’s share price and total return to be reduced and fluctuate more than other types of investments.

 

• Foreign (Non-U.S.) Investment Risk. Foreign (non-U.S.) securities present greater investment risks than investing in the securities of U.S. issuers and may experience more rapid and extreme changes in value than the securities of U.S. companies, due to less information about foreign companies in the form of reports and ratings than about U.S. issuers; different accounting, auditing and financial reporting requirements; smaller markets; nationalization; expropriation or confiscatory taxation; currency blockage; or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

 

• Gap Risk. The Portfolio is subject to the risk that a stock price or derivative value will change dramatically from one level to another with no trading in between and/or before the Portfolio can exit the investment. Usually such movements occur when there are adverse news announcements, which can cause a stock price or derivative value to drop substantially from the previous day’s closing price.

 

• High-Yield Fixed Income Securities (“Junk Bonds”) Risk. The fixed income securities held by the Portfolio that are rated below investment grade are subject to additional risk factors such as increased possibility of default, illiquidity of the security, and changes in value based on public perception of the issuer. Such high-yield securities (commonly known as “junk bonds”) are generally considered speculative because they present a greater risk of loss, including default, than higher quality fixed income securities.

 

• Investment Companies and Exchange-Traded Funds (“ETFs”) Risk. When the Portfolio invests in other investment companies, including ETFs, it will bear additional expenses based on its pro rata share of the other investment company’s or ETF’s operating expenses, including the potential duplication of management fees. The risk of owning an ETF generally reflects the risks of owning the underlying investments the ETF holds. The Portfolio also will incur brokerage costs when it purchases and sells ETFs.

 

• Issuer-Specific Risk. The value of a specific security can be more volatile than the market as a whole and may perform worse than the market as a whole.

 

• Leveraging Risk. The use of leverage, such as borrowing for investment purposes and derivative instruments, will magnify the Portfolio’s gains or losses. The use of leverage may further cause the Portfolio to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations or to meet collateral segregation requirements.

 

• Liquidity Risk. Liquidity risk exists when particular investments of the Portfolio would be difficult to purchase or sell, possibly preventing the Portfolio from selling such illiquid securities at an advantageous time or price, or possibly requiring the Portfolio to dispose of other investments at unfavorable times or prices in order to satisfy its obligations. In the past, in stressed markets, certain types of mortgage-backed securities suffered periods of illiquidity if disfavored by the market.

 

• Management Risk. The risk that investment strategies employed by the Adviser in selecting investments for the Portfolio may not result in an increase in the value of your investment or in overall performance equal to other similar investment vehicles having similar investment strategies.

 

• Market Risk. Overall equity market risk may affect the value of individual instruments in which the Portfolio invests. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, and political events affect the securities markets. When the value of the Portfolio’s investments goes down, your investment in the Portfolio decreases in value and you could lose money.

 

• Model Risk. The Portfolio will use model-based strategies that, while historically effective, may not be successful on an ongoing basis or could contain unknown errors. In addition, the data used in models may be inaccurate.

 

• Non-Diversified Portfolio Risk. The Portfolio is “non-diversified,” and thus may invest its assets in a smaller number of companies or instruments than many other funds. As a result, an investment in the Portfolio has the risk that changes in the value of a single security may have a significant effect on the Portfolio’s value.

 

• U.S. Government Securities Risk. Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government.

Risk Lose Money [Text] rr_RiskLoseMoney As with all mutual funds, there is the risk that you could lose money through your investment in the Portfolio.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus The Portfolio is “non-diversified,” and thus may invest its assets in a smaller number of companies or instruments than many other funds. As a result, an investment in the Portfolio has the risk that changes in the value of a single security may have a significant effect on the Portfolio’s value.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading

Performance:

Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

Because the Portfolio has less than a full calendar year of investment operations, no performance information is presented for the Portfolio at this time. In the future, performance information will be presented in this section of this Prospectus. Updated performance information is available at no cost by visiting www.redwoodmutualfunds.com or by calling 1-855-RED-FUND (733-3863).

Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Because the Portfolio has less than a full calendar year of investment operations, no performance information is presented for the Portfolio at this time.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-855-RED-FUND (733-3863)
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.redwoodmutualfunds.com
Redwood Managed Volatility Portfolio | Class I  
Prospectus [Line Items] rr_ProspectusLineItems  
Management Fees (as a percentage of Assets) [1] rr_ManagementFeesOverAssets 1.25%
Distribution and Service (12b-1) Fees [1] rr_DistributionAndService12b1FeesOverAssets none
Other Expenses (as a percentage of Assets): [1],[2] rr_OtherExpensesOverAssets 2.67%
Acquired Fund Fees and Expenses [1],[2],[3] rr_AcquiredFundFeesAndExpensesOverAssets 0.45%
Expenses (as a percentage of Assets) [1] rr_ExpensesOverAssets 4.37%
Fee Waiver or Reimbursement [1] rr_FeeWaiverOrReimbursementOverAssets (2.43%)
Net Expenses (as a percentage of Assets) [1],[4] rr_NetExpensesOverAssets 1.94%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 197
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 $ 1,103
Redwood Managed Volatility Portfolio | Class N  
Prospectus [Line Items] rr_ProspectusLineItems  
Management Fees (as a percentage of Assets) [1] rr_ManagementFeesOverAssets 1.25%
Distribution and Service (12b-1) Fees [1] rr_DistributionAndService12b1FeesOverAssets 0.50%
Other Expenses (as a percentage of Assets): [1],[2] rr_OtherExpensesOverAssets 2.67%
Acquired Fund Fees and Expenses [1],[2],[3] rr_AcquiredFundFeesAndExpensesOverAssets 0.45%
Expenses (as a percentage of Assets) [1] rr_ExpensesOverAssets 4.87%
Fee Waiver or Reimbursement [1] rr_FeeWaiverOrReimbursementOverAssets (2.43%)
Net Expenses (as a percentage of Assets) [1],[4] rr_NetExpensesOverAssets 2.44%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 247
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 $ 1,247
[1] Restated to reflect current fees.
[2] Based on estimated amounts for Class I shares for the current fiscal year.
[3] Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies.
[4] The Portfolio's adviser has contractually agreed to reduce the Portfolio's fees and/or absorb expenses of the Portfolio until at least May 1, 2016 to ensure that total annual fund operating expenses after fee waiver and reimbursement (exclusive of any taxes, short selling expenses, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, indirect expenses, expenses of other investment companies in which the Portfolio may invest, or extraordinary expenses such as litigation) will not exceed 1.49% and 1.99% of average daily net assets attributable to Class I and Class N shares, respectively. This agreement may be terminated by the Portfolio's Board of Trustees on 60 days' written notice to the adviser. These fee waivers and expense reimbursements are subject to possible recoupment from the Portfolio in future years on a rolling three year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits.