RiverPark Long/Short Opportunity seeks long-term capital appreciation while managing downside volatility by investing long in equity securities that RiverPark Advisors, LLC, the Fund's investment adviser believes have above-average growth prospects and selling short equity securities the Adviser believes are competitively disadvantaged over the long term. The Fund expects to invest primarily in the securities of U.S. companies, but it may also invest outside the U.S. The Fund is an opportunistic long/short investment fund. The Fund's investment goal is to achieve above average rates of return with less volatility and less downside risk as compared to U.S. equity markets.
Overall Rating, out of 179 Long-Short Equity funds, is based on risk-adjusted returns as of 9/30/2021
Our Portfolio Manager
J.D., CFA, Co-CIO, and Managing Partner of RiverPark Advisors, LLC
Mitch Rubin serves as the Portfolio Manager for the RiverPark Large Growth Fund and Portfolio Manager for the RiverPark Long/Short Opportunity Fund. After a brief career as a practicing attorney, Mitch has held various positions as an analyst and portfolio manager. Prior to cofounding RiverPark in 2006, Mitch served as the portfolio manager for several investment strategies at Baron Capital.
Mitch holds a BA in Economics and Political Science from the University of Michigan in 1988 and a JD from Harvard Law School in 1991
Securities referenced herein are not meant to be an investment recommendation and may or may not be held in the Fund. Any opinion stated herein represents the speaker’s judgment at the time it was made and is subject to change without notice.
The Morningstar RatingTM for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. The RiverPark Long/Short Opportunity Fund was rated against the following numbers of Long-Short Equity funds over the following time periods: 179 funds in the last three years, and 157 funds in the last five years as of 9/30/2021. © 2020 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
Inception date of the Fund was September 30, 2009.
Annualized Performance since inception of the Mutual Fund (3/30/2012) was TBD for RLSIX and TBD for RLSFX, as of quarter ending TBD.
Total returns presented for periods less than one year are cumulative, returns for periods one year and greater are annualized.
Expense Ratio: Institutional: 1.75% gross and 1.75% net, Retail: 2.03% gross and 2.00% net as of the most recent prospectus, dated January 28, 2021 as modified by the supplement thereto. The Gross Expense Ratio reflects actual expenses and the Net Expense Ratio reflects the impact of waivers or recaptures, if any.
The performance data quoted for periods prior to March 30, 2012 is that of RiverPark Opportunity Fund, LLC (the “Predecessor Fund”). The performance of the Predecessor Fund includes the deduction of actual fees and expenses, which were higher than the fees and expenses charged to the Fund. Although the Fund is managed in a materially equivalent manner to its predecessor, the Predecessor Fund was not a registered mutual fund and was not subject to the same investment and tax restrictions as the Fund
The performance quoted herein is net of all fees and expenses and represents past performance. Past performance does not guarantee future results. High short-term performance of the Fund is unusual and investors should not expect such performance to be repeated. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost, and current performance may be higher or lower than the performance quoted.
The Fund offers two classes of shares. Retail Class shares have a shareholder services fee of up to 0.25% per annum of average daily net assets. Institutional Class shares have no shareholder services fee. For more information, please see the prospectus.
RiverPark has agreed contractually to waive its fees and to reimburse expenses of the Fund, including expenses associated with the Fund’s shareholder services plan and administrative services plan, to the extent necessary to ensure that operating expenses (excluding acquired fund fees and expenses and extraordinary expenses) do not exceed, on an annual basis, 2.00% for the Retail Class Shares, 1.85% for the Institutional Class Shares. This agreement is in effect until at least January 31, 2022 and, subject to annual approval by the Board of Trustees of RiverPark Funds Trust, this arrangement will remain in effect unless and until the Board of Trustees approves its modification or termination or the Adviser notifies the Fund at least 30 days prior to the annual approval of its determination not to continue the agreement.
As of TBD
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Top 10 Short Holdings
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Holdings Subject to change.
*The positions set forth above comprise all of the long equity positions and the top 10 short equity positions held by the Fund as of the date referenced. The percentage weightings represent the market value of each position (including the notional amount of any equity positions held through a swap and the delta-adjusted values of any options) divided by the net asset value of the Fund as of that date.
1The percentage weightings of GOOG reflect the Fund’s combined holdings of both Class A and Class C of this issuer’s equity securities.