NEW YORK--(BUSINESS WIRE)--RiverPark Funds announced that, effective October 11, 2023, the RiverPark Short Term High Yield Fund (ticker symbols RPHIX and RPHYX) was re-opened to new investors without restrictions. The Fund was initially closed to new investors on June 18, 2021.
“We believe the Fund is appropriate for investors seeking attractive risk-adjusted yields in cash alternative strategies,” said Morty Schaja, CEO of RiverPark Funds. “In consultation with David Sherman (CEO of Cohanzick Management, LLC, the Fund’s sub-adviser and portfolio manager), we believe there now exists sufficient capacity within the investment strategy to warrant re-opening the Fund.”
Over the last 10 years the Fund has generated the highest Sharpe ratio for any non-money market mutual fund tracked by Morningstar over that period. 1
The RiverPark Funds may be purchased directly by application or through firms like Charles Schwab and Fidelity. For more information on the funds, please visit www.RiverParkFunds.com, or call Matt Kelly at (212) 484-2103.
About RiverPark Funds
The RiverPark family of funds is comprised of six funds: the RiverPark Short-Term High Yield Fund (RPHIX/RPHYX), the RiverPark/Next Century Growth Fund (RPNCX/RPNIX), the RiverPark Large Growth Fund (RPXFX/RPXIX), the RiverPark Long/Short Opportunity Fund (RLSFX/RLSIX), the RiverPark Floating Rate CMBS Fund (RCRFX/RCRIX) and the Wedgwood Fund (RWGIX/RWGFX).
More information is available at www.riverparkfunds.com.
To determine if a Fund is an appropriate investment for you, carefully consider the Fund's investment objectives, risk factors, charges and expenses before investing. This and other information may be found in the Fund's summary or full prospectus, which may be obtained by visiting www.riverparkfunds.com or calling 1-888-564-4517. Please read the Prospectus carefully before investing.
Past performance is no guarantee of future results. Investing involves risk including possible loss of principal. Bonds and bond funds are subject to credit risk, default risk and interest rate risk and may decline in value as interest rates rise. High yield bonds involve greater risks of default or downgrade and are more volatile than investment grade securities, due to the speculative nature of their investments. There can be no assurance that the Fund will achieve its stated objectives.
The RiverPark mutual funds are distributed by SEI Investments Distribution Co., which is not affiliated with RiverPark Advisors, LLC, Cohanzick Management, LLC, or their affiliates.
1 Source: Morningstar. The Sharpe ratio of the Fund, for the 10-year period ending September 30, 2023, was 1.92 for the Institutional shares and 1.53 for the Retail shares. The Sharpe ratio is calculated by subtracting the risk-free rate, such as that of the 3-month U.S. Treasury Bill, from the rate of return for a portfolio and dividing the result by the standard deviation of the portfolio returns.
