RiverPark Long/Short Opportunity Fund
Name
As of 03/27/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
7.2%
1 yr return
39.0%
3 Yr Avg Return
-9.1%
5 Yr Avg Return
4.0%
Net Assets
$47.6 M
Holdings in Top 10
50.9%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.89%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 33.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$50,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 03/27/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
RLSIX - Profile
Distributions
- YTD Total Return 7.2%
- 3 Yr Annualized Total Return -9.1%
- 5 Yr Annualized Total Return 4.0%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio -1.29%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameRiverPark Long/Short Opportunity Fund
-
Fund Family NameRiverPark Funds
-
Inception DateSep 30, 2009
-
Shares Outstanding14890223
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerMitchell Rubin
Fund Description
RiverPark Long/Short seeks long-term capital appreciation while managing downside volatility by investing long in equity securities that RiverPark believes have above-average growth prospects and selling short equity securities the Adviser believes are competitively disadvantaged over the long term. The Fund invests primarily in the securities of U.S. companies, but it may also invest outside the U.S. The Fund limits its investments in the securities of foreign issuers to no more than 15% of its assets. The equity securities in which the Fund invests are primarily common stocks. The Fund may invest in the equity securities of issuers with small, medium or large market capitalizations.
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. The Fund seeks to accomplish its objective through in-depth, long-term, fundamental research. The Fund focuses its research on what the Adviser believes to be the dominant secular, economic and demographic changes in society. The Adviser seeks to identify the industries and companies most affected, positively or negatively, by these changes. On the long side, the Adviser seeks to identify those companies that the Adviser believes have strong growth prospects, best in class management teams, strong pricing power, large market opportunities and high returns on capital. The Adviser uses fundamental research to identify those industries and companies with the strongest growth prospects for revenue, earnings and/or cash flow over the medium and long term and seeks to buy stock in companies at attractive valuations. In addition, on the short side, the Adviser seeks to identify those companies that the Adviser believes have low quality management teams, a history of poor capital allocation, are losing competitive and pricing advantage and may have contracting earnings for the foreseeable future. The Adviser then employs a value discipline in constructing the Fund’s portfolio and seeks to purchase and/or sell short securities if and only if the Adviser believes that the current price does not properly reflect the company’s long-term prospects and risks.
Individual company derivatives may be used to enhance the risk return profile of specific investment opportunities, and market index derivatives may be employed to manage market and industry exposure. The types of derivatives in which the Fund may invest include call options, put options and swap contracts. The Fund will primarily use options, calls and puts, to make investments that have less downside risk as compared to investment directly in the equities underlying the option. The Fund does not intend to use options for the purpose of gaining leverage to any material degree. Examples of strategies that the Fund may pursue using options include: (i) selling calls on existing positions, (ii) selling puts in cases where a decline in the value of a stock would trigger the Adviser’s decision to purchase the stock pursuant to the Fund’s strategy, (iii) purchasing calls where the Adviser perceives there to be significant downside risk associated with the underlying stock, and (iv) purchasing puts to hedge existing long positions. The Fund may also use swaps when the Adviser determines such contracts to be a cost effective and more efficient manner to gain exposure to securities as compared to direct investment in the underlying security.
The Fund may sell securities short so long as, as a result of that sale, the current value of securities sold short by the Fund does not exceed 50% of the value of its gross assets (including the amounts borrowed) and 100% of the value of its net assets. The amount of shorts in the portfolio at any given time will be dependent on finding attractively priced short ideas and the desire to manage the overall net market exposure of the Fund. Additionally, the Fund’s principal investment strategy may include borrowing so long as the Fund limits its borrowing to no more than 30% of its total assets (including the amounts borrowed). Selling securities short and borrowing are considered forms of leverage.
RLSIX - Performance
Return Ranking - Trailing
Period | RLSIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 7.2% | -10.3% | 17.3% | 38.01% |
1 Yr | 39.0% | -13.1% | 44.0% | 5.26% |
3 Yr | -9.1%* | -21.2% | 30.6% | 98.68% |
5 Yr | 4.0%* | -4.2% | 25.2% | 73.91% |
10 Yr | 4.4%* | -4.2% | 9.9% | 59.09% |
* Annualized
Return Ranking - Calendar
Period | RLSIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 43.8% | -17.3% | 43.8% | 0.58% |
2022 | -53.9% | -54.0% | 17.4% | 99.36% |
2021 | 2.1% | -40.0% | 54.1% | 63.33% |
2020 | 54.7% | -47.6% | 88.4% | 1.39% |
2019 | 6.9% | -20.3% | 62.6% | 68.38% |
Total Return Ranking - Trailing
Period | RLSIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 7.2% | -10.3% | 17.3% | 38.01% |
1 Yr | 39.0% | -13.1% | 44.0% | 5.26% |
3 Yr | -9.1%* | -21.2% | 30.6% | 98.68% |
5 Yr | 4.0%* | -4.2% | 25.2% | 73.91% |
10 Yr | 4.4%* | -4.2% | 9.9% | 59.09% |
* Annualized
Total Return Ranking - Calendar
Period | RLSIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 43.8% | -14.5% | 43.8% | 0.58% |
2022 | -53.9% | -54.0% | 50.3% | 99.36% |
2021 | 2.1% | -40.0% | 61.6% | 77.33% |
2020 | 54.7% | -29.9% | 91.0% | 1.39% |
2019 | 18.7% | -17.9% | 79.4% | 16.91% |
NAV & Total Return History
RLSIX - Holdings
Concentration Analysis
RLSIX | Category Low | Category High | RLSIX % Rank | |
---|---|---|---|---|
Net Assets | 47.6 M | 1.04 M | 6.15 B | 72.09% |
Number of Holdings | 93 | 2 | 1788 | 57.99% |
Net Assets in Top 10 | 24.3 M | 474 K | 1.98 B | 69.82% |
Weighting of Top 10 | 50.86% | 0.4% | 101.9% | 40.24% |
Top 10 Holdings
- BROWN BROTHERS HARRIMAN SWEEP INTEREST 18.13%
- MICROSOFT CORP COMMON STOCK 5.13%
- META PLATFORMS INC COMMON STOCK 4.10%
- APPLE INC COMMON STOCK 4.01%
- AMAZON.COM INC COMMON STOCK 3.79%
- UBER TECHNOLOGIES INC COMMON STOCK 3.60%
- SHOPIFY INC - CLASS A COMMON STOCK 3.22%
- NETFLIX INC COMMON STOCK 3.12%
- BLACKSTONE INC COMMON STOCK 3.01%
- BOOKING HOLDINGS INC COMMON STOCK 2.75%
Asset Allocation
Weighting | Return Low | Return High | RLSIX % Rank | |
---|---|---|---|---|
Stocks | 81.69% | 0.00% | 102.24% | 27.81% |
Cash | 20.14% | 0.00% | 102.08% | 57.99% |
Preferred Stocks | 0.00% | 0.00% | 8.72% | 79.29% |
Convertible Bonds | 0.00% | -0.02% | 4.48% | 74.23% |
Bonds | 0.00% | 0.00% | 95.60% | 79.29% |
Other | -1.83% | -45.12% | 99.51% | 93.49% |
Stock Sector Breakdown
Weighting | Return Low | Return High | RLSIX % Rank | |
---|---|---|---|---|
Technology | 35.93% | 0.00% | 43.24% | 3.52% |
Communication Services | 28.21% | 0.00% | 32.32% | 2.82% |
Financial Services | 21.05% | 0.00% | 83.83% | 23.24% |
Healthcare | 7.58% | 0.00% | 100.00% | 83.80% |
Consumer Cyclical | 7.23% | 0.00% | 88.83% | 79.58% |
Utilities | 0.00% | 0.00% | 21.71% | 93.66% |
Real Estate | 0.00% | 0.00% | 10.93% | 95.77% |
Industrials | 0.00% | 0.00% | 31.93% | 98.59% |
Energy | 0.00% | 0.00% | 32.57% | 97.18% |
Consumer Defense | 0.00% | 0.00% | 33.38% | 98.59% |
Basic Materials | 0.00% | 0.00% | 28.58% | 98.59% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | RLSIX % Rank | |
---|---|---|---|---|
US | 81.69% | 0.00% | 102.24% | 26.63% |
Non US | 0.00% | -3.09% | 67.69% | 78.70% |
RLSIX - Expenses
Operational Fees
RLSIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.89% | 0.42% | 8.51% | 59.88% |
Management Fee | 1.50% | 0.00% | 2.50% | 85.47% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | 0.09% | 0.03% | 1.54% | 25.64% |
Sales Fees
RLSIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 2.50% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
RLSIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 0.50% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
RLSIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 33.00% | 0.00% | 479.00% | 22.96% |
RLSIX - Distributions
Dividend Yield Analysis
RLSIX | Category Low | Category High | RLSIX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 26.99% | 92.98% |
Dividend Distribution Analysis
RLSIX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Annual | Annually | Quarterly | Annual |
Net Income Ratio Analysis
RLSIX | Category Low | Category High | RLSIX % Rank | |
---|---|---|---|---|
Net Income Ratio | -1.29% | -3.33% | 2.16% | 72.94% |
Capital Gain Distribution Analysis
RLSIX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 31, 2019 | $0.111 | OrdinaryDividend |
Dec 17, 2019 | $1.287 | OrdinaryDividend |
Dec 31, 2018 | $0.106 | OrdinaryDividend |
Dec 29, 2017 | $0.094 | OrdinaryDividend |
RLSIX - Fund Manager Analysis
Managers
Mitchell Rubin
Start Date
Tenure
Tenure Rank
Mar 30, 2012
10.18
10.2%
Mr. Rubin is the Co-Chief Investment Officer of RiverPark. Mr. Rubin received a BA in Economics and Political Science from the University of Michigan in 1988 and a JD from Harvard Law School in 1991. From 1991 to 1994, he was an associate at Latham & Watkins specializing in corporate finance transactions. From 1994 until joining Baron Capital in November of 1995, Mr. Rubin was an equity research analyst for Smith Barney, focusing on emerging growth stocks. In 1995, he joined Baron Capital as a research analyst covering consumer/retail, gaming/leisure/lodging and real estate. In 1999, he was co-portfolio manager for Baron Growth Fund. He served as portfolio manager for the Baron iOpportunity Fund, a technology-focused mutual fund, from the fund’s inception in March 2000 through March 2006, and was also the portfolio manager of Baron Fifth Avenue Growth Fund, a large-cap growth mutual fund, from the fund’s inception in May 2004 through March 2006. From June 2006 to June 2008, he was a managing general partner of RiverPark Partners, a long/short equity fund. From its inception on October 2, 2009, Mr. Rubin was the portfolio manager for the RiverPark Growth ETF and the leader of the team that managed the RiverPark Financials ETF.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.07 | 23.55 | 6.05 | 7.93 |