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Trending ETFs

Name

As of 03/27/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$8.79

$29.9 M

7.24%

$0.64

0.99%

Vitals

YTD Return

3.3%

1 yr return

11.7%

3 Yr Avg Return

4.3%

5 Yr Avg Return

1.7%

Net Assets

$29.9 M

Holdings in Top 10

61.2%

52 WEEK LOW AND HIGH

$8.8
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.99%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 45.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$50,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/27/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$8.79

$29.9 M

7.24%

$0.64

0.99%

RCRIX - Profile

Distributions

  • YTD Total Return 3.3%
  • 3 Yr Annualized Total Return 4.3%
  • 5 Yr Annualized Total Return 1.7%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.44%
DIVIDENDS
  • Dividend Yield 7.2%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    RiverPark Floating Rate CMBS Fund
  • Fund Family Name
    RiverPark Funds
  • Inception Date
    May 31, 2010
  • Shares Outstanding
    4116772
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Edward L Shugrue

Fund Description

The Fund seeks to generate current income and capital appreciation consistent with the preservation of capital by investing in commercial mortgage-backed securities (“CMBS”), predominately in the United States. CMBS are debt instruments that are secured by commercial real estate (“CRE”) assets and include bank loans secured by CRE assets (“Bank Loans”), certificated CRE mezzanine loans (“Mezzanine Loans”) and CRE collateralized debt and loan obligations (“CLOs”).

Under normal circumstances, the Fund may invest up to 100% of its assets in fixed income securities of which no less than 80% of its net assets (plus the amount of any borrowings for investment purposes) will be invested in floating rate CMBS. Floating rate CMBS will typically have coupons that reset monthly. There is no limitation on the maturity of fixed income securities in which the Fund invests.

The Fund will primarily make investments in assets that, at the time of purchase by the Fund, are current with respect to payments of interest and principal in accordance with their underlying documents (referred to herein as “performing”) and which the Adviser believes, if held to maturity, have a limited risk of loss of principal. The CMBS acquired by the Fund will typically be protected by subordinate layers of debt and equity credit support. Typically, the portfolio will have a weighted average exposure, including all debt that is senior and at the same level, of approximately 50% of the underlying real estate value (a 50% loan-to-value ratio or “LTV”). For example, if the total of senior and same level debt is $50 million and the underlying real estate is valued at $100 million, then that security would have a 50% LTV.

The Fund seeks to generate its returns primarily from its investments’ monthly cash distributions and secondarily through opportunistic trading. The CMBS investments will generally have between two and five years of remaining loan term (though individual securities may have maturities as long as ten years and as short as one year or less). All securities are currently expected to be U.S. dollar-denominated although they may be issued by a foreign corporation or entity or a U.S. affiliate of a foreign corporation or entity. The Fund may invest without limitation in securities and instruments of foreign issuers of CMBS where the properties underlying the securities are located in the United States or its territories, or the Fund may also invest in a limited amount (but no more than 10% of its net assets) of CMBS backed by properties located in foreign countries.

The Fund will invest across the debt capital structure from AAA to unrated, with a significant percentage (up to 100%) of investments expected to be below investment grade (commonly referred to as “junk bonds,” which are considered speculative). However, the Adviser does not rely solely on rating agencies to determine the risk associated with an investment; instead, the Adviser’s investment process is a fundamental based “bottom up” focus on CRE credit quality. The Adviser’s investment process is comprised of three interrelated components: analysis of the underlying CRE properties, analysis of the security’s legal structure and yield and ongoing portfolio management focused on trading and risk management.

The Fund intends to be primarily a “buy and hold” investor in CMBS but will also use its trading skills to buy and sell investments opportunistically, either offensively (to capture additional perceived upside) or defensively (to protect against perceived credit erosion). While the Fund seeks to invest primarily in performing CMBS, it will opportunistically invest in distressed and/or sub-performing CMBS if such investments otherwise satisfy the Adviser’s bottom-up investment approach described above.

If the Adviser is unable to find attractive investment opportunities, consistent with the Fund’s investment objectives, the Fund’s uninvested assets may be held in cash or similar investments, subject to the Fund’s specific investment objective.

Industry Concentration Policy. The Fund intends to concentrate its investments in the commercial real estate industry, which will include CMBS and other securities that are secured by or otherwise have exposure to commercial real estate. This means that the Fund may invest more than 25% of its total assets in CMBS, which will cause the Fund to be more sensitive to adverse economic, business or political developments that affect the commercial real estate industry and CMBS than a fund that invests more broadly.

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RCRIX - Performance

Return Ranking - Trailing

Period RCRIX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.3% -0.8% 5.5% 3.79%
1 Yr 11.7% -5.7% 33.5% 52.65%
3 Yr 4.3%* -5.5% 9.2% 56.00%
5 Yr 1.7%* -6.6% 37.5% 92.34%
10 Yr N/A* -1.9% 19.3% N/A

* Annualized

Return Ranking - Calendar

Period RCRIX Return Category Return Low Category Return High Rank in Category (%)
2023 1.5% -12.0% 17.3% 89.02%
2022 -4.4% -22.9% 5.1% 1.17%
2021 0.5% -12.2% 12.0% 79.68%
2020 -11.3% -14.1% 289.8% 99.17%
2019 1.0% -8.1% 14.6% 88.36%

Total Return Ranking - Trailing

Period RCRIX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.3% -0.8% 5.5% 3.79%
1 Yr 11.7% -5.7% 33.5% 52.65%
3 Yr 4.3%* -5.5% 9.2% 56.00%
5 Yr 1.7%* -6.6% 37.5% 92.34%
10 Yr N/A* -1.9% 19.3% N/A

* Annualized

Total Return Ranking - Calendar

Period RCRIX Return Category Return Low Category Return High Rank in Category (%)
2023 9.8% -12.0% 30.3% 86.74%
2022 -0.7% -22.9% 5.1% 14.40%
2021 2.8% -10.2% 19.4% 91.24%
2020 -8.5% -14.1% 306.9% 98.75%
2019 4.4% -3.6% 23.8% 89.22%

NAV & Total Return History


RCRIX - Holdings

Concentration Analysis

RCRIX Category Low Category High RCRIX % Rank
Net Assets 29.9 M 35.9 M 11.9 B 100.00%
Number of Holdings 22 2 1605 97.07%
Net Assets in Top 10 18.3 M -191 M 2.38 B 93.04%
Weighting of Top 10 61.20% 5.2% 100.8% 5.15%

Top 10 Holdings

  1. BX TRUST 2019-MMP BX 2019-MMP F 9.25%
  2. BX COMMERCIAL MORTGAGE TRUST 2021-XL2 BX 2021-XL2 F 7.47%
  3. ILPT COMMERCIAL MORTGAGE TRUST 2022-LPF2 ILPT 2022-LPF2 C 6.54%
  4. BX TRUST 2022-PSB BX 2022-PSB A 6.27%
  5. BX TRUST 2021-RISE BX 2021-RISE A 6.03%
  6. BX COMMERCIAL MORTGAGE TRUST 2021-SOAR BX 2021-SOAR F 5.94%
  7. TTAN 2021-MHC TTN 2021-MHC D 5.05%
  8. BX TRUST 2022-IND BX 2022-IND E 5.02%
  9. BX COMMERCIAL MORTGAGE TRUST 2021-CIP BX 2021-CIP D 4.83%
  10. BX COMMERCIAL MORTGAGE TRUST 2021-ACNT BX 2021-ACNT A 4.81%

Asset Allocation

Weighting Return Low Return High RCRIX % Rank
Bonds
94.54% 0.00% 161.82% 46.15%
Cash
5.46% -61.90% 18.85% 39.93%
Stocks
0.00% 0.00% 100.76% 99.63%
Preferred Stocks
0.00% -3.99% 6.42% 95.24%
Other
0.00% -52.39% 26.58% 86.81%
Convertible Bonds
0.00% 0.00% 5.51% 94.46%

Bond Sector Breakdown

Weighting Return Low Return High RCRIX % Rank
Securitized
91.68% 0.00% 91.68% 0.74%
Cash & Equivalents
4.79% 0.00% 25.03% 45.42%
Derivative
0.00% -8.79% 1.12% 84.62%
Corporate
0.00% 0.00% 141.23% 100.00%
Municipal
0.00% 0.00% 0.47% 94.10%
Government
0.00% 0.00% 3.18% 93.36%

Bond Geographic Breakdown

Weighting Return Low Return High RCRIX % Rank
US
94.54% 0.00% 144.71% 34.07%
Non US
0.00% 0.00% 63.23% 94.87%

RCRIX - Expenses

Operational Fees

RCRIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.99% 0.03% 12.26% 62.55%
Management Fee 0.65% 0.00% 1.89% 70.00%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.08% 0.02% 0.27% 32.22%

Sales Fees

RCRIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.00% 5.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

RCRIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 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.

RCRIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 45.00% 4.00% 180.00% 34.88%

RCRIX - Distributions

Dividend Yield Analysis

RCRIX Category Low Category High RCRIX % Rank
Dividend Yield 7.24% 0.00% 11.56% 71.53%

Dividend Distribution Analysis

RCRIX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Quarterly Monthly Monthly

Net Income Ratio Analysis

RCRIX Category Low Category High RCRIX % Rank
Net Income Ratio 2.44% 1.77% 9.82% 94.78%

Capital Gain Distribution Analysis

RCRIX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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RCRIX - Fund Manager Analysis

Managers

Edward L Shugrue


Start Date

Tenure

Tenure Rank

Sep 30, 2016

5.67

5.7%

Edward L. Shugrue III is the portfolio manager for the RiverPark Floating Rate CMBS Fund. Mr. Mr. Shugrue graduated from the University of Pennsylvania in 1988 with a BA (honors) in Political Science and with a degree from the Wharton School of Business. Prior to joining RiverPark in November 2018, Mr. Shugrue served for 15 years as the CEO of Talmage (and its predecessors), an investment manager and special servicer in the CMBS and commercial mortgage loan industry with over $12 billion of relevant investment experience. From 1997 until 2003, Mr. Shugrue co-built one of the country's first commercial real estate mezzanine investment platforms in his capacity as the Chief Financial Officer of Sam Zell's Capital Trust, Inc. (now Blackstone Mortgage Trust). From 1991 to 1996, Mr. Shugrue was one of four people responsible for turning around, taking public and selling River Bank America, a New York bank. From 1988 through 1990, Mr. Shugrue was employed in the real estate group of Bear Stearns & Co. Inc. where he worked on principal, agency and securitization assignments. Mr. Shugrue is a former governor of the Commercial Mortgage Backed Securities Association. He is a lecturer at the Harvard Business School (where he wrote a case study) and the Stanford Graduate School of Business. He has also published articles regarding CMBS in numerous publications including PREA Quarterly and CRE Finance World.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.09 21.18 6.0 3.25