Overview

The Fund's objective is to seek current income and capital appreciation consistent with the preservation of capital by investing predominantly in floating rate commercial mortgage backed securities ("CMBS"), which are secured by income-producing commercial real estate assets, predominately in the United States.

RiverPark believes that due to the significant dislocation associated with the Coronavirus pandemic, the Fund provides a unique opportunity to generate attractive returns with both limited credit and interest rate risk and with a proven and experienced manager.

The Fund expects to invest primarily in:

  • Single asset/single borrower CMBS that are secured by institutional quality commercial real estate assets that we believe generally have better liquidity, transparency and sponsorship;
  • Assets that can be acquired at an attractive discount to face value with the expectation of a recovery to par;
  • Investments that are protected by subordinate layers of debt and equity, with an average portfolio loan-to-value ratio or "LTV" of typically 50%; and
  • Floating-rate instruments that reset monthly with short to medium term maturities (generally averaging three years), thus substantially reducing the interest rate risk of the Fund.

The Fund’s investment process is a fundamental based “bottom up” approach that emphasizes due diligence of the underlying real estate, comprehensive capital structure and yield analysis, and active asset management. The Fund intends primarily to buy and hold its investments. The Fund will invest across the debt capital structure, with the majority of investments expected to be at or just below investment grade. The Fund uses its extensive knowledge of the underlying real estate and CMBS structuring to generate attractive risk-adjusted returns.

FACT SHEET

QUARTERLY LETTER

In-Depth Overview

Monthly Distributions

Our Portfolio Manager

Edward L. Shugrue III

Ed Shugrue has over 30 years of commercial real estate investing, lending and restructuring experience as an owner, lender and advisor. Prior to joining RiverPark, Mr. Shugrue founded and served for 15 years as CEO of Talmage LLC (and its predecessors), a CMBS investment manager with over $12 billion of relevant investment experience. From 1997 until 2003, he co-built one of the country's first commercial real estate mezzanine investment platforms in his capacity as the CFO of Sam Zell's Capital Trust, Inc. (NYSE: CT). From 1991 to 1996, he was one of four people responsible for turning around, taking public and selling RiverBank America, a New York bank. From 1988 through 1990, he was employed in the real estate group of Bear Stearns & Co. Inc. where he worked on principal, agency and securitization assignments.

Ed is a graduate of the University of Pennsylvania with a BA (honors) in political science and with a degree from the Wharton School. He is a former governor of the Commercial Mortgage Backed Securities Association (CMSA).

Edward L Shugrue III
Edward L Shugrue III

Performance

 

Inception date of Fund was May 31, 2010.

Total returns presented for periods less than one year are cumulative, returns for periods one year and greater are annualized.

Annualized performance since conversion from the predecessor private fund (9/30/16) was 2.85% for RCRIX and 2.50% for RCRFX, as of the quarter ending September 30, 2024.

The performance data quoted for periods prior to September 30, 2016 is that of the predecessor private fund. The Fund is managed in a materially equivalent manner to its predecessor. The predecessor private fund was not a registered mutual fund and was not subject to the same investment and tax restrictions as the Fund. If the annual returns for the predecessor private fund were charged the same fees and expenses as the Fund, which are now lower than the predecessor private fund, the annual returns for the predecessor private fund would have been higher. On November 12, 2018 the Interval Fund reorganized as an open-end mutual fund with daily liquidity. The performance data quoted for the Retail Class for periods prior to November 12, 2018 but after September 30, 2016 is that of the Institutional Class adjusted to reflect the higher expense ratio applicable to the Retail Class.

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.

Expense Ratio: Institutional: 0.99% gross and 0.85% net, Retail: 1.34% gross and 1.25% net as of the most recent prospectus, dated January 26, 2024. The Gross Expense Ratio reflects actual expenses and the Net Expense Ratio reflects the impact of waivers or recaptures, if any.

The Fund offers two classes of shares: Institutional Class Shares and Retail Class Shares. Retail Class shares have a shareholder servicing fee of up to 0.25% per annum of average daily net assets. Institutional Class shares have no shareholder servicing 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, 0.85% for the Institutional Class Shares and 1.25% for the Retail Class Shares. This agreement is in effect until at least January 31, 2025 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.

Holdings*

As of TBD
Security % of Total Portfolio

 

Holdings are subject to change.

*The percentage weightings set forth above represent the market value, including any accrued interest, of each position divided by the net asset value of the Fund as of that date.