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RiverPark Institutional now $100K minimum...

Dave
edited May 2014 in Fund Discussions
Just noted: "RIVERPARK LOWERS MINIMUM INVESTMENT ON INSTITUTIONAL SHARES OF ITS MUTUAL FUND FAMILY TO $100,000 FROM $1 MILLION"

http://www.riverparkfunds.com/downloads/News/RiverPark_Lowers_Institutional_Share_Class_Investment_Minimums.pdf

For those who didn't want to pay the Schwab fee, it seems the RiverPark folks have made the Institutional shares somewhat easier to reach if you buy the shares directly from RiverPark.

RPXIX RiverPark Large Growth Fund Class Institutional
RPXFX RiverPark Large Growth Fund Class Retail
RLSIX RiverPark Long/Short Opportunity Instl
RLSFX RiverPark Long/Short Opportunity Retail
RPHIX RiverPark Short Term High Yield Fund Class Institutional
RPHYX RiverPark Short Term High Yield Fund Class Retail
RSIIX RiverPark Strategic Income Fund Institutional Class
RSIVX RiverPark Strategic Income Fund Retail Class
RSAIX RiverPark Structural Alpha Fund Institutional Class
RSAFX RiverPark Structural Alpha Fund Retail Class
RGHVX RiverPark/Gargoyle Hedged Value Fund Retail Class
RGHIX RiverPark/Gargoyle Hedged Value Instl
RWGIX RiverPark/Wedgewood Fund Class Institutional
RWGFX RiverPark/Wedgewood Fund Class Retail

Comments

  • CharlesCharles
    Excellent!

    Wish ASTON would do same.
  • cman
    Watch the fund performance and their asset base carefully going forward if you own any of their funds. Such decisions can be bad signs (desperate for assets) as well as good (managers see plenty of good ideas to deploy more cash than they have).
  • Joe
    On Schwab.com RSIIX showing $1000 minimum for IRA, $2500 for taxable accounts; these are the lowest minimums I have seen for an "Institutional" class.
  • Dave
    Joe said:

    On Schwab.com RSIIX showing $1000 minimum for IRA, $2500 for taxable accounts; these are the lowest minimums I have seen for an "Institutional" class.

    Which is true, although you'll pay Schwab a $76.00 transaction fee to buy. (No fee to sell.) But if you've got the (new) $100K minimum, you can purchase directly from RiverPark with no transaction fees.

  • David_Snowball
    Hi, guys.

    Sorry about the long silence. Life feels like it's slowly settling down - my furniture is in place and the number of contractors is dropping, but my life's still mostly in cardboard boxes - and I'll be a bit more visible now.

    On RiverPark, mixed but mostly good news:

    1. RiverPark actually began the quest for lower minimums because of the questions I raised with them on your behalf. The short version is that Schwab used to have a $500k institutional minimum which was reduced to $100k without necessarily mentioning it to the fund companies. RiverPark filed for a lower minimum as soon as they knew it was available.

    2. The $2500 on RSIIX is a typo. (Sorry.)

    3. RiverPark also reduced the expense ratios on two of its funds in the same filing that changed the minimums. RiverPark/Wedgewood dropped 20 basis points on the retail shares and RiverPark Short-Term High Yield dropped 8.

    4. RiverPark Strategic Income, launched last September, is up to $280 million in assets. Mr. Sherman was estimating about $2 billion in capacity.

    For what interest it holds,

    David
  • [Deleted User]
    The user and all related content has been deleted.
  • AndyJ
    At Fidelity, you can build up a stake in RSIVX to the $100k minimum for RSIIX and then request a conversion, which does not require a TF.
  • davidrmorandavidrmoran
    RGHVX at Fido is ntf.
  • Mona
    AndyJ said:

    At Fidelity, you can build up a stake in RSIVX to the $100k minimum for RSIIX and then request a conversion, which does not require a TF.


    Hi AndyJ,

    What is the ER difference between RSIVX and RSIIX?

    Mona

  • Old_JoeOld_Joe
    Mona- According to Schwab: 1.25% for RSIVX and 1.00% for RSIIX
  • JimmyfromSunPrairie
    Regarding RPHYX, Is this accurate? Morningstar shows their top 25 holdings as maturing in 2015-2019.

    http://portfolios.morningstar.com/fund/holdings?t=RPHYX&region=usa&culture=en-US
  • claimui
    edited May 2014
    JimmyfromSunPrairie said:

    Regarding RPHYX, Is this accurate? Morningstar shows their top 25 holdings as maturing in 2015-2019

    Those holdings might be callable bonds, meaning that the issuer has the option to pay off the bonds early in certain circumstances. Part of RPHYX's strategy is to buy bonds that have already been called (i.e. the company has already announced that it will be paying off the bonds early) and will be paid out soon.
  • David_Snowball
    The new ERs, for retail, are 1.05% for Wedgewood and 1.17% for RPHYX.

    As ever,

    David
  • eeisenstein
    Vanguard also allows for an exchange into the institutional versions of RPHYX and RSIVX without incurring capital gains. Schwab does not permit investors to make this exchange. Also, at Schwab, while you can sell RPHYX you obviously cannot use the the proceeds to buy $100K of RPHIX since it is soft closed.

    Off topic, but if GPROX ever hard closes, my understanding is that Vanguard will allow investors to continue to invest in the GPROX through a previously set up AIP; Schwab will not.
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