I had no investment that was up yesterday, although I had several that had no change, including PIMIX, DODIX, MWTRX, SXFIX and RSIVX.

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.

Mona- According to Schwab: 1.25% for RSIVX and 1.00% for RSIIX

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

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.

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

Cohanzick Management (David Sherman, Riverpark subadvisor) has a website now. No deep details, but some visuals to show what is and what may be. A re-emphasis of the fact that all their investments are speculative (and anyone who has done any recent data mining on RSIVX holdings should know he ain't whistlin' Dixie in Pleasantville NY on that score; "special opportunities" indeed--- yowzah!).
http://www.cohanzick.com/

If I already own FPACX and FPIVX, should I even worry about buying any more FPA funds? Thinking FPRAX seems overkill and FPPFX seems "has been". Leaves FPNIX as a diversifier to RSIVX.
Does anyone out there own FPNIX?

If you are a short term investor, L/S health funds may add value.
As boomers become geezers, it's more important to select your manager, or just buy the health fund index. These ERs don't make sense over 5 or 10 years.
If you think health care funds are currently overpriced, buy RSIVX and wait for your entry point. Health care funds have to gain over the next decade, if any class of funds will. I really think the growth will extend beyond the decade.
The re-entry for biotech, if you are out, is more problematic, but that is where the most growth will occur, since the individual companies have a pricing advantage for their successful products. Unless there is a major change in health policy, these are funds to buy and revisit yearly. Either average in or buy on a major market dip.

I'll probably be around 15% - 20%of my overall portfolio in WMCNX and one of the above funds, with the rest stocks with a small slice of RSIVX for short term needs. I'm relatively young (40) and not terribly worried about near term volatility, just wanting to hedge a little...and I'm not a fan of bonds.

Thanks v much. Sentiments much appreciated; will try to see if it is worthwhile or sellable as an idea. I myself like such a short-term CB fund pitch. But it took six months to get back to breakeven from Sept 09, four mos from June of last year. So there is that. RSIVX may be too new to pitch. I might discuss VCSH with them, the etf for your suggestion, slightly more volatile. They also could just keep it in the bank and do better than an 8% annuity even with cola for at least, what, maybe a decade almost? (Not sure that's an option; don't know what the facility stipulates.) It is their fear of living past a decade that drives this, however unlikely that is with all their ailments. What to do.
Thanks again, just writing out loud :)

thanks much to both; will investigate RSIVX.

I'd suggest RSIVX. David's got a great write-up on it on this site. It's designed to kick off 6-8% a year in yield and made specifically with folks seeking an annuity-type yeild. I'm gradually shifting some of my retired mother's equity holdings into it.

I agree that RSIVX and OSTIX ought to be categorized the same, but I'd point out that M* is following the process as described, which is to place new funds based on prospectus, and funds with a track record according to holdings. The RSIVX prospectus, quoted below, pretty clearly puts it in MS territory.
The catch with new funds seems to be how long it takes them to look at holdings and reconsider the original categorization. From complaints on the M* discussion board, it looks like they've pulled back on frequency of revising analyst reports, so they may be getting slower on category reconsideration too.
And of course the real problem with OSTIX's fit in the HY category is that there's no category that's a close match for the investment strategy -- short duration high yield.
The Fund seeks high current income and capital appreciation consistent with the preservation of capital by investing in investment grade and non-investment grade debt, preferred stock, convertible bonds, bank loans, high yield bonds and income producing equities (“the Securities”) that Cohanzick Management, LLC (“Cohanzick”), RiverPark Strategic Income’s Sub-Adviser, deems appropriate for the Fund’s investment objective.

David, your commentary this month included some outstanding discussion of M* sometimes bizarre and often inconsistent fund category decisions. I was struck by the later discussion of RSIVX, which M* considers a Multisector Bond fund, but which is run very similarly to OSTIX, which used to be in the Multisector Bond fund, but was moved to the High Yield fund category not long ago. But RSIVX remains in the Multisector category. When you read or listen to the managers of these two funds, they are managing their funds with very similar goals and with not-dissimilar tactics and holdings. Conversely, RSIVX, whose name includes Strategic Income, is not at all similar to GSZIX, BSIIX, LSBDX, and other Multisector bond funds.
This is important to know for a couple of reasonx, one of which is to point out M*'s continued inconsistency and apparent inability to evaluate similar funds using the same process, let alone consider what the managers are actually doing and what the fund prospectuses say. The other reason is to stress to investors to put M* star ratings and analyst ratings near the bottom of considerations when they make decisions on selecting funds. It is important for investors to actually read the fund prospectus, yes, read it! That is the only way, for example, that you will discover that John Osterweis pegs the performance of OSTFX to the S&P 500, NOT to the arbitrary benchmark and 'best-fit' index M* uses, even though M*'s own data indicates otherwise.
For better or worse, M* is THE source for fund data. But relying on M* for categorization, comparable indexes, and similar items, without reading fund prospectuses and annual reports, can lead to frustration and misplaced expectations. David's excellent March commentary is required reading.

Precious Metals,BRUFX,RSIVX only green arrows today.Helped take a bit of the sting out of small-cap losers.

Consider RiverPark Strategic Income (RSIVX) - Same manager, slightly more 'adventurous', slightly better return :-) , and from what I've seen so far, not too badly subject bond volatility. The per/share price just goes up (due to Capital Gains?), with the exception of two mid-month penny dips and adjustments for its monthly dividend.
edit: I'd like to note that RSIIX, normally a $1Million minimum, is available at Schwab as a for-fee ($76/buy,$0/sell) fund with a $2,500 minimum ($1000 minimum in an IRA). And no short-term holding fees. The Institutional shares (RSIIX) have an expense ratio 0.25% less than RSIVX, making the one-year break even about $30,400.
For the MFO review, see http://www.mutualfundobserver.com/2014/01/riverpark-strategic-income-fund-rsivx-january-2014
And this months commentary ( http://www.mutualfundobserver.com/2014/03/march-1-2014 ) It's half-way down... Search (Ctl-F) for 'RSIVX'
For more info on David Snowball's take on it, see: http://www.mutualfundobserver.com/discuss/discussion/comment/36261/#Comment_36261
[ Long both RPHYX (for my monthly/annual needs) and RSIVX/RSIIX for my near-out years. ]

First, I would like to thank all you guys for your posts. Very much needed and appreciated!
catch22 - The only bond fund that I am using as a substitute for a cash holding, is Pimco Senior Floating Rate symbol PSRIX. While it's held it's own, I'm not certain this has been the best decision. It has fairly hight ER of .80% and the 30-Day SEC Yield is 3.21%.
I do feel more comfortable with credit risk than interest rate risk and I like to stay on the shorter side of duration. I agree with you on the expense ratio on AYBDX and should have mentioned that with a little flipping around (I would be taking from another fund), I can purchase AYBIX with a $25,000 minimum in Vanguard Brokerage and the expense is .62%. I'm not certain that changes your opinion.
Ted - A heart attack I do not need ;-)
Hey AndyJ - One of the attributes that attracted me to AYBDX/AYBIX, is that it's not as volatile and has not lost as much as more credit sensitive funds in credit risk-off times. Also as you said, a step out from OSTIX which I have been comfortable with. But I did notice that it is pricey, which may increase the downside risk more than I am comfortable with.
Junkster - good to hear from you. Maybe, just maybe, I should just add to OSTIX and call it a day. For whatever reason, I have this "diversification" thing in my head. I am happy for you with NHMRX. You surely got that right!
As it turns out, one of the constraints I have, is only using Vanguard Brokerage Services. Some fund families like PIMCO, TCW, BlackRock BHYSX and Allianz work very well and other funds such as OSTIX are not great, but manageable (redemption fee of 2% if held less than 30 days). Then they offer funds such as RSIVX, that have a 1% fee ($50 min, $250 max) for shares held less than 6 months. I have also come to learn that there are many funds that are just not available (can transfer in but not purchase or cannot transfer in and not purchase). A good case in point is NHMRX (can be transferred in but not purchased).
Any other thoughts are most welcome.
Mona

Hi again Mona, I think you've got the right idea with AYBDX if you want a step out from a fund like OSTIX (or RSIVX, which seems to be tracking right along with OSTIX); it's not as volatile and hasn't lost as much as more credit-sensitive funds in credit risk-off times.
One caution: I'd look at price to par closely on HY funds these days, and AYBDX is ~ 108 last I looked. (Dividend yield is around 6.8%, SEC yield around 5.3%.) I own some AYBDX & am thinking about shifting to a less pricey HY fund -- possibly the Artisan fund that's supposed to launch in March, with the former Ivy manager. High yield in general is pretty richly valued ... spread to T's is below 4 now, not a record but usually regarded as in "not exactly a bargain" territory (join the club, HY).

Growth and the phenomenon of compounding combined with the years your loved one has on her side.
http://www.schwab.com/public/schwab/investing/investment_help/investment_research/mutual_fund_research/mutual_funds.html?path=/Prospect/Research/MutualFunds/Summary.asp?symbol=CPOAX
Schwab Mutual Fund OneSource®
(no-load, no-transaction-fee)
Growth Manager of year with outstanding record in his 10 years as manager. Some International exposure.Lots of names a young person can relate to
Security Name
% of Portfolio
Facebook, Inc. 8.65%
Google, Inc. 7.24%
Amazon.com, Inc. 6.69%
Illumina, Inc. 5.38%
Athenahealth, Inc. 3.74%
Priceline.com, Inc. 3.60%
Valeant Pharmaceuticals International, Inc. 3.18%
Mastercard, Inc. 3.15%
Visa, Inc. 3.09%
Intuitive Surgical, Inc. 3.08%
Also Starbucks,Apple,Christian Dior,Tesla,Twitter,Salesforce, etc.
http://quotes.morningstar.com/fund/f?t=CPOAX&region=usa&culture=en-US
No-load @ Schwab with $1000 min/$100 AIP . 1/3 of gift in CPOAX. Balance in RSIVX
with plan to dollar cost average from RSIVX into CPOAX over 2-5 years?
http://quotes.morningstar.com/fund/f?region=USA&t=RSIVX