It seems like the funds in the RiverPark family all have an expense ratio of at least 1.25% (for the retail class). RiverPark Short Term High Yield RPHYX has over $800 million in assets. I recall it was unlikely to lower its expense ratio because of the amount of work involved with its strategy, plus the inherent limit on its manageable assets.
However, RiverPark/Wedgewood RWGFX now has $1.1 billion in assets and doesn't seem like a particularly costly strategy, but it's expense ratio has been 1.25% since day one. 1.25% is not outrageous, but there are quite a few decent large cap offerings with lower expense ratios.
I would have thought RWGFX might have lowered its expenses over time, but given that the 1.25% seems to be the lower bound for all the RiverPark funds, perhaps they have no plans to reduce expenses for any of their funds, regardless of size?

I have about 15% in RPHYX for my biggest holding. Also about 11% in FPNIX, 8% in AVEFX, 8% in DHSTX.
Have about 6% in each of several stock funds (VDIGX, NSEIX,FAMVX,TWEBX,TBGVX,FMIJX,FPIVX, FPACX) plus about half that in several small cap funds (NNLEX, FAMFX,GPIOX). And a bit in T. Rowe Price's new global allocation fund (RPGAX).
Stan

Top 5:
BUFBX: 11.25%
RPHYX 9.63%
AKREX 8.83%
YAFFX 8.63%
ARTKX 5.91%

Reply to @Investor: Hey- that's at least two we both have: BUFBX & WAFMX. If things deteriorate a little more in frontier areas I'm going to add to WAFMX also.
Sold entire position in PONDX & added results to RPHYX. Should be reasonably safe there until the Fed issues sort themselves out. Sure glad to have access to RPHYX at this point.

I am afraid of what I don't understand. Yes, I own RPHYX too, but it is supposed to be a cash substitute. I've been eyeing FPA New Income now that FPA is all no load. Heck I'm thinking of buying all FPA funds.
I think cash is king right now. I'm taking some profits and will continue to do so next week if market does not behave.

I have no idea how high the long term interest rates will go up. Still I am thinking right now around 3-4% is likely and how fast we will get there is another thing. If it is slow enough rise over time, your dividend payments might cover the principal loss better and as bonds mature in the portfolio, the manager will have a chance to replace them with higher yielding ones so over time income generated will go up as well. But if the rates rise fast it will be an issue. However, I think short term rates will be kept at low for a long while. So, you have the option to stay in bonds but switch to low duration ones.
I personally would take the risk with equities and currently what would be a traditional bond allocation in shorter duration bonds via RPHYX. I am OK with low returns as I intend to use this pile if market goes through a big enough correction to purchase more equity. You can use your stable value fund in this way.

Reply to @MikeM: Since you mentioned "over the week" I took a look at that- since Monday, the S&P down 1.7%, and:
WAFMX: +0.33% (UP!! )
RPHYX: - 0.1%
ABHIX: -0.32%
AHITX: -0.35%
AIBAX: -0.37%
MFLDX: -0.56%
CWGIX: -0.69%
MAPIX: -0.7%
ARTGX: -0.7%
BUFBX: -0.79%
and everything else was much worse, all the way down to GASFX, -2.28%
Since Monday: Portfolio - 1% overall.. not really too bad.
Note: For weekly comparisons I have to run my spreadsheet from Monday to Monday, as we are almost never here on Friday evenings to capture the Friday data. I suppose that I could set up a column to extrapolate the Friday closings from the Monday data, but haven't yet set that up.

I had problems with this too. Someone can correct me if I'm wrong, but this is basically one of those times where M*'s peer groupings create confusion. M* recently moved FPNIX to the "Nontraditional Bond/Flexible Income" grouping, after FPNIX stated it's appreciation goal to be CPI + 1%. Its now compared with funds like LSBRX and PUBDX, which had been on fire over the past five years.
But FPNIX is super conservative and has been less concerned with total return than with capital preservation. From FPA's policy statement fpafunds.com/docs/fpa-new-income-fund-information/2011-03-the-fpa-absolute-fixed-income-policy-statement.pdf?sfvrsn=2:

The FPA Absolute Fixed Income Strategy (including FPA New Income, Inc.) is one of the longest standing fixed income strategies in the USA. We have a defined investment philosophy and process and have executed against it for almost twenty eight years. At various times during this period, both aggressiveness and caution have been demonstrated in the selection of longer term and credit sensitive investments. Only when we felt that we were being more than adequately compensated for the potential risk of loss did we become aggressive.
For the past eight years, our investment strategy has been one of caution since we believed that risk of loss was too great and thus, we focused on capital preservation first, income generation second and capital appreciation last.

M* says as much in their Fund Analysis as well. FPNIX is down to around 1.4 yrs avg. duration, and by rule can't hold more than 25% junk bonds. Basically they're a fish out of water when being compared to other Multisector/Non-trad funds. A closer comparison might be either Short Term funds like JASBX or SCLDX, or some grouping of conservative funds that fall outside of traditional definitions like PYGSX or RPHYX.

Reply to @DlphcOracl: There is something wrong with your numbers or you are probably not including the dividends.
YAFFX lost 43.78% from 10/05/07 to 03/09/09
YACKX lost 46.66% from 10/09/07 to 03/09/09
Yes these are big losses but
VFINX lost 55.25% from 10/09/07 to 03/09/07
(I am using adjusted historical prices from Yahoo finance that takes into consideration the dividends and other distributions)
Remember this is an equity fund. For an equity fund that is very good. If this is not defensive enough for you. A couple of allocation funds:
VWINX lost 21.38% from 10/09/07 to 03/09/09
GLRBX lost 19.45% from 10/09/07 to 03/09/09
FPACX lost 27.91% from 10/09/07 to 03/09/09
But these fund had about 40-60% bonds (in particular the first 2 having a lot of treasury bonds) which benefited from safe haven demand and declining interest rates. Obviously, in the next 1 year these funds also did not participate in the rally as much.
Now, if you are a good forecaster that we are to have a 2008 like drop any time soon, go ahead an invest in extra conservative funds. If you think we might have some garden variety corrections and 2008 like drops are non likely to happen now than invest in something that has more upside while the manager has demonstrated that he has some draw down protection and concern about permanent losses. This creates an asymmetry in upside vs downside which I desire. Even with the occasional large drop, you end up ahead with these type of managers over a full cycle. I think Yacktman is such a manager.
Now I also do have GLRBX. It is also long term hold. It makes up about 9% of my portfolio and is similar in size to my holding of YAFFX. My goal with this is moderate gain in good times and have a level 2 liquidity reserve to be able to invest more in equities after 2008 like substantial losses. My level 1 liquidity reserve is RPHYX and some cash at this time since I sold other specific bond funds. The size of L1 reserve is around 10% as well at this time.

Stupid Question. We expect Active Managers to "save us" from bear market declines right? Why are we not supposed to have to Multisector Bond fund managers protect us from ACTIVELY figuring what part of the bond market to be in at the right time? Just because fund name does not contain the word "unconstrained" does not mean manager is allowed to suck.
Something tells me a lot of bond fund manager obituaries are going to be written as interest rates start rising if they don't get this right. Looks to me just like there have been times when it has been easy to be an equity manager, same has generally been the case for an extended period of time for bond managers, and that may be about to change and we will know over the next 5-10 years.
AQRNX be damned, to date I have never bought a fund with name "bond" or "yield" in it EXCEPT for RPHYX which is of course unique. I have relied on balanced/allocation funds to provide me bond exposure leaving it to manager to decide how much and in what kind of bonds to invest in.
I asked question recently on VWELX which I own. Just last night looked at VWINX. The sucker holding up quite well, but has even less flattering comment on M* and duration of 6+. Either these managers will/are wising up and we haven't just seen their latest portfolios, or they will show their "true colors" in a manner of speaking over the coming years.

Reply to @bee: When yuu say "global debt" are you saying bonds? No I don't have any foreign bonds or EM bonds. Never ever owned them. Only bonds I ever owned was some PTTRX in my wife's 401k. And I have some VIPSX.
And yes I also hold RPHYX as a cash substitute. Not a whole lot, but some.

Reply to @hank: Here's the whole bloody mess:
Following is the present portfolio percentage distribution, showing recent changes as noted
by dates. Cash positions are not shown, but approximate portfolio distribution currently is:
Equity Funds: 15% / Bond Funds: 5% / Cash: 80% • (May not equal 100% due to rounding error.)

	    7/24/13		AF = American Funds		
 Change Since		AC = American Century		
    7/23/13		S: = Schwab Account		
US Equity					
Fund		PF %	Change	         YTD	       Fund Name
AF ANCFX	2.1%	-0.45%		17.5%	  AF Fundamental Investors
AC ACMVX	6.5%	-0.7%		21%	  AC Midcap Value 
S: GABAX	5.1%	-0.74%		19.7%	  S: Gabelli Asset
S: GASFX	2.5%	-1.31%		16.9%	  S: FBR Fund Advisors
S: MFLDX	5.9%	-0.23%		10.5%	  S: Marketfield
S: BUFBX	0.5%	-0.36%		11.3%	  S: Buffalo Flexible Income
S: PRBLX	0.5%	-0.6%		19.9%	  S: Parnassus Equity Income
S: VVPSX	1%	-0.44%		23.3%	  S: Vulcan Value Small Cap
  Total %	22%	-0.6%			  
US Balanced					  
AF ABALX	12.4%	-0.43%		13%	  AF American Balanced Fund
AC TWSMX	6.3%	-0.27%		8.9%	  AC Strategic Allocation (Moderate)
  Total %	19%	-0.4%			  
World & EM Equity					  
AF SMCWX	19.6%	-0.41%		16.3%	  AF Smallcap World Fund
AF CWGIX	1.4%	-0.04%		12.7%	  AF Capital World Growth & Income
AF ANEFX	4.4%	+0.06%		21.9%	  AF New Economy Fund
S: MAPIX	4.8%	-1.07%		9.5%	  S: Matthews Asia Dividend
S: ARTGX	2.4%	-0.07%		17.5%	  S: Artisan Global Value Investor
S: SFGIX	4.3%	-0.97%		0.5%	  S: Seafarer Overseas G & I
S: WAFMX	2.8%	  0 %		12.9%	  S: Wasatch Frontier Emerging
  Total %	40%	-0.4%			  
US Bond Funds					  
AF ABNDX	0.6%	-0.39%		-2.4%	  AF Bond Fund of America
AF AIBAX	1.2%	-0.23%		-1.4%	  AF Intermediate Term Bond Fund
AF AHITX	2.6%	-0.26%		3.5%	  AF High Income Trust
AC ABHIX	0.7%	-0.31%		3.3%	  AC High Yield Bond Fund 
S: RPHYX	6.2%	  0 %		1.7%	  S: Riverpark Short Term HY
S: PONDX	5.7%	-0.41%		1.8%	  S: PIMCO Income Fund (D) 
  Total %	17%	-0.2%			  
Non-US Bond Funds					  
S: MAINX	0.5%	-0.08%		-1.9%	  S: Matthews Asia Strategic Income
Note: The portfolio percentages shown would be					
as a % of the present 20% Equity+Bond exposure.					

-

American Funds New Economy, ANEFX- only one of the 24 funds to actually go up, even if only by 0.06%. WAFMX and RPHYX managed to stay even. Percentage-wise, GASFX led the way down with a 1.31% drop.
Mixed bag on World and EM- worst is MAPIX, -1.07%, best is American Funds World Growth & Income (CWGIX), -0.04%.
and so it goes...

Reply to @mrc70: I think bond environment now favors short duration. Thus my decision to move funds to RPHYX and add some to equity. I prefer to take risk on equity side instead.
The manager bought depressed below investment grade MBS in the dark days and they have fully appreciated, with the potential of tapering in sight I do not expect 2012 like performance going forward.
I had bought PONDX as a trade so that trade has played out. I recognize RPHYX is now closed. I think you can keep bond portion of your portfolio in very short term bonds or keep it as cash. Risk premium of most bonds is not good enough.

Reply to @mrc70:

PONDX: Can you please provide reasons behind your suggestion?

Investor was referring to RPHYX. Isn't that closed to new investors?
Mona

Reply to @mrc70:
I do have a lot of funds in my portfolio. Furthermore, I buy the same funds in several different accounts so it feels more. But in terms of number of unique tickers you have more than I do. And it looks like I have managed to concentrate 40% of my portfolio in 5 funds.
Anyway here is what I think of the funds in your portfolio. I am not commenting on your asset allocation.
Core:
VDIGX Keep
VHGEX Sell. Either invest more in ARTGX or split money on your domestic/intl. funds. Another alternative to consider: ARTHX.
PAUDX Sell
FPACX Keep
AKREX Keep although fund is drifting more towards large cap these days. I have about 9% of my portfolio in this fund.
VWELX Keep.
PQIDX Sell. I like VDIGX more.
GPGOX Keep. (I have about 5% of my portfolio in this. I would have had more but I also own GPIOX about that much)
ARTGX Keep. Also since you have ARTKX in taxable consider switching VHGEX to ARTHX which is more growth oriented.
VFSTX Keep. I use RPHYX.
VTIPX Keep. Since duration is very low you might consider consolidating VFSTX and VTIPX.
PRSNX Sell.
VHCOX Sell. I would invest more in AKREX.
MAPIX Keep.
SFGIX Keep. I would not add more until downward momentum has finished.
Satellite:
PRHSX Keep but watch as manager has left recently.
MFCFX Consider switcthing to ARTHX
HSFNX Sell. Invest more in a diversified small cap.
MAINX Sell. Good house. Good manager. But bad neighborhood right now.
PSPFX Sell.
WAFMX Keep. A small percent is OK.
PONDX Sell. I sold my own PONDX completely and moved to RPHYX some and added a bit more to my balanced fund.
AEMGX Sell. Consider adding monies to MAPIX SFGIX and a bit more to WAFMX if you like.
ARIVX Sell. I like VVPSX and BCSIX for US oriented small cap. Or consider more intl./global small cap like GPGOX or try new ARTWX.
PCRIX Sell.

I think I would keep your equity/bond allocation but choose bond funds that have short duration (something similar to RPHYX or some floating rate funds) and keep some of your bond monies in cash.

Pondering adding some cash to maybe both PONDX and RPHYX. Other than that, gonna wait out the Fed reshuffle and let things settle down a little. Made good money in first five months, took profits. Could actually just sit here for rest of year if I had to.

Thanks MJG! Much appreciated.
I too very much enjoyed David's commentary this month. Once again, rich with content. The man moves with ninja-like speed, always keeps it fun, and remains kind even in criticism.
Hmm. How does he do it?
I used to think "Chip" was mere mortal assistant, but starting to suspect this may be a cryptonym for Constant High Intensity Publication unit.
Until this month's commentary, I honestly could not get my head around long-short categorization. From now on, I will be examining such funds through David's ABS filter (alpha, beta, or structural).
I started laughing at the literate monkey picture! Crack me up =). I think I will adopt it for my avatar.

Versus Capital Multi-Manager Real Estate Income Fund...The fund’s retail, F-class shares carry an annual expense of 3.30% and a 2.00% redemption fee on shares held less than one year.

And I thought 5.75% load was bad.
Sad to read about Fidelity's decline or implication of decline. But sadder still to see investors hand over millions, correction billions, in high ER fees for gargantuan funds of mediocre strategies.
I signed up for the RiverNorth/OakTree call. These calls are always insightful.
RiverPark Structural Alpha (RSAFX) sounds intriguing. Ditto for David Sherman's upcoming RiverPark Strategic Income Fund. Yes, investors can gloat deservingly over just closed RiverPark Short Term High Yield (RPHYX)...nice performance graph...but try not to rub it in too hard to those of us suffering from recent fixed income declines, or as Hank puts it "Federal Open Mouth Committee" disease.
Honest healthy skepticism of Forward Income Builder (IAIAX). If the PMs don't believe enough in the fund to invest in it, how can we?
Mr. Smead is interesting. But 1.4% on assets of $363 million for his namesake Value Fund (SMVLX) does seem too high on a buy-and-hold forever fund. Stiff alternatives here with Berkshire Hathaway for zero fee, and as David points-out, ING Corp Leaders Trust Ser B (LEXCX) for 0.52 ER - an MFO Great Owl 20 year fund.
Dustbin was especially fun this month.

Stephen Leeb wrote The Coming Economic Collapse (2008). The economy didn’t, his fund did. Leeb Focus Fund (LCMFX) closed at the end of June, having parlayed Mr. Leeb’s insights into returns that trailed 98% of its peers since launch.

I love this business.

I hold FCTFX (long term) and BCITX (intermediate). Bought them for tax relief and after checked M* review/rating (Gold on FCTFX). Both have gone down since, along with other muni's... just not as much.
But, after watching my Portfolio ZOOM DOWN with almost ALL my bond funds losing more daily than I've ever seen before, I'm really wary of keeping many long-term anymore. I've added IRNIX, AKREX and THBVX, along with 3 allocation funds (PVSYX, GLRBX and ICMBX). I am keeping my VWINX, BERIX, PGDIX allocation funds, along with most of PONDX, OSTIX, DLTNX, THOPX, RPHYX bond funds and YACKX and ICMAX funds.
Would you sell either muni (especially FCTFX with lipper 3/3/3/3/5), or do you think CA muni's will start even a minor comeback in the next 6 months? If sell, which of the above funds would you add to considering the current... and expected 1 year future.... market?
Hope you can help me decide. Thanks! Cathy