Reply to @scott: I sold a truckload of RPHYX today - getting cash ready for action.
I keep having to remind myself that gold miners are not really cheap yet if gold prices continues to slide.

Reply to @STB65: Some would say its foolish to focus on the short-term, but I like the idea of sitting in RPHYX (NTF at Fido) while markets correct and China waivers. You already have some long/short allocations. I'd cost average into EM very slowly.

I am holding on to all my equity positions and balanced/allocation funds. Sold some of PONDX and MWHYX to buy RPHYX before it is closed.

Reply to @Investor: Hmmm ... not exactly.
Mr. Sherman has been clear from Day One that RPHYX is a limited-capacity strategy. Depending on market condition and whether we was willing to add strategies to the portfolio, he had $600M - $1B of capacity and wanted to close the strategy early enough to maintain room for growth after closure. I've reported that intention several times and warned, a couple months ago, that he was approaching the capacity limit. I even believe he discussed it on our conference call, but I'd have to go back and listen again to be sure.
Sherman has also been reflecting on other strategies for at least a year and a half. Short-term high yield is a small part of what Cohanzick does in its private client accounts and David has been fairly clear that he was willing to look at other value-aded strategies - that is, places where Cohanzick seems to have a competitive edge - for a possible second fund.
That said, it's entirely likely that the timing of the announcements is not coincidental. (You'd have to be dim and credulous to believe that and I'm not both.)
David

Close one fund to start another. RPHYX is closing on June 21st.

Reply to @David_Snowball: My issue certainly is not with Mr. Sherman, but RiverPark. Based on their high ER practice with RPHYX and RWGFX. Their ultra high minimums for institutional shares. Concerned that at the end of the day, RiverPark is more of an asset gatherer than a shareholder friendly shop. Exploiting talent more than partnering with it. Do you think Mr. Sherman is receiving the preponderance of the $9M in fees his good strategy will now generate?

Just for the record, I'm not buying anything right now. My bond funds mostly "failed" to stay positive this month no matter what the duration (DLTNX, MWCRX, PUBDX, ASHDX, etc.) and I will not be a buyer going forward. RPHYX & SUBYX were the best of the bunch.
I'm hoping for a drop in equities, just like a lot of others sitting on the sidelines. For some reason, I have it stuck in my head that MINDX is my next wildcard purchase (but only when the sh*t REALLY hits the fan).

Rather, investors should worry about a less-discussed reality: The structure of the bond market itself is balky and vulnerable to bouts of exacerbated investor losses and trading air pockets, simply because the act of trading corporate bonds among funds and banks has become tougher and less-efficient since the financial crisis.
Inventories of corporate bonds among the big Wall Street banks known as primary dealers totaled $100 billion in 2004 and more than $200 billion at their 2007 peak, according to the Federal Reserve Bank of New York. Today, in a larger overall market, dealers hold just over $50 billion.
“What scares me and really what the reality is, is that there’s not enough balance sheet on the ‘sell side’ to support any kind of warehousing activity if institutional investors want to materially reduce their holdings.”
He’s concerned about a “structural asymmetry” in the fixed-income market: “It’s fine when there are [mostly] buyers, but not when there are sellers.”
http://finance.yahoo.com/blogs/michael-santoli/balky-bond-market-plumbing-big-hidden-risk-145357441.html
It's always the unknown unknowns that blindside.
Holdings RNSIX, MAINX down 4-5% in selloff (more than a year's yield)...RPHYX, SUBFX, FFRHX down two or three hundred bips.

David Sherman of Cohanzick, manager of RiverPark Short-Term High Yield (RPHYX), is set to manage a new fund. By all appearances it will be much more aggressive and flexible that RPHYX but will still be an exceptionally cautious take on risky asset classes.
Per the SEC filing: "RiverPark Strategic Income seeks high current income and capital appreciation consistent with the preservation of capital by investing in both investment grade and non-investment grade debt, preferred stock, convertible bonds, bank loans, high yield bonds and income producing equities." But the bonds must be Money-Good; that is, in the worst case, they can be held to maturity and the issuer will be in a position to redeem them at full value. Up to 35% of the fund might be foreign fixed-income and up to 35% might be dividend paying equities. $1000 minimum, 1.25% opening e.r.

Reply to @ron: re: "Keep a healthy amount in cash." Therein lies the "rub." Your advice is wise. But, suspect our definitions of "cash" have broadened substantially in recent years. Some here have stated cash positions lately as high as 80%. It's unlikely, however, that's all languishing in CDs or money market accounts.
I suspect all of us have expanded our definition of cash - for better or worse. Personally, I split the "cash position" about evenly between TRBUX (up fractionally YTD) and DODIX (down fractionally). The former, an ultra-short, probably meets mosts' definitions for "cash". The latter, a diversified income fund, does not - though they've kept duration very short in recent years. Other substitutes for cash mentioned in recent years have been RPHYX (up 1.27% YTD), RPSIX (up 1.31%), hybrid income funds (TRRIX is up about 4%) and HSTRX (down about 7%).
The above are just a few examples of how all of us have expanded our cash definitions due to circumstances. As long as equities continue to greatly outdistance bonds and most other investments, the widening of that definition is likely to continue - for better or worse as noted. Anybody care to chime in with how they've re-defined "cash"?
(If Catch can pry himself away from the sticky floor tiles or whatever, would sure like to hear his take on this and fixed income in general.)

Holding steady on PONDX and RPHYX in bonds, and SFGIX, WAFMX, MFLDX, GASFX and ACMVX in equities. Sold PETDX, and reduced exposure in remainder of American Funds and American Century funds. Will start averaging back in when I get a feel for what's happening.

Reply to @Gandalf: No- good move. Thanks for the idea. I might do the same, rather than PONDX. I have both, and I'm betting that RPHYX is even safer in a downturn than PONDX.

I dumped my PAUIX stake the other day, and was thinking of adding it to my RPHYX holding. Given the current churn, does anyone see an issue with adding new $s to RPHYX?

Start with 7.5% of your total in each of these two funds. A little work here,BRUFX not available at Fidelity and FPACX carries a fee at Fidelity. But these two will be your core holdings and have produced superior long term risk adjusted results,especially BRUFX.
http://online.wsj.com/fund/page/fund_snapshot.html?mod=wsjportfolio&symbol=FPACX
http://online.wsj.com/fund/page/fund_snapshot.html?mod=wsjportfolio&symbol=BRUFX
Now,with the observation that any research of the best performing mutual funds covering five or more years, you will in most cases find the list peppered by the three words SMALL,VALUE,and EMERGING,I think you should consider a 5% allocation to each of these funds. HUSIX, VVPSX, THBVX, MAPIX, WAIOX,and WAFMX. This takes you to 45%. Add 5% allocations to TGLDX, BREFX, and TGINX to cover precious metals, real estate and foreign bonds and you're at 60%. For large cap exposure,a 10% stake in SPY. Over the next 3-5 years ,dollar cost average the remaining 30% into HUSIX, VVPSX, THBVX, MAPIX, WAIOX,and WAFMX on a monthly basis to find your comfort level as to your total risk exposure.Cash can be a mix of MM funds,CDs and RPHYX. At age 64,I own all funds mentioned except HUSIX, VVPSX and SPY.
At forty years of age,growth should still be your main goal for retirement funds, which in turn carries the risk along with the potential of larger rewards. Good luck!

I dunno about this one... maybe Catch is right- I sure don't see any pattern in our stuff:
PETDX, as bee says, down 3.73%
but, it seems like the biggest other hits were:
SMCWX: American Funds Smallcap World Fund: -1.00% (up 15.5% ytd)
ANEFX: American Funds New Economy Fund: -1.18% (up 19.1% ytd)
ACMVX: American Century Midcap Value: -1.11% (up 16.8% ytd)
GASFX: FBR Fund Advisors: -1.6% (up 18.4% ytd)
Where the heck is the pattern there?
Other than WAFMX (up 0.32%) everyt other equity fund went down, but less than 1%.
In the bond area, all down (even PONDX) except for two: AHITX, American Funds High Income Trust, and RPHYX, Riverpark Short Term... those two broke even.
Note: the ytd figgers may be a little off, as those come from M*, and I haven't updated those yet.
In sum, the whole shebang down 0.70% today vs 0.83% for the S&P. That ratio is a little unusual, as usually my stuff has about half of the volatility of the S&P. Probably because the bond sections of the balanced funds and most of the bond funds themselves were down as well as the equities. YTD, up 10.5%... absolutely no complaints.

Thanks David for your reply--I plan to soon buy RPHYX @ VBS
Ralph

The problem is that you are comparing very different types of funds. RPHYX has a very different risk/return profile than LSBRX, DLTNX, PTTDX etc. In order to say the cost of RPHYX is "too high", you would need to compare it with other funds that perform similarly but have lower costs. Or you would have to say that RPHYX's costs are so high that it is unlikely to achieve its performance objective (money market + 3-4% with very little volatility). Right now, Morningstar reports a yield of 3.83% so that seems about right.

Reply to @Ralph: If I remember correctly, David has some of his money with RPHYX. If that's right, then you have heard from him.

AUM are much lower for RPHYX as well. The other funds have AUM's in the tens of billions.

For me, it depends on whether or not RPHYX holds up whenever we have the next "2008".
I'd gladly pay the extra 25-40 basis points if I can sleep well at night.