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River Park Funds

River Park Funds Parent Rating

Below Average

Undergoing some change, RiverPark maintains its Below Average Parent rating.

Co-founder and co-chief investment officer Mitch Rubin departed the firm in November 2022 on the heels of weak performance across the firm’s equity strategies. Meanwhile, RiverPark’s assets under management has declined 35% since December 2020 as outflows across most of its products have been persistent in recent years. As of March 2023, the firm’s AUM was USD 2.4 billion, 70% of which was in its two subadvised funds, including its largest fund, RiverPark Short Term High Yield. According to CEO and co-founder Morty Schaja, the firm intends to draw upon the research resources of equity subadvisor Wedgewood, where the firm owns a roughly 2% minority interest. It will take some time to assess how this collaboration will work and what impact it may have.

Other attributes of the firm are mixed. Across the board, the firm’s mutual fund fees remain high, though that is in part a function of their comparatively small size. But Schaja has invested more than USD 1 million in five of the six funds RiverPark offers, and he has broadened ownership of the firm to include other employees, which often helps retain personnel. Indeed, the firm has shown stability in the investment analyst ranks.

River Park Funds Investments

Market

US Open-end ex MM ex FoF ex Feeder

Total Net Assets

1.39 Bil

Investment Flows (TTM)

79.71 Mil

Asset Growth Rate (TTM)

6.59%

# of Share Classes

16
Morningstar Rating # of Share Classes
2
1
3
3
3
Not Rated 4

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