RiverPark to launch Long/Short Opportunity, Gargoyle Hedged funds

By Toni Weeks

San Diego, March 20 - RiverPark Funds announced in a 497 filing with the Securities and Exchange Commission its plans to launch two new funds, the RiverPark Long/Short Opportunity Fund and the RiverPark/Gargoyle Hedged Value Fund.

Both funds will launch on March 30 with retail class, institutional class and class C shares.

The RiverPark Long/Short Opportunity Fund seeks long-term capital appreciation while managing downside volatility by investing long in equity securities with above-average growth prospects and selling short equity securities that are competitively disadvantaged over the long term.

Mitchell Rubin, the portfolio manager, was also the portfolio manager for the fund's predecessor, RiverPark Opportunity Fund LP, which was merged into and reorganized into the RiverPark Long/Short Opportunity Fund.

There are no shareholder fees. Management fees are 1.5%, and total annual fund operating expenses are expected to be 3.5% for retail class, 3.35% for institutional class and 4.35% for class C shares. Those fees include a fee waiver agreement with RiverPark Advisors, LLC, the fund's New York-based investment adviser, that expires in one year.

The RiverPark/Gargoyle Hedged Value Fund seeks long-term capital appreciation while exposing investors to less risk than broad stock market indexes by investing at least 80% of its net assets in equity securities of medium-large capitalization companies that the fund's subadviser, Gargoyle Investment Advisor LLC, believes to be attractively priced relative to other medium-large capitalization stocks in general.

Joshua B. Parker and Alan L. Salzbank are the portfolio managers. Both were co-portfolio managers of the predecessor fund, Gargoyle Hedged Value Fund LP, which has been merged and reorganized into this fund.

There are no shareholder fees. Management fees are 1.5%, and total annual fund operating expenses are expected to be 1.5% for retail class, 1.25% for institutional class and 2.25% for class C shares. Those fees include a fee waiver agreement with the adviser that expires in one year.

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