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Name
As of 10/11/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
YTD Return
7.6%
1 yr return
9.5%
3 Yr Avg Return
5.2%
5 Yr Avg Return
1.8%
Net Assets
$29.9 M
Holdings in Top 10
58.9%
Expense Ratio 1.34%
Front Load N/A
Deferred Load N/A
Turnover 45.00%
Redemption Fee N/A
Standard (Taxable)
$1,000
IRA
N/A
Fund Type
Open End Mutual Fund
Name
As of 10/11/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
The Fund seeks to generate current income and capital appreciation consistent with the preservation of capital by investing in commercial mortgage-backed securities (“CMBS”), predominately in the United States. CMBS are debt instruments that are secured by commercial real estate (“CRE”) assets and include bank loans secured by CRE assets (“Bank Loans”), certificated CRE mezzanine loans (“Mezzanine Loans”) and CRE collateralized debt and loan obligations (“CLOs”).
Under normal circumstances, the Fund may invest up to 100% of its assets in fixed income securities of which no less than 80% of its net assets (plus the amount of any borrowings for investment purposes) will be invested in floating rate CMBS. Floating rate CMBS will typically have coupons that reset monthly. There is no limitation on the maturity of fixed income securities in which the Fund invests.
The Fund will primarily make investments in assets that, at the time of purchase by the Fund, are current with respect to payments of interest and principal in accordance with their underlying documents (referred to herein as “performing”) and which the Adviser believes, if held to maturity, have a limited risk of loss of principal. The CMBS acquired by the Fund will typically be protected by subordinate layers of debt and equity credit support. Typically, the portfolio will have a weighted average exposure, including all debt that is senior and at the same level, of approximately 50% of the underlying real estate value (a 50% loan-to-value ratio or “LTV”). For example, if the total of senior and same level debt is $50 million and the underlying real estate is valued at $100 million, then that security would have a 50% LTV.
The Fund seeks to generate its returns primarily from its investments’ monthly cash distributions and secondarily through opportunistic trading. The CMBS investments will generally have between two and five years of remaining loan term (though individual securities may have maturities as long as ten years and as short as one year or less). All securities are currently expected to be U.S. dollar-denominated although they may be issued by a foreign corporation or entity or a U.S. affiliate of a foreign corporation or entity. The Fund may invest without limitation in securities and instruments of foreign issuers of CMBS where the properties underlying the securities are located in the United States or its territories, or the Fund may also invest in a limited amount (but no more than 10% of its net assets) of CMBS backed by properties located in foreign countries.
The Fund will invest across the debt capital structure from AAA to unrated, with a significant percentage (up to 100%) of investments expected to be below investment grade (commonly referred to as “junk bonds,” which are considered speculative). However, the Adviser does not rely solely on rating agencies to determine the risk associated with an investment; instead, the Adviser’s investment process is a fundamental based “bottom up” focus on CRE credit quality. The Adviser’s investment process is comprised of three interrelated components: analysis of the underlying CRE properties, analysis of the security’s legal structure and yield and ongoing portfolio management focused on trading and risk management.
The Fund intends to be primarily a “buy and hold” investor in CMBS but will also use its trading skills to buy and sell investments opportunistically, either offensively (to capture additional perceived upside) or defensively (to protect against perceived credit erosion). While the Fund seeks to invest primarily in performing CMBS, it will opportunistically invest in distressed and/or sub-performing CMBS if such investments otherwise satisfy the Adviser’s bottom-up investment approach described above.
If the Adviser is unable to find attractive investment opportunities, consistent with the Fund’s investment objectives, the Fund’s uninvested assets may be held in cash or similar investments, subject to the Fund’s specific investment objective.
Industry Concentration Policy. The Fund intends to concentrate its investments in the commercial real estate industry, which will include CMBS and other securities that are secured by or otherwise have exposure to commercial real estate. This means that the Fund may invest more than 25% of its total assets in CMBS, which will cause the Fund to be more sensitive to adverse economic, business or political developments that affect the commercial real estate industry and CMBS than a fund that invests more broadly.
Period | RCRFX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 7.6% | -3.0% | 10.3% | 13.86% |
1 Yr | 9.5% | -4.1% | 15.2% | 49.81% |
3 Yr | 5.2%* | -6.2% | 8.2% | 48.63% |
5 Yr | 1.8%* | -6.2% | 38.2% | 93.42% |
10 Yr | N/A* | -2.0% | 19.7% | N/A |
* Annualized
Period | RCRFX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 1.4% | -12.0% | 11.1% | 91.04% |
2022 | -4.5% | -22.9% | 5.1% | 2.30% |
2021 | 0.2% | -12.2% | 11.1% | 88.63% |
2020 | -11.3% | -14.1% | 289.8% | 99.59% |
2019 | 0.9% | -8.1% | 7.5% | 89.08% |
Period | RCRFX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 7.6% | -3.0% | 10.3% | 13.86% |
1 Yr | 9.5% | -4.1% | 15.2% | 49.81% |
3 Yr | 5.2%* | -6.2% | 8.2% | 48.63% |
5 Yr | 1.8%* | -6.2% | 38.2% | 93.42% |
10 Yr | N/A* | -2.0% | 19.7% | N/A |
* Annualized
Period | RCRFX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 9.5% | -12.0% | 22.1% | 89.93% |
2022 | -1.1% | -22.9% | 5.1% | 21.46% |
2021 | 2.3% | -10.2% | 11.1% | 93.73% |
2020 | -8.8% | -14.1% | 306.9% | 99.59% |
2019 | 4.1% | -3.6% | 10.5% | 91.60% |
RCRFX | Category Low | Category High | RCRFX % Rank | |
---|---|---|---|---|
Net Assets | 29.9 M | 29.9 M | 13.5 B | 99.62% |
Number of Holdings | 24 | 2 | 1977 | 96.54% |
Net Assets in Top 10 | 19.2 M | -191 M | 2.37 B | 90.38% |
Weighting of Top 10 | 58.94% | 5.2% | 100.7% | 5.02% |
Weighting | Return Low | Return High | RCRFX % Rank | |
---|---|---|---|---|
Bonds | 98.96% | 0.00% | 161.82% | 12.69% |
Cash | 1.28% | -61.90% | 16.36% | 68.08% |
Stocks | 0.00% | 0.00% | 100.74% | 97.31% |
Preferred Stocks | 0.00% | -3.99% | 7.30% | 86.15% |
Other | 0.00% | -52.39% | 34.87% | 85.00% |
Convertible Bonds | 0.00% | 0.00% | 5.51% | 86.43% |
Weighting | Return Low | Return High | RCRFX % Rank | |
---|---|---|---|---|
Securitized | 91.68% | 0.00% | 91.68% | 0.39% |
Cash & Equivalents | 1.28% | 0.00% | 25.03% | 64.23% |
Derivative | 0.00% | -10.96% | 0.85% | 81.54% |
Corporate | 0.00% | 0.00% | 99.80% | 99.61% |
Municipal | 0.00% | 0.00% | 0.47% | 81.40% |
Government | 0.00% | 0.00% | 3.18% | 81.78% |
Weighting | Return Low | Return High | RCRFX % Rank | |
---|---|---|---|---|
US | 98.96% | 0.00% | 123.41% | 11.92% |
Non US | 0.00% | 0.00% | 63.23% | 88.46% |
RCRFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.34% | 0.03% | 5.51% | 39.33% |
Management Fee | 0.65% | 0.00% | 1.89% | 67.04% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | 0.15% | 0.02% | 0.27% | 77.78% |
RCRFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 1.00% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 1.00% | N/A |
RCRFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 2.00% | N/A |
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
RCRFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 45.00% | 4.00% | 180.00% | 34.69% |
RCRFX | Category Low | Category High | RCRFX % Rank | |
---|---|---|---|---|
Dividend Yield | 6.61% | 0.00% | 11.13% | 77.61% |
RCRFX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
RCRFX | Category Low | Category High | RCRFX % Rank | |
---|---|---|---|---|
Net Income Ratio | 2.04% | 1.77% | 9.82% | 98.83% |
RCRFX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Date | Amount | Type |
---|---|---|
Sep 30, 2024 | $0.048 | OrdinaryDividend |
Aug 30, 2024 | $0.052 | OrdinaryDividend |
Jul 31, 2024 | $0.057 | OrdinaryDividend |
Jun 28, 2024 | $0.040 | OrdinaryDividend |
May 31, 2024 | $0.052 | OrdinaryDividend |
Apr 30, 2024 | $0.058 | OrdinaryDividend |
Mar 28, 2024 | $0.042 | OrdinaryDividend |
Feb 29, 2024 | $0.051 | OrdinaryDividend |
Jan 31, 2024 | $0.056 | OrdinaryDividend |
Dec 28, 2023 | $0.057 | OrdinaryDividend |
Nov 30, 2023 | $0.060 | OrdinaryDividend |
Oct 31, 2023 | $0.063 | OrdinaryDividend |
Sep 29, 2023 | $0.053 | OrdinaryDividend |
Aug 31, 2023 | $0.056 | OrdinaryDividend |
Jul 31, 2023 | $0.062 | OrdinaryDividend |
Jun 30, 2023 | $0.056 | OrdinaryDividend |
May 31, 2023 | $0.061 | OrdinaryDividend |
Apr 28, 2023 | $0.052 | OrdinaryDividend |
Mar 31, 2023 | $0.057 | OrdinaryDividend |
Feb 28, 2023 | $0.058 | OrdinaryDividend |
Jan 31, 2023 | $0.029 | OrdinaryDividend |
Dec 29, 2022 | $0.048 | OrdinaryDividend |
Nov 30, 2022 | $0.044 | OrdinaryDividend |
Oct 31, 2022 | $0.034 | OrdinaryDividend |
Sep 30, 2022 | $0.029 | OrdinaryDividend |
Aug 31, 2022 | $0.028 | OrdinaryDividend |
Jul 29, 2022 | $0.024 | OrdinaryDividend |
Jun 30, 2022 | $0.021 | OrdinaryDividend |
May 31, 2022 | $0.018 | OrdinaryDividend |
Apr 29, 2022 | $0.014 | OrdinaryDividend |
Mar 31, 2022 | $0.014 | OrdinaryDividend |
Feb 28, 2022 | $0.012 | OrdinaryDividend |
Jan 31, 2022 | $0.016 | OrdinaryDividend |
Dec 30, 2021 | $0.009 | OrdinaryDividend |
Nov 30, 2021 | $0.011 | OrdinaryDividend |
Oct 29, 2021 | $0.010 | OrdinaryDividend |
Sep 30, 2021 | $0.030 | OrdinaryDividend |
Aug 31, 2021 | $0.018 | OrdinaryDividend |
Jul 30, 2021 | $0.017 | OrdinaryDividend |
Jun 30, 2021 | $0.018 | OrdinaryDividend |
May 28, 2021 | $0.014 | OrdinaryDividend |
Apr 30, 2021 | $0.015 | OrdinaryDividend |
Mar 31, 2021 | $0.015 | OrdinaryDividend |
Feb 26, 2021 | $0.014 | OrdinaryDividend |
Jan 29, 2021 | $0.014 | OrdinaryDividend |
Dec 30, 2020 | $0.014 | OrdinaryDividend |
Nov 30, 2020 | $0.020 | OrdinaryDividend |
Oct 30, 2020 | $0.021 | OrdinaryDividend |
Sep 30, 2020 | $0.022 | OrdinaryDividend |
Aug 31, 2020 | $0.022 | OrdinaryDividend |
Jul 31, 2020 | $0.022 | OrdinaryDividend |
Jun 30, 2020 | $0.022 | OrdinaryDividend |
May 29, 2020 | $0.022 | OrdinaryDividend |
Apr 30, 2020 | $0.024 | OrdinaryDividend |
Mar 31, 2020 | $0.020 | OrdinaryDividend |
Feb 28, 2020 | $0.023 | OrdinaryDividend |
Jan 31, 2020 | $0.026 | OrdinaryDividend |
Dec 30, 2019 | $0.025 | OrdinaryDividend |
Dec 16, 2019 | $0.001 | CapitalGainShortTerm |
Dec 16, 2019 | $0.000 | CapitalGainLongTerm |
Nov 29, 2019 | $0.024 | OrdinaryDividend |
Oct 31, 2019 | $0.025 | OrdinaryDividend |
Sep 30, 2019 | $0.030 | OrdinaryDividend |
Aug 30, 2019 | $0.027 | OrdinaryDividend |
Jul 31, 2019 | $0.028 | OrdinaryDividend |
Jun 28, 2019 | $0.017 | OrdinaryDividend |
May 31, 2019 | $0.031 | OrdinaryDividend |
Apr 30, 2019 | $0.032 | OrdinaryDividend |
Mar 29, 2019 | $0.019 | OrdinaryDividend |
Feb 28, 2019 | $0.028 | OrdinaryDividend |
Jan 31, 2019 | $0.025 | OrdinaryDividend |
Dec 28, 2018 | $0.027 | OrdinaryDividend |
Dec 17, 2018 | $0.003 | CapitalGainShortTerm |
Dec 17, 2018 | $0.109 | CapitalGainLongTerm |
Nov 30, 2018 | $0.030 | OrdinaryDividend |
Start Date
Tenure
Tenure Rank
Sep 30, 2016
5.67
5.7%
Edward L. Shugrue III is the portfolio manager for the RiverPark Floating Rate CMBS Fund. Mr. Mr. Shugrue graduated from the University of Pennsylvania in 1988 with a BA (honors) in Political Science and with a degree from the Wharton School of Business. Prior to joining RiverPark in November 2018, Mr. Shugrue served for 15 years as the CEO of Talmage (and its predecessors), an investment manager and special servicer in the CMBS and commercial mortgage loan industry with over $12 billion of relevant investment experience. From 1997 until 2003, Mr. Shugrue co-built one of the country's first commercial real estate mezzanine investment platforms in his capacity as the Chief Financial Officer of Sam Zell's Capital Trust, Inc. (now Blackstone Mortgage Trust). From 1991 to 1996, Mr. Shugrue was one of four people responsible for turning around, taking public and selling River Bank America, a New York bank. From 1988 through 1990, Mr. Shugrue was employed in the real estate group of Bear Stearns & Co. Inc. where he worked on principal, agency and securitization assignments. Mr. Shugrue is a former governor of the Commercial Mortgage Backed Securities Association. He is a lecturer at the Harvard Business School (where he wrote a case study) and the Stanford Graduate School of Business. He has also published articles regarding CMBS in numerous publications including PREA Quarterly and CRE Finance World.
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.09 | 21.18 | 6.06 | 3.25 |
Dividend Investing Ideas Center
Have you ever wished for the safety of bonds, but the return potential...
Dividend Investing Ideas Center
If you are reaching retirement age, there is a good chance that you...
Dividend Investing Ideas Center
If you are reaching retirement age, there is a good chance that you...