Fund Evaluator:
RiverPark Short Term High Yield Instl (RPHIX)
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Best Performing in High Yield Bond Over the Last Year
| 11.4% | Fidelity Capital & Income (FAGIX) |
| 10.5% | Fidelity Advisor Capital & Income Z (FIQTX) |
| 7.4% | American Beacon SiM High Yld Opps Inv (SHYPX) |
| 7.4% | Fidelity Advisor High Income Z (FGUMX) |
| 7.2% | Fidelity High Income (SPHIX) |
Fund Details
RiverPark Short Term High Yield Instl Overview
RiverPark Short Term High Yield Instl (RPHIX) is an actively managed Taxable Bond High Yield Bond fund. RiverPark Funds launched the fund in 2010.
The investment seeks high current income and capital appreciation consistent with the preservation of capital. Under normal circumstances, the fund will invest no less than 80% of its net assets (plus the amount of any borrowings for investment purposes) in high yield Securities rated BB or below by a Rating Agency or, if unrated, determined by Cohanzick to be of comparable quality. It will maintain a dollar-weighted average effective maturity of no more than three years.
About RiverPark Short Term High Yield Instl (RPHIX)
There are 2 members of the management team with an average tenure of 8.67 years: David Sherman (2010), Michael De Kler (2025). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and ICE BofA 1-3Y US Corp TR USD index with a weighting of 100%. RiverPark Short Term High Yield Instl has 62 securities in its portfolio. The top 10 holdings constitute 40.6% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
RiverPark Short Term High Yield Instl is part of the Fixed Income global asset class and is within the Taxable Bond fund group. RiverPark Short Term High Yield Instl has 0.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 18.2%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 47.9% (47.1% domestic bond, 0.7% foreign bond and 3.5% convertible bond). RiverPark Short Term High Yield Instl has 30.5% of the portfolio in cash.
Assets Under Management
The fund has $435 million in total assets, which is below the $545 million average for the High Yield Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
RPHIX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The RiverPark Short Term High Yield Instl expense ratio is high compared to funds in the High Yield Bond category. RiverPark Short Term High Yield Instl has an expense ratio of 0.96%, which is 5% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. RiverPark Short Term High Yield Instl has a portfolio turnover rate of 438%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 72% for the High Yield Bond category.
Recently, in the month of July 2026, RiverPark Short Term High Yield Instl returned 0.3%, which earned it a grade of A, as the High Yield Bond category had an average return of -0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
RiverPark Short Term High Yield Instl has a trailing yield of 3.77%, which is below the 6.28% category average. The fund normally distributes its income monthly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
RiverPark Short Term High Yield Instl Grades
Year to date, the fund has returned 2.1%, 0.5 percentage points better than the category, which translates into a grade of B. The fund has returned 4.2% over the past year (grade of D), 5.2% over the past three years (grade of F) and 4.4% per year over the past five years (grade of B) and 3.4% per year over the past 10 years (grade of F).
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RPHIX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| RPHIX Return (NAV) | 0.3% | 0.8% | 4.2% | 5.2% | 4.4% | 3.4% |
| RPHIX Grade | A | A | D | F | B | F |
| +/- Category | 0.6% | 0.3% | -0.7% | -2.4% | 0.7% | -1.4% |
| High Yield Bond Avg | -0.3% | 0.4% | 4.9% | 7.5% | 3.7% | 4.8% |
| RPHIX Tax Cost Ratio | na | na | 1.5% | 2.0% | 1.7% | 1.4% |
RPHIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| RPHIX Return (NAV) | 2.1% | 4.8% | 5.7% | 5.9% | 3.0% | 2.0% | 1.9% | 2.8% | 2.4% | 2.5% | 3.4% |
| RPHIX Grade | B | F | F | F | A | F | F | F | A | F | F |
| +/- Category | 0.5% | -3.1% | -1.9% | -6.0% | 13.0% | -3.0% | -3.3% | -10.3% | 5.1% | -4.2% | -10.0% |
| High Yield Bond Avg | 1.6% | 7.9% | 7.6% | 11.9% | -10.0% | 5.1% | 5.2% | 13.0% | -2.7% | 6.7% | 13.4% |
| Risk Measures | |
| Standard Deviation: | 0.5% |
| Total Risk Index: | 0.04 - Low |
| Category Risk Index: | 0.11 - Low |
| Category Risk Grade: | A (0% Rank) |
| Beta: | 0.02 |
| R-Squared: | 13% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 3.8% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $490 Mil |
| Fund Total Assets: | $ 435 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 438% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 15.8 years | |||
| Average Tenure: 8.7 years | |||
| Managers (Year): Sherman David (2010), De Kler Michael (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 62 |
| % in Top 10 Holdings: | 40.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.7% |
Portfolio Allocation |
|
| Domestic Stock: | 18.2% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 47.1% |
| Foreign Bond: | 0.7% |
| Convertible Bond: | 3.5% |
| Other: | 0.0% |
| Cash: | 30.5% |
Purchase Information
| Fund Family: | RiverPark Funds |
| Phone Number: | 888-564-4517 |
| Website: | www.riverparkfunds.com |
| Status: | Open |
| Inception Date: | September 30, 2010 |
| Min. Initial Purchase: | $50,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.96% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.92% |
| Share Class: | RiverPark Short Term High Yield Instl |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
