Hedge Fund
RiverPark Long/short Opportunity Fund - Q1 2012 Commentary
March 2012 - Hedge Fund
Welcome to the RiverPark Long/Short Opportunity Fund
We are excited to introduce you to the RiverPark Long/Short Opportunity Fund.
As this is our first investor letter as a mutual fund, we want to review with you the Fund’s investment strategy, the advantages of our conversion to a mutual fund, our investment process, and our portfolio construction.
We also review our recent performance and current exposure.
We first launched this Fund as a traditional hedge fund/partnership on October 1, 2009. We converted the Fund to an open-end mutual fund on March 31, 2012.
Since inception through March 31, 2012 (and net of all fees), the Fund has returned 39.7%. This compares with a 40.3% total return for the S&P 500 and a return of 7.4% for the Morningstar Long/Short Equity index during this period.
During this time, the Fund had an average gross exposure of 156.6% and a net exposure of 55.1% (105.9% long, 50.7% short).
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