RiverPark Advisors has launched the RiverPark Strategic Income Fund, an open-end mutual fund that seeks to deliver high current income and capital appreciation consistent with conservation of capital.
The new fund will be managed by Cohanzick Management, which also acts as subadvisor on the RiverPark Short Term High Yield Fund which recently closed to new investors and has gathered more than US$850 million in assets since its launch in 2010.
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The Cohanzick team will use a similar approach in managing RSIIX, applying their highly disciplined security selection process and focus on risk-management.
Cohanzick utilizes a bottom-up approach in analyzing business models, credit quality and bond covenants and is prepared to hold securities purchased to maturity.
The Strategic Income Fund will invest in investment grade and non-investment grade debt, preferred stock, convertible bonds, bank loans, and high yield bonds as well as income-producing equities. It will generally be managed for total return and seek to take advantage of areas that provide, in the adviser’s opinion, unique risk/return opportunities.
The maturity for the securities held in the fund is expected to average approximately 3-4 years.
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By GlobalDataDavid Sherman, portfolio manager and the founder and chief executive officer at Cohanzik, said: "In our view, there are opportunities to invest in situations where the market is not assessing risk appropriately and, therefore, represents an unusually attractive investment opportunity. We are looking to invest in ‘money good’ securities – where the enterprise value of the issuing company, using what we believe are conservative valuation metrics, exceeds the value of the senior and pari-passu debt."
