The RiverPark/Wedgewood Fund, a large cap, open-end growth equity fund sponsored by RiverPark Advisors and sub-advised by Wedgewood Partners, has reached USD1bn in assets under management as of 21 June.
"We introduced the RiverPark Fund family in October 2010 into a highly uncertain market environment. For the RiverPark/Wedgewood fund to reach USD1bn in assets under management well before its three-year anniversary is a true testament to the great work our friends at Wedgewood Partners have done on behalf of their investors over the last 21 years," says Morty Schaja, chief executive officer and co-founder of RiverPark.
The RiverPark/Wedgewood Fund is managed by David Rolfe, chief investment officer at St. Louis, Missouri-based Wedgewood Partners.
The fund seeks to make investments in about 20 to 22 companies, with market capitalisations in excess of USD5bn, which it believes have above-average growth prospects, and that are market leaders with long-term sustainable competitive advantages. While Wedgewood invests in growth companies, it believes that valuation is the key to generating attractive returns over the long-term, with portfolio manager Rolfe seeking to acquire "great businesses at attractive prices." Unlike many growth investors, Wedgewood is not a momentum investor but rather a contrarian growth investor, with portfolio turnover that generally experiences less than 25 per cent annually.
RiverPark uses a mix of in-house portfolio managers and sub-advisors to oversee its funds.
"Over the years, I have come to know great managers with unique investment approaches and long-term track records, and they have become terrific partners for our sub-advised funds," Schaja says. "Through the RiverPark funds, these strategies are becoming available to some investors for the first time. It has been gratifying to see the acceptance from both financial advisors and their clients."
As of 21 June, RiverPark had approximately USD1.9bn in assets under management. In addition to the RiverPark/Wedgewood Fund, RiverPark funds include the RiverPark Large Growth Fund, the RiverPark Long/Short Opportunity Fund, the RiverPark/Gargoyle Hedged Value Fund and the RiverPark Short Term High Yield Fund.