23
Morningstar FundInvestor
May 2
013
Morningstar Analyst Rating
01-16-13
´
Morningstar Pillars
Process
Performance
People
Parent
Price
¶
§
Positive
Positive
Positive
Neutral
Negative
Morningstar Analyst Rating
Morningstar evaluates mutual funds based on five key pillars, which
its analysts believe lead to funds that are more likely to outperform
over the long term on a risk-adjusted basis.
Analyst Rating Spectrum
Œ „ ´ˇ ¨
Pillar Spectrum
Positive
§
Negative
¶
Neutral
NAV
14.46
11.38
10.75
. . . . . . . . .
Total Return %
5.01
21.38
5.86
. . . . . . . . .
+/-S&P 500
-7.73
5.38
3.75
. . . . . . . . .
+/-Russ 1000Gr
-6.86
6.12
3.22
. . . . . . . . .
Income Return %
0.00
0.00
0.00
. . . . . . . . .
Capital Return %
5.01
21.38
5.86
. . . . . . . . .
Total Rtn % Rank Cat
98
5
2
. . . . . . . . .
Income $
0.00
0.00
0.01
. . . . . . . . .
Capital Gains $
0.00
0.00
0.00
. . . . . . . . .
Expense Ratio %
.
1.25
1.25
. . . . . . . . .
Income Ratio %
.
-0.64
-0.78
. . . . . . . . .
Turnover Rate %
.
24
48
. . . . . . . . .
Net Assets $mil
219
175
31
. . . . . . . . .
Performance
04-30-13
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Total
2009
2010
2011
2012
2013
. . . . .
. . .
7.63
.
6.14 -0.35
-9.41 10.49
5.86
18.19 -5.13
8.31 -0.05 21.38
5.66
. . . .
*
Trailing
Total
+/-
+/- Russ %Rank Growth of
Return% S&P 500 1000Gr
Cat
$10,000
3 Mo
6 Mo
1 Yr
3 Yr Avg
5 Yr Avg
10 Yr Avg
15 Yr Avg
2.41 -4.77
-4.86
94 10,241
7.37 -7.05
-6.34
98 10,737
9.07 -7.82
-3.53
62 10,907
. . . . .
. . . . .
. . . . .
. . . . .
Tax Analysis
Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat
3 Yr (estimated)
5 Yr (estimated)
10 Yr (estimated)
. . . .
. . . .
. . . .
Potential Capital Gain Exposure: 12% of assets
Rating and Risk
Time Load-Adj
Morningstar
Morningstar
Morningstar
Period Return % Rtn vs Cat
Risk vs Cat
Risk-Adj Rating
1 Yr
9.07
3 Yr
. . . .
5 Yr
. . . .
10 Yr
. . . .
Incept
15.55
Other Measures
Standard Index
Best Fit Index
S&P 500
Alpha
.
.
Beta
.
.
R-Squared
.
.
Standard Deviation
.
Mean
.
Sharpe Ratio
.
Morningstar’s Take
by Dan Culloton 01-16-13
RiverPark/Wedgewood has kept up the pace.
This fund’s good record is short, but it’s not all there
is for this manager and strategy. David Rolfe and
Wedgewood Partners, who subadvise this fund for the
RiverPark funds, have a much longer and equally strong
track record running separate accounts, albeit gross of
fees, in the same concentrated growth style. In that
light, this fund’s nearly three-year record is no flash in
the pan.
Rolfe and his small team have been consistent at
both this fund and at the separate account. He runs a
relatively low-turnover portfolio of about 20 companies
with entrenched competitive positions that enable
them to generate above-average returns on invested
capital over the long term. That can be a risky strategy,
as the fund keeps about 60% of its assets in its top 10
holdings. Rolfe tries to mitigate peril by diversifying by
business model and only investing in companies he and
his team feel they know well enough from the bottom
up to want to own for the long term.
The fund can be slightly contrarian and eclectic. It’s
had Apple AAPL as a top holding since late 2008,
which is not unusual for a large-growth fund. The
fund, however, also mixes in less exciting fare like
Berkshire Hathaway BRK.B and mid-caps like
Expeditors International of Washington EXPD and
Monster Beverage MNST.
Apple has been the biggest contributor to the
results of this fund and the Wedgewood separate
accounts in recent years, but they’re not one-trick
ponies. Indeed, Apple’s 25% slide from Sept. 19, 2012,
through Jan. 13, 2013, has restrained the fund’s
returns, but its 1.3% gain during the period beats the
Russell 1000 Growth Index’s 0.35% rise and edges the
category’s by a few hundredths of a percent.
Strong-performing picks, such as biotech Gilead
Sciences GILD, radiation therapy firm Varian Medical
Systems VAR, and engine maker Cummins CMI, have
buoyed the fund. This is true to form. Rolfe has a
history of delivering decent risk-adjusted returns. This
fund charges a lot for his services, but it’s worth
considering.
Address:
156 West 56th Street, 17th Floor
New York, NY 10019
888-564-4517
Web Address:
Inception:
09-30-10
Advisor:
Riverpark Advisors, LLC
Subadvisor:
Wedgewood Partners, Inc.
NTF Plans:
Fidelity Retail-NTF, Schwab OneSource
Minimum Purchase:
$1000
Add: $100 IRA: $0
Min Auto Inv Plan:
$1000
Add: $50
Sales Fees:
No-load
Management Fee:
0.65%, 0.20%A
Actual Fees:
Mgt:0.65% Dist:
.
Expense Projections:
3Yr:$401
5Yr:$695 10Yr:$1532
Income Distribution:
Annually
Data through April 30, 2013
RiverPark/Wedgewood Retail
Ticker
Status Yield Total Assets
Mstar Category
RWGFX Open
0.0% $731 mil
Large Growth
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 04-13
Historical Profile
Return
Risk
Rating
Not Rated
Investment Style
Equity
Stock %
Manager Change
Partial Manager Change
Growth of $10,000
Investment Values of
Fund
Investment Values of
S&P 500
Performance Quartile
(within Category)
History
10.0
11.0
12.0
13.0
14.0
Portfolio Analysis
03-31-13
Share change since 02-13 Total Stocks:22 Sector
PE Tot Ret% % Assets
Apple Inc
Technology 10.6 -16.30 9.04
Qualcomm, Inc.
Technology 17.3 -0.02 6.28
Berkshire Hathaway Inc C
Finan Svs 16.9 18.53 6.13
Google, Inc. Class A
Technology 23.8 16.57 5.25
Express Scripts
Hlth care 34.1 9.94 5.23
EMC Corporation
Technology 18.3 -11.34 4.66
Stericycle, Inc.
Industrl
35.2 16.12 4.57
Cognizant Technology Sol
Technology 18.8 -12.29 4.38
Cummins Inc
Industrl
12.3 -1.35 4.08
Varian Medical Systems,
Hlth care 17.0 -7.26 3.96
Coach, Inc.
Cnsmr Cyc 16.3 6.58 3.81
Verisk Analytics, Inc.
Industrl
31.9 20.25 3.55
Visa, Inc.
Finan Svs 47.2 11.35 3.54
Expeditors International
Industrl
22.9 -9.15 3.53
Monster Beverage Corp
Cnsmr Def 30.3 6.74 3.38
Gilead Sciences Inc
Hlth care 30.9 37.89 3.35
Charles Schwab Corp
Finan Svs 24.6 18.52 3.35
Schlumberger NV
Energy
18.4 7.86 3.14
Priceline.com, Inc.
Cnsmr Cyc 25.2 12.19 3.10
National Oilwell Varco,
Energy
11.2 -4.39 3.02
Current Investment Style
Market Cap %
Giant
42.5
Large
33.9
Mid
23.5
Small
0.0
Micro
0.0
Avg $mil:
47,761
Value Blnd Growth
Large Mid Small
Value Measures
Rel Category
Price/Earnings
Price/Book
Price/Sales
Price/Cash Flow
Dividend Yield %
17.25
2.38
1.81
12.44
0.75
1.01
0.84
1.02
1.28
0.55
Growth Measures
% Rel Category
Long-Term Erngs
Book Value
Sales
Cash Flow
Historical Erngs
15.09
21.75
19.17
16.49
20.61
1.12
2.09
2.28
1.23
1.44
Profitability
% Rel Category
Return on Equity
Return on Assets
Net Margin
25.35
13.65
17.13
1.18
1.35
1.18
Sector
Weightings
% of
Stocks
Rel
S&P 500 High
3 Year
Low
Cyclical 24.52 0.85
BasicMat 0.00 0.00
. .
CnsmrCyc 7.42 0.86
. .
FinanSvs 17.10 1.09
. .
Real Est 0.00 0.00
. .
Sensitive 55.26 1.27
CommSrvs 0.00 0.00
. .
Energy 6.61 0.62
. .
Industrl 16.88 1.48
. .
Technlgy 31.77 1.81
. .
Defensive20.22 0.73
CnsmrDef 3.63 0.30
. .
Hlthcare 16.59 1.40
. .
Utilities 0.00 0.00
. .
h
r
t
y
u
j
i
o
p
a
k
s
d
f
Composition - Net
(% of Stock)
Cash
6.8
Stocks 93.2
Bonds 0.0
Other
0.0
Foreign 0.0
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2013Morningstar, Inc.All rights reserved. The information herein isnot represented orwarranted to be accurate, correct, complete or
timely. Pastperformance isnoguarantee of future results.Access updated reports at
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