I had a very pleasant, though short, conversation with David Sherman today. They've filed a reopening notice (technically, a 497 / Material Change notice) with the SEC today. Fund assets peaked north of $900 million, they closed and now assets are down to $700 million or so. That's manageable, so they reopened. David speculates that the outflows are FOMO-driven; every time the stock market hits a new high, investors yank more cash from the fund.
RPHYX had the distinction of having the highest Sharpe ratio of any fund in existence for years. It's a low volatility / low risk fund that's best used as a strategic cash fund. (I've owned it for a long time and use it in lieu of a savings account.) It has averaged 3.1% annually with a maximum drawdown, lifetime, of 0.6%. David's current reading of the market, bond as much as equity, is that it's time to maximum caution and his funds are positioned commensurately.
Morningstar calls it a high-yield fund, which is silly (it's correlation to the group is about .6) but unavoidable given the categories available to them. Lipper classifies it as short-term high-yield, which is fair. It's a Great Owl.