RiverPark just posted David's update
, which should download if you click on it, and we had a few minutes to chat at the end of his lunch hour.
- The fund is performing well. It's down 2.1% YTD. That compares to MINT at -4, Zeo at -10 and ultrashort bonds as a group at -3.8%.
- By its nature, Short Term High Yield is generating investable income for him every day. The "ultra short" part means that he doesn't have to sell portfolio holdings so much as letting them mature and be redeemed, which happens regularly. About 40% of the portfolio, $270 million, will rollover into cash in the next 30 days.
- He's buying. The nature of panics is that they favor folks with dry powder and a willingness to buy. He's picking up things that, under the right circumstances, are offering annualized returns of 7-50%.
- He's willing to talk with you. Both he and Morty Schaja have offered to join us on a conference call if that's something that might be useful and generate enough interest among board members / readers to justify the effort.
Let me know what you think. In particular, let me know what topics you'd want to hear about if a call occurs. As a caveat, there are likely to be some topics where David & Co. would be unable to comment for legal reasons.
By way of disclosure: I own shares of RPHYX and last week bought additional shares - as I did with most of my holdings - but we have no other financial ties with Cohanzick or RiverPark.
For what that's worth,