IPOE - RiverPark Long/Short Opportunity Fund Q1 2021 Investor Letter

• RiverPark Long/Short Opportunity seeks long-term capital appreciation while managing downside volatility by investing long in equity securities that RiverPark Advisors, LLC, the Fund's investment adviser, believes have above-average growth prospects and selling short equity securities the Adviser believes are competitively disadvantaged over the long term.
• The fund had a difficult start to the year, losing 2.3% for the quarter. While our long book generated contribution of 3.9%, despite the sell-off in many growth names, our shorts detracted from performance by 5.2%. Our first quarter performance compares with a 5.0% gain for the Morningstar Long/Short Equity Category and a 7.4% return for the HFRI Equity Hedge Fund Index for the period.
• We were also excited to add seven new positions to our portfolio: Charles Schwab, Square, UnitedHealth Group, Booking Holdings, Zillow Group, Snowflake and Farfetch.

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