Trenchless Fund ETF
RVER
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ROIC.AI
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- The Trenchless Fund (NYSE Arca: RVER) is an actively managed exchange-traded fund that seeks capital appreciation by investing primarily in U.S.-listed equity securities selected for their above-average probability of outperforming the S&P 500 Index over various time horizons. River1 Asset Management LLC serves as sub-advisor, employing a Growth at a Reasonable Price (GARP) strategy that eliminates legacy index stocks unlikely to outperform due to low growth, high valuations relative to growth potential, or weak balance sheets; the fund then focuses on 12-25 growth stocks with reasonable earnings multiples and low risk to earnings or re-rating potential, resulting in holdings across sectors such as financials, communication services, information technology, consumer discretionary, health care, industrials, and energy, with top positions including Meta Platforms Inc., Novo Nordisk A/S, Amazon.com Inc., Eli Lilly and Company, Alphabet Inc., and others comprising approximately 66-75% of assets. The fund, issued by Advisor Managed Portfolios and with Sound Capital Solutions LLC as advisor, targets individual investors, family offices, and institutions with a non-diversified portfolio of 20-30 holdings; it has approximately $90-100 million in assets under management, a net expense ratio of 0.65-0.66%, and operates in developed North American markets. Launched with an inception date of October 3, 2023, the fund is headquartered in Milwaukee, Wisconsin, through River1 Asset Management LLC at 210 W Becher St, where co-portfolio managers Tony Tagliapietra (CEO with over 25 years in financial services, including institutional equity trading at Baird and CIO for a Wisconsin family office) and Rob Haugen (CIO with experience in options market making, quantitative trading at Baird, and family office investing) lead operations following their cumulative 50+ years in public markets. Recent developments include the fund surpassing $90 million in assets under management as of mid-2025 amid portfolio adjustments to maintain sector balance and top holdings in high-conviction growth names; River1 Asset Management, founded in 2024, continues to expand its discretionary management of the ETF as its sole investment company client with $60.7 million in reported AUM as of early 2025, reflecting steady institutional ownership growth including from Harbour Investments Inc.