RiverPark Funds, an investment management company, released its “RiverPark Large Growth Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. The second quarter was extremely difficult for the fund which returned -34%. Year to date, the fund returned -47%. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
RiverPark Funds discussed stocks like Alphabet Inc. (NASDAQ:GOOG) in the second quarter investor letter. Alphabet Inc. (NASDAQ:GOOG) is a multinational technology company headquartered in Mountain View, California. On September 20, 2022, Alphabet Inc. (NASDAQ:GOOG) stock closed at $101.83 per share. One-month return of Alphabet Inc. (NASDAQ:GOOG) was -11.22% and its shares lost 27.75% of their value over the last 52 weeks. Alphabet Inc. (NASDAQ:GOOG) has a market capitalization of $1.323 trillion.
Here is what RiverPark Funds specifically said about Alphabet Inc. (NASDAQ:GOOG) in its Q2 2022 investor letter:
“Alphabet Inc. (NASDAQ:GOOG) is often described as the “Backbone of the Internet” given its dominance across a multitude of categories from search (87% US market share), to video (YouTube), to mobile operating systems (Android – 71% global market share), and now to cloud (although the number 3 player to Amazon and Microsoft, Google’s cloud business has been growing at a +40% rate for several years and is currently at a run rate of over $23 billion in revenue).
Alphabet’s vast array of businesses can be divided into three main segments: Advertising, Cloud, and “Moonshots.” In advertising, Google’s scale is hard to fathom as the company completes over 2 trillion search requests each year – about 8.5 billion per day13 , while also hosting the world’s most popular video platform (YouTube boasts over 2 billion monthly users), managing the world’s most popular browser (Chrome, 64% market share) and hosting the most popular Map and email (Gmail) applications. The company generated nearly 30% of all global digital advertising in 2021, while still growing its overall ad dollars at an impressive 22% 4-year CAGR. The company’s advertising business is extremely profitable generating a 39% operating margin (45% margin excluding stock compensation) in 2021.
In Cloud, the company has quickly gown into a $23 billion run rate business with a 10% market share behind only AWS and Microsoft’s Azure in a market that is forecasted to grow to nearly $2 trillion by 2032. Alphabet is taking a slightly different approach to its larger two competitors creating an open platform of services and applications that can be easily usable across different cloud providers. Many believe this approach will be particularly appealing for larger organizations with massive amounts of cloud data that will not want to be siloed into a single cloud platform. …” (Click here to read the full text)
Alphabet Inc. (NASDAQ:GOOG) is in 6th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 153 hedge fund portfolios held Alphabet Inc. (NASDAQ:GOOG) at the end of the second quarter which was 160 in the previous quarter.
We discussed Alphabet Inc. (NASDAQ:GOOG) in another article and shared the list of stocks in the portfolio of billionaire Chris Rokos. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.