RiverPark Advisors, an investment advisory firm and sponsor of the RiverPark family of mutual funds, released its “Long/Short Opportunity Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The fund returned 15.75% in the fourth quarter compared to an 11.69% return for the S&P 500 Total Return Index. For the year, the Fund was up 43.85% compared to a 26.29% index return. The macroeconomic factors drove the stock market in the fourth quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
RiverPark Long/Short Opportunity Fund featured stocks like Capital One Financial Corporation (NYSE:COF) in its Q4 2023 investor letter. Headquartered in McLean, Virginia, Capital One Financial Corporation (NYSE:COF) is a financial holding company. On April 2, 2024, Capital One Financial Corporation (NYSE:COF) stock closed at $144.41 per share. One-month return of Capital One Financial Corporation (NYSE:COF) was 6.39%, and its shares gained 52.27% of their value over the last 52 weeks. Capital One Financial Corporation (NYSE:COF) has a market capitalization of $54.932 billion.
RiverPark Long/Short Opportunity Fund stated the following regarding Capital One Financial Corporation (NYSE:COF) in its fourth quarter 2023 investor letter:
“Capital One Financial Corporation (NYSE:COF): Similarly, our short of COF was a top detractor this quarter after reporting better than expected third quarter earnings in October. Despite beating investor expectations, Net Charge Offs and card and auto delinquencies continue to rise toward pre-pandemic levels. We believe that government COVID transfer payments have propped up consumer balance sheets and, as the government money runs out, consumer lenders will have to contend with higher loan losses, but in the near term, lower interest rates have reduced the pressure on this stock.”
A smiling face of a customer as they make a deposit at this company’s branch.
Capital One Financial Corporation (NYSE:COF) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Capital One Financial Corporation (NYSE:COF) was held by 51 hedge fund portfolios, compared to 49 in the previous quarter, according to our database.
We discussed Capital One Financial Corporation (NYSE:COF) in another article and shared Jim Cramer’s stock recommendations. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
