Here’s Why RiverPark Funds Reinvested in Visa (V)

RiverPark Funds, an investment management company, released its “RiverPark Large Growth Fund” third quarter 2022 investor letter — a copy of which can be downloaded here. For the quarter, the RiverPark Large Growth Fund (the “Fund”) lost 3.3% – a bit better than the S&P 500 (-4.9% for the quarter) and about in line with the Russell 1000 Growth index (-3.6% for the quarter). Try to spare some time to check the fund’s top 5 holdings for you to have an idea about their best stock picks this 2022.

In its Q3 2022 investor letter, RiverPark Large Growth Fund mentioned Visa Inc. (NYSE:V) and explained its insights for the company. Founded in 1958, Visa Inc. (NYSE:V) is a San Francisco, California-based multinational financial services corporation with a $409.6 billion market capitalization. Visa Inc. (NYSE:V) delivered a -10.30% return since the beginning of the year, while its 12-month returns are down by -16.15%. The stock closed at $194.38 per share on October 25, 2022.

Here is what RiverPark Large Growth Fund has to say about Visa Inc. (NYSE:V) in its Q3 2022 investor letter:

“We reinitiated a small position in Visa, which we had previously owned for years (selling out of the position at higher levels in February). We continue to believe that the long-term secular growth trend towards digital payments remains intact and has been further enhanced by the COVID crisis. The growth in debit cards, contactless payments, e-commerce, and now, buynow-pay-later (BNPL), are all driving digital payment penetration, and we continue to be impressed with the long-term growth potential of V (and our other payment holdings Mastercard, Adyen, and PayPal).”

Our calculations show that Visa Inc. (NYSE:V) ranks 5th on our list of the 30 Most Popular Stocks Among Hedge Funds. Visa Inc. (NYSE:V) was in 166 hedge fund portfolios at the end of the second quarter of 2022, compared to 159 funds in the previous quarter. Visa Inc. (NYSE:V) delivered a -8.52% return in the past 3 months.

In October 2022, we also shared another hedge fund’s views on Visa Inc. (NYSE:V) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q3 page.

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Disclosure: None. This article is originally published at Insider Monkey.