RiverPark Advisors, an investment advisory firm and sponsor of the RiverPark family of mutual funds, released its “RiverPark Large Growth Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, markets performed poorly, and the S&P 500 index (“S&P”) and the Russell 1000 Growth Index (RLG) declined -3.27% and -3.13%, respectively and Institutional Class (RPX) declined -4.11%. Year to date, RPX has returned 26.59% compared to the SPX and the RLG’s 13.07% and 24.98% returns, respectively. In addition, please check the fund’s top five holdings to know its best picks in 2023.
RiverPark Advisors highlighted stocks like Eli Lilly and Company (NYSE:LLY) in the third quarter 2023 investor letter. Headquartered in Indianapolis, Indiana, Eli Lilly and Company (NYSE:LLY) is a pharmaceutical company. On November 16, 2023, Eli Lilly and Company (NYSE:LLY) stock closed at $588.75 per share. One-month return of Eli Lilly and Company (NYSE:LLY) was -0.35%, and its shares gained 63.19% of their value over the last 52 weeks. Eli Lilly and Company (NYSE:LLY) has a market capitalization of $558.905 billion.
RiverPark Advisors made the following comment about Eli Lilly and Company (NYSE:LLY) in its Q3 2023 investor letter:
“Eli Lilly and Company (NYSE:LLY): LLY discovers, develops, manufactures, and markets pharmaceuticals. The company manufactures and distributes products through facilities in the United States and seven other countries and sells into 110 countries. The company has a broad and deep portfolio of products including a focus on diabetes, oncology, immunology, and neuroscience. More recently, LLY’s obesity drug Mounjaro, has delivered revenue growth acceleration, and investors are optimistic that the company’s Alzheimer drug, currently in trials, will add to that growth in the future.
LLY has a stable portfolio of franchise products that enables it to invest heavily in its product pipeline. We believe that this combination of franchise and growth products will drive high teens revenue growth and a four-fold increase in free cash flow in the next five years. We initiated a small position in August.”
A group of medical professionals in a laboratory environment, examining a biopharmaceutical drug candidate.
Eli Lilly and Company (NYSE:LLY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 87 hedge fund portfolios held Eli Lilly and Company (NYSE:LLY) at the end of second quarter which was 72 in the previous quarter.
We discussed Eli Lilly and Company (NYSE:LLY) in another article and shared latest stock picks in Ken Fisher’s investment portfolio. In addition, please check out our hedge fund investor letters Q3 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.
