RiverPark Advisors, an investment advisory firm and sponsor of the RiverPark family of mutual funds, released its “RiverPark Large Growth Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, markets performed well, and the S&P 500 index (“S&P”) and the Russell 1000 Growth Index returned 8.7% and 12.8%, respectively. The RiverPark Large Growth Fund Institutional and Retail shares also performed well in the quarter returning, 13.2% and 13.2%, respectively. The macroeconomic environment continued to support the portfolio beyond the company-specific news. In addition, please check the fund’s top five holdings to know its best picks in 2023.
RiverPark Large Growth Fund highlighted stocks like Meta Platforms, Inc. (NASDAQ:META) in the second quarter 2023 investor letter. Headquartered in Menlo Park, California, Meta Platforms, Inc. (NASDAQ:META) is a technology company that develops products to connect people. On September 5, 2023, Meta Platforms, Inc. (NASDAQ:META) stock closed at $300.15 per share. One-month return of Meta Platforms, Inc. (NASDAQ:META) was -1.66%, and its shares gained 87.14% of their value over the last 52 weeks. Meta Platforms, Inc. (NASDAQ:META) has a market capitalization of $772.334 billion.
RiverPark Large Growth Fund made the following comment about Meta Platforms, Inc. (NASDAQ:META) in its Q2 2023 investor letter:
“Meta Platforms, Inc. (NASDAQ:META): META shares, continuing their rebound, were the top contributor for the second quarter. The company reported 1Q23 results, beating revenue expectations and lowering guidance for operating expenses and capital expenditures, while increasing revenue expectations.
META owns multiple social media platforms, each with more than one billion users, has an 80% gross margin, and generated $20 billion of FCF in 2022. Both its Facebook and its Instagram franchises have more than 2 billion Daily Active Users and generate the bulk of the company’s revenue. Recently, the company’s short form video offering, Reels, has gained mass user engagement and growing advertiser adoption, which we believe will return the company to strong revenue and free cash flow growth. After its advance, META shares trade at 19x Wall Street’s consensus estimates for 2024 EPS, estimates that we think could prove to be too low.”
Photo by Timothy Hales Bennett on Unsplash
Meta Platforms, Inc. (NASDAQ:META) is in 4th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 225 hedge fund portfolios held Meta Platforms, Inc. (NASDAQ:META) at the end of second quarter which was 220 in the previous quarter.
We discussed Meta Platforms, Inc. (NASDAQ:META) in another article and shared the list of biggest generative AI companies in the world. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- Top 25 Spice Producing Countries in the World
- 10 Biggest Social Media Companies In Asia
- 20 Most Addictive Foods According to Science
Disclosure: None. This article is originally published at Insider Monkey.
