RiverPark Advisors, an investment advisory firm, and sponsor of the RiverPark family of mutual funds released its “RiverPark Large Growth Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. The fund returned 2.41% in the fourth quarter compared to a 7.56% return for the S&P 500 Total Return Index and a 2.20% return for the Russell 1000 Growth Total Return Index. In 2022, the fund declined by 47.37% compared to -18.11% and -29.14% fall for the S&P 500 and the Russell 1000 Growth Index, respectively. In addition, please check the fund’s top five holdings to know its best picks in 2022.
RiverPark Large Growth Fund highlighted stocks like NIKE, Inc. (NYSE:NKE) in the Q4 2022 investor letter. Headquartered in Beaverton, Oregon, NIKE, Inc. (NYSE:NKE) designs and develops athletic footwear, apparel, equipment, and accessories. On February 10, 2023, NIKE, Inc. (NYSE:NKE) stock closed at $122.23 per share. One-month return of NIKE, Inc. (NYSE:NKE) was -5.14%, and its shares lost 12.80% of their value over the last 52 weeks. NIKE, Inc. (NYSE:NKE) has a market capitalization of $189.525 billion.
RiverPark Large Growth Fund made the following comment about NIKE, Inc. (NYSE:NKE) in its Q4 2022 investor letter:
“NIKE, Inc. (NYSE:NKE) shares were a top contributor for 4Q as the company reported solid 2Q23 results and raised its annual guidance. Nike reported 17% revenue growth (27% on a currency neutral basis) and $0.85 EPS, both significantly greater than expectations. Management raised its F23 outlook to low teens currency-neutral revenue growth.
Nike is, by far, the leading athletic footwear, apparel, and equipment company in the world with over $46 billion in revenue, $6 billion in 2021 annual free cash flow, and over $4 billion of excess cash. We believe that the continued global secular growth trend towards active wear will continue to aid Nike’s top-line growth, while we expect gross and operating margin improvements as it shifts its product mix to more premium products and adopts a more direct to consumer approach, driving long-term mid-teens or higher annual EPS growth for the foreseeable future.”
NIKE, Inc. (NYSE:NKE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 70 hedge fund portfolios held NIKE, Inc. (NYSE:NKE) at the end of the third quarter, which was 72 in the previous quarter.
We discussed NIKE, Inc. (NYSE:NKE) in another article and shared the list of largest apparel companies in the world. In addition, please check out our hedge fund investor letters Q4 2022 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.
