RiverPark Focused Value Fund Q2’18 Investor Letter

RiverPark recently released investor letters to discuss the performance of its funds – River Park Focused Value, River Park Growth Fund, River Park High Yield Fund, and River Park Opportunity Fund – during the second quarter of 2018.

In the second quarter, the River Park Focused Value Fund returned 2.47%, compared to the total return of 1.18% by the Russell 1000 Value Index and the total return of 3.43% by the S&P 500 Index, according to the fund’s Q2 investor letter – you can download a copy below.

During the quarter, the Focused Value Fund initiated new positions in Cigna Corp. (CI) and LKQ Corp. (LKQ), and eliminated positions in Las Vegas Sands Corp. (LVS) and Liberty Latin America Ltd. (LILA), according to the letter.

David Berkowitz, the portfolio manager and co-chief investment officer, said in the letter:

Investment returns for the second quarter were strong on both an absolute and a relative basis as we recovered much of our underperformance from the first quarter of this year. While the stock market as a whole has been in an upward trend for most of the past nine years, we are still able to find companies that we believe are significantly undervalued and have the potential to deliver substantial absolute and relative returns from current levels.

You can download a copy of the Focused Value Fund Q2 investor letter here.