RiverPark Fund’s Top Q2 Performer: Texas Pacific Land (TPL)

RiverPark Funds, an investment management firm, published its “RiverPark Wedgewood Fund” second quarter 2022 investor letter – a copy of which can be downloaded here. For the second quarter of 2022, the Fund declined by -17.4%. The S&P 500 Index declined by -16.1%. The Russell 1000 Growth Index declined by -20.9% while the Russell 1000 Value Index declined by -12.2%. Go over the fund’s top 5 positions to have a glimpse of its finest picks for 2022.

In its Q2 2022 investor letter, RiverPark Wedgewood Fund mentioned Texas Pacific Land Corporation (NYSE:TPL) and explained its insights for the company. Founded in 1888, Texas Pacific Land Corporation (NYSE:TPL) is a Dallas, Texas-based publicly traded real estate operating company with a $12.5 billion market capitalization. Texas Pacific Land Corporation (NYSE:TPL) delivered a 30.27% return since the beginning of the year, while its 12-month returns are up by 19.01%. The stock closed at $1,626.85 per share on September 26, 2022.

Here is what RiverPark Wedgewood Fund has to say about Texas Pacific Land Corporation (NYSE:TPL) in its Q2 2022 investor letter:

“Texas Pacific Land was a top contributor to performance during the second quarter. Revenue skyrocketed +75% as oil and gas royalties more than doubled. Most of this was driven by higher realized prices on the production of oil and gas on the Company’s acreage, but production of oil and gas also grew +23%.

The Company’s royalty interests span over 880,000 acres in West Texas. Most of this land is in the highly productive Delaware Basin of the Permian Basin. We expect that development activity will continue to grow at a rapid pace in this region, primarily driven by both domestic and multinational producers looking to maximize returns on increasingly scarce oil and gas capital expenditures.”

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Our calculations show that Texas Pacific Land Corporation (NYSE:TPL) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Texas Pacific Land Corporation (NYSE:TPL) was in 22 hedge fund portfolios at the end of the second quarter of 2022, compared to 19 funds in the previous quarter. Texas Pacific Land Corporation (NYSE:TPL) delivered a 5.73% return in the past 3 months.

In August 2022, we also shared another hedge fund’s views on Texas Pacific Land Corporation (NYSE:TPL) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q2 page.

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