RiverPark Long/Short Opportunity Fund Q4 Investor Letter

RiverPark recently published investor letters to discuss the performance of its funds for the fourth quarter and the full-year 2017. The RiverPark Long/Short Opportunity Fund returned 2.2%, compared to 3.5% by the Morningstar L/S Equity Category and 6.6% by the S&P 500 Total Return Index during the quarter. For the full-year 2017, the fund returned 22.1%, while the Morningstar L/S Equity Category returned 10.7%, and the S&P 500 Total Return Index retuned 21.8% for the year.

Although we took profits in many of our better performing holdings during the quarter and throughout the year (including some of our top performers such as Align Technologies, Alphabet, Amazon, Facebook, Blackrock and many others), we also added to other positions that underperformed their fundamentals during the quarter (such as Adidas, Schlumberger, Ulta Beauty and Blackstone) and added several new names to the portfolio (including Cabot Oil & Gas, United Healthcare, IQVIA Holdings and Northrop Grumman), the fund said in the investor letter.

RiverPark believes that the newly-enacted corporate tax reform would provide a “substantial and positive lift to both earnings and free cash flow” throughout its long book during 2018 and beyond.

You can download a copy of the letter here.