RiverPark Advisors, an investment advisory firm and sponsor of the RiverPark family of mutual funds, released its “RiverPark Large Growth Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, markets performed poorly, and the S&P 500 index (“S&P”) and the Russell 1000 Growth Index (RLG) declined -3.27% and -3.13%, respectively and Institutional Class (RPX) declined -4.11%. Year to date, RPX has returned 26.59% compared to the SPX and the RLG’s 13.07% and 24.98% returns, respectively. In addition, please check the fund’s top five holdings to know its best picks in 2023.
RiverPark Advisors highlighted stocks like Intuit Inc. (NASDAQ:INTU) in the third quarter 2023 investor letter. Headquartered in Mountain View, California, Intuit Inc. (NASDAQ:INTU) provides business and financial management solutions. On November 16, 2023, Intuit Inc. (NASDAQ:INTU) stock closed at $556.95 per share. One-month return of Intuit Inc. (NASDAQ:INTU) was 9.89%, and its shares gained 46.54% of their value over the last 52 weeks. Intuit Inc. (NASDAQ:INTU) has a market capitalization of $156.09 billion.
RiverPark Advisors made the following comment about Intuit Inc. (NASDAQ:INTU) in its Q3 2023 investor letter:
“Intuit Inc. (NASDAQ:INTU): INTU was a top contributor in the third quarter following its fiscal 4Q23 earnings report where revenue, operating margins, and EPS all beat investor expectations. The company reported $2.7 billion of revenue and $1.65 of EPS, up 12% and 50%, respectively.
Given INTU’s less than 5% penetration of its $300 billion market, we believe the company can grow its top-line mid-teens, while improving on its high-margin business model of greater than 80% gross margins, and greater than 35% EBITDA margin, leading to high-teens EPS growth for the foreseeable future. At about 2% of revenue, the company also requires limited capital expenditures, producing significant and growing free cash flow, which INTU has used for acquisitions, a small dividend, debt repayment and stock buybacks.”
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Intuit Inc. (NASDAQ:INTU) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 86 hedge fund portfolios held Intuit Inc. (NASDAQ:INTU) at the end of second quarter which was 86 in the previous quarter.
We discussed Intuit Inc. (NASDAQ:INTU) in another article and shared Baron Technology Fund’s views on the company. In addition, please check out our hedge fund investor letters Q3 2023 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.
