RiverPark Advisors, an investment advisory firm and sponsor of the RiverPark family of mutual funds released “The RiverPark/Next Century Growth Fund” Q4 2023 investor letter in partnership with Next Century Growth Investors, LLC. A copy of the same can be downloaded here. The fund returned 4.75% in the fourth quarter compared to a 12.75% return for the Russell 2000 Growth Total Return Index. The recent market rally highlights the significance of macroeconomic indicators and the Fed’s stance on interest rates. In addition, please check the fund’s top five holdings to know its best picks in 2023.
The RiverPark/Next Century Growth Fund featured stocks like Castle Biosciences, Inc. (NASDAQ:CSTL) in the fourth quarter 2023 investor letter. Based in Friendswood, Texas, Castle Biosciences, Inc. (NASDAQ:CSTL) is a molecular diagnostics company. On April 4, 2024, Castle Biosciences, Inc. (NASDAQ:CSTL) stock closed at $21.24 per share. One-month return of Castle Biosciences, Inc. (NASDAQ:CSTL) was 2.16%, and its shares lost 4.58% of their value over the last 52 weeks. Castle Biosciences, Inc. (NASDAQ:CSTL) has a market capitalization of $583.038 million.
The RiverPark/Next Century Growth Fund stated the following regarding Castle Biosciences, Inc. (NASDAQ:CSTL) in its fourth quarter 2023 investor letter:
“Castle Biosciences, Inc. (NASDAQ:CSTL) is a medical diagnostics company with a portfolio of tests addressing skin cancer, esophagus cancer, and mental health. CSTL is another name we have owned in the past, with our sale due to uncertainty regarding their acquisition activities. Since that time, their skin cancer franchise has continued to deliver solid volume growth and the acquisitions have turned out to be solid contributors to the growth of the business. The company remains under-penetrated in all their markets, so we believe growth should remain solid. Valuation has compressed significantly over the last three years, and we believe they have the balance sheet strength to continue driving growth while moving toward cash flow breakeven in 2025.”
A scientist in a lab examining a slide of uveal melanoma under a microscope.
Castle Biosciences, Inc. (NASDAQ:CSTL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Castle Biosciences, Inc. (NASDAQ:CSTL) was held by 22 hedge fund portfolios, compared to 15 in the previous quarter, according to our database. In addition, please check out our hedge fund investor letters Q4 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.
