RiverPark Advisors, an investment advisory firm and sponsor of the RiverPark family of mutual funds, released its “RiverPark Large Growth Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. During the first quarter, the markets performed strongly. The Russell 1000 Growth Index (RLG) and the S&P 500 index returned 11.41% and 10.56%, respectively during the quarter and RPX returned 9.20%. The monthly inflation readings in the first quarter exceeded market expectations. A couple of megatrends that drove the markets higher were GLP-1 weight loss drugs and everything related to artificial intelligence (AI). In addition, please check the fund’s top five holdings to know its best picks in 2024.
RiverPark Large Growth Fund highlighted stocks like Apple Inc. (NASDAQ:AAPL), in the first quarter 2024 investor letter. Apple Inc. (NASDAQ:AAPL) an American multinational company that designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories. The one-month return Apple Inc. (NASDAQ:AAPL) was 10.55%, and its shares gained 6.22% of their value over the last 52 weeks. On May 30, 2024, Apple Inc. (NASDAQ:AAPL) stock closed at $191.29 per share with a market capitalization of $2.933 trillion.
RiverPark Large Growth Fund stated the following regarding Apple Inc. (NASDAQ:AAPL) in its first quarter 2024 investor letter:
“Apple Inc. (NASDAQ:AAPL): Apple shares were a top detractor in the quarter. The company’s stock was pressured by negative news items including a government antitrust case, an Apple Watch patent dispute, and slowing China iPhone sales. Ultimately the company’s fiscal 1Q24 earnings report delivered a slightly better than expected quarter, but with guidance that disappointed investors. 1Q24 revenue and gross margin were better than feared, buoyed by stronger than expected worldwide iPhone sales which grew 6% despite a slight decline in China iPhone sales. Services revenue in the quarter was as expected and signaled the third quarter in a row of accelerating growth. Gross margins were also stronger than expected at 45.9%, the highest level in more than a decade. Guidance of $90 billion of revenue for 2Q24 was light however, due to weaker than expected iPhone sales in the current period and year-over-year declines in other hardware products facing difficult year-over year comps.
Although near-term trends are a bit muted, Apple is carrying lean inventory into an iPhone refresh cycle later this year. With an installed base of 2.2 billion active devices and significant growth of the company’s recurring revenue Services segment, we believe that Apple remains one of the most innovative, best positioned and most profitable companies in the mobile technology industry.”
An Apple store displaying the latest in consumer electronics, from smartphones to wearables.
Apple Inc. (NASDAQ:AAPL) is in 10th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 150 hedge fund portfolios held Apple Inc. (NASDAQ:AAPL) at the end of the first quarter which was 131 in the previous quarter. Apple Inc.’s (NASDAQ:AAPL) trailing 12-month revenue is $381.62 billion and its year over year quarterly revenue growth rate is -4.30%.
In another article, we discussed Apple Inc. (NASDAQ:AAPL) and shared the list of best Dow stocks to buy according to hedge funds. Aristotle Atlantic’s Focus Growth Strategy discussed Apple Inc. (NASDAQ:AAPL) in its latest investor letter. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
If you are looking for an AI stock that is as promising as Microsoft but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.
