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 Booking Holdings Inc. (NASDAQ:BKNG) in the third quarter 2023 investor letter. Headquartered in Norwalk, Connecticut, Booking Holdings Inc. (NASDAQ:BKNG) provides online travel and restaurant booking services. On November 16, 2023, Booking Holdings Inc. (NASDAQ:BKNG) stock closed at $3,128.85 per share. One-month return of Booking Holdings Inc. (NASDAQ:BKNG) was 13.50%, and its shares gained 61.26% of their value over the last 52 weeks. Booking Holdings Inc. (NASDAQ:BKNG) has a market capitalization of $109.165 billion.
RiverPark Advisors made the following comment about Booking Holdings Inc. (NASDAQ:BKNG) in its Q3 2023 investor letter:
“Booking Holdings Inc. (NASDAQ:BKNG): BKNG was a top contributor in the quarter following better than expected bookings, revenue and profit margins in the company’s 2Q driven by strong summer travel demand. BKNG reported $40 billion of bookings, $5.5 billion of revenue, and 23% EBITDA margins, which were $1.5 billion, $300m, and two percentage points ahead of expectations, respectively. In addition to strong summer demand, management pointed to continued strength in leisure travel (they raised travel booking guidance for the remainder of the year), building momentum in its alternative accommodation business and improvement in marketing efficiency.
Booking is the world’s leader in online travel, operating in 200 countries with brands including Booking.com, priceline.com, agoda.com, Kayak, Rentalcars.com and OpenTable. The company has been a dominant on-line travel agency for more than a decade with a high-margin business model that requires limited capital expenditures, typically less than 3% of revenue, producing $6.2 billion of free cash flow for 2022 and $7.2 billion expected for 2024. The company has used its free cash flow for episodic acquisitions as well as to return cash to shareholders. BKNG is well positioned in travel as the largest player in online lodging bookings and the second largest player in alternative accommodations.”
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Booking Holdings Inc. (NASDAQ:BKNG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 78 hedge fund portfolios held Booking Holdings Inc. (NASDAQ:BKNG) at the end of second quarter which was 77 in the previous quarter.
We discussed Booking Holdings Inc. (NASDAQ:BKNG) in another article and shared the list of best cheap growth stocks to buy. 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.
