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 Starbucks Corporation (NASDAQ:SBUX) in the third quarter 2023 investor letter. Headquartered in Seattle, Washington, Starbucks Corporation (NASDAQ:SBUX) roasts, markets, and sells specialty coffee. On November 16, 2023, Starbucks Corporation (NASDAQ:SBUX) stock closed at $107.21 per share. One-month return of Starbucks Corporation (NASDAQ:SBUX) was 13.82%, and its shares gained 9.45% of their value over the last 52 weeks. Starbucks Corporation (NASDAQ:SBUX) has a market capitalization of $122.498 billion.
RiverPark Advisors made the following comment about Starbucks Corporation (NASDAQ:SBUX) in its Q3 2023 investor letter:
“Starbucks Corporation (NASDAQ:SBUX): SBUX is the premier roaster, marketer and retailer of specialty coffee in the world, operating in 83 markets. Through its more than 36,000 global stores (roughly 50% operated and 50% licensed) the company offers handcrafted coffee, tea and other beverages and a variety of food items. SBUX also sells a variety of packaged coffee and tea products and licenses its trademarks through other channels such as grocery and foodservice through a Global Coffee Alliance with Nestlé. In addition to its flagship Starbucks Coffee brand, the company sells goods and services under the brands Teavana, Seattle’s Best Coffee, Ethos, Starbucks Reserve and Princi.
SBUX’s recently appointed CEO (March 2023), Narasimhan Laxman, reiterated the company’s long-term plans for 10-12% revenue growth and 15-20% EPS growth while reporting fiscal 3Q23 earnings. Revenue will be driven by a combination of factors including unit growth, higher food “attach” rates (more food sold per cup of coffee), equipment innovation to speed throughput, and delivery expansion. In addition to the leverage of higher revenue across the company’s fixed asset base, SBUX sees margin expansion from supply chain management opportunities and procurement efficiencies. We initiated a small position in August.”
A barista pouring freshly brewed coffee from an espresso machine to a cup in a bustling cafe.
Starbucks Corporation (NASDAQ:SBUX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 59 hedge fund portfolios held Starbucks Corporation (NASDAQ:SBUX) at the end of second quarter which was 69 in the previous quarter.
We discussed Starbucks Corporation (NASDAQ:SBUX) in another article and shared the list of best S&P 500 stocks to buy according to Bridgewater Associates. 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.
