RiverPark Advisors, an investment advisory firm and sponsor of the RiverPark family of mutual funds, released its “RiverPark Large Growth Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The Russell 1000 Growth Index (RLG) returned 14.16% and the S&P 500 index returned 11.69% during the fourth quarter of 2023, indicating a strong performance by the stock markets. RPX yielded a respectable 19.74% return as well. The S&P and RLG had annual returns of 26.29% and 42.68%, respectively. RPX gave back 51.57%. In addition, please check the fund’s top five holdings to know its best picks in 2023.
RiverPark Large Growth Fund featured stocks like Illumina, Inc. (NASDAQ:ILMN) in the fourth quarter 2023 investor letter. Headquartered in San Diego, California, Illumina, Inc. (NASDAQ:ILMN) is a life science tools and integrated systems manufacturer. On February 26, 2024, Illumina, Inc. (NASDAQ:ILMN) stock closed at $136.97 per share. One-month return of Illumina, Inc. (NASDAQ:ILMN) was -6.95%, and its shares lost 31.24% of their value over the last 52 weeks. Illumina, Inc. (NASDAQ:ILMN) has a market capitalization of $21.765 billion.
RiverPark Large Growth Fund stated the following regarding Illumina, Inc. (NASDAQ:ILMN) in its fourth quarter 2023 investor letter:
“Illumina, Inc. (NASDAQ:ILMN): Illumina was our only detractor in the quarter in reaction to new CEO, Jacob Thaysen, lowering guidance for 4Q23 and for 2024, which the company now expects to be flat year over year. Several factors were cited for the below consensus guide including weakness in China, macroeconomic headwinds globally, sluggish academic spending, and the continued transitional effects we detailed recently. All these issues, other than the transition headwinds, are impacting the entire sector, evidenced by 3Q23 guide downs from most major players. Illumina’s guide seemed more negative than most and likely incorporated some conservatism from the new CEO. The stock did get a boost at the end of the year (it was a top contributor in December) following the company’s announced plans to divest Grail (a potential positive we have been highlighting throughout the year), a liquid biopsy business it acquired for $8 billion in August of 2021.
We continue to view the company’s core genomics industry as offering one of the larger total addressable markets that we cover, and ILMN is the clear innovation leader in sequencing and array-based solutions for genetic analysis. With less than 0.02% of humans having been sequenced and 99% of the variants discovered in the genome having not yet been deciphered, Illumina, at less than $5 billion of TTM revenue, is still in its infancy in what is potentially a greater than $50 billion genetics analysis tools market opportunity.”
A laboratory technician using high tech equipment to sequence cancer genomics.
Illumina, Inc. (NASDAQ:ILMN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Illumina, Inc. (NASDAQ:ILMN) was held by 58 hedge fund portfolios, up from 40 in the previous quarter, according to our database.
We discussed Illumina, Inc. (NASDAQ:ILMN) in another article and shared the list of stocks Jim Cramer is Bearish on. 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.
