RiverPark Advisors, an investment advisory firm, and sponsor of the RiverPark family of mutual funds released its “RiverPark Large Growth Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. The fund returned 2.41% in the fourth quarter compared to a 7.56% return for the S&P 500 Total Return Index and a 2.20% return for the Russell 1000 Growth Total Return Index. In 2022, the fund declined by 47.37% compared to -18.11% and -29.14% fall for the S&P 500 and the Russell 1000 Growth Index, respectively. In addition, please check the fund’s top five holdings to know its best picks in 2022.
RiverPark Large Growth Fund highlighted stocks like Intuitive Surgical, Inc. (NASDAQ:ISRG) in the Q4 2022 investor letter. Headquartered in Sunnyvale, California, Intuitive Surgical, Inc. (NASDAQ:ISRG) manufactures and markets da Vinci Surgical System. On February 10, 2023, Intuitive Surgical, Inc. (NASDAQ:ISRG) stock closed at $245.27 per share. One-month return of Intuitive Surgical, Inc. (NASDAQ:ISRG) was -5.26%, and its shares lost 13.38% of their value over the last 52 weeks. Intuitive Surgical, Inc. (NASDAQ:ISRG) has a market capitalization of $86.675 billion.
RiverPark Large Growth Fund made the following comment about Intuitive Surgical, Inc. (NASDAQ:ISRG) in its Q4 2022 investor letter:
“Intuitive Surgical, Inc. (NASDAQ:ISRG): ISRG shares were our top contributor for the quarter on better-than-expected results and improved company guidance. Procedures grew 20%, and the company placed 305 da Vinci Surgical Systems, also beating estimates, growing its installed base to 7,364 systems. Instruments and accessories revenue grew 15%, and systems revenue grew 3%, driving 11% total revenue growth to $1.6 billion.
Although COVID had a negative near-term impact on hospital procedures and equipment sales, Intuitive, the pioneer and clear leader in robotic surgery, remains one of our most compelling long-term growth opportunities. The company’s products address a massive market with very low current penetration, and the company has a strong moat. Its major competitors, J&J and Medtronic, are facing large delays (to at least 2024) in introducing their platforms as the FDA approval process has become more difficult. The company’s “Extended Use Program” aims to make its tools more price-competitive, which further increases the company’s moat.”
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Intuitive Surgical, Inc. (NASDAQ:ISRG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 69 hedge fund portfolios held Intuitive Surgical, Inc. (NASDAQ:ISRG) at the end of the third quarter, which was 56 in the previous quarter.
We discussed Intuitive Surgical, Inc. (NASDAQ:ISRG) in another article and shared Baron Funds’ views on the company. In addition, please check out our hedge fund investor letters Q4 2022 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.
