RiverPark Funds, an investment management company, released its “RiverPark Large Growth Fund” third quarter 2022 investor letter — a copy of which can be downloaded here. For the quarter, the RiverPark Large Growth Fund (the “Fund”) lost 3.3% – a bit better than the S&P 500 (-4.9% for the quarter) and about in line with the Russell 1000 Growth index (-3.6% for the quarter). Try to spare some time to check the fund’s top 5 holdings for you to have an idea about their best stock picks this 2022.
In its Q3 2022 investor letter, RiverPark Large Growth Fund mentioned Booking Holdings Inc. (NASDAQ:BKNG) and explained its insights for the company. Founded in 1996, Booking Holdings Inc. (NASDAQ:BKNG) is a Norwalk, Connecticut-based travel technology company with a $70.3 billion market capitalization. Booking Holdings Inc. (NASDAQ:BKNG) delivered a -26.15% return since the beginning of the year, while its 12-month returns are down by -26.51%. The stock closed at $1,771.82 per share on October 19, 2022.
Here is what RiverPark Large Growth Fund has to say about Booking Holdings Inc. (NASDAQ:BKNG) in its Q3 2022 investor letter:
“We also bought back a small position in Booking Holdings during the quarter. 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 (40% EBITDA margin for 2019 and 28% for 2021) that requires limited capital expenditures, typically less than 3% of revenue, producing $4.5 billion free cash flow for 2019 and $2.5 billion for 2021 (due to the vast COVID disruption). 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. Like all travel companies, Booking was hit hard by the pandemic, but with its high international exposure, we expect the company’s recovery to be equally strong as travel returns.”
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Our calculations show that Booking Holdings Inc. (NASDAQ:BKNG) ranks 20th on our list of the 30 Most Popular Stocks Among Hedge Funds. Booking Holdings Inc. (NASDAQ:BKNG) was in 93 hedge fund portfolios at the end of the second quarter of 2022, compared to 99 funds in the previous quarter. Booking Holdings Inc. (NASDAQ:BKNG) delivered a -3.15% return in the past 3 months.
In October 2022, we also shared another hedge fund’s views on Booking Holdings Inc. (NASDAQ:BKNG) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q3 page.
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Disclosure: None. This article is originally published at Insider Monkey.
