RiverPark Funds, an investment management firm, published its “RiverPark Large Growth Fund” third quarter 2021 investor letter – a copy of which can be downloaded here. The RiverPark Large Growth Fund (the “Fund”) returned -3.23% for the third quarter of 2021, while its benchmarks, the S&P 500 Total Return Index (“S&P”) advanced 0.58%, the Russell 1000 Growth Total Return Index (“RLG”) returned 1.16%, while the Morningstar Large Growth Category returned -0.07%. Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2022.
RiverPark Large Growth Fund, in its Q4 2021 investor letter, mentioned Illumina, Inc. (NASDAQ: ILMN) and discussed its stance on the firm. Illumina, Inc. is a San Diego, California-based biotechnology company with a $56.0 billion market capitalization. ILMN delivered a -5.80% return since the beginning of the year, while its 12-month returns are down by -16.44%. The stock closed at $358.38 per share on February 4, 2022.
Here is what RiverPark Large Growth Fund has to say about Illumina, Inc. in its Q4 2021 investor letter:
“Illumina: Despite reporting second and third quarter results that were well-ahead of expectations, ILMN shares declined due to the controversy surrounding its acquisition of Grail (of which Illumina already owned 12%), which it closed during August, holding the company as a separate operating business while awaiting EU merger approval. Notwithstanding the Grail drama, Illumina’s core business reported healthy growth. ILMN revenue grew 78% for 2Q and 40% for 3Q. Management raised full-year revenue guidance to 36% growth and adjusted operating margin to 27.5%-28.0%, both above expectations.
We continue to view the company’s core genomics market opportunities as offering one of the larger TAMs that we cover, and ILMN is the clear innovation leader in sequencing and arraybased 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 only $4 billion of TTM revenue, is still in its infancy in what is potentially a greater than $50 billion genetics analysis tools market opportunity. With Illumina’s recent entrance into the potentially even larger liquid biopsy market (early-stage cancer screening via blood samples) through its acquisition of Grail, the company has two large growth opportunities ahead.”
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Our calculations show that Illumina, Inc. (NASDAQ: ILMN) failed to obtain a mark on our list of the 30 Most Popular Stocks Among Hedge Funds. ILMN was in 55 hedge fund portfolios at the end of the third quarter of 2021, compared to 51 funds in the previous quarter. Illumina, Inc. (NASDAQ: ILMN) delivered a -12.19% return in the past 3 months.
In January 2022, we also shared another hedge fund’s views on ILMN in another article. You can find other letters from hedge funds and prominent investors on our hedge fund investor letters 2021 Q4 page.
Disclosure: None. This article is originally published at Insider Monkey.
