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 Alphabet Inc. (NASDAQ:GOOG) in the Q4 2022 investor letter. Headquartered in Mountain View, California, Alphabet Inc. (NASDAQ:GOOG) is a multinational technology company. On February 10, 2023, Alphabet Inc. (NASDAQ:GOOG) stock closed at $94.86 per share. One-month return of Alphabet Inc. (NASDAQ:GOOG) was 2.22%, and its shares lost 29.89% of their value over the last 52 weeks. Alphabet Inc. (NASDAQ:GOOG) has a market capitalization of $1.213 trillion.
RiverPark Large Growth Fund made the following comment about Alphabet Inc. (NASDAQ:GOOG) in its Q4 2022 investor letter:
“Alphabet Inc. (NASDAQ:GOOG)t: Internet services leader Alphabet was a top detractor on market concerns about the global economic outlook. For its 3Q22 reported in October, the company reported disappointing advertising revenue, partially offset by better-than-expected results for its cloud business. The company reported third-quarter revenue of $69 billion, an increase of 6% year over year (11% on a currency neutral basis), with Google Services (mostly Advertising) up 2%, and Google Cloud up 38%.
With its high margin business model (25% operating margin last quarter), continued strength across its core Search and YouTube franchises, and emerging strength in its still relatively small Cloud business, we continue to view Alphabet as among the best-positioned secular growth franchises in the market. Additionally, GOOG shares trade at a compelling 13x the Street’s 2023 EPS estimate (which includes an approximate 10% earnings drag from losses in its Other Bets and Google Cloud segments), significant discounts to both the S&P 500, and the Russell 1000 Growth Index.”
Photo by Kai Wenzel on Unsplash
Alphabet Inc. (NASDAQ:GOOG) is in 6th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 156 hedge fund portfolios held Alphabet Inc. (NASDAQ:GOOG) at the end of the third quarter, which was 153 in the previous quarter.
We discussed Alphabet Inc. (NASDAQ:GOOG) in another article and shared the list of most profitable cheap stocks to buy. 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.
