RiverPark Advisors, an investment advisory firm, and sponsor of the RiverPark family of mutual funds released its “RiverPark Large Growth Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. The fund outperformed in the first quarter by returning 16.59%. The market also performed well with the S&P 500 index returning 7.50% and the Russell 1000 Growth index returning 14.37% in the same period. In addition, please check the fund’s top five holdings to know its best picks in 2023.
RiverPark Large Growth Fund highlighted stocks like Shopify Inc. (NYSE:SHOP) in the first quarter 2023 investor letter. Headquartered in Ottawa, Canada, Shopify Inc. (NYSE:SHOP) offers a commerce platform and services. On May 8, 2023, Shopify Inc. (NYSE:SHOP) stock closed at $64.38 per share. One-month return of Shopify Inc. (NYSE:SHOP) was 43.77%, and its shares gained 91.96% of their value over the last 52 weeks. Shopify Inc. (NYSE:SHOP) has a market capitalization of $82.337 billion.
RiverPark Large Growth Fund made the following comment about Shopify Inc. (NYSE:SHOP) in its Q1 2023 investor letter:
“Shopify Inc. (NYSE:SHOP): Shopify shares were a top contributor in the quarter as the market focused on the company’s recent price increases and its ongoing market share gains in e-commerce gross merchandise volumes (GMV). Earlier in the quarter the company reported better-than-expected 4Q results, with 26% revenue growth and $248 million of FCF (at a 14% margin), significantly better than the Street consensus of -$109 million.
Last year, 10% of US retail e-commerce sales flowed through SHOP, second only to Amazon, and the company is still enjoying significant tailwinds as retail merchants of all sizes adopt SHOP’s software tools to display, manage and sell their products across a dozen different sales channels. We believe that the overall growth of e-commerce, combined with the development of new products and services, such as its digital wallet Shop Pay and its pick, pack and ship Shopify Fulfillment Network, should continue to drive revenue growth of about 20% per year over the next several years, accompanied by re-acceleration of operating margin growth and FCF generation.”
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Shopify Inc. (NYSE:SHOP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 66 hedge fund portfolios held Shopify Inc. (NYSE:SHOP) at the end of the fourth quarter which was 62 in the previous quarter.
We discussed Shopify Inc. (NYSE:SHOP) in another article and shared the list of best gig economy stocks to buy. In addition, please check out our hedge fund investor letters Q1 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.
