RiverPark Funds, an investment management company, released its “RiverPark Large Growth Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. The second quarter was extremely difficult for the fund which returned -34%. Year to date, the fund returned -47%. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
RiverPark Funds discussed stocks like KKR & Co. Inc. (NYSE:KKR) in the second quarter investor letter. Based in New York, New York, KKR & Co. Inc. (NYSE:KKR) is an investment company. On September 20, 2022, KKR & Co. Inc. (NYSE:KKR) stock closed at $47.68 per share. One-month return of KKR & Co. Inc. (NYSE:KKR) was -10.31% and its shares lost 25.03% of their value over the last 52 weeks. KKR & Co. Inc. (NYSE:KKR) has a market capitalization of $53.451 billion.
Here is what RiverPark Funds specifically said about KKR & Co. Inc. (NYSE:KKR) in its Q2 2022 investor letter:
“We reinitiated a position in KKR & Co. Inc. (NYSE:KKR), an alternative asset manager that we have previously owned, after a recent significant fall in its stock price. Much like our current Blackstone holding, most of KKR’s investor capital is long-dated or even permanent (perpetual capital is currently $165 billion, 43% of its fee-paying assets under management), most of their fees (which are highmargin and recurring) are not sensitive to the stock market (fee-paying AUM was $371 billion for 1Q22, up 29% year over year, helping to generate $605 million of fees, up 66% year-overyear), and the company has billions of dollars of uninvested capital available to put to work (KKR has $115 billion of “dry powder” or uncalled capital commitments, an increase of 66% year over year). This combination of large and growing AUM that generates recurring fees, along with the company’s stellar history of opportunistic investing and harvesting, offers a fantastic combination of consistent fee based recurring earnings with the potential for substantial incentive fee upside over time. As with Blackstone, we believe this combination provides a strong foundation for long-term stock performance. Along with the broader markets, KKR’s stock has come under significant pressure over the last several months (falling nearly 40% from its recent November 2021 peak) affording us the opportunity to re-invest in the company at what we believe to be an extremely compelling valuation.”
Finance, Investments
KKR & Co. Inc. (NYSE:KKR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 51 hedge fund portfolios held KKR & Co. Inc. (NYSE:KKR) at the end of the second quarter which was 54 in the previous quarter.
We discussed KKR & Co. Inc. (NYSE:KKR) in another article and shared Greenhaven Road Capital’s views on the company. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.
