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 Alphabet Inc. (NASDAQ:GOOG) and explained its insights for the company. Founded in 2015, Alphabet Inc. (NASDAQ:GOOG) is a Mountain View, California-based multinational technology conglomerate holding company with a $1.3 trillion market capitalization. Alphabet Inc. (NASDAQ:GOOG) delivered a -27.47% return since the beginning of the year, while its 12-month returns are down by -24.87%. The stock closed at $104.93 per share on October 25, 2022.
Here is what RiverPark Large Growth Fund has to say about Alphabet Inc. (NASDAQ:GOOG) in its Q3 2022 investor letter:
“Despite solid 2Q results, internet services leader Alphabet was a top detractor this quarter on market concerns about the global economic outlook. For its 2Q22, the company had another quarter of strong earnings, driven by search, YouTube and growth at its emerging cloud business. The company reported second-quarter revenue of $70 billion, an increase of 13% year over year (16% on a constant currency basis), with Google Services (mostly Advertising) up 10% and Google Cloud up 36%.
With its 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 bestpositioned secular growth franchises in the market. Additionally, despite its business strength, growth, and strong margins, GOOG shares trade at a compelling 16x our 2023 EPS estimate (which includes an approximate 10% earnings drag from losses in its Other Bets and Google Cloud segments), in-line with the S&P 500, and a 20% discount to the Russell 1000 Growth Index.”
Our calculations show that Alphabet Inc. (NASDAQ:GOOG) ranks 6th on our list of the 30 Most Popular Stocks Among Hedge Funds. Alphabet Inc. (NASDAQ:GOOG) was in 153 hedge fund portfolios at the end of the second quarter of 2022, compared to 160 funds in the previous quarter. Alphabet Inc. (NASDAQ:GOOG) delivered a -0.48% return in the past 3 months.
In October 2022, we also shared another hedge fund’s views on Alphabet Inc. (NASDAQ:GOOG) 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.
