RiverPark Advisors, an investment advisory firm and sponsor of the RiverPark family of mutual funds, released its “RiverPark Large Growth Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, markets performed well, and the S&P 500 index (“S&P”) and the Russell 1000 Growth Index returned 8.7% and 12.8%, respectively. The RiverPark Large Growth Fund Institutional and Retail shares also performed well in the quarter returning, 13.2% and 13.2%, respectively. The macroeconomic environment continued to support the portfolio beyond the company-specific news. In addition, please check the fund’s top five holdings to know its best picks in 2023.
RiverPark Large Growth Fund highlighted stocks like Illumina, Inc. (NASDAQ:ILMN) in the second quarter 2023 investor letter. Headquartered in San Diego, California, Illumina, Inc. (NASDAQ:ILMN) is a life science tools and integrated systems manufacturer. On September 5, 2023, Illumina, Inc. (NASDAQ:ILMN) stock closed at $159.43 per share. One-month return of Illumina, Inc. (NASDAQ:ILMN) was -13.58%, and its shares lost 22.51% of their value over the last 52 weeks. Illumina, Inc. (NASDAQ:ILMN) has a market capitalization of $25.238 billion.
RiverPark Large Growth Fund made the following comment about Illumina, Inc. (NASDAQ:ILMN) in its Q2 2023 investor letter:
“Illumina, Inc. (NASDAQ:ILMN): Illumina was our top detractor in the quarter despite reporting first quarter results that were generally in line with expectations and reaffirming full-year guidance. Uncertainty around activist investor Carl Icahn’s impact on the business, the change of CEO and the possible forced divestiture of liquid biopsy subsidiary Grail (early-stage cancer screening via blood samples) all weighed on Illumina’s stock price.
We continue to view the company’s core genomics industry as offering one of the larger total addressable markets that we cover, and ILMN is the clear innovation leader in sequencing and array-based 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 less than $5 billion of TTM revenue, is still in its infancy in what is potentially a greater than $50 billion genetics analysis tools market opportunity. We believe Carl Icahn’s involvement is neutral to slightly positive to the extent he can help the company be more disciplined on expenses. We are cautiously optimistic that EU regulators’ push to force Illumina to divest Grail will lead to either or both 1) much higher core earnings or 2) a big valuation for Grail in a sale. We added to our ILMN position during the quarter; it is a core holding.”
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Illumina, Inc. (NASDAQ:ILMN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 43 hedge fund portfolios held Illumina, Inc. (NASDAQ:ILMN) at the end of second quarter which was 44 in the previous quarter.
We discussed Illumina, Inc. (NASDAQ:ILMN) in another article and shared the list of best 52-week low stocks to buy. In addition, please check out our hedge fund investor letters Q2 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.
