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 Intuitive Surgical, Inc. (NASDAQ:ISRG) in the first quarter 2023 investor letter. Headquartered in Sunnyvale, California, Intuitive Surgical, Inc. (NASDAQ:ISRG) manufactures and markets da Vinci Surgical System. On May 8, 2023, Intuitive Surgical, Inc. (NASDAQ:ISRG) stock closed at $303.09 per share. One-month return of Intuitive Surgical, Inc. (NASDAQ:ISRG) was 15.34%, and its shares gained 43.38% of their value over the last 52 weeks. Intuitive Surgical, Inc. (NASDAQ:ISRG) has a market capitalization of $106.202 billion.
RiverPark Large Growth Fund made the following comment about Intuitive Surgical, Inc. (NASDAQ:ISRG) in its Q1 2023 investor letter:
“Intuitive Surgical, Inc. (NASDAQ:ISRG): ISRG shares were a top detractor in the quarter despite 4Q results largely in line with expectations. The company used the quarterly release to define the timeline of upcoming products including its next-gen platform, now expected next year. The market was disappointed by this timing.
Intuitive is the pioneer and clear leader in robotic surgery and remains one of our most compelling long-term growth opportunities. The company’s products address a massive market with very low current penetration, and the company has a strong moat. Its major competitors, J&J and Medtronic, are facing large delays (to at least 2024) in introducing their platforms as the FDA approval process has become more difficult. These delays give Intuitive more time to place systems, train surgeons and launch new products, extending its competitive advantage. The company’s “Extended Use Program” aims to make its tools more price-competitive to traditional non-robotic procedures, which increases the company’s moat.”
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Intuitive Surgical, Inc. (NASDAQ:ISRG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 70 hedge fund portfolios held Intuitive Surgical, Inc. (NASDAQ:ISRG) at the end of the fourth quarter which was 69 in the previous quarter.
We discussed Intuitive Surgical, Inc. (NASDAQ:ISRG) in another article and shared the list of best beginner stocks to buy in 2023. 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.
