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 Meta Platforms, Inc. (NASDAQ:META) in the first quarter 2023 investor letter. Headquartered in Menlo Park, California, Meta Platforms, Inc. (NASDAQ:META) is a technology company that develops products to connect people. On May 8, 2023, Meta Platforms, Inc. (NASDAQ:META) stock closed at $233.27 per share. One-month return of Meta Platforms, Inc. (NASDAQ:META) was 9.08%, and its shares gained 18.02% of their value over the last 52 weeks. Meta Platforms, Inc. (NASDAQ:META) has a market capitalization of $597.808 billion.
RiverPark Large Growth Fund made the following comment about Meta Platforms, Inc. (NASDAQ:META) in its Q1 2023 investor letter:
“Meta Platforms, Inc. (NASDAQ:META): META shares were a top contributor for all three months of 1Q23, and our top contributor for the quarter. The company reported 4Q21 results, beating revenue expectations, lowered its guidance for 2023 operating expenses and capital expenditures, and increased its share repurchase authorization by $40 billion.
META owns multiple social media platforms, each with more than one billion users, has an 80% gross margin, and generated $39 billion of FCF in 2021. Both its Facebook and its Instagram franchises have more than 2 billion Daily Active Users and generate the bulk of the company’s revenue, while its Messenger and WhatsApp platforms are lightly monetized, as are new initiatives, such as its Shops ecommerce storefront for SMBs, all providing long-term tailwinds. After its advance, META shares trade at 17x its depressed 2024 EPS, yet we believe the outlook for the core business and Reality Labs will look much different in 12 months.”
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Meta Platforms, Inc. (NASDAQ:META) is in 4th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 194 hedge fund portfolios held Meta Platforms, Inc. (NASDAQ:META) at the end of the fourth quarter which was 177 in the previous quarter.
We discussed Meta Platforms, Inc. (NASDAQ:META) in another article and shared the list of largest R&D companies in the world. 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.
