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 Uber Technologies, Inc. (NYSE:UBER) in the first quarter 2023 investor letter. Headquartered in San Francisco, California, Uber Technologies, Inc. (NYSE:UBER) develops and operates technology applications that operate through Mobility, Delivery, and Freight segments. On May 8, 2023, Uber Technologies, Inc. (NYSE:UBER) stock closed at $38.83 per share. One-month return of Uber Technologies, Inc. (NYSE:UBER) was 24.78%, and its shares gained 64.05% of their value over the last 52 weeks. Uber Technologies, Inc. (NYSE:UBER) has a market capitalization of $78.585 billion.
RiverPark Large Growth Fund made the following comment about Uber Technologies, Inc. (NYSE:UBER) in its Q1 2023 investor letter:
“Uber Technologies, Inc. (NYSE:UBER): Uber was a top contributor in the quarter following better-than-expected 4Q results and 1Q guidance. Gross Bookings grew 19% year over year to $31 billion, driven by 31% Mobility Gross Bookings growth and 6% Delivery Growth Bookings growth. 4Q Adjusted EBITDA of $665 million, up $579 million year over year, significantly beating management’s $600-$630 million guidance. Management guided to continuing growth in 1Q for Gross Bookings (20%- 24% growth) and Adjusted EBITDA (of $660-$700 million).
UBER remains the undisputed global leader in ride sharing, with a greater than 50% share in every major region in which it operates. The company is also a leader in food delivery, where it is number one or two in the more than 25 countries in which it operates. Moreover, after a history of losses, the company is now solidly profitable with the potential for substantial margin expansion and free cash flow generation to come. We view UBER as more than just ride sharing and food delivery, but also as a global mobility platform with the ability to sell to its 131 million users (by comparison, Amazon Prime has 200 million members) and penetrate new markets of on-demand services, such as package and grocery delivery, travel, truck brokerage (the company had $1.5 billion in Freight revenue for 4Q22), and worker staffing for shift work. Given its $4 billion of unrestricted cash and $5 billion of investments, the company today has an enterprise value of $70 billion, indicating that UBER trades at 1.6x next year’s estimated revenue.”
Photo by Paul Hanaoka on Unsplash
Uber Technologies, Inc. (NYSE:UBER) is in 9th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 135 hedge fund portfolios held Uber Technologies, Inc. (NYSE:UBER) at the end of the fourth quarter which was 142 in the previous quarter.
We discussed Uber Technologies, Inc. (NYSE:UBER) in another article and shared the list of largest VC-backed companies in the US 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.
