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 Amazon.com, Inc. (NASDAQ:AMZN) in the second quarter 2023 investor letter. Headquartered in Seattle, Washington, Amazon.com, Inc. (NASDAQ:AMZN) provides consumer products and subscriptions. On September 5, 2023, Amazon.com, Inc. (NASDAQ:AMZN) stock closed at $137.27 per share. One-month return of Amazon.com, Inc. (NASDAQ:AMZN) was -0.42%, and its shares gained 6.02% of their value over the last 52 weeks. Amazon.com, Inc. (NASDAQ:AMZN) has a market capitalization of $1.416 trillion.
RiverPark Large Growth Fund made the following comment about Amazon.com, Inc. (NASDAQ:AMZN) in its Q2 2023 investor letter:
“Amazon.com, Inc. (NASDAQ:AMZN): Amazon was a top contributor in the second quarter, in reaction to a solid 1Q23 earnings report. The company generated $127 billion of revenue (2% ahead of expectations) and nearly $5 billion of operating income (57% better than expectations) driven by rebounding online sales and strong incremental gross margins. During the company’s earnings conference call, Amazon management pointed to easing inflationary pressures, higher productivity gains, and lower expected capital spending for the remainder of the year. The only negative in the quarter was slowing AWS revenue growth, which we believe will rebound later in the year.
With its ability to continue its market share gains in three leading businesses (e-commerce, web services and online advertising), plus a multi-year operating margin expansion opportunity (from improved e-commerce margins and greater contribution from the faster growing, higher margin AWS and advertising segments), we believe Amazon remains one of the best-positioned global growth companies in the world. AMZN shares trade at a 10-year trough EPS multiple, despite what we believe to be currently depressed margins and earnings.”
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Amazon.com, Inc. (NASDAQ:AMZN) is in second position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 278 hedge fund portfolios held Amazon.com, Inc. (NASDAQ:AMZN) at the end of second quarter which was 243 in the previous quarter.
We discussed Amazon.com, Inc. (NASDAQ:AMZN) in another article and shared the list of biggest generative AI companies in the world. 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.
