RiverPark Advisors, an investment advisory firm, and sponsor of the RiverPark family of mutual funds released its “RiverPark Large Growth Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. The fund returned 2.41% in the fourth quarter compared to a 7.56% return for the S&P 500 Total Return Index and a 2.20% return for the Russell 1000 Growth Total Return Index. In 2022, the fund declined by 47.37% compared to -18.11% and -29.14% fall for the S&P 500 and the Russell 1000 Growth Index, respectively. In addition, please check the fund’s top five holdings to know its best picks in 2022.
RiverPark Large Growth Fund highlighted stocks like The Charles Schwab Corporation (NYSE:SCHW) in its Q4 2022 investor letter. Headquartered in Westlake, Texas, The Charles Schwab Corporation (NYSE:SCHW) is a financial services company. On February 10, 2023, The Charles Schwab Corporation (NYSE:SCHW) stock closed at $80.46 per share. One-month return of The Charles Schwab Corporation (NYSE:SCHW) was -3.04%, and its shares lost 9.71% of their value over the last 52 weeks. The Charles Schwab Corporation (NYSE:SCHW) has a market capitalization of $150.198 billion.
RiverPark Large Growth Fund made the following comment about The Charles Schwab Corporation (NYSE:SCHW) in its Q4 2022 investor letter:
“The Charles Schwab Corporation (NYSE:SCHW): SCHW shares were also a top contributor for the quarter, as the company continues to benefit from higher interest rates leading management to raise its 2022 and 2023 guidance. Client organic asset growth also remained strong with $115 billion of net new assets, a 7% growth rate.
Schwab and TD Ameritrade (which Schwab acquired in October 2020) have been the leading share gainers in the discount brokerage industry over the last decade, with both generating substantial organic asset growth while also growing operating margins and remaining amongst the price leaders on all products. With these two businesses now combined, revenue and expense synergies should accelerate in 2023, and we believe the company will be in an even stronger position to gather assets and drive long-term margins and FCF in the years to come. Moreover, although the historically low level of interest rates has been a drag on profitability in recent years, the combination of steadily rising short-term rates (which should benefit net interest income), plus acquisition synergies from the AMTD deal, gives us confidence that SCHW is poised to generate continued double-digit earnings growth for the foreseeable future.”
Photo by Brendan Church on Unsplash
The Charles Schwab Corporation (NYSE:SCHW) is not on our 30 Most Popular Stocks Among Hedge Funds list. As per our database, 75 hedge fund portfolios held The Charles Schwab Corporation (NYSE:SCHW) at the end of the third quarter, and 68 in the previous quarter.
We discussed The Charles Schwab Corporation (NYSE:SCHW) in another article and shared Giverny Capital’s views on the company. In addition, please check out our hedge fund investor letters Q4 2022 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.
