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 Costco Wholesale Corporation (NASDAQ:COST) in the second quarter 2023 investor letter. Based in Issaquah, Washington, Costco Wholesale Corporation (NASDAQ:COST) engages in the operation of membership warehouses. On September 6, 2023, Costco Wholesale Corporation (NASDAQ:COST) stock closed at $546.69 per share. One-month return of Costco Wholesale Corporation (NASDAQ:COST) was -2.32%, and its shares gained 3.22% of their value over the last 52 weeks. Costco Wholesale Corporation (NASDAQ:COST) has a market capitalization of $242.265 billion.
RiverPark Large Growth Fund made the following comment about Costco Wholesale Corporation (NASDAQ:COST) in its Q2 2023 investor letter:
“Costco Wholesale Corporation (NASDAQ:COST), founded in 1983, is the world’s third-largest retailer with 850 stores, $240 billion in revenue and 68 million members spread across North America, Europe, Asia, and the Southern Pacific Region. The company is known for its strong value proposition driven by high-quality low-cost offerings including a well-regarded private-label brand. Costco regularly ranks at the top of customer surveys related to brand trust, product price and quality, and all-around experience. Historically, 90% of the company’s shoppers renew their memberships, which generate more than 50% of operating income.
Through expanding market share, new store openings, increasing member productivity, and omnichannel expansion, we believe the company can grow revenues annually in the high single digit percentage range. This revenue growth should yield steadily growing margins and EPS growth in the low-to-mid-teens, which should drive shareholder returns in the same range.”
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Costco Wholesale Corporation (NASDAQ:COST) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 67 hedge fund portfolios held Costco Wholesale Corporation (NASDAQ:COST) at the end of second quarter which was 63 in the previous quarter.
We discussed Costco Wholesale Corporation (NASDAQ:COST) in another article and shared the list of biggest supermarket chains in the US. 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.
