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 like Amazon.com, Inc. (NASDAQ:AMZN) in the fourth quarter investor letter. Headquartered in Seattle, Washington, Amazon.com, Inc. (NASDAQ:AMZN) provides consumer products and subscriptions. On February 10, 2023, Amazon.com, Inc. (NASDAQ:AMZN) stock closed at $97.61 per share. One-month return of Amazon.com, Inc. (NASDAQ:AMZN) was -0.52%, and its shares lost 37.09% of their value over the last 52 weeks. Amazon.com, Inc. (NASDAQ:AMZN) has a market capitalization of $1 trillion.
RiverPark Large Growth Fund made the following comment about Amazon.com, Inc. (NASDAQ:AMZN) in its Q4 2022 investor letter:
“Amazon.com, Inc. (NASDAQ:AMZN): Amazon was the top detractor for the quarter on mixed 3Q results and disappointing 4Q guidance. For 3Q22, the company reported revenue of $127 billion, up 15% year over year. Operating income, however, declined 48% year over year on higher energy costs and some onetime items. AWS operating income continues to grow from cloud computing adoption, up 11% year over year to $5 billion. 4Q guidance includes slowing AWS growth and lower-thanexpected operating income guidance, as the company continues to face inflationary headwinds (including energy, labor and freight).
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 2nd position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 269 hedge fund portfolios held Amazon.com, Inc. (NASDAQ:AMZN) at the end of the third quarter, which was 252 in the previous quarter.
We discussed Amazon.com, Inc. (NASDAQ:AMZN) in another article and shared the list of set-it-and-forget-it stocks to buy according to financial media. 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.
