RiverPark Advisors, an investment advisory firm and sponsor of the RiverPark family of mutual funds, released its “RiverPark Large Growth Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The Russell 1000 Growth Index (RLG) returned 14.16% and the S&P 500 index returned 11.69% during the fourth quarter of 2023, indicating a strong performance by the stock markets. RPX yielded a respectable 19.74% return as well. The S&P and RLG had annual returns of 26.29% and 42.68%, respectively. RPX gave back 51.57%. In addition, please check the fund’s top five holdings to know its best picks in 2023.
RiverPark Large Growth Fund featured stocks like Snap Inc. (NYSE:SNAP) in its Q4 2023 investor letter. Headquartered in Santa Monica, California, Snap Inc. (NYSE:SNAP) is a technology company. On February 26, 2024, Snap Inc. (NYSE:SNAP) stock closed at $10.72 per share. One-month return of Snap Inc. (NYSE:SNAP) was -34.91%, and its shares gained 5.62% of their value over the last 52 weeks. Snap Inc. (NYSE:SNAP) has a market capitalization of $17.695 billion.
RiverPark Large Growth Fund stated the following regarding Snap Inc. (NYSE:SNAP) in its fourth quarter 2023 investor letter:
“Snap Inc. (NYSE:SNAP): SNAP was a top contributor in the quarter following strong third quarter earnings driven by continued growth in users and better advertiser engagement, especially large advertisers and direct response programs. Revenue growth of 5% beat estimates and marked the return to growth after three quarters of flat to down revenue. Following a $38 million loss last quarter, Snap reported EBITDA of $40 million (compared with estimates for a $69 million loss). Daily Active Users (DAUs) were also ahead of investor expectations, ending the quarter at 407 million (about 1 million better), driven by continued innovation in Snap’s offerings.
Although the company continues to face near-term macro headwinds (some advertisers paused spending following the Hamas attacks on Israel in early October), we believe SNAP can accelerate its revenue growth over the next several years. With 2023 revenue expected to be $4.6 billion (as compared with Meta’s $134 billion), we believe SNAP has a long runway for both revenue growth and expanded profitability as it improves platform functionality, continues to grow its audience (daily active users continue to grow at a double-digit rate), and expands its monetization.”
A young adult family using a Camera to record moments of their daily life.
Snap Inc. (NYSE:SNAP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Snap Inc. (NYSE:SNAP) was held by 44 hedge fund portfolios, up from 25 in the previous quarter, according to our database.
We discussed Snap Inc. (NYSE:SNAP) in another article and shared the list of stocks receiving price-target cut from analysts. In addition, please check out our hedge fund investor letters Q4 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.