| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 11.73% | -10.42% | - |
RiverPark Large Growth Fund declined 10.42% in Q1 2026, underperforming the Russell 1000 Growth Index's 9.78% decline amid a challenging quarter dominated by geopolitical tensions and AI-driven sector rotations. The escalation of the U.S.-Iran conflict, culminating in the closure of the Strait of Hormuz, drove oil prices above $100 per barrel and raised stagflation concerns. Growth stocks faced dual pressures from rising rates and a sharp rotation between AI beneficiaries and perceived AI victims. The fund's software holdings were pressured by fears of AI disruption, while being underweight semiconductor names that benefited from AI infrastructure spending. Top contributors included Applied Materials, TSMC, Costco, Lockheed Martin, and Netflix, while Microsoft, Shopify, Pinterest, Eli Lilly, and KKR were the largest detractors. The manager maintains conviction in portfolio companies' long-term prospects, viewing current valuations as attractive for high-quality businesses benefiting from secular growth trends including AI adoption, cloud migration, and digital transformation.
The fund maintains conviction in high-quality growth companies benefiting from secular trends like AI, cloud computing, and digital transformation, despite near-term volatility from geopolitical conflicts and sector rotations.
We remain confident in the long-term prospects and valuations of our portfolio companies, and this belief has been strengthened by the strong performance of our portfolio to date in the second quarter. We believe that our portfolio is comprised of an exciting group of companies that are attractively valued, are benefiting from strong secular growth trends, and are poised to generate substantial and growing excess cash flow in the years to come.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Mar 31 2026 | 2026 Q1 | AAPL, ADBE, ADSK, AMAT, AMZN, COST, DDOG, GOOGL, INTC, KKR, LLY, LMT, META, MSFT, NFLX, NOW, NVDA, PINS, SHOP.TO, TSM | AI, Geopolitical, growth, large cap, semiconductors, software, technology | - | RiverPark Large Growth declined 10.42% in Q1 2026 amid Iran conflict-driven market volatility and AI sector rotations. Software holdings faced disruption fears while being underweight AI infrastructure beneficiaries. Despite near-term headwinds, the manager maintains conviction in portfolio companies' secular growth prospects and attractive valuations following the quarter's drawdowns. |
| Mar 9 2026 | 2025 Q4 | AAPL, AMAT, AMZN, DIS, GOOGL, ISRG, LLY, META, MSFT, NFLX, NVDA, SHOP, UBER | AI, Cloud, growth, healthcare, large cap, semiconductors, Streaming, technology | - | RiverPark Large Growth Fund focuses on high-quality large-cap companies benefiting from secular growth in AI, cloud computing, and healthcare innovation. Despite Q4 underperformance, the fund maintains conviction in concentrated positions across technology leaders and healthcare innovators, emphasizing businesses with durable competitive advantages and strong cash flow generation potential for long-term compounding returns. |
| Nov 13 2025 | 2025 Q3 | AAPL, AMZN, DIS, GOOGL, INTU, ISRG, LLY, META, MSFT, NFLX, NOW, NVDA, SHOP, TSM, UBER | AI, Cloud, E-Commerce, growth, large cap, semiconductors, Streaming, technology | - | RiverPark Large Growth Fund returned 4.73% in Q3, underperforming benchmarks as market leadership concentrated in mega-cap tech. Top performers Alphabet, Apple, and NVIDIA benefited from AI momentum and strong fundamentals. Portfolio remains focused on secular growth themes including AI, cloud, and e-commerce, with management confident in companies' ability to generate substantial excess cash flow. |
| Jul 29 2025 | 2025 Q2 | AAPL, AMZN, GOOGL, LLY, META, MSFT, NFLX, NVDA, PEP, SBUX, SHOP.TO, UBER, UNH | AI, Cloud, growth, healthcare, large cap, Streaming, technology |
LLY SBUX PEP NVDA MSFT NFLX META UBER UNH AAPL LLY SBUX PEP |
RiverPark Large Growth Fund gained 15.01% in Q2 2025, led by AI infrastructure leader NVIDIA and cloud platform Microsoft. Strong performance from Netflix streaming and Meta advertising offset weakness in healthcare and consumer names. The manager remains confident in portfolio companies positioned for secular growth trends and substantial cash flow generation despite geopolitical headwinds. |
| Mar 31 2025 | 2025 Q1 | AAPL, AMZN, GOOGL, LLY, META, MSFT, NFLX, NVDA, SCHW, SHOP, UBER, UNH, V | AI, Cloud, growth, large cap, Magnificent 7, tariffs, technology |
UBER V SCHW LLY UNH NVDA GOOGL AAPL AMZN MSFT |
RiverPark Large Growth Fund fell 7.21% in Q1 2025, outperforming its benchmark despite Magnificent 7 tech stock pullbacks from valuation concerns and Trump tariff announcements. Uber, Visa, and Eli Lilly were top contributors while NVIDIA, Alphabet, and Apple detracted. Manager maintains confidence in portfolio's long-term prospects despite near-term volatility. |
| Dec 31 2024 | 2024 Q4 | AAPL, ADBE, AMZN, AVGO, GOOGL, LLY, META, MSFT, NFLX, NKE, NVDA, SHOP, TSLA, UBER, UNH | AI, Cloud, E-Commerce, growth, large cap, technology | - | RiverPark Large Growth delivered solid Q4 returns of 5.11% but lagged growth indices for the year at 22.57% versus 33.4% for Russell 1000 Growth. The portfolio remains concentrated in AI, cloud, and e-commerce leaders like Amazon, NVIDIA, and Shopify. Despite some headwinds from rising rates and sector rotation, the manager maintains conviction in secular growth themes. |
| Sep 30 2024 | 2024 Q3 | AAPL, ADYEY, AMZN, BX, DIS, GOOGL, KKR, LLY, META, MSFT, NVDA, PINS, SCHW, SHOP, SNAP, UBER | AI, Cloud, E-Commerce, growth, large cap, payments, Social Media, technology | - | RiverPark Large Growth delivered 3.73% in Q3, driven by Meta's advertising strength and Shopify's e-commerce dominance. The fund maintains concentrated exposure to AI/cloud computing, social media, and payments modernization themes. Despite near-term volatility from macro concerns, the manager sees balanced risks and attractive valuations across portfolio companies positioned for secular growth and expanding cash flow generation. |
| Jun 30 2024 | 2024 Q2 | AAPL, ADYEY, AMZN, BKNG, DIS, FIVN, GOOG, META, MSFT, NFLX, NKE, NVDA, PINS, SHOP, SNAP, UBER | AI, Cloud, E-Commerce, growth, large cap, Streaming, technology | - | RiverPark Large Growth returned 2.94% in Q2, underperforming on NVIDIA strength but facing headwinds from Disney and Adyen. The fund maintains concentrated exposure to AI, cloud computing, and digital platforms with strong secular tailwinds. Despite near-term volatility from inflation concerns, the manager remains optimistic about portfolio company growth prospects and valuations for long-term excess cash flow generation. |
| Apr 15 2024 | 2024 Q1 | AAPL, ADBE, AMAT, AMZN, DELL, DIS, FIVN, GOOGL, KLAC, LRCX, MA, META, MSFT, NFLX, NKE, NVDA, SNAP, UBER | AI, growth, large cap, Social Media, Streaming, technology |
NVDA META DIS UBER NFLX |
RiverPark Large Growth returned 9.20% in Q1, driven by AI leader NVIDIA's 82% gain and strong performance from Meta, Disney, Uber, and Netflix. The fund maintains concentrated exposure to secular growth themes including artificial intelligence, streaming, social media, and e-commerce platforms positioned to generate substantial cash flow growth. |
| Jan 31 2024 | 2023 Q4 | AAPL, AMZN, BX, GOOGL, ILMN, MA, META, MSFT, NFLX, SHOP, SNAP, UBER | AI, Cloud, E-Commerce, growth, large cap, Streaming, technology |
SHOP UBER AAPL|MSFT|NFLX|NVDA|UNH SNAP AAPL|MSFT|NFLX|NVDA|UNH ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM |
RiverPark Large Growth delivered 19.74% in Q4 and 51.57% annually, significantly outperforming benchmarks through concentrated exposure to technology leaders benefiting from secular growth trends. Strong fundamentals across e-commerce, cloud, and streaming holdings, combined with Fed policy pivot toward rate cuts, position the portfolio for continued outperformance despite macro headwinds. |
| Sep 30 2023 | 2023 Q3 | AAPL, ADYEY, AMZN, BKNG, BX, EQIX, FIVN, GOOGL, ILMN, INTU, LLY, LMT, MA, MCD, META, MSFT, NFLX, PEP, SBUX, UBER | AI, Cloud, growth, large cap, payments, Streaming, technology, Travel |
EQIX ALLY CLMT IMCD NA PEP SBUX |
RiverPark Large Growth Fund declined 4.11% in Q3 2023 amid rising rates and inflation concerns, but maintains strong 26.59% year-to-date performance. Portfolio companies showed resilient business momentum as COVID distortions fade. The manager added six new positions across diverse sectors while maintaining exposure to secular growth themes like AI, cloud, and digital payments. |
| Jun 30 2023 | 2023 Q2 | AAPL, ADSK, AMZN, BX, COST, DIS, GOOGL, ILMN, MA, META, MSFT, NFLX, NKE, NVDA, PYPL, SHOP, UBER, ZTS | AI, Cloud, E-Commerce, growth, large cap, payments, Streaming, technology |
COST ZTS |
RiverPark Large Growth outperformed in Q2 2023 with strong contributions from AI beneficiary Nvidia and e-commerce leaders Shopify and Amazon. The fund owns attractively valued growth companies benefiting from secular trends in technology and digital commerce, trading at deep discounts to intrinsic values despite already suffering recession-like selloffs last year. |
| Mar 31 2023 | 2023 Q1 | AAPL, AMZN, DDOG, DIS, GOOGL, ISRG, LULU, MA, META, MSFT, NFLX, NVDA, RNG, SCHW, SHOP, UBER, UNH | growth, innovation, large cap, Market share, secular growth, technology |
LULU AAPL|MSFT|NFLX|NVDA|UNH SCHW GRNG |
RiverPark Large Growth outperformed with 16.59% returns as inflation receded and growth multiples recovered. Strong performance from Meta, NVIDIA, and Shopify drove results while new positions in Lululemon and UnitedHealthcare were added at attractive valuations. Portfolio of secular growth businesses positioned to benefit from multiple expansion and continue market share gains through innovation. |
| Dec 31 2022 | 2022 Q4 | AMZN, GOOG, ISRG, MA, NFLX, NKE, PYPL, SCHW | - | - | |
| Oct 10 2022 | 2022 Q3 | BKNG, FIVN, GOOG, INTU, NFLX, NKE, NOW, PINS, PYPL, RNG, SCHW PR D, SNAP, UBER, V, WDAY | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIAI drove powerful rotations in Q1 with enthusiasm for semiconductor companies levered to AI infrastructure spending, while enterprise software companies faced pessimism over AI disruption concerns. The manager believes AI is driving new business rather than destroying existing revenue for their software holdings like Microsoft, ServiceNow, and Datadog. |
Infrastructure Software Semiconductors Enterprise Disruption |
Semiconductor CycleThe AI capital expenditure cycle has further to run over the next several years with secular demand for accelerated computing being real. However, several semiconductor stocks are now trading at peak multiples on what may be near-peak earnings in the current investment cycle, requiring caution about chasing names where valuation already prices in good news. |
Capital Expenditure Cyclicality Valuations Equipment | |
CloudMicrosoft's Azure showed strong growth with 39% year-over-year increase and $392 billion in remaining performance obligations providing multi-year revenue visibility. However, management guidance for sequential deceleration in Azure growth and elevated capital expenditures weighed on investor sentiment amid broader hyperscaler capex cycle concerns. |
Azure Growth Capital Expenditure Infrastructure | |
Defense SpendingThe onset of the U.S.-Iran conflict in late February drove significant re-rating of defense spending expectations as U.S. military engagement escalated. Investors rapidly repriced defense contractors higher on expectations of increased procurement activity, supplemental appropriations, and allied defense budget expansion. |
Conflict Procurement Military Contractors | |
StreamingNetflix benefited from multiple positive developments including walking away from Warner Bros. Discovery acquisition, strong Q4 2025 fundamentals with global paid membership crossing 325 million, and management guiding for 2026 revenue growth of 12-14% with operating margin expansion to 31.5%. |
Subscription Content Membership Margins | |
GLP1Eli Lilly faced regulatory and pricing policy headwinds with Trump administration's push for most favored nation drug pricing and generic GLP-1 competition in emerging markets. However, volume growth for Mounjaro and Zepbound substantially outpaces price declines, with demand continuing to exceed supply across global markets. |
Pricing Volume Demand Competition | |
| 2025 Q4 |
AIManager sees AI as driving significant growth across portfolio companies, with Alphabet benefiting from AI monetization in search and cloud, Applied Materials positioned for AI infrastructure buildout, and Microsoft maintaining leadership in AI applications despite elevated capital expenditures. |
Artificial Intelligence Cloud Computing Infrastructure Monetization |
CloudCloud infrastructure remains a key growth driver with Google Cloud growing over 30% year-over-year and Microsoft Azure showing strong momentum despite some deceleration, supported by robust enterprise demand and AI workload adoption. |
Cloud Infrastructure Enterprise Software Data Centers Computing | |
PharmaceuticalsEli Lilly represents one of the highest-quality growth franchises in healthcare, with GLP-1 treatments driving exceptional growth as demand continues to outpace supply, providing a robust pipeline for sustained revenue growth over the coming decade. |
GLP1 Diabetes Obesity Healthcare | |
SemiconductorsApplied Materials benefits from structural increases in semiconductor intensity and AI infrastructure buildout, with improving wafer-fab spending visibility and strong positioning in the semiconductor capital equipment ecosystem for leading-edge nodes. |
Semiconductor Equipment AI Infrastructure Capital Equipment | |
StreamingNetflix faces near-term headwinds from subscriber growth concerns and rising content spending, with margin pressure from live sports investment and potential acquisition complexity, though the manager maintains confidence in its long-term dominant position. |
Content Subscribers Media Entertainment | |
| 2025 Q3 |
AIAI remains a dominant theme driving market leadership and portfolio performance. Companies like Alphabet, NVIDIA, and Apple are benefiting from AI integration across search, cloud services, and device capabilities. NVIDIA continues to see record data center sales driven by broad adoption of AI accelerators, while Alphabet integrates generative AI tools into Search, YouTube, and Cloud to improve engagement and monetization. |
Artificial Intelligence Machine Learning Data Centers Cloud Computing Generative AI |
CloudCloud computing continues as a key growth driver with companies like Alphabet showing accelerating momentum in cloud services with double-digit growth. The integration of AI capabilities into cloud platforms is enhancing competitive positioning and driving revenue expansion across major technology platforms. |
Cloud Services Infrastructure Platform Computing Software | |
E-commerceE-commerce platforms like Shopify demonstrate strong momentum with 31% revenue growth and expanding market share gains. The secular growth of e-commerce continues to benefit platforms that serve global entrepreneurs, with AI-powered commerce tools driving increased adoption of merchant solutions and payment services. |
Online Commerce Digital Retail Merchant Platform Payments Marketplace | |
SemiconductorsSemiconductor companies, particularly Taiwan Semiconductor, continue to benefit from robust demand for advanced process technologies. TSM reported strong results driven by 3-nanometer and 2-nanometer demand, with AI-related semiconductor demand offsetting weakness in legacy nodes, supported by unrivaled manufacturing efficiency and scale. |
Chip Manufacturing Advanced Nodes Process Technology Foundries Fabrication | |
StreamingStreaming entertainment remains a focus with Netflix maintaining its position as the global leader despite some near-term headwinds. The company continues to benefit from unmatched scale, brand strength, and growing diversification into ad-supported tiers and interactive content, with potential for sustained double-digit earnings growth. |
Video Streaming Content Subscription Entertainment Media | |
| 2025 Q2 |
AIAI remains a dominant theme with NVIDIA leading through strong demand for Hopper architecture and upcoming Blackwell platform. Microsoft shows growing investor confidence in enterprise AI strategy with Azure growth and Copilot monetization. Meta demonstrates improving AI monetization prospects with Llama 3 model integration across platforms. |
NVIDIA Microsoft Enterprise Infrastructure Monetization |
CloudCloud infrastructure continues showing strength with Microsoft Azure delivering 31% year-over-year growth, its highest rate in over 18 months. The enterprise cloud adoption is accelerating with broad recovery in IT spending and increasing adoption of end-to-end AI stack across enterprise verticals. |
Azure Enterprise Infrastructure Growth Adoption | |
StreamingNetflix posted strong gains driven by healthy subscriber growth and accelerating contributions from ad-supported tier. The company added 32 million gross subscribers globally in first half of year with ad-tier reaching over 90 million users. Live programming and sports helped expand engagement across markets. |
Netflix Subscribers Advertising Content Engagement | |
E-commerceE-commerce platforms show mixed performance with Amazon maintaining strong positioning in top holdings while facing competitive pressures. Shopify remains a significant holding representing platform-based commerce growth opportunities. |
Amazon Shopify Platform Commerce Growth | |
| 2025 Q1 |
AIThe fund maintains significant exposure to AI-driven companies including NVIDIA, Microsoft, and Alphabet. Despite near-term concerns about AI demand plateauing and monetization timelines, the manager believes the long-term secular trend toward accelerated computing remains intact. |
AI GPUs Computing Software Cloud |
E-commerceAmazon remains a core holding despite concerns about AWS growth pace. The company continues to show improved margins across retail and cloud segments, with advertising emerging as a powerful growth driver in the early stages of a multi-year margin expansion cycle. |
E-commerce AWS Advertising Margins Digital | |
PaymentsVisa performed well benefiting from steady global consumer spending and cross-border travel uptick. The company delivers high-margin growth supported by network scale, brand strength, and secular shift toward electronic payments with strong pricing power. |
Payments Electronic Network Cross-border Digital | |
GLP1Eli Lilly was a top contributor with continued investor enthusiasm around weight-loss and diabetes drugs Zepbound and Mounjaro. Despite capacity constraints, the company demonstrates robust demand trends and progress in expanding manufacturing to meet future needs. |
GLP1 Diabetes Weight-loss Manufacturing Demand | |
StreamingNetflix maintains a 3.4% portfolio weighting as part of the content streaming theme allocation of 6.3%. The company benefits from the secular shift toward digital entertainment consumption and global content expansion. |
Streaming Content Digital Entertainment Global | |
| 2024 Q4 |
AIArtificial intelligence drives significant demand for NVIDIA's graphics processors as companies race to apply generative AI into products and services. The AI arms race kicked off by ChatGPT and Alphabet's Bard has generated tremendous demand for next generation graphic processors. AI advances helped improve targeting and measurement in Google's advertising businesses. |
GPUs Data Centers Cloud Generative AI Machine Learning |
E-commerceAmazon reported acceleration in e-commerce demand both domestically and internationally with continued market share gains. Shopify enjoys significant tailwinds as retail merchants adopt their software tools to sell across multiple channels, with 10% of US retail e-commerce sales flowing through their platform. Overall growth of e-commerce combined with new product development should drive continued revenue growth. |
Online Retail Digital Commerce Marketplaces Omnichannel GMV | |
CloudAWS delivered strong performance with gross margins of 38%, up from 30%, driving Amazon's operating income beat. Google Cloud business showed continued growth acceleration with revenue 5% better than expected. The transition from general purpose to accelerated computing represents a trillion dollar opportunity in global data center infrastructure. |
AWS Data Centers SaaS Infrastructure Computing | |
StreamingNetflix delivered stronger-than-expected revenue and operating income with solid subscriber additions. Anti-password sharing and ad tier initiatives continue driving subscriber growth while price increases improve revenue per user trends and margin expansion. The company expects low double digit annual revenue growth with operating margins exceeding 25%. |
Content Subscriptions Ad Tier Revenue Per User Margins | |
GLP1Eli Lilly experienced a revenue miss in the tirzepatide complex (Mounjaro/Zepbound) due to supply chain constraints and wholesaler stocking patterns. The diabetes/obesity/weight-loss market is enormous with current GLP-1 drugs in great demand despite no longer being supply constrained. The company's tirzepatide franchise growth is expected to reaccelerate. |
Diabetes Obesity Weight Loss Pharmaceuticals Supply Chain | |
| 2024 Q3 |
AIThe fund has significant exposure to AI infrastructure and applications through companies like NVIDIA, Microsoft Azure, and Google Cloud. Microsoft's Azure platform alone has potential to grow to more than $200 billion in annual revenue over the next decade. Infrastructure constraints are currently limiting growth but capacity expansion is expected to drive reacceleration. |
Cloud Infrastructure Azure Computing Growth |
E-commerceStrong positioning in e-commerce platforms and enablement tools, particularly Shopify which processed 10% of US retail e-commerce sales. The overall growth of e-commerce combined with development of new products like Shop Pay should drive revenue growth of more than 20% per year. Amazon remains a core holding representing the dominant marketplace. |
Platforms Retail Digital Payments Growth | |
Social MediaSignificant exposure to social media platforms including Meta, Pinterest, and Snap. Meta owns multiple platforms with over 1 billion users each and generated $44 billion of FCF in 2023. Pinterest's 522 million MAUs are increasingly coming for purchase inspiration, positioning it well for advertising share gains. |
Advertising Users Engagement Revenue Growth | |
PaymentsInvestment in next-generation payment processing through Adyen, which operates a global payments platform with a single integrated end-to-end network. The transition to single-provider, omni-channel payment processing is in its infancy, providing market share opportunity against legacy competitors with separate platforms. |
Processing Global Technology Integration Growth | |
Alternative Asset ManagersHoldings in Blackstone and KKR benefit from consistent double-digit AUM growth driving recurring fee revenue. Most capital is long-dated or permanent, fees are high-margin and not sensitive to market fluctuations. Both companies have billions in uninvested capital available for deployment. |
AUM Fees Capital Growth Recurring | |
| 2024 Q2 |
AIThe artificial intelligence arms race kicked off by ChatGPT and Alphabet's Bard has generated tremendous demand for Nvidia's next generation graphic processors. AI advances helped improve targeting and measurement in Alphabet's advertising businesses, including in YouTube's fast growing Shorts segment. Apple stock got a boost from research reports suggesting iPhone sales may see a boost from an upgrade cycle driven by the upcoming rollout of Apple's AI assistant. |
GPUs Data Centers Machine Learning Neural Networks Generative AI |
CloudAlphabet reported a reacceleration in the company's Cloud business with Cloud revenue of $10 billion, 2% better than expected. The company continues to see growth and expanding profitability in its still relatively small Cloud business. Five9 is well-positioned as contact centers transition to the cloud and has high customer retention. |
Cloud Infrastructure SaaS Data Centers Enterprise Software Digital Transformation | |
E-commerceLast year, 10% of US retail e-commerce sales flowed through Shopify, second only to Amazon. The company is still enjoying significant tailwinds as retail merchants of all sizes adopt Shopify's software tools to display, manage and sell their products across a dozen different sales channels. The overall growth of e-commerce, combined with the development of new products and services, should continue to drive revenue growth of more than 20% per year. |
Online Retail Digital Commerce Marketplaces Omnichannel Merchant Services | |
PaymentsAdyen operates a global payments platform, integrating the full payments stack to serve modern global merchants. The company's platform was fully built in-house on a single code base and operates as a single, integrated end-to-end network, giving it an advantage over competitors. The transition to next-generation, single-provider, omni-channel payment processing is in its infancy. |
Payment Processing FinTech Digital Payments Merchant Acquiring Financial Technology | |
StreamingDisney's Direct-to-Consumer business grew, with Disney+ Core adding more subscribers than expected and generated $47 million of operating income versus expectations of breakeven. Netflix remains a top holding representing 3.5% of net assets. The company is positioned among the best-positioned media companies to combine multi-channel and DTC distribution. |
Video Streaming Content Distribution Subscription Services Digital Media Entertainment | |
Social MediaSnap reported strong Daily Active User growth and accelerating revenue growth driven by a recovery in direct response advertising following improvements to the company's ad platform. Pinterest saw Monthly Active Users of 518 million, up 12% year-over-year, with users increasingly coming to Pinterest to get inspiration for their home, style, or upcoming travel, positioning the company well to take share of future ad dollar allocations. |
Social Platforms Digital Advertising User Engagement Ad Tech Creator Economy | |
| 2024 Q1 |
AIAI hardware companies drove Q1 performance with NVIDIA gaining 82% after adding over $1 trillion in market value. The AI arms race from ChatGPT and Bard generated tremendous demand for next-generation graphics processors. Portfolio companies implementing AI solutions like Adobe, Five9, and Alphabet underperformed despite revenue generation from AI. |
NVIDIA Hardware GPUs Data Centers ChatGPT |
StreamingNetflix was a top contributor following strong Q4 earnings with subscriber growth accelerating from password sharing crackdown and ad-tier rollout. The company added 13.1 million subscribers versus 8.9 million estimates and guided to 24% operating margins for 2024. |
Netflix Subscribers Ad-tier Content ARPU | |
Social MediaMeta Platforms contributed strongly with accelerating revenue growth and expanding margins from online advertising rebound. The company reported 25% revenue growth with strong user engagement in Reels and Threads, while Snap faced margin pressure despite meeting revenue expectations. |
Meta Advertising Reels Threads DAU | |
E-commerceUber Technologies delivered strong performance with 22% gross bookings growth and improved profitability. The company generated $768 million free cash flow versus prior year loss and guided to mid-to-high single digit growth with 30-40% EBITDA growth over three years. |
Uber Mobility Delivery Bookings Platform | |
| 2023 Q4 |
E-commerceShopify continues to benefit from e-commerce growth with 25% revenue growth and 16% operating margins. The company processed 10% of US retail e-commerce sales, second only to Amazon. Management expects continued revenue growth of more than 20% per year driven by new merchants, increased adoption, and market share gains. |
Shopify Retail Digital Merchants Platform |
CloudMicrosoft's Azure platform showed 28% constant currency growth, marking the first quarter-over-quarter acceleration in six quarters. Azure alone has potential to grow to more than $100 billion in annual revenue over the next decade as cloud-based services become the company's largest revenue producer. |
Azure Microsoft Infrastructure Enterprise SaaS | |
AIThe fund's AI/Cloud Computing theme represents 12.0% of the portfolio. Microsoft's strong performance was driven by better-than-expected cloud growth, with Azure acceleration highlighting the continued adoption of AI-powered cloud services across enterprises. |
Microsoft Azure Machine Learning Enterprise Computing | |
StreamingNetflix delivered strong subscriber growth of 8.8 million versus estimates of 6.1 million, driven by password sharing crackdown and advertising-supported tier rollout. The company guided 2024 operating margins to 22-23% with stabilized content investments positioning for low double-digit revenue growth. |
Netflix Subscribers Content Advertising ARPU | |
PaymentsThe payments theme represents 7.4% of the portfolio. Companies in this space benefit from the continued digitization of commerce and the growth of e-commerce platforms that require sophisticated payment processing capabilities. |
Digital Processing Commerce Fintech Transactions | |
| 2023 Q3 |
AIAI tools are driving advertising growth at Alphabet, with 80% of advertisers using at least one of the company's advertising AI tools. The company highlighted AI tools as a key driver of re-acceleration in advertising growth during the quarter. |
Advertising Tools Growth Alphabet Revenue |
CloudGoogle Cloud continued strong growth with 28% year-over-year revenue growth and impressive operating margin gains of +14 points year-over-year. The cloud business is showing emerging strength and profitability as a still relatively small but growing segment. |
Google Revenue Growth Margins Profitability | |
StreamingYouTube benefited from mass user adoption of YouTube Shorts with 2+ billion monthly users and growing advertiser adoption of Connected TV offerings. Netflix showed subscriber growth re-acceleration following password sharing crackdown and ad-tier rollout. |
YouTube Netflix Subscribers Advertising Growth | |
E-commerceThe portfolio includes significant exposure to e-commerce platforms and enablers. Companies are benefiting from normalized growth trajectories as COVID-era distortions fade and digital commerce continues expanding. |
Digital Platforms Growth Commerce Technology | |
PaymentsAdyen operates a global payments platform with single-provider, omni-channel payment processing capabilities. Despite revenue shortfalls, the company continues taking market share and the transition to next-generation payment processing remains in its infancy. |
Processing Platform Global Technology Growth | |
TravelBooking Holdings reported strong summer travel demand with $40 billion of bookings and continued strength in leisure travel. The company raised travel booking guidance for the remainder of the year and showed improvement in marketing efficiency. |
Leisure Demand Bookings Recovery Growth | |
| 2023 Q2 |
AIThe artificial intelligence arms race kicked off by generative AI applications ChatGPT and Alphabet's Bard has generated tremendous demand for Nvidia's next generation graphic processors. NVDA is the leading designer of graphics processing units required for powerful computer processing and has evolved from gaming-focused to one of the largest semiconductor/software vendors globally. |
Generative AI GPUs ChatGPT Data Centers Computing |
E-commerceE-commerce sales broadly rebounded with Shopify continuing to take market share. 10% of US retail e-commerce sales flowed through SHOP, second only to Amazon. The overall growth of e-commerce combined with new products like Shop Pay should drive revenue growth of more than 20% per year over the next several years. |
Digital Commerce Online Retail Marketplaces Shop Pay GMV | |
PaymentsPayPal is the most accepted digital wallet with almost triple the acceptance of Apple Pay, providing pure exposure to secular growth in ecommerce-driven digital payments. The company is also a key beneficiary of consumer-to-consumer payment trends through Venmo. The secular growth of eCommerce and P2P payments should fuel high teens earnings growth. |
Digital Wallets P2P Payments Venmo Digital Payments FinTech | |
CloudAmazon's AWS revenue growth slowed during the quarter, which management believes will rebound later in the year. The company continues to benefit from market share gains in web services as one of three leading businesses alongside e-commerce and online advertising. |
AWS Web Services Cloud Infrastructure Enterprise SaaS | |
StreamingDisney's direct-to-consumer business showed better subscriber numbers than anticipated despite price increases, though losses at the DTC business are growing. The company has a wealth of upcoming content with plans to release over 100 original titles per year on a $30 billion annual content production budget. |
Disney Plus Content Streaming Services DTC Subscriptions | |
| 2023 Q1 |
AINVIDIA benefited from positive momentum around Artificial Intelligence and the chips that drive it. NVDA chips and software are critical to core technologies being adopted globally, including artificial intelligence. The company has evolved from gaming-focused to one of the largest semiconductor/software vendors through innovation. |
Artificial Intelligence NVIDIA Chips Software Technology |
E-commerceShopify gained market share in e-commerce gross merchandise volumes, with 10% of US retail e-commerce sales flowing through SHOP. The company is enjoying significant tailwinds as retail merchants adopt SHOP's software tools across multiple sales channels, with expected 20% annual revenue growth. |
Shopify E-commerce GMV Retail Software | |
CloudCloud computing mentioned as a critical technology where NVDA chips and software play an important role. Datadog provides monitoring for cloud software infrastructure as businesses transition to cloud, though macroeconomic headwinds have caused clients to slow workload transitions and optimize current capacity. |
Cloud Computing Infrastructure Datadog Software Monitoring | |
StreamingNetflix represents 3.6% of portfolio in the Content Streaming theme allocation. The company is positioned as part of the portfolio's secular growth businesses trading at discounts to future growth prospects. |
Netflix Content Streaming Media | |
PaymentsPayments represents 11.4% of portfolio allocation, with Mastercard as a top holding at 3.4% of net assets. The theme is positioned as part of secular growth businesses expected to continue innovating and taking market share. |
Payments Mastercard Financial Services |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jul 29, 2025 | Fund Letters | Conrad van Tienhoven | LLY | Eli Lilly and Company | Health Care | Pharmaceuticals | Bull | New York Stock Exchange | Diabetes, Glp1, Obesity, pharmaceuticals, pipeline, Pricing, Reimbursement | Login |
| Jul 29, 2025 | Fund Letters | Conrad van Tienhoven | SBUX | Starbucks Corporation | Consumer Discretionary | Restaurants | Bull | NASDAQ | Brand, Coffee, consumer, Loyalty, Margins, Restaurants, turnaround | Login |
| Jul 29, 2025 | Fund Letters | Conrad van Tienhoven | PEP | PepsiCo, Inc. | Consumer Staples | Soft Drinks | Bull | NASDAQ | Beverages, consumer, Defensives, dividend, inflation, Margins, Snacks | Login |
| Jun 30, 2025 | Fund Letters | RiverPark Large Growth | NVDA | NVIDIA Corp. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Accelerated Computing, AI infrastructure, automotive, Blackwell Platform, CUDA, data center, Enterprise Inference, Gpu, growth, Hopper Architecture, semiconductors, Sovereign AI | Login |
| Jun 30, 2025 | Fund Letters | RiverPark Large Growth | MSFT | Microsoft Corp. | Information Technology | Systems Software | Bull | NASDAQ | Azure, cloud infrastructure, Copilot, Enterprise AI, Enterprise software, generative AI, Microsoft 365, Platform business, productivity software, recurring revenue, SaaS | Login |
| Jun 30, 2025 | Fund Letters | RiverPark Large Growth | NFLX | Netflix, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | Ad-supported tier, advertising revenue, Content Efficiency, digital media, Global Platform, Live Programming, operating leverage, Sports Content, Streaming, Subscriber Growth | Login |
| Jun 30, 2025 | Fund Letters | RiverPark Large Growth | META | Meta Platforms Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI monetization, digital advertising, Instagram, Llama 3, messaging commerce, Mobile Platforms, operational efficiency, Reels, social media, WhatsApp | Login |
| Jun 30, 2025 | Fund Letters | RiverPark Large Growth | UBER | Uber Technologies, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | Advertising Business, delivery, Freight, Gig Economy, Logistics, mobility, operating leverage, Platform business, Ride Sharing, Unit economics | Login |
| Jun 30, 2025 | Fund Letters | RiverPark Large Growth | UNH | UnitedHealth Group Inc. | Health Care | Health Care Services | Bull | NYSE | Care Delivery, Healthcare Insurance, Healthcare services, Integrated Model, Medicaid, Medical Cost Ratio, Medicare Advantage, Pharmacy Benefits, Utilization Trends, value-based care | Login |
| Jun 30, 2025 | Fund Letters | RiverPark Large Growth | AAPL | Apple Inc. | Information Technology | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | Apple Intelligence, China market, consumer electronics, Device Performance, Installed base, iPhone, On-device AI, Platform Monetization, Security, services | Login |
| Jun 30, 2025 | Fund Letters | RiverPark Large Growth | LLY | Eli Lilly and Co. | Health Care | Pharmaceuticals | Bull | NYSE | Alzheimer’s, Diabetes, GLP-1, Immunology, Mounjaro, obesity treatment, Oncology, pharmaceuticals, pipeline, Zepbound | Login |
| Jun 30, 2025 | Fund Letters | RiverPark Large Growth | SBUX | Starbucks Corp. | Consumer Discretionary | Restaurants | Bull | NASDAQ | Brand Equity, Coffee, Consumer Franchise, Digital Investment, global scale, loyalty program, Quick Service Restaurant, Real Estate, same-store sales, Traffic Trends | Login |
| Jun 30, 2025 | Fund Letters | RiverPark Large Growth | PEP | PepsiCo, Inc. | Consumer Staples | Soft Drinks | Bull | NASDAQ | Beverages, brand portfolio, cash generation, consumer staples, defensive, Dividend Growth, food and beverage, Geographic Diversification, Global Brands, Input Cost Inflation | Login |
| Mar 31, 2025 | Fund Letters | RiverPark Large Growth | UBER | Uber Technologies, Inc. | Communication Services | Interactive Media & Services | Bull | NYSE | delivery, Free Cash Flow, growth, mobility, network effects, operational efficiency, user monetization | Login |
| Mar 31, 2025 | Fund Letters | RiverPark Large Growth | V | Visa Inc. | Information Technology | Data Processing & Outsourced Services | Bull | NYSE | Cross-border Travel, Digitization, Electronic Payments, high-margin, Network Scale, Payments, Pricing power | Login |
| Mar 31, 2025 | Fund Letters | RiverPark Large Growth | SCHW | Charles Schwab Corp. | Financials | Investment Banking & Brokerage | Bull | NYSE | advisory services, asset growth, Brokerage, Interest rates, low-cost structure, scale, wealth management | Login |
| Mar 31, 2025 | Fund Letters | RiverPark Large Growth | LLY | Eli Lilly and Co. | Health Care | Pharmaceuticals | Bull | NYSE | Alzheimer’s, Diabetes, Free Cash Flow, manufacturing, Oncology, pharmaceuticals, pipeline, Weight loss | Login |
| Mar 31, 2025 | Fund Letters | RiverPark Large Growth | UNH | UnitedHealth Group Inc. | Health Care | Health Care Services | Bull | NYSE | Diversified Model, Healthcare services, Insurance, Medical Cost Ratio, operating leverage, Optum, scale | Login |
| Mar 31, 2025 | Fund Letters | RiverPark Large Growth | NVDA | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | Accelerated Computing, AI, Edge AI, GPUs, hyperscalers, inference, semiconductors, Software Ecosystem | Login |
| Mar 31, 2025 | Fund Letters | RiverPark Large Growth | GOOGL | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI, cash flow, cloud, monetization, Search, valuation discount, YouTube | Login |
| Mar 31, 2025 | Fund Letters | RiverPark Large Growth | AAPL | Apple Inc. | Information Technology | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | Brand, China, Customer loyalty, Ecosystem, Free Cash Flow, Hardware, recurring revenue, services | Login |
| Mar 31, 2025 | Fund Letters | RiverPark Large Growth | AMZN | Amazon.com, Inc. | Consumer Discretionary | Broadline Retail | Bull | NASDAQ | advertising, AWS, cloud, cost cuts, digital advertising, e-commerce, margin expansion | Login |
| Mar 31, 2025 | Fund Letters | RiverPark Large Growth | MSFT | Microsoft Corp. | Information Technology | Systems Software | Bull | NASDAQ | AI services, cloud infrastructure, Digital transformation, enterprise, operating leverage, productivity software | Login |
| Mar 31, 2024 | Fund Letters | RiverPark Large Growth | NVDA | NVIDIA Corp. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Artificial Intelligence, asset-light, data center, Free Cash Flow, Gaming, Gpu, semiconductors | Login |
| Mar 31, 2024 | Fund Letters | RiverPark Large Growth | META | Meta Platforms, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI Targeting, digital advertising, Free Cash Flow, Reels, social media, Threads, user engagement | Login |
| Mar 31, 2024 | Fund Letters | RiverPark Large Growth | DIS | The Walt Disney Co. | Communication Services | Entertainment | Bull | NYSE | content library, direct-to-consumer, entertainment, Free Cash Flow, Streaming, theme parks, turnaround | Login |
| Mar 31, 2024 | Fund Letters | RiverPark Large Growth | UBER | Uber Technologies, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | food delivery, Free Cash Flow, Global, market share, Mobility Platform, on-demand services, Ride Sharing | Login |
| Mar 31, 2024 | Fund Letters | RiverPark Large Growth | NFLX | Netflix, Inc. | Communication Services | Entertainment | Bull | NASDAQ | Ad-supported tier, content investment, Free Cash Flow, operating margin, Pricing power, Streaming, Subscriber Growth | Login |
| Dec 31, 2023 | Fund Letters | RiverPark Large Growth | SHOP | Shopify Inc. | Information Technology | Application Software | Bull | NYSE | digital payments, e-commerce, growth, margin expansion, platform, retail technology, SaaS | Login |
| Dec 31, 2023 | Fund Letters | RiverPark Large Growth | UBER | Uber Technologies, Inc. | Communication Services | Interactive Media & Services | Bull | NYSE | food delivery, Free Cash Flow, Global, Mobility Platform, on-demand services, profitability inflection, Ride Sharing | Login |
| Dec 31, 2023 | Fund Letters | RiverPark Large Growth | AAPL|MSFT|NFLX|NVDA|UNH | Microsoft Corp. | Information Technology | Systems Software | Bull | NASDAQ | Azure, Cloud computing, Digital transformation, Enterprise software, Free Cash Flow, market leader, operating leverage | Login |
| Dec 31, 2023 | Fund Letters | RiverPark Large Growth | SNAP | Snap Inc. | Communication Services | Interactive Media & Services | Bull | NYSE | digital advertising, monetization, Platform Innovation, profitability inflection, social media, turnaround, User growth | Login |
| Dec 31, 2023 | Fund Letters | RiverPark Large Growth | AAPL|MSFT|NFLX|NVDA|UNH | Netflix, Inc. | Communication Services | Entertainment | Bull | NASDAQ | Ad-supported tier, Content, Free Cash Flow, operating leverage, Pricing power, Streaming, Subscription | Login |
| Dec 31, 2023 | Fund Letters | RiverPark Large Growth | ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM | Illumina, Inc. | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | biotechnology, DNA Sequencing, Genomics, Healthcare Technology, Innovation Leader, life sciences, market leader | Login |
| Sep 30, 2023 | Fund Letters | RiverPark Large Growth | EQIX | Equinix Inc | Real Estate | Specialized REITs | Bull | NASDAQ | cloud, Colocation, data centers, digital infrastructure, Global, Interconnection, network infrastructure, REIT | Login |
| Sep 30, 2023 | Fund Letters | RiverPark Large Growth | ALLY | Eli Lilly and Company | Health Care | Pharmaceuticals | Bull | NYSE | Alzheimer’s, Biotech, Diabetes, Franchise Products, Global, Obesity, Oncology, pharmaceuticals, pipeline | Login |
| Sep 30, 2023 | Fund Letters | RiverPark Large Growth | CLMT | Lockheed Martin Corporation | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, backlog, Defense, dividend, F-35, government contracts, Military, Share Buybacks | Login |
| Sep 30, 2023 | Fund Letters | RiverPark Large Growth | IMCD NA | McDonald's Corporation | Consumer Discretionary | Restaurants | Bull | NYSE | cash generation, defensive, dividend, franchise, Global, Restaurants, same-store sales, Value | Login |
| Sep 30, 2023 | Fund Letters | RiverPark Large Growth | PEP | PepsiCo Inc | Consumer Staples | Soft Drinks | Bull | NASDAQ | Beverages, cash flow growth, consumer staples, defensive, dividend, Global Brands, margin expansion, Snacks | Login |
| Sep 30, 2023 | Fund Letters | RiverPark Large Growth | SBUX | Starbucks Corporation | Consumer Discretionary | Restaurants | Bull | NASDAQ | brand portfolio, Coffee, delivery, Food Attachment, Global, Restaurants, Specialty retail, supply chain | Login |
| Jun 30, 2023 | Fund Letters | RiverPark Large Growth | COST | Costco Wholesale Corporation | Consumer Staples | Hypermarkets & Super Centers | Bull | NASDAQ | consumer staples, Customer loyalty, global expansion, market share, Membership, Omnichannel, Private-label, retailer | Login |
| Jun 30, 2023 | Fund Letters | RiverPark Large Growth | ZTS | Zoetis Inc. | Health Care | Pharmaceuticals | Bull | NYSE | Animal Health, Blockbuster Drugs, diagnostics, Global Population, high margins, Pet Spending, pharmaceuticals, secular growth, vaccines | Login |
| Mar 31, 2023 | Fund Letters | RiverPark Large Growth | LULU | Lululemon Athletica Inc. | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | NASDAQ | athletic apparel, e-commerce, growth, international expansion, Premium Brand, retail, vertical integration, Wellness | Login |
| Mar 31, 2023 | Fund Letters | RiverPark Large Growth | AAPL|MSFT|NFLX|NVDA|UNH | UnitedHealth Group Incorporated | Health Care | Health Care Providers & Services | Bull | NYSE | healthcare, Healthcare Technology, Insurance, managed care, Medicaid, Medicare, Optum, Pharmacy Benefits | Login |
| Mar 31, 2023 | Fund Letters | RiverPark Large Growth | SCHW | The Charles Schwab Corporation | Financials | Capital Markets | Bull | NYSE | asset management, Brokerage, Cash Sorting, Discount Brokerage, Integration, net interest income, TD Ameritrade, wealth management | Login |
| Mar 31, 2023 | Fund Letters | RiverPark Large Growth | GRNG | RingCentral, Inc. | Information Technology | Software | Bull | NYSE | Channel Partnerships, cloud communications, Enterprise software, PBX, recurring revenue, SaaS, UCaaS, Unified Communications | Login |
| TICKER | COMMENTARY |
|---|---|
| AMAT | AMAT was the portfolio's top contributor for the quarter, advancing 33% as its strong fiscal Q1 2026 earnings report, released on February 12, significantly outperformed expectations. The company reported revenue of $7.01 billion, above the $6.88 billion consensus estimate, and adjusted EPS of $2.38, beating expectations of $2.21 per share. Management attributed the results to accelerating industry investments in AI computing, with strength across semiconductor systems, Applied Global Services, and display segments. |
| TSM | TSM was the second-largest contributor for the quarter, gaining 11% despite significant volatility driven by the Iran conflict and associated risk-off selling in March. TSMC's underlying business momentum was exceptional throughout Q1: the company reported January 2026 monthly revenue up 37% year-over-year, February revenue up 22% year-over-year, and March revenue surging 45% year-over-year, with Q1 2026 revenue totaling approximately $35.6 billion, up 35% year-over-year and above expectations. |
| COST | COST was the third-largest contributor for the quarter, gaining 16% as the company benefited from two distinct tailwinds. In the first two months of the quarter, Costco's consistent, membership-driven business model provided a defensive haven as investors rotated away from high-multiple technology stocks amid capex cycle concerns. Then in March, as the Iran conflict drove consumers toward value-seeking behavior, Costco's warehouse model and unmatched value proposition attracted incremental traffic. |
| LMT | LMT was a top contributor for the quarter, gaining 26% as the onset of the U.S.-Iran conflict in late February drove a significant re-rating of defense spending expectations. As U.S. military engagement escalated, investors rapidly repriced defense contractors higher on expectations of increased procurement activity, supplemental appropriations, and allied defense budget expansion. |
| NFLX | NFLX was the fifth-largest contributor for the quarter, gaining approximately 3% and significantly outperforming a sharply down market. Netflix benefited from multiple positive developments during Q1. In January, the company's decision to walk away from its proposed acquisition of Warner Bros. Discovery removed a major strategic and regulatory overhang from the stock, allowing investors to refocus on Netflix's strong fundamentals. |
| MSFT | MSFT was the portfolio's largest detractor for the quarter due to various headwinds. In January, Microsoft reported its fiscal Q2 2026 results with strong operational metrics, revenue up 17% year-over-year, Azure up 39%, and RPO of $392 billion up more than 50% year-over-year, but management's guidance for a sequential deceleration in Azure growth and sharply elevated capital expenditures weighed on investor sentiment. |
| SHOP | SHOP was the second-largest detractor for the quarter, declining 26%. The stock faced pressure beginning with its Q4 2025 earnings report on February 11, which investors viewed as mixed. While revenue of $3.67 billion grew 31% year-over-year and beat expectations, the company missed EPS estimates and guided Q1 2026 free cash flow margins slightly below the prior year, disappointing investors who had expected continued margin expansion. |
| PINS | PINS was a significant detractor for the quarter, declining 40% before we exited the position. Pinterest's Q4 2025 earnings report, released in February, was disappointing: revenue of $1.32 billion grew 14.3% year-over-year but missed the $1.33 billion consensus, adjusted EPS of $0.67 fell short of expectations, and Q1 2026 revenue guidance of $951–$971 million came in well below the $980 million the Street had anticipated. |
| LLY | LLY was a top detractor for the quarter, declining 14% as the pharmaceutical sector faced an intensifying regulatory and pricing policy environment. The Trump administration's continued push to codify most favored nation (MFN) drug pricing into law raised concerns about long-term U.S. revenue growth, and the expiration of Novo Nordisk's semaglutide patent in India in March 2026 opened the door for generic GLP-1 competition in emerging markets. |
| KKR | KKR was the fifth-largest detractor for the quarter, declining 27% despite a strong recovery in March. The stock's weakness early in the quarter was driven by its Q4 2025 earnings report on February 5, in which adjusted EPS of $1.12 declined from $1.32 in the prior-year quarter and missed consensus expectations, as fee-related earnings and total operating earnings both fell short of Wall Street estimates. |
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