The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
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.
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.
As of Mar 31, 2026
Conrad van Tienhoven serves as Principal and Portfolio Manager since December 2022, bringing extensive experience from his nine years as Senior Analyst on the Baron iOpportunity Fund at Baron Funds. At Baron, he covered internet media, ecommerce, hardware, software, and online business services, providing direct relevant experience in growth-oriented technology and digital business sectors. He holds a B.A. in Economics from the University of Texas at Austin (1997). His background combines educational foundation in economics with hands-on experience analyzing and investing in growth companies, particularly in technology and digital transformation sectors.
RiverPark employs a value orientation toward growth, investing in exciting growth businesses with significant long term growth potential while patiently waiting for opportunities to purchase these companies at attractive prices. The fund seeks companies with latent pricing power, expanding free cash flow and high return on invested capital. The strategy focuses on long-term investing based on deep, fundamental, company-specific research in growing companies with sustainable competitive advantages. RiverPark creates and maintains detailed, proprietary financial models of revenues, earnings and cash flows of each potential investment and establishes price targets. This is a low turnover strategy with securities held on average for 3-5 years.
Lead Portfolio Manager
Moderate Conviction Bullish
Market Conviction
The fund demonstrates high conviction through concentrated top 10 holdings representing 52% of assets, detailed individual position analysis, and willingness to hold through significant volatility. The manager provides specific thesis defense for major holdings despite poor performance.
Growth Outlook
The manager acknowledges significant macro headwinds including geopolitical conflict, stagflation concerns, and sector rotations, but maintains confidence in long-term prospects and secular growth trends. The outlook is cautiously constructive despite near-term challenges.
Risk Appetite
The fund maintains concentrated positions in growth companies and continues to hold through volatility, though they exited Pinterest and acknowledge being underweight certain AI infrastructure names. Risk appetite remains moderate with selective positioning.
Capital Deployment
The fund exited Pinterest entirely during the quarter and acknowledges being underweight certain semiconductor names, suggesting modest de-risking. No evidence of significant new capital deployment or cash level changes.
Forward Guidance
The manager expresses confidence in portfolio companies' long-term prospects and mentions strong Q2 performance to date, suggesting a willingness to maintain current positioning while being selective about new opportunities.
Language Signal
Language balances risk acknowledgment with opportunity identification. Terms like 'confident,' 'attractive valuations,' and 'secular growth trends' are offset by discussions of 'headwinds,' 'volatility,' and 'challenging quarter.'
Perceived Risk
The manager identifies multiple significant risks including geopolitical conflict, stagflation concerns, sector rotation pressures, and AI disruption fears. Detailed discussion of macro headwinds and their market impacts indicates elevated risk perception.
Opportunity Density
Despite market challenges, the manager sees attractive valuations in software holdings following drawdowns and maintains conviction in secular growth opportunities across AI, cloud, and digital transformation themes.
Time Horizon
The manager emphasizes long-term prospects, secular trends, and multi-year growth trajectories. Discussion focuses on durable competitive advantages and long-term earnings power rather than near-term catalysts, indicating a patient, multi-year investment horizon.
Top Conviction Themes
Key Catalysts
Every insight in this database connects to the original source. Read the actual thesis, see the actual concerns, and make your own call.
Buyside Digest has no business relationship, partnership, agency, sponsorship, endorsement, or affiliation with RiverPark Large Growth Fund or any other manager whose content appears on the Service, except where expressly stated. We do not receive Manager Content directly from managers in most cases; content is collected from publicly available sources. Managers have not necessarily reviewed, approved, authorized, or endorsed our display of their content, our editorial commentary, our metadata extraction, or our classifications. Use of a manager’s name is for accurate attribution and identification purposes only, under principles of nominative fair use.
Buyside Digest does not independently verify the regulatory status, registrations, licensing, qualifications, credentials, or professional standing of managers whose content appears on the Service. We do not represent that managers are properly registered with applicable regulatory bodies, that their content complies with applicable securities laws, or that their performance representations are accurate. Inclusion of a manager in our database is based on the publicly available nature of their content, not on our verification of their regulatory status or content compliance. Users are responsible for conducting their own due diligence on any manager.
Performance data, returns, assets under management (“AUM”), and similar figures displayed on this page are sourced from publicly available manager communications (including investor letters), public filings, or other third-party sources. Buyside Digest does not independently verify performance figures, calculate returns, or audit manager-reported data. Such figures: May be selectively reported by the manager; May use non-standard calculation methodologies; May not reflect fees, expenses, taxes, or other costs; May be inconsistent across reporting periods; May be outdated. Past performance is not indicative of future results. Performance figures should not be relied upon for investment decisions without independent verification. Users should request audited performance data directly from the manager and conduct their own due diligence.
