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 Long/Short declined 9.77% in Q1 2026 as Iran conflict drove stagflation fears and AI disruption concerns hammered enterprise software holdings. Manager argues software sell-off misunderstands AI's coordination role, citing strong growth at Microsoft, ServiceNow, and Datadog. Increased shorts to 23.29%, maintains conviction in quality businesses with secular growth drivers despite semiconductor valuation concerns.
Long/short strategy focused on high-quality businesses with secular growth drivers while shorting companies with deteriorating fundamentals, unsustainable business models, or excessive valuations, particularly benefiting from AI infrastructure investment and enterprise software coordination roles.
Manager believes the fund's flexible mandate and disciplined stock selection process are well suited to navigate the current environment, with long book anchored by high-quality businesses with strong fundamentals and secular growth drivers.
As of Mar 31, 2026
Conrad van Tienhoven serves as Principal and Portfolio Manager since December 2022, having previously served as Assistant Portfolio Manager at RiverPark since inception in 2009. Prior to RiverPark, he spent nine years at Baron Funds as Senior Analyst on the Baron iOpportunity Fund and Baron Fifth Avenue Growth Fund. He holds a B.A. in Economics from the University of Texas at Austin (1997). Van Tienhoven has sector expertise in internet media, ecommerce, hardware, software, online business services, healthcare, and healthcare technology. RiverPark portfolio managers and employees collectively have over $25 million invested in their own strategies.
RiverPark Long/Short Opportunity seeks long-term capital appreciation while managing downside volatility by investing long in equity securities that RiverPark believes have above-average growth prospects and selling short equity securities the Adviser believes are competitively disadvantaged over the long term. The investment process includes identifying powerful secular changes, building detailed business models, conducting long-term fundamental research, and investing with conviction and discipline. The fund emphasizes capitalizing on dislocations and market volatility, using dynamic long and short equity positions to protect capital and capture growth.
Lead Portfolio Manager
Moderate Conviction Bullish
Market Conviction
High conviction evidenced by concentrated top 10 holdings representing 48.3% of portfolio, detailed fundamental analysis of individual positions, willingness to exit Pinterest entirely, and strong conviction statements about Microsoft, Applied Materials, and TSMC despite recent underperformance.
Growth Outlook
Manager acknowledges challenging macro environment with Iran conflict, stagflation concerns, and market volatility, but maintains constructive view on secular growth drivers and AI infrastructure cycle continuing over next several years.
Risk Appetite
Fund increased short exposure from 18.72% to 23.29% and reduced net exposure from 78.91% to 73.71%, indicating modest defensive positioning while maintaining substantial long exposure at 96.99%.
Capital Deployment
Fund reduced net exposure from 78.91% to 73.71% by increasing short exposure from 18.72% to 23.29% while maintaining similar long exposure, indicating modest de-risking and defensive positioning.
Forward Guidance
Manager expresses confidence that fund's flexible mandate and disciplined stock selection are well suited to navigate current environment, with conviction in long-term thesis despite near-term headwinds.
Language Signal
Balanced language with risk acknowledgment (stagflation, volatility, disruption fears) offset by opportunity language (secular growth drivers, structural advantages, compelling valuations) and conviction statements about portfolio holdings.
Perceived Risk
Manager identifies multiple significant risks including Iran conflict impact, stagflation concerns, Federal Reserve policy uncertainty, broad market rotation away from growth stocks, and AI disruption fears affecting enterprise software.
Opportunity Density
Manager sees selective opportunities in AI infrastructure cycle, enterprise software at attractive valuations post-drawdown, and high-quality businesses with secular growth drivers, while noting semiconductor valuations at peak multiples limit opportunities.
Time Horizon
Manager emphasizes multi-year themes including AI capital expenditure cycle running over next several years, enterprise software replacement measured in years and decades, and long-term compounding potential of portfolio holdings.
Top Conviction Themes
Key Catalysts
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