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Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

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RiverPark Large Growth Fund 2023 Q2 Investor Letter | Buyside Digest

Back to Fund Profile (RiverPark Large Growth Fund)

Primary Source Intelligence • Q2 2023 Letter Analysis

RiverPark Large Growth Fund Quarterly Analysis

Buyside Digest is not affiliated with, and does not endorse, RiverPark Large Growth Fund. This analysis is provided for institutional research purposes only and is not investment advice.

Fund Returns

QTD+13.2%

Annualized+12.87%

Positioning StanceConstructive

GeographyUS

Digest Analysis

Quick Take

"RiverPark Large Growth outperformed in Q2 2023 with strong contributions from AI beneficiary Nvidia and e-commerce leaders Shopify and Amazon."

Executive Summary

RiverPark Large Growth Fund returned 13.2% in Q2 2023, outperforming the Russell 1000 Growth index's 12.8% return. The fund benefits from improving macroeconomic conditions including declining inflation and better-than-expected GDP growth, making a soft landing more likely. The portfolio owns six of the Magnificent Seven tech stocks but differs from indices by having a deeper bench of attractively valued growth companies, making outperformance more robust. Top contributors included Meta Platforms, Uber, Shopify, Nvidia, and Amazon, driven by strong earnings and AI-related demand. New investments in Costco and Zoetis add exposure to retail membership models and animal health secular growth. Despite some detractors like Illumina and Disney facing temporary headwinds, the manager believes the portfolio trades at deep discounts to 2021/2022 highs and intrinsic values. The fund is positioned to benefit from secular growth trends in AI, e-commerce, and digital payments while generating substantial growing cash flows in coming years.

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Institutional Meta Strategy

Meta Strategy Gauges

Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.

Signal Matrix

Market Conviction

78%

CautiousHigh

High Conviction (78%)

The fund demonstrates high conviction through concentrated holdings in named positions like the top 10 holdings representing 41.3% of assets. The manager provides detailed thesis summaries for individual companies, adds to declining positions like Illumina, and expresses strong confidence in long-term prospects despite acknowledging some near-term uncertainties.

Growth Outlook

65%

BearishBullish

Bullish (65%)

The manager expresses constructive optimism about markets, noting improving inflation data, better-than-expected GDP growth, and increased likelihood of a soft landing scenario. However, this is tempered by acknowledgment that macro timing remains uncertain.

Risk Appetite

70%

DefensiveAggressive

Balanced (70%)

The fund maintains concentrated positions in growth stocks and added new investments in Costco and Zoetis during the quarter. The manager added to Illumina position despite its decline, showing willingness to increase exposure to conviction holdings.

Capital Deployment

40%

De-riskingDeploying

Net Neutral (40%)

The fund added two new investments (Costco and Zoetis) and increased the Illumina position during the quarter, indicating selective deployment. However, no cash level changes are disclosed, so this represents moderate selective deployment rather than aggressive capital deployment.

Forward Guidance

75%

CautiousExpansionary

Expansionary (75%)

The manager expresses confidence in deploying capital into attractively valued growth companies and believes the portfolio is positioned to generate substantial growing cash flows. The tone suggests continued selective deployment into conviction holdings.

Language Signal

80%

BearishBullish

Bullish (80%)

Language is predominantly bullish with terms like 'amazing portfolio,' 'attractively valued,' 'substantial and growing excess cash flow,' and 'deep discount to intrinsic values.' Risk language is minimal and mostly related to temporary company-specific issues.

Perceived Risk

25%

Low RiskElevated

Low Risk (25%)

Risk discussion is limited to company-specific issues like Illumina's activist situation and Disney's streaming losses. The manager acknowledges macro uncertainty but frames it as pushed out to 2024. Overall risk perception is low with focus on opportunities rather than systemic concerns.

Opportunity Density

75%

ScarceAbundant

Abundant (75%)

The manager sees abundant opportunities, describing the portfolio as 'amazing' and companies as 'attractively valued' trading at 'deep discount to intrinsic values.' The addition of new positions and willingness to add to existing holdings suggests a rich opportunity set.

Time Horizon

70%

Short-TermLong-Term

Decade+ (70%)

The manager takes a multi-year view, discussing companies' prospects 'over the next several years' and 'long-term' growth trends. References to 3-4 year cash flow growth for Disney and 'next five years' for PayPal indicate a medium to long-term investment horizon typical of growth equity strategies.