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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 Netflix, Inc. (NASDAQ:NFLX) in the fourth quarter 2023 investor letter. Headquartered in Los Gatos, California, Netflix, Inc. (NASDAQ:NFLX) is a streaming platform. On February 26, 2024, Netflix, Inc. (NASDAQ:NFLX) stock closed at $587.65 per share. One-month return of Netflix, Inc. (NASDAQ:NFLX) was 4.41%, and its shares gained 82.43% of their value over the last 52 weeks. Netflix, Inc. (NASDAQ:NFLX) has a market capitalization of $254.311 billion.
RiverPark Large Growth Fund stated the following regarding Netflix, Inc. (NASDAQ:NFLX) in its fourth quarter 2023 investor letter:
"Netflix, Inc. (NASDAQ:NFLX): NFLX was a top contributor in the quarter following strong third quarter earnings and fourth quarter guidance driven by better-than-expected subscriber adds (+8.8 million versus estimates of +6.1 million). The company’s subscriber growth continued to accelerate following the company’s crack down on password sharing, and the rollout of the advertising supported subscriber offering known as the Ad Tier. ARPU came in below expectations, but management announced price increases in the US, UK and France effective immediately. NFLX guided full year 2023 operating margins to the “high end” of the prior guidance, guided 2024 operating margins to a range of 22-23%, ahead of investor expectations of 22%, and raised 2023 free cash flow guidance from $5 billion to $6.5 billion.