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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” third quarter 2024 investor letter. A copy of the letter can be downloaded here. During the third quarter, the markets performed strongly with the Russell 1000 Growth Index (RLG) and the S&P 500 index returning 3.19% and 5.89% respectively and RPX returning 3.73%. A weaker-than-expected jobs report that raised fears of a coming recession caused the RLG to drop 8.8% from the end of June to the fifth of August, giving the quarter a rocky start. As China passed a significant stimulus package and the Fed began its rate-cutting cycle with a 0.50% decrease to a goal of 4.75%-5.00%, those losses quickly reversed. In addition, please check the fund’s top five holdings to know its best picks in 2024.
RiverPark Large Growth Fund highlighted stocks like Adyen N.V. (OTC:ADYEY), in the third quarter 2024 investor letter. Adyen N.V. (OTC:ADYEY) is a payment platform company headquartered in Amsterdam, the Netherlands. The one-month return of Adyen N.V. (OTC:ADYEY) was 23.16%, and its shares gained 22.31% of their value over the last 52 weeks. On December 17, 2024, Adyen N.V. (OTC:ADYEY) stock closed at $15.72 per share with a market capitalization of $49.43 billion.
RiverPark Large Growth Fund stated the following regarding Adyen N.V. (OTC:ADYEY) in its Q3 2024 investor letter:
"Adyen N.V. (OTC:ADYEY): Adyen was a top contributor in the third quarter after reporting second quarter operating metrics that were largely in line with expectations, but better than investors feared. Transaction volumes grew 45%, (+46% expected), net revenue grew 26% (+26% expected), and net take rate was 0.147% (0.147% expected). Adyen’s three customer segments all delivered strong growth including Digital (brands that deliver products mostly online), which grew 49%, Unified Commerce (brands that include both a digital and physical footprint), which grew 28%, and Platforms (marketplaces like eBay), which grew 63%, up from 54% in the first quarter. From a geographical standpoint, net revenue growth accelerated versus the back half of 2023 in both EMEA (+25% v. +23%) and North America (+30% v. +27%). EBITDA margins of 46.3% were better than the 45.8% expected driven by slower hiring trends.