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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 2024 investor letter. A copy of the letter can be downloaded here. During the fourth quarter, the markets continued its strong rally with the Russell 1000 Growth Index (RLG) and the S&P 500 index returning 7.1% and 2.4% respectively and RPX returning 5.11%. In 2024, the S&P 500 index and the RLG returned 25.0% and 33.4%, respectively. RPX returned 22.6%. The solid performance of the U.S. stock market in the fourth quarter of 2024 was supported by a rising investor sentiment and solid fundamentals. In addition, please check the fund’s top five holdings to know its best picks in 2024.
In its fourth quarter 2024 investor letter, RiverPark Large Growth Fund emphasized stocks such as Amazon.com, Inc. (NASDAQ:AMZN). Amazon.com, Inc. (NASDAQ:AMZN) provides consumer products, advertising, and subscription services through online and physical stores that operate through North America, International, and Amazon Web Services (AWS) segments. The one-month return of Amazon.com, Inc. (NASDAQ:AMZN) was -14.54%, and its shares gained 15.87% of their value over the last 52 weeks. On March 7, 2025, Amazon.com, Inc. (NASDAQ:AMZN) stock closed at $199.25 per share with a market capitalization of $2.112 trillion.
RiverPark Large Growth Fund stated the following regarding Amazon.com, Inc. (NASDAQ:AMZN) in its Q4 2024 investor letter:
"Amazon.com, Inc. (NASDAQ:AMZN): Amazon was our top contributor in the fourth quarter following third quarter results of slightly better than expected revenue and much stronger than expected operating income. 3Q operating income of $17.4 billion exceeded company guidance of $11.5-15 billion (and Street estimates of $14.7 billion), driven by margin expansion across all three major segments, including gross/net margins of 38% at AWS, up from 30%. In addition, the company reported an acceleration in e-commerce demand both domestically and internationally, and accelerated growth of Prime paid memberships. The company guided to 4Q operating income of roughly $18 billion driven by the same positive factors that impacted 3Q.