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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 Snap Inc. (NYSE:SNAP) in its Q4 2023 investor letter. Headquartered in Santa Monica, California, Snap Inc. (NYSE:SNAP) is a technology company. On February 26, 2024, Snap Inc. (NYSE:SNAP) stock closed at $10.72 per share. One-month return of Snap Inc. (NYSE:SNAP) was -34.91%, and its shares gained 5.62% of their value over the last 52 weeks. Snap Inc. (NYSE:SNAP) has a market capitalization of $17.695 billion.
RiverPark Large Growth Fund stated the following regarding Snap Inc. (NYSE:SNAP) in its fourth quarter 2023 investor letter:
"Snap Inc. (NYSE:SNAP): SNAP was a top contributor in the quarter following strong third quarter earnings driven by continued growth in users and better advertiser engagement, especially large advertisers and direct response programs. Revenue growth of 5% beat estimates and marked the return to growth after three quarters of flat to down revenue. Following a $38 million loss last quarter, Snap reported EBITDA of $40 million (compared with estimates for a $69 million loss). Daily Active Users (DAUs) were also ahead of investor expectations, ending the quarter at 407 million (about 1 million better), driven by continued innovation in Snap’s offerings.
A young adult family using a Camera to record moments of their daily life.
Snap Inc. (NYSE:SNAP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Snap Inc. (NYSE:SNAP) was held by 44 hedge fund portfolios, up from 25 in the previous quarter, according to our database.