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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 Shopify Inc. (NYSE:SHOP) in its Q3 2024 investor letter. Headquartered in Ottawa, Canada, Shopify Inc. (NYSE:SHOP) provides a cloud-based commerce platform and services. The one-month return of Shopify Inc. (NYSE:SHOP) was 14.96%, and its shares gained 58.43% of their value over the last 52 weeks. On December 17, 2024, Shopify Inc. (NYSE:SHOP) stock closed at $119.49 per share with a market capitalization of $154.71 billion.
RiverPark Large Growth Fund stated the following regarding Shopify Inc. (NYSE:SHOP) in its Q3 2024 investor letter:
"Shopify Inc. (NYSE:SHOP): Shopify was a top contributor in the third quarter following a strong second quarter earnings report that included better than expected revenue growth and substantial margin expansion. Gross merchandise value (the value of all items sold on the platform) growth of 22% was three percentage points above investor estimates, revenue of $2.0 billion was $50 million better and free cash flow of $333 million was $80 million better. A combination of new merchants to the company’s platform, increased adoption of SHOP’s offerings by existing merchants, and e-commerce market share gains are driving this revenue growth and profitability.