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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” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, markets performed well, and the S&P 500 index (“S&P”) and the Russell 1000 Growth Index returned 8.7% and 12.8%, respectively. The RiverPark Large Growth Fund Institutional and Retail shares also performed well in the quarter returning, 13.2% and 13.2%, respectively. The macroeconomic environment continued to support the portfolio beyond the company-specific news. In addition, please check the fund’s top five holdings to know its best picks in 2023.
RiverPark Large Growth Fund highlighted stocks like The Walt Disney Company (NYSE:DIS) in the second quarter 2023 investor letter. Headquartered in Burbank, California, The Walt Disney Company (NYSE:DIS) is an entertainment company that operates through Disney Media and Entertainment Distribution; and Disney Parks, Experiences, and Products. On September 6, 2023, The Walt Disney Company (NYSE:DIS) stock closed at $80.98 per share. One-month return of The Walt Disney Company (NYSE:DIS) was -7.44%, and its shares lost 28.14% of their value over the last 52 weeks. The Walt Disney Company (NYSE:DIS) has a market capitalization of $148.176 billion.
RiverPark Large Growth Fund made the following comment about The Walt Disney Company (NYSE:DIS) in its Q2 2023 investor letter:
"The Walt Disney Company (NYSE:DIS): DIS was a top detractor in the quarter following mixed FY2Q results. Revenue of $22 billion was up 13% year over year, although EPS, at $0.93, was down 14% year over year. Disney Plus, part of the company’s direct-to-consumer business (DTC), had better subscriber numbers than anticipated despite a price increase, although losses at the DTC business as a whole are growing. The linear TV business also continues to suffer secular headwinds with - 10% revenue growth, and the company faced inflationary cost pressures at its theme parks.