RiverPark Advisors, an investment advisory firm and sponsor of the RiverPark family of mutual funds, has released its “RiverPark Large Growth Fund” investor letter for the third quarter of 2023. A copy of the same can be downloaded here. Markets underperformed in the third quarter, with the S&P 500 (“S&P”) and the Russell 1000 Growth Index (RLG) down -3.27% and -3.13%, respectively, and the Institutional Class (RPX) down -4.11%. Year-to-date, RPX has returned 26.59%, compared to 13.07% and 24.98% returns for SPX and RLG, respectively. Also, please check the fund’s top five holdings to know its top picks in 2023.
RiverPark Advisors highlighted stocks like Booking Holdings Inc. (NASDAQ:BKNG) in the Q3 2023 Investor Letter Headquartered in Norwalk, Connecticut, Booking Holdings Inc. (NASDAQ: BKNG) provides online travel and restaurant reservation services. On November 16, 2023, the shares of Booking Holdings Inc. (NASDAQ:BKNG) closed at $3,128.85 per share. The one-month return of Booking Holdings Inc. (NASDAQ: BKNG ) was 13.50% and its stock has gained 61.26% of its value over the past 52 weeks. Booking Holdings Inc. (NASDAQ:BKNG) has a market cap of $109.165 billion.
RiverPark Advisors made the following comment regarding Booking Holdings Inc. (NASDAQ:BKNG) in its Q3 2023 investor letter:
“Booking Holdings Inc. (NASDAQ:BKNG): BKNG was the biggest contributor in the quarter after better-than-expected bookings, revenue and profit margins in the company’s second quarter, driven by strong summer travel demand. BKNG reported $40 billion in bookings, $5.5 billion in revenue and 23% EBITDA margins, which were $1.5 billion, $300 million and two percentage points above expectations, respectively. In addition to strong summer demand, management pointed to continued strength in leisure travel (they raised travel booking guidance for the rest of the year), building momentum in the alternative accommodation business and improving marketing effectiveness.
Booking is a global leader in online travel, operating in 200 countries with brands including Booking.com, priceline.com, agoda.com, Kayak, Rentalcars.com and OpenTable. The company has been a dominant online travel agency for more than a decade with a high-margin business model that requires limited capital expenditures, typically below 3% of revenue, producing $6.2 billion in free cash flow for 2022 and $7.2 billion expected for 2024 .The company has used its free cash flow for episodic acquisitions as well as returning cash to shareholders. BKNG is well positioned in travel as the largest player in online accommodation bookings and the second largest player in alternative accommodation.”
Booking Holdings Inc. (NASDAQ:BKNG) is not on our list of the 30 most popular stocks among hedge funds. According to our database, 78 hedge fund portfolios own Booking Holdings Inc. (NASDAQ:BKNG) at the end of the second quarter, which was 77 in the previous quarter.
We discussed Booking Holdings Inc. (NASDAQ:BKNG) in another article and shared the list of the best cheap growth stocks to buy. In addition, please see our Q3 2023 Hedge Fund Investor Letters page for more letters from hedge funds and other leading investors.
Disclosure: None. This article was originally published on Insider Monkey.