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 Alphabet Inc. (NASDAQ:GOOG). Alphabet Inc. (NASDAQ:GOOG), the parent company of Google, offers various platforms and services operating through Google Services, Google Cloud, and Other Bets segments. The one-month return of Alphabet Inc. (NASDAQ:GOOG) was -6.62%, and its shares gained 26.49% of their value over the last 52 weeks. On March 7, 2025, Alphabet Inc. (NASDAQ:GOOG) stock closed at $175.75 per share with a market capitalization of $2.13 trillion.
RiverPark Large Growth Fund stated the following regarding Alphabet Inc. (NASDAQ:GOOG) in its Q4 2024 investor letter:
“Alphabet Inc. (NASDAQ:GOOG): GOOG was our top contributor in the fourth quarter after reporting strong third quarter earnings at the end of October, driven by better-than-expected Search and YouTube revenues and continued growth acceleration in the company’s Cloud business. AI advances helped improve targeting and measurement in the company’s advertising businesses, including in YouTube’s fast growing Shorts segment. Google Search revenue was $49 billion, YouTube revenue was $9 billion, and Cloud revenue was $11 billion, 1%, 1% and 5% better than expected, respectively. Margins in both operating segments, Services and Cloud, were also ahead of expectations leading to $2.12 of EPS, 15% higher than estimates.
