RiverPark Large Growth Fund Posts 4.73% in Q3 as AI Leaders Drive Narrow Rally

Overview

• The fund returned 4.73% in Q3 2025 versus 8.12% for the S&P 500 Total Return and 10.51% for the Russell 1000 Growth, with gains concentrated in a few mega-cap names tied to AI.
• RiverPark cited Taiwan Semiconductor as a positive contributor following strong results and guidance, reporting about $32 billion in revenue with 59.5% gross and 50.6% operating margins, supported by demand for advanced nodes.
• Shopify was a top contributor with 31% revenue growth and a 16% free cash flow margin, and the fund expects the company to sustain revenue growth above 20% annually.
• ServiceNow lagged as investors rotated toward AI hardware and semiconductors, though guidance was reaffirmed and Q3 subscription revenue reached $3.299 billion, up 20.5% in constant currency.
• Additional attributions noted Intuitive Surgical shares underperformed despite double‑digit growth on tempered capital spending, while Disney detracted despite an EPS beat, higher full‑year EPS guidance to $5.85, and mixed Parks indicators.