Strong Rise in Markets in the Third Quarter!

RiverPark Advisors has published the investor letter for the RiverPark Large Growth Fund for the third quarter of 2025. The letter highlights that U.S. stock markets achieved strong gains in the third quarter. The S&P 500 Total Return Index rose by 8.12%, while the Russell 1000 Growth Index increased by 10.51%.

The fund generated a return of 4.73% in this quarter. Market leadership occurred in a narrow area, with only a few mega-cap technology and consumer companies growing due to robust artificial intelligence innovations. The Information Technology, Consumer Discretionary, and Communication Services sectors led in performance, while the Energy and Utilities sectors lagged behind. Additionally, it is recommended to take a look at the top five stocks for 2025 to learn about the fund's best performers.

The third quarter investor letter highlights stocks such as NVIDIA Corporation (NASDAQ:NVDA). NVIDIA Corporation (NASDAQ:NVDA) provides graphics, computing, and networking solutions. The one-month return for NVIDIA Corporation (NASDAQ:NVDA) stocks was recorded at 3.00%, while the value increase over the last 52 weeks was 26.93%. On November 17, 2025, NVIDIA Corporation (NASDAQ:NVDA) closed at a price of $186.60 per share, reaching a market capitalization of $4.551 trillion.

The RiverPark Large Growth Fund's third quarter investor letter included the following statements regarding NVIDIA Corporation (NASDAQ:NVDA):

"NVIDIA Corporation (NASDAQ:NVDA): NVDA shares once again reported extraordinary results throughout the quarter, being valued above expectations. Quarterly revenue was approximately $47 billion, representing nearly a 50% year-over-year increase, supported by the widespread adoption of the company's artificial intelligence accelerators. Gross profit margin exceeded 70%; software and networking contributed an increasing portion to profits. Although supply constraints and export restrictions pose headline risks, investors rewarded NVDA's clear technology leadership and the scale of demand for its products."

NVIDIA Corporation (NASDAQ:NVDA) ranks 5th on our list of the 30 Most Popular Stocks Among Hedge Funds. According to our database, as of the end of the second quarter, 235 hedge funds held NVIDIA Corporation (NASDAQ:NVDA) in their portfolios, up from 212 in the previous quarter. In the second quarter of the fiscal year 2026, NVIDIA Corporation (NASDAQ:NVDA) reported $46.7 billion in revenue, which was above expectations. While acknowledging NVIDIA Corporation (NASDAQ:NVDA)'s investment potential, we believe that some AI stocks may offer higher return potential with lower risk. If you are looking for a highly undervalued AI stock that could significantly benefit from Trump-era tariffs and the reshoring trend, we recommend reviewing our report on the best short-term AI stocks.

Additionally, we shared our insights about NVIDIA Corporation (NASDAQ:NVDA) in another article and compiled a list of the best aggressive growth stocks to buy. Furthermore, you can explore more investor letters from our hedge fund investor letter third quarter 2025 page.