Rowan Street Capital, an investment management company, released its 2023 investor letter. A copy of the same can be downloaded here. The year 2023 proved to be a successful one for the fund as it recorded a net gain of +102.6%. In 2023, Meta Platforms (+194%), Spotify (+138%), Trade Desk (+60%), and Shopify (+124%) were the main contributors to the outperformance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Rowan Street Capital featured stocks such as The Trade Desk, Inc. (NASDAQ:TTD) in its 2023 annual investor letter. Headquartered in Ventura, California, The Trade Desk, Inc. (NASDAQ:TTD) provides a technology platform for advertising buyers. On January 26, 2024, The Trade Desk, Inc. (NASDAQ:TTD) stock closed at $68.01 per share. One-month return of The Trade Desk, Inc. (NASDAQ:TTD) was -5.49%, and its shares gained 38.18% of their value over the last 52 weeks. The Trade Desk, Inc. (NASDAQ:TTD) has a market capitalization of $33.345 billion.
Rowan Street Capital stated the following regarding The Trade Desk, Inc. (NASDAQ:TTD) in its 2023 annual investor letter:
“The Trade Desk, Inc. (NASDAQ:TTD) is a leading Ad-tech platform that empowers advertisers to reach targeted audiences across the open internet with real-time, data-driven ad buying technology. TheTradeDesk has had a very strong and healthy growth every quarter for the last couple of years and has significantly outpaced the industry and gained market share. During the same time, some of their largest competitors are coming off of low-to-negative growth from a year ago, theTradeDesk is coming off of 20+% growth and then posting an average of 23% growth over the past 4 quarters. Despite their rapid growth, they continue to be one of the few high-growth tech companies that consistently generate strong adjusted EBITDA (averaged 39% over past 12 months) and free cash flow that has steadily increased over the years. We bought TTD stock a little less than 4 years ago at an average cost of $17.40 (split-adjusted). Our position has soared +275% thus far since our purchase, translating to a 42% annualized return.”
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The Trade Desk, Inc. (NASDAQ:TTD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 39 hedge fund portfolios held The Trade Desk, Inc. (NASDAQ:TTD) at the end of third quarter which was 37 in the previous quarter.
We discussed The Trade Desk, Inc. (NASDAQ:TTD) in another article and shared the list of best high-growth IT stocks to buy. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
