Richie Capital Group, an investment management firm, published its second-quarter 2022 investor letter – a copy of which can be downloaded here. For the second quarter of 2022, the RCG Long Only strategy declined 14% and the RCG Long Short strategy declined 1.9% while their respective benchmarks the Russell 2500 Index and Equity Long Short Index declined 17.0% and 12.3% respectively. Year to date, the fund’s strategies are roughly in line with their benchmarks with the Long Short strategy trailing its index. Go over the fund’s top 5 positions to have a glimpse of its finest picks for 2022.
In its Q2 2022 investor letter, Richie Capital Group mentioned The Trade Desk, Inc. (NASDAQ:TTD) and explained its insights for the company. Founded in 2009, The Trade Desk, Inc. (NASDAQ:TTD) is a California-based digital marketing company with a $21.2 billion market capitalization. The Trade Desk, Inc. (NASDAQ:TTD) delivered a -52.40% return since the beginning of the year, while its 12-month returns are down by -38.51%. The stock closed at $43.62 per share on July 18, 2022.
Here is what Richie Capital Group has to say about The Trade Desk, Inc. (NASDAQ:TTD) in its Q2 2022 investor letter:
“We had numerous detractors during the quarter as the market left few places to hide. The majority of the positions in our portfolios were down 10% or more, and so I won’t discuss them all. One notable exception was The Trade Desk (TTD) which declined 40.0%. At the end of 2021, TTD had grown to one of the largest positions in our portfolio. However, as we entered 2022, I reduced our position to one of the smallest in the portfolio due to valuation concerns. But we have many reasons to remain invested in this wonderful company. The Trade Desk is the leading Demand Side Platform (DSP) for digital programmatic advertising. Their customers are the advertisers and agencies seeking to manage complex marketing campaigns which TTD enables through real-time auctions, AI, and analytical tools placing client’s ads in the best context at the lowest price. Advertisers love programmatic ads because they know exactly who they are reaching and can maximize the effectiveness of their marketing budget. Publishers love programmatic advertising because they can sell the exact spaces they need to fill…” (Click here to see the full text)
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Our calculations show that The Trade Desk, Inc. (NASDAQ:TTD) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. The Trade Desk, Inc. (NASDAQ:TTD) was in 34 hedge fund portfolios at the end of the second quarter of 2022, compared to 32 funds in the previous quarter. The Trade Desk, Inc. (NASDAQ:TTD) delivered a -29.68% return in the past 3 months.
In April 2022, we also shared another hedge fund’s views on The Trade Desk, Inc. (NASDAQ:TTD) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q2 page.
Disclosure: None. This article is originally published at Insider Monkey.
