The Trade Desk (TTD) Outperformed in Q1 Despite a Tough Advertising Environment

Polen Capital, an investment management company, released its “Polen U.S. SMID Company Growth Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. The portfolio returned 11.81% gross and 11.49% net of fees in the first quarter compared to a 6.54% return for the Russell 2500 Growth Index. The company believes that focusing on well-positioned high-quality growth companies will help generate superior long-term returns over the next 5 years. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Polen U.S. SMID Company Growth Strategy highlighted stocks like The Trade Desk, Inc. (NASDAQ:TTD) in the first quarter 2023 investor letter. Headquartered in Ventura, California, The Trade Desk, Inc. (NASDAQ:TTD) is a technology company. On May 12, 2023, The Trade Desk, Inc. (NASDAQ:TTD) stock closed at $62.30 per share. One-month return of The Trade Desk, Inc. (NASDAQ:TTD) was 1.80%, and its shares gained 22.23% of their value over the last 52 weeks. The Trade Desk, Inc. (NASDAQ:TTD) has a market capitalization of $31.761 billion.

Polen U.S. SMID Company Growth Strategy made the following comment about The Trade Desk, Inc. (NASDAQ:TTD) in its Q1 2023 investor letter:

“Finally, The Trade Desk, Inc. (NASDAQ:TTD), a leading demand-side programmatic advertising platform, was another notable contributor during the month. The company had a resilient quarter despite a tough advertising environment. The company’s continued success comes on the back of increasing penetration in the nascent connected TV (“CTV”) market, which has been steadily taking share from linear television in recent years. We expect this secular tailwind to continue and dampen whatever short-term headwinds the digital advertising market might face in the coming quarters/years.”

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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, 37 hedge fund portfolios held The Trade Desk, Inc. (NASDAQ:TTD) at the end of the fourth quarter which was 37 in the previous quarter.

We discussed The Trade Desk, Inc. (NASDAQ:TTD) in another article and shared Rowan Street Capital’s views on the company. In addition, please check out our hedge fund investor letters Q1 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.