Rowan Street Capital, an investment management company, released its first quarter 2023 investor letter. A copy of the same can be downloaded here. The fund gained +49.2% in the first quarter. The firm believes that the portfolio companies are rapidly repricing in 2023 which were beaten in 2022. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Rowan Street Capital 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 April 18, 2023, The Trade Desk, Inc. (NASDAQ:TTD) stock closed at $62.12 per share. One-month return of The Trade Desk, Inc. (NASDAQ:TTD) was 7.31%, and its shares lost 7.17% of their value over the last 52 weeks. The Trade Desk, Inc. (NASDAQ:TTD) has a market capitalization of $30.319 billion.
Rowan Street Capital made the following comment about The Trade Desk, Inc. (NASDAQ:TTD) in its Q1 2023 investor letter:
“Out of all our fund’s current holdings, we have been most impressed with The Trade Desk, Inc. (NASDAQ:TTD, the strength of its business model and the execution by its management team, led by Jeff Green (Founder and CEO). It’s one of the few high-growth tech companies that consistently generates strong profitability and free cash flow. We have owned TTD for 3 years now, opportunistically establishing a position in March of 2020. Since then the stock has advanced +240% or 50% per annum, revenues have grown at 34% per year, adjusted EBITDA has grown at 50% per year and cash flow per share at 106% per year. One would have to agree that these are pretty stunning results!
Something that we really like to see is that in the last 6 months of 2022 they really started to separate from the rest of the digital advertising market. In Q3, they grew 31% while competitors were either in retreat or posting only single-digit growth. Same trend continued in Q4 when they grew 24% as most large competitors were posting declines between -9% and -2%. Jeff Green stated on the latest earnings call:
“I don’t think we have ever had the level of industry outperformance in 6 years as a public company. And it means we can be very confident that we are gaining share and that our platform continues to gain traction with advertisers.”…” (Please click here to read the full text)
Copyright: melpomen / 123RF Stock Photo
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 Baron Asset Fund’ 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.
