Here are Rowan Street Capital’s Updates on The Trade Desk (TTD)

Group 1: Rowan Street Capital Performance - Rowan Street Capital's third-quarter 2025 performance remained unchanged at +0.22%, with year-to-date returns of +20.4% net of fees, outperforming the S&P 500's +14.8% [1] - Over the past three years, the firm's capital compounded at approximately +54.2% annually, resulting in a cumulative return of +266%, significantly exceeding the S&P 500's +24.9% annualized gain [1] Group 2: The Trade Desk, Inc. (NASDAQ:TTD) Overview - The Trade Desk, Inc. (NASDAQ:TTD) experienced a one-month return of 14.98%, but its shares have lost 54.01% over the last 52 weeks, closing at $53.89 per share with a market capitalization of $26.349 billion on October 22, 2025 [2] - Rowan Street Capital first purchased The Trade Desk in March 2020, and it has compounded at roughly 20% annually; however, it has been the weakest performer in 2025, declining over 50% due to market concerns about growth slowdown [3] Group 3: Management Concerns - Recent management communication from The Trade Desk has raised concerns, particularly regarding CEO Jeff Green's handling of earnings calls, which lacked clarity and accountability [3] - The position of The Trade Desk in Rowan Street Capital's portfolio has declined to about 4.5%, with the company willing to adjust its holding based on future performance [3] Group 4: Hedge Fund Interest - The Trade Desk, Inc. is not among the 30 most popular stocks among hedge funds, with 60 hedge fund portfolios holding the stock at the end of the second quarter, down from 61 in the previous quarter [4] - While The Trade Desk is acknowledged for its potential, certain AI stocks are considered to offer greater upside potential and less downside risk [4]