The Trade Desk (TTD) Tumbled on Softer Than Expected Guidance

Group 1 - Harding Loevner's Global Equity Strategy reported a gross return of 2.62% and a net return of 2.52% for Q3 2025, significantly lower than the MSCI All Country World Index's return of 7.74% and the MSCI World Index's gain of 7.36% [1] - Year-to-date, the strategy has risen 10.61% net, compared to 18.86% for the MSCI All Country World Index and 17.83% for the MSCI World Index [1] - The last six months have been characterized as one of the strongest momentum phases in over 70 years, with high-momentum stocks outperforming low-momentum stocks by 45 percentage points, largely driven by advancements in AI [1] Group 2 - The Trade Desk, Inc. (NASDAQ:TTD) was highlighted in the investor letter, with a one-month return of -8.49% and a 52-week loss of 71.71% [2] - As of December 04, 2025, The Trade Desk, Inc. closed at $39.35 per share, with a market capitalization of $19.24 billion [2] - The company is viewed as part of a significant secular change driven by AI, which introduces uncertainty in the market, affecting the reliability of historical company fundamentals for long-term value [3]