Maple Tree Capital, an investment management company, released its Q3 2025 investor letter. A copy of the letter can be downloaded here. The third quarter was mixed for Maple Tree Capital. The market continued to rebound from the Liberation Day lows, while the firm’s performance was affected by the late-quarter decline of one of its largest holdings, Upstart. This resulted in the Jonagold portfolio concluding the quarter with a 13.12% loss. On the other hand, its Heartwood portfolio delivered an exceptional quarter, gaining 40.2%, driven by the strong performance of its new holdings. Heartwood’s return has exceeded 100% since its inception in 2023, greatly surpassing the S&P 500’s 82% return during the same period. In addition, please check the fund’s top five holdings to know its best picks in 2025.
In its third-quarter 2025 investor letter, Maple Tree Capital highlighted stocks such as Upstart Holdings, Inc. (NASDAQ:UPST). Upstart Holdings, Inc. (NASDAQ:UPST) is a US-based artificial intelligence (AI) lending platform. The one-month return of Upstart Holdings, Inc. (NASDAQ:UPST) was 9.06%, and its shares lost 24.36% of their value over the last 52 weeks. On December 29, 2025, Upstart Holdings, Inc. (NASDAQ:UPST) stock closed at $46.57 per share, with a market capitalization of $4.531 billion.
Maple Tree Capital stated the following regarding Upstart Holdings, Inc. (NASDAQ:UPST) in its third quarter 2025 investor letter:
Heading into Upstart Holdings, Inc.’s (NASDAQ:UPST) Q2 results, sentiment could not have been higher. Interest surrounding the company was enormous, and as the largest public Upstart analyst, Henry Invests received multiple media inquiries. Henry was featured on the HyperChange YouTube channel, hosted by Gali, which reaches an audience of over 150,000 subscribers. The interview focused on Upstart’s transformation over the past few years and the company’s long-term potential.
While the full discussion ran roughly 30 minutes, the video title, “21-Year-Old Guru Predicts $1,000 for Upstart Stock” was not chosen by us, and we do not endorse its framing. Although we continue to believe Upstart’s business has substantial multi-bagger potential, leading with that anecdote detracted from the depth of analysis presented and painted Henry as an uninformed, overly bullish investor who failed to properly acknowledge the risks.
Since publication, shares have declined roughly 32%, prompting some backlash. We welcome constructive criticism and view this as a valuable learning experience that underscores the importance of clarity, balance, and responsibility in communicating research publicly. As Maple Tree Capital grows, so does our media training…” (Click here to read the full text)
Upstart Holdings, Inc. (NASDAQ:UPST) is not on our list of 30 Most Popular Stocks Among Hedge Funds. According to our database, 37 hedge fund portfolios held Upstart Holdings, Inc. (NASDAQ:UPST) at the end of the third quarter, up from 34 in the previous quarter. In Q3 2025, Upstart Holdings, Inc. (NASDAQ:UPST) revenue reached $277 million, up 71% year-on-year and 8% sequentially. While we acknowledge the risk and potential of Upstart Holdings, Inc. (NASDAQ:UPST) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than Upstart Holdings, Inc. (NASDAQ:UPST) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we covered Upstart Holdings, Inc. (NASDAQ:UPST) and shared the list of stocks that could mint millionaires in 2026. In addition, please check out our hedge fund investor letters Q3 2025 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.
