Here’s Why Polen U.S. SMID Company Growth Strategy Eliminated The Trade Desk (TTD)

Polen Capital, an investment management company, released its “Polen U.S. SMID Company Growth Strategy” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. The portfolio returned 14.98% gross and 14.65 % net of fees in the fourth quarter compared to a 12.59% return for the Russell 2500 Growth Index. The portfolio returned 29.39% gross and 28.05% net for the full year, compared to 18.93% return for the index. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Polen U.S. SMID Company Growth Strategy featured stocks such as The Trade Desk, Inc. (NASDAQ:TTD) in its Q4 2023 investor letter. Headquartered in Ventura, California, The Trade Desk, Inc. (NASDAQ:TTD) provides a technology platform for advertising buyers. On February 22, 2024, The Trade Desk, Inc. (NASDAQ:TTD) stock closed at $83.50 per share. One-month return of The Trade Desk, Inc. (NASDAQ:TTD) was 22.78%, and its shares gained 51.90% of their value over the last 52 weeks. The Trade Desk, Inc. (NASDAQ:TTD) has a market capitalization of $40.826 billion.

Polen U.S. SMID Company Growth Strategy stated the following regarding The Trade Desk, Inc. (NASDAQ:TTD) in its fourth quarter 2023 investor letter:

“During the quarter, we trimmed our exposure in several existing holdings and eliminated our position in The Trade Desk, Inc. (NASDAQ:TTD). As a reminder, we have been using The Trade Desk, a leading programmatic advertising platform, as a source of funds over the past several months, mainly due to the high market capitalization and significant stock price appreciation, reducing our expected return outlook for the stock.”

A large array of computer screens and tech equipment representing the technology company’s self-service cloud-based platform.

The Trade Desk, Inc. (NASDAQ:TTD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, The Trade Desk, Inc. (NASDAQ:TTD) was held by 41 hedge fund portfolios, up from 39 in the previous quarter, according to our database.

We discussed The Trade Desk, Inc. (NASDAQ:TTD) in another article and shared Baron Fifth Avenue Growth Fund’s views on the company. In addition, please check out our hedge fund investor letters Q4 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.