The Ithaka Group, an investment advisory firm, released the “Ithaka US Growth Strategy” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. After a difficult 2022, most major market indices rebounded in 2023 with a 42.7% gain for the Russell 1000 Growth (R1G), the strongest performance in about 25 years. In the strong market, the strategy outperformed by rising 18.4% vs the R1G rising 14.2%. The outperformance was entirely due to stock selection, with a slight benefit from sector allocation. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Ithaka US 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 8, 2024, The Trade Desk, Inc. (NASDAQ:TTD) stock closed at $70.17 per share. One-month return of The Trade Desk, Inc. (NASDAQ:TTD) was 4.79%, and its shares gained 44.12% of their value over the last 52 weeks. The Trade Desk, Inc. (NASDAQ:TTD) has a market capitalization of $34.404 billion.
Ithaka US Growth Strategy stated the following regarding The Trade Desk, Inc. (NASDAQ:TTD) in its fourth quarter 2023 investor letter:
“The Trade Desk, Inc. (NASDAQ:TTD) offers customers a cloud-based ad-buying platform that empowers advertising agencies, brands, and other service providers to plan, manage, optimize, and measure data-driven digital advertising campaigns. The Trade Desk’s competitive moat stems from its industry leading technology stack, its trusted brand due to its singular focus on the buy-side of the ad ecosystem (no conflicts of interest), and its transparent reporting that details the ROI on each ad dollar spent. The stocks underperformance in the quarter was due to cautious commentary given during the company’s earnings announcement, where management stated they are “seeing some transitory cautiousness across some of the top 200 advertisers” following the U.S. auto industry strike and the initial shock from terror attacks in Israel.”
A close-up of a busy web page, representing the creative platform solutions of the digital advertising solutions company.
The Trade Desk, Inc. (NASDAQ:TTD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 39 hedge fund portfolios held The Trade Desk, Inc. (NASDAQ:TTD) at the end of third quarter which was 37 in the previous quarter.
We discussed The Trade Desk, Inc. (NASDAQ:TTD) in another article and shared the list of best artificial intelligence stocks to buy according to analysts. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 15 Best East Coast Cities to Retire on a Budget of $1,200 a Month
- 25 Countries That Gave the Most Foreign Aid in 2023
- 15 Best Cities for Hedge Fund Managers
Disclosure: None. This article is originally published at Insider Monkey.
