The Trade Desk, Inc.

• SP Saga Partners Quarterly Update First Quarter 2026 ↗ Saga Portfolio addresses the first material drawdown in three years by distinguishing headline-driven price moves from changes in intrinsic value. It defends The Trade Desk’s independent DSP position against Amazon and AI concerns, argues its growth slowdown is temporary, and retains existing holdings because their prices offer better relative opportunity. FIRST QUARTER 2026 0LF5
• VC Vision Capital Fund Vision Capital Fund - Q1 2025 Quarterly Letter ↗ Vision Capital Fund added to The Trade Desk after its earnings miss and platform rollout problems drove steep pessimism, judging CEO Jeff Green capable of repairing the product and sales execution. The portfolio remains concentrated in platform businesses such as Amazon, Shopify, TSMC and JD.com, whose proprietary infrastructure and ecosystem effects are seen as durable advantages despite tariff risks. Q1 2025 0LF5 453950 AMZN $2.9T +2
• VC Vision Capital Fund Vision Capital Fund - 2025 Annual Letter ↗ Vision Capital Fund added Sea Limited after its selloff, backing Shopee’s regional e-commerce scale, Monee’s lending data and recovering Garena cash generation. It added to nine existing holdings during the drawdown, avoided memory makers, Oracle and neoclouds over cyclicality, concentration and capital-intensity concerns, and capped direct AI exposure at TSMC and NVIDIA. 2025 SE $45BCRWV $34BMU $918B +4
• VC Vision Capital Fund Vision Capital Fund - Q2 2025 Quarterly Letter ↗ Vision Capital Fund added to eleven existing holdings, including JD.com, Lululemon, Meituan, MercadoLibre, Meta, Nu, NVIDIA, Shopify, Spotify, TSMC and The Trade Desk, while maintaining zero turnover. The fund argues that food-delivery subsidy competition has created a longer-term opportunity in Meituan and JD.com, and favors compounders that extend successful products into adjacent services and geographies. Q2 2025 3690 $57B9618 $39BAMZN $2.9T +6

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