Trade Desk, Inc.

• Rowan Street Capital Rowan Street 2025 Year-End Letter ↗ Rowan Street retained its long-held Meta Platforms stake and argues that durable businesses merit concentration when management and economics remain strong. It maintained patience with Shopify, let The Trade Desk shrink without averaging down as conviction moderated, and initiated Tesla amid pessimistic sentiment. 2025 META $1.8TSHOP $212BTSLA $1.5T +1
• VC Vision Capital Fund Vision Capital Fund - Q3 2025 Quarterly Letter ↗ Vision Capital Fund added to selected holdings and initiated Cloudflare, while maintaining zero portfolio turnover and a primarily invested stance. The fund defended Meituan through China delivery competition, backed The Trade Desk despite advertising and execution concerns, and added to Palantir after a short-seller report while arguing its commercial growth remains durable. Q3 2025 3690 $55BLULU $10BNET $124B +3
• Rowan Street Capital Rowan Street Q2 2025 Letter ↗ Rowan Street Capital argues that Meta Platforms and Spotify rewarded conviction through severe drawdowns, reinforcing its policy of holding durable businesses rather than reacting to sentiment. The portfolio also includes Netflix, The Trade Desk, Topicus, Shopify, Adyen and Dino Polska, while the firm plans to grow through aligned long-term partners. first half of 2025 ADYEY $31BDNOPF $8.3BMETA $1.8T +5

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