Vision Capital Fund, an investment management company, released its third-quarter 2025 investor letter. A copy of the letter can be downloaded here. The fund returned +15.6% net, YTD, compared to +14.8% for the S&P 500 for the same period. Since its inception on October 1, 2024, the fund has returned a cumulative of +27.8% net, compared to +17.6% for the S&P 500. Additionally, you can check the fund’s top 5 holdings to determine its best picks for 2025.
In its third-quarter 2025 investor letter, Vision Capital Fund highlighted stocks such as The Trade Desk, Inc. (NASDAQ:TTD). Headquartered in Ventura, California, The Trade Desk, Inc. (NASDAQ:TTD) is a technology company that offers a self-service cloud-based ad-buying platform. The one-month return of The Trade Desk, Inc. (NASDAQ:TTD) was -10.97%, and its shares lost 70.34% of their value over the last 52 weeks. On December 08, 2025, The Trade Desk, Inc. (NASDAQ:TTD) stock closed at $39.35 per share, with a market capitalization of $19.24 billion.
Vision Capital Fund stated the following regarding The Trade Desk, Inc. (NASDAQ:TTD) in its third quarter 2025 investor letter:
“Next, let’s shift to The Trade Desk, Inc. (NASDAQ:TTD). TTD is the most dominant independent programmatic digital advertising demand-side platform (DSP) for ad buyers of the open internet outside the walled gardens of Meta, Google, and Amazon. TTD has strategically positioned itself as the top dog DSP to capture the secular tailwind shift towards increasing connected TV (CTV) spend, where CTV (48%) and Mobile (35%) dominate.
The Trade Desk, Inc. (NASDAQ:TTD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 42 hedge fund portfolios held The Trade Desk, Inc. (NASDAQ:TTD) at the end of the third quarter, which was 60 in the previous quarter. In the third quarter of 2025, The Trade Desk, Inc. (NASDAQ:TTD) reported revenue of $739 million, representing an 18% year-over-year growth. While we acknowledge the potential of The Trade Desk, Inc. (NASDAQ:TTD) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
