Maple Tree Capital, an investment management company, released its Q3 2025 investor letter. A copy of the letter can be downloaded here. The third quarter was mixed for Maple Tree Capital. The market continued to rebound from the Liberation Day lows, while the firm’s performance was affected by the late-quarter decline of one of its largest holdings, Upstart. This resulted in the Jonagold portfolio concluding the quarter with a 13.12% loss. On the other hand, its Heartwood portfolio delivered an exceptional quarter, gaining 40.2%, driven by the strong performance of its new holdings. Heartwood’s return has exceeded 100% since its inception in 2023, greatly surpassing the S&P 500’s 82% return during the same period. In addition, please check the fund’s top five holdings to know its best picks in 2025.
In its third-quarter 2025 investor letter, Maple Tree Capital highlighted stocks such as Upstart Holdings, Inc. (NASDAQ:UPST). Upstart Holdings, Inc. (NASDAQ:UPST) is a US-based artificial intelligence (AI) lending platform. The one-month return of Upstart Holdings, Inc. (NASDAQ:UPST) was 9.06%, and its shares lost 24.36% of their value over the last 52 weeks. On December 29, 2025, Upstart Holdings, Inc. (NASDAQ:UPST) stock closed at $46.57 per share, with a market capitalization of $4.531 billion.
Maple Tree Capital stated the following regarding Upstart Holdings, Inc. (NASDAQ:UPST) in its third quarter 2025 investor letter:
Heading into Upstart Holdings, Inc.’s (NASDAQ:UPST) Q2 results, sentiment could not have been higher. Interest surrounding the company was enormous, and as the largest public Upstart analyst, Henry Invests received multiple media inquiries. Henry was featured on the HyperChange YouTube channel, hosted by Gali, which reaches an audience of over 150,000 subscribers. The interview focused on Upstart’s transformation over the past few years and the company’s long-term potential.
