Vision Capital Fund’s third-quarter 2025 investor letter revealed a net return of +15.6% YTD, outperforming the S&P 500. The fund, launched in 2024, has returned +27.8% net since inception. Notably, top holdings include The Trade Desk, Inc. (NASDAQ:TTD), which saw a -10.97% one-month return and closed at $39.35 per share on December 8, 2025.

The Trade Desk, Inc. (NASDAQ:TTD) is highlighted in Vision Capital Fund’s investor letter as a dominant programmatic digital advertising platform in the open internet market. Despite a -10.97% one-month return, TTD’s strategic focus on connected TV (CTV) and mobile advertising positions it for growth. The stock closed at $39.35 per share on December 8, 2025.

Vision Capital Fund’s letter also mentions that 42 hedge fund portfolios held The Trade Desk, Inc. (NASDAQ:TTD) in the third quarter of 2025, up from 60 in the previous quarter. TTD reported $739 million in revenue, indicating an 18% year-over-year growth. While acknowledging TTD’s potential, the fund suggests exploring other AI stocks with greater upside potential and less downside risk.

Read more at Yahoo Finance: Is Vision Capital Fund’s Investment Thesis for The Trade Desk (TTD) Aligned with The CEO’s Strategy?