Rowan Street Capital exited its long-term position in The Trade Desk (TTD) as stated in its Q3 2026 investor letter, after concluding the investment thesis had broken. The fund first bought TTD in March 2020, and the position grew to about 13% of the portfolio and appreciated roughly 6x at its peak. On October 21, 2026, TTD closed at $12.59 with a $5.95 billion market capitalization, down 66.83% year to date and trading within a 52-week range of $11.62 to $55.11. In the same letter, the fund said its portfolio gained 11% in Q3, its year-to-date loss narrowed to about 7% by October 21, and it has gained 183% since June 2022.
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