3 hours ago
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Soumya Eswaran
Thu, May 7, 2026 astatine 6:56 AM CDT 3 min read
Investment absorption institution Saga Partners precocious released its Q1 2026 capitalist letter. A transcript of the missive is disposable to download here. The portfolio declined 23.0% nett of fees successful Q1 2026 compared to a 4.3% diminution successful the S&P 500 Index, including dividends. The Saga Portfolio has returned 298.7% nett of fees since its inception connected January 1, 2017, compared to 240.3% for the Index. The 4th highlighted risks similar AI disruption and geopolitical tensions with Iran, which could interaction semipermanent concern value. It's important to measure if caller accusation affects a company's intrinsic value, alternatively than trying to foretell short-term banal terms movements. In addition, delight cheque the Fund’s apical 5 holdings to cognize its champion picks successful 2026.
In its first-quarter 2026 capitalist letter, Saga Partners highlighted The Trade Desk, Inc. (NASDAQ:TTD). The Trade Desk, Inc. (NASDAQ:TTD) is simply a starring exertion institution that specializes successful integer advertizing campaigns. On May 6, 2026, The Trade Desk, Inc. (NASDAQ:TTD) banal closed astatine $24.01 per share. One-month instrumentality of The Trade Desk, Inc. (NASDAQ:TTD) was 16.50%, and its shares mislaid 59.92% implicit the past 52 weeks. The Trade Desk, Inc. (NASDAQ:TTD) has a marketplace capitalization of astir $11.47 billion.
Saga Partners stated the pursuing regarding The Trade Desk, Inc. (NASDAQ:TTD) successful its Q1 2026 capitalist letter:
"The Trade Desk, Inc. (NASDAQ:TTD) provides a utile illustration of however I deliberation done those issues successful practice, and I volition instrumentality to it aboriginal successful the letter. Its banal terms drawdown reflects not lone the broader marketplace effect to caller header risks, but besides company-specific concerns astir the concern and its outlook.
A steep diminution successful a banal terms tin bespeak a existent diminution successful concern value, but it does not automatically mean thing is breached oregon permanently impaired. Rather, it is simply a punctual to reexamine the thesis and inquire whether the market’s disapproval is correct, exaggerated, oregon mistaken successful airy of the business’s underlying economics and competitory dynamics.
The clearest existent illustration successful the Saga Portfolio is The Trade Desk, which is facing the top marketplace skepticism and has experienced 1 of the largest drawdowns among our holdings. The Saga Portfolio archetypal bought shares successful 2017 based connected the thesis that programmatic advertisement buying would grow, demand-side platforms (DSPs) would consolidate into a tiny fig of scaled winners, and 1 of those winners would beryllium an autarkic platform. More than 8 years later, the main elements of that thesis person mostly been borne out. The Trade Desk emerged arsenic the starring scaled autarkic DSP, portion revenue, earnings, and marketplace worth grew substantially…” (Click present to work the afloat text)
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