Maple Tree Capital, an investment management company, released its Q1 2025 investor letter. A copy of the letter can be downloaded here. Q1 2025 saw a strong start but turned sour due to tariff concerns and macroeconomic fears, leading to a sharp market pullback, with the Nasdaq falling nearly 22% from its highs and the S&P 500 down 20%. Despite the challenges, the firm made significant progress this quarter by averaging in the top-conviction stocks, utilizing covered calls, and exercising patience. Maple’s growth-oriented fund, Jonagold, has become a standout performer, greatly surpassing all major benchmarks since its launch in 2023. While Heartwood is still facing difficulties. Maple Tree Capital’s Jonagold returned -13.64% in Q1 compared to the Nasdaq’s -10.26% return and the Russel 2000’s -9.48% return. Maple Tree Capital’s Heartwood returned -18.04% in Q1 vs. the S&P 500’s -4.27% and the Dow Jones’ -0.87% return. In addition, please check the fund’s top five holdings to know its best picks in 2025.
In its first-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 -1.65%, and its shares have appreciated by 93.62% over the past 52 weeks. On May 28, 2025, Upstart Holdings, Inc. (NASDAQ:UPST) closed at $47.01 per share, with a market capitalization of $4.535 billion.
Maple Tree Capital stated the following regarding Upstart Holdings, Inc. (NASDAQ:UPST) in its Q1 2025 investor letter:
“We significantly increased our investment in Upstart Holdings, Inc. (NASDAQ:UPST), our largest holding, this quarter, following an exceptionally strong Q4 earnings report. In fact, we boosted our position by 12.67%, a significant size increase considering it was already our biggest position.
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