Rowan Street
Our archive holds 9 letters from Rowan Street, behind 6 investment theses and positions in 5 companies. Every quote below is copied verbatim from the letter it came from.
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Performance
as of Sep 30, 2026 · net of fees
- YTD−12.0%
- Inception · total+183%
| YTD | Since inceptiontotal | |
|---|---|---|
| Rowan Street | −12.0% | +183% |
Since inception: Since the beginning of Rowan Street's "Next Chapter" in June 2022, the Fund has
These figures are copied from the manager’s latest letter, as of Sep 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What they bought and sold · 3 moves
- ExitedThe Trade DeskSeptember 2026
“By the second quarter of 2026, The Trade Desk no longer met that standard, and we exited the position.”
Read the letter - ExitedSpotifyMarch 2026
“During the quarter, we initiated a position in Constellation Software (TSE: CSU) funded by the sale of the remainder of our Spotify position.”
Read the letter - New positionConstellation SoftwareMarch 2026
“During the quarter, we initiated a position in Constellation Software (TSE: CSU) funded by the sale of the remainder of our Spotify position.”
Read the letter
Companies held · 5
Every company Rowan Street has disclosed a position in across our archive, with the letter that last mentioned it.
- Constellation SoftwareMar 2026
- Meta PlatformsSep 2026
- ShopifySep 2026
- SpotifyMar 2026
- The Trade DeskSep 2026
Theses · 6
- September 2026
Meta Platforms has compounded over many years despite major drawdowns, illustrating the firm’s belief in owning exceptional businesses and letting compounding run.
Read the full thesis - December 2025
The Trade Desk is an independent, asset-light ad-tech platform with network effects and profitability, but recent execution and communication issues have tempered conviction pending improvement.
Read the full thesis - December 2025
Shopify is a leading commerce platform whose expanding merchant ecosystem, efficiency gains, and rising profitability underpin long-term value beyond prior multiple compression.
Read the full thesis - December 2025
Tesla is a founder-led, engineering-driven company with exceptional competitive advantages and a long-term culture, offering a contrarian entry to compound intrinsic value over time.
Read the full thesis - December 2025
Meta Platforms is a dominant social and advertising platform whose founder-led long-term investments are enhancing ad effectiveness and cash generation, supporting continued compounding.
Read the full thesis - December 2024
Shopify is expected to achieve revenue and gross profit growth exceeding 20% annually over the next two years, with strong operational cash flow, offering the potential for respectable double-digit annual returns despite high valuation multiples.
Read the full thesis
Letter archive · 9
2025
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