Observed Signal · Jun 4, 2026 · Portfolio Update · Source: https://triscari.substack.com/feed · Impact: 4/5 · Sentiment: Neutral
1Q26 AdTech & MarTech Portfolio Update
Quo Vadis published a 1Q26 portfolio update summarizing performance across AdTech, MarTech, SocialTech and Agency portfolios, and noting market events including Liftoff’s IPO. Liftoff (NASDAQ: LFTO) priced 19 million shares at $23, raising about $437M and began trading the same day. The newsletter compares portfolio returns since January 2022 (benchmarks: NASDAQ +70%, S&P 500 +57%), highlights BigTech strength (Google +145%, Meta +84%; BigTech2 +115%), and reports sector performance: AdTech11 down 45%, MarTech8 down 62%, SocialTech4 up 31%, and Agency5 down 27%. The author discusses identity and data gravity themes (Publicis, LiveRamp) and industry gatherings around Cannes Lions where agency, platform and identity leaders will meet.
Contains Q1 2026 earnings-based portfolio performance and market signals (including an IPO), plus identity/M&A commentary relevant to AdTech/MarTech investors and operators.
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Key Takeaways & Evidence Grounding
- Liftoff (NASDAQ: LFTO) IPO priced 19 million shares at $23 per share, raising approximately $437 million and began trading on the publication date.
- Since January 2022, the NASDAQ is up 70% and the S&P 500 is up 57%.
- BigTech2 portfolio (Google and Meta, 50/50 since Jan 2022) is up 115% — Google +145% and Meta +84%.
- AdTech11 portfolio is down 45% since inception; constituents listed as: TTD, CRTO, DSP, ZETA, MGNI, PUBM, DV, TBLA, TEAD, RAMP, MNTN.
- MarTech8 portfolio is down 62% since inception; SocialTech4 is up 31% and Reddit (RDDT) in that portfolio is up 236% since its addition.
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AdTech Struggles: Portfolios Plummet Amid Market Shifts
Quo Vadis published a 4Q25 and full‑year 2025 AdTech/MarTech update and promoted the Advertising Economic Forum (New York City, March 18–19, 2026). The newsletter reports equal‑weighted portfolio performance since Jan 1, 2022: the AdTech11 portfolio is down 54% since inception (AdTech11+ including AppLovin is down 33%), MarTech8 is down 57%, SocialTech4 is up 18%, and the Agency5 portfolio is down 43%. Notable corporate moves include IAS being taken private by Novacap for $1.9 billion (removed from the portfolio in Jan 2026), MNTN’s IPO (added June 2025) with a current market cap of $720M and enterprise value of $510M, and Pinterest’s acquisition of TVScientific. The note highlights Google and Meta together accounted for ~40% of global ad spending in 2025 and estimates their combined share could reach 46% by 2030. The memo emphasizes economic moats (ROIC vs. cost of capital), high portfolio betas (~1.3–1.8), and AI’s influence on investor sentiment.
4Q25 & FY25 AdTech/MarTech Earnings Update
Quo Vadis reports on 4Q25 and full‑year 2025 results across AdTech, MarTech, social and agency portfolios, and previews the Advertising Economic Forum in New York City on March 18–19, 2026. The author summarizes equal‑weighted portfolio performance since January 2022: the AdTech11 portfolio is down 54% since inception, AdTech11+ (including AppLovin) is down 33% while AppLovin alone is up 361%, MarTech8 is down 57%, SocialTech4 is up 18%, and Agency5 is down 43%. Major tech benchmarks Google and Meta are up ~103% combined since January 2022 and accounted for 40% of global ad spending in 2025. The note highlights IAS being taken private by Novacap for $1.9 billion, MNTN’s post‑IPO market cap/EV figures, CTV expansion activity (Pinterest/TVScientific), and commentary on economic moats, high betas, and valuation pressure amid AI-driven disruption.
AdTech Portfolios Diverge: Gains, Losses, and Market Shifts
Quo Vadis published a 3Q25 AdTech, MarTech and agency update reviewing quarter results, portfolio performance and market dynamics. The newsletter reports the equal-weighted AdTech12 portfolio is up 13% year-to-date as of 3Q25 reporting (peak in Feb 2025), while its MarTech8 portfolio is down 47% and the agency portfolio shows wide dispersion (Publicis up ~48%; WPP down ~75%). The piece highlights The Trade Desk's weakened market capitalization (below $20B) and uncertain management plan, AppLovin and Zeta as relative outperformers, Teads' weak valuation after Outbrain’s acquisition, and DoubleVerify's attractive valuation potential. The author argues advertisers prioritize measurable outcomes over transparency, explaining continued growth of black-box/automation products (Meta Advantage+, Google PMax) and rising challenges in CTV/open-web inventory transparency. The newsletter includes event housekeeping for Advertising Economic Forum (NYC) and a London Last Media Dollar live event.
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