Observed Signal · Feb 8, 2023 · Portfolio Update · Source: Quo Vadis News · Impact: 2/5 · Sentiment: Neutral
More Programmatic Stocks Enter Portfolio
Quo Vadis presents a detailed equal-dollar portfolio approach focused on programmatic stocks, tracing its lineup since 2018 and outlining how new entrants join over time. The piece notes an initial five holdings (The TradeDesk, Criteo, Liveramp, Magnite, Roku) with S4 Capital joining in November 2018 and PubMatic following about a year later; Liveramp remains the sole media-neutral participant. The portfolio comprises a mix of demand- and supply-side players, with the advertiser as the only pure buyer across the full supply chain. The article discusses unit economics and take-rates across holdings, including Magnite’s $1.2 billion SpotX acquisition and PubMatic’s 2020 unit metrics (46.9 trillion impressions, 368 new publishing partners, over 1,200 publishers). It also cites Magnite’s 2022 ex-TAC revenue of $515 million (2021: $416 million) and PubMatic’s ex-TAC revenue of $149 million, alongside open-path strategies and ongoing SPAC/IPO activity shaping the adtech landscape.
Moderate industry relevance; portfolio analysis with notable finance/market data but not a platform-wide policy or major product release.
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Key Takeaways & Evidence Grounding
- Portfolio started January 2018 with five stocks: The TradeDesk, Criteo, Liveramp, Magnite, Roku; S4 Capital joined November 2018; PubMatic joined about a year later.
- Magnite agreed to acquire SpotX for $1.2 billion.
- PubMatic processed 46.9 trillion impressions in 2020 (69% higher than 2019), added 368 publishing partners, and now works with over 1,200 publishers.
- PubMatic 2020 ex-tac revenue was $149 million.
- Magnite 2022 ex-TAC revenue: $515 million; 2021 ex-TAC revenue: $416 million; 2020 gross ad spend reported as a plug value.
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