Observed Signal · Feb 8, 2023 · Funding · Source: Quo Vadis News · Impact: 2/5 · Sentiment: Positive
Quo Vadis Portfolio Update: April 2021
Quo Vadis provides an April 2021 portfolio update for its equal-dollar programmatic stock basket, launched Jan 2018 with $100. The portfolio peaked at $1,098 in Feb 2021 and shows an 882% cumulative gain by April, with a rough example noting $100 invested across six stocks would be worth about $180. The note cites Google’s policy update on first-party identifiers as a catalyst for near-term volatility in identity-centric ad tech stocks, but editors expect a post-earnings recovery to push the portfolio back toward $1,000 in 2021. Viant went public in Feb 2021 under ticker DSP; the stock has fallen roughly 24% since debut, with 2020 gross revenue around $165M and a market valuation near $2.5B (66% gross margins; ex-TAC revenue around $111M in 2020). DoubleVerify filed an S-1 for a $4.2B IPO; Providence Equity Partners previously acquired DV in 2017 for $300M. S4 Capital remains the dominant contributor to gains in the portfolio.
Industry portfolio performance update with references to major adtech stocks and Google's identity policy impact.
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Key Takeaways & Evidence Grounding
- Equal-dollar programmatic portfolio started Jan 2018 with $100 and reached $1,098 in Feb 2021 (882% gain).
- Mid-April 2021 update notes volatility after Google's first-party identifiers policy change with expectations of a post-earnings recovery.
- Viant IPO in February 2021 (ticker DSP); stock down ~24% since debut; 2020 gross revenue ~ $165M; valuation ~ $2.5B (66% gross margins; ex-TAC revenue ~ $111M in 2020).
- DoubleVerify filed S-1 to IPO with planned valuation ~ $4.2B; founded 2008; acquired by Providence Equity Partners in 2017 for $300M.
- S4 Capital accounts for the majority of equal-dollar portfolio gains; inclusion in a legacy holding-co portfolio would have yielded ~80% gains versus ~9% realized.
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