Maple Tree Capital’s Q3 Letter Shows Sharp Portfolio Divergence and Repositioning

Overview

• Jonagold fell 13.12% in Q3 2025 while Heartwood rose 40.2%, putting Heartwood’s return above 100% since its 2023 launch.
• A late-quarter slide in Upstart, one of the firm’s largest holdings, weighed on results and contributed to Jonagold’s decline.
• The firm exited Hims & Hers near $52 to reallocate into Upstart near $70, citing heightened regulatory risk, GLP-1 competition, and concerns over the core telehealth prescribing model.
• Maple Tree reaffirmed Lemonade as a high-conviction holding powered by Agentic AI, noting Q3 revenue growth of 42% to $195 million and an intention to add as capital accumulates.
• Heartwood previously sold Google to fund a large Uranium Energy stake tied to expected AI-driven data-center power needs, with coverage noting Dec. 29 closes for HIMS ($34.10), LMND ($71.32), and UEC ($12.20) as well as end-Q3 hedge-fund holder counts.