Wrap always takes WHOLE picture and wraps it on the sphere(cone, …). So when there is only one letter displayed, it is whole wrapped. That’s why it is stretched.
But it is possible to get around this, althrough it is not very comfortable solution. You have to create special effect with 3 nodes of subtree. Two of them will be points and one is text. See the hierarchy here:
The Text node contains your running text(without wrap!).
The FirstPoint and SecondPOint are points(created by Basic shapes).
You need to set FirstPoint position to upper left corner of your running text and SecondPoint to lower bottom position of your running text. After you have set their position, make them black, to be not visible!
Now when you apply Wrap in ROOT’s transformation list, your text will be correctly displayed.