ThornTree Capital Partners LP
ThornTree Capital Partners LP reported 19 US-listed holdings worth $731.3 million in its 13F for the quarter ended 30 June 2026, filed 14 August 2026. Its largest: Viking Holdings Ltd (8.8%), Ciena Corp. (8.7%) and Nu Holdings Ltd. (8.4%). Against the quarter before, it opened 5 positions, added to 5, trimmed 5 and sold out of 2.
The 14 largest of its 19 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q1 2026.
What the fund reported holding at each quarter's end; hover a bar for the number of positions
What its reported holdings returned
Held through each quarter, the holdings it reported returned +30.7% over the 7 quarters to 30 June 2026, against +30.2% for the S&P 500.
Not the fund's own return: each 13F's holdings are kept unchanged until the next one, so trades inside a quarter, dividends, cash and fees are left out. A rough guide to how its picks have done over time.
What it did on the quarter
Its positions against its 13F for the quarter to 31 March 2026; a change under 0.1% of a position counts as held
Opened 5
- American Express Co. AXP$56.4 million
- Natera Inc Com NTRA$31.5 million
- Lionsgate Studios Corp. LION$19.1 million
- Red Rock Resorts, Inc. RRR$15.5 million
- SPDR S&P 500 SPY$1.8 million
Added to 5
- Analog Devices Inc. ADI+76,099 shares · +120%
- Nu Holdings Ltd. NU+1.8 million shares · +62%
- Shopify Inc. SHOP+95,342 shares · +45%
- Liberty Media Corp. Del FWONK+91,273 shares · +18%
- Ralph Lauren Corp. RL+18,017 shares · +15%
Trimmed 5
- Affirm Hldgs Inc. AFRM-265,765 shares · -32%
- On Holding AG ONON-528,567 shares · -44%
- Mastec Inc. MTZ-24,913 shares · -22%
- Intuit Inc. INTU-32,537 shares · -25%
- Viking Holdings Ltd VIK-60,387 shares · -9%
Sold out of 2
- Veeva Systems Inc. VEEV$17.1 million last quarter
- Alphabet Inc. GOOGL$13.1 million last quarter
What it holds
| Company | Shares | Value | Of its book | Change in shares |
|---|---|---|---|---|
| Viking Holdings Ltd VIK | 616.7K | $64.5 million | 8.83% | -60.4K |
| Ciena Corp. CIEN | 130.3K | $63.9 million | 8.74% | no change |
| Nu Holdings Ltd. NU | 4.6M | $61.3 million | 8.38% | +1.8M |
| Liberty Media Corp. Del FWONK | 604.8K | $57.5 million | 7.87% | +91.3K |
| American Express Co. AXP | 166.8K | $56.4 million | 7.71% | new |
| Analog Devices Inc. ADI | 139.8K | $55.5 million | 7.59% | +76.1K |
| Ralph Lauren Corp. RL | 135.6K | $54.4 million | 7.44% | +18.0K |
| Affirm Hldgs Inc. AFRM | 568.5K | $46.4 million | 6.34% | -265.8K |
| Meta Platforms, Inc. META | 76.3K | $43.0 million | 5.87% | no change |
| Mastec Inc. MTZ | 87.8K | $36.5 million | 5.00% | -24.9K |
| Shopify Inc. SHOP | 307.1K | $35.1 million | 4.80% | +95.3K |
| Natera Inc Com NTRA | 116.0K | $31.5 million | 4.31% | new |
| Intuit Inc. INTU | 98.6K | $25.7 million | 3.52% | -32.5K |
| On Holding AG ONON | 668.8K | $23.7 million | 3.24% | -528.6K |
| Netflix Inc. NFLX | 300.8K | $21.5 million | 2.94% | no change |
| Lionsgate Studios Corp. LION | 1.2M | $19.1 million | 2.61% | new |
| MercadoLibre, Inc. MELI | 10.6K | $18.1 million | 2.47% | no change |
| Red Rock Resorts, Inc. RRR | 237.9K | $15.5 million | 2.12% | new |
| SPDR S&P 500 SPY | 2.4K | $1.8 million | 0.25% | new |