# ThornTree Capital Partners LP

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1688511. Source: https://holderbook.com/funds/1688511-thorntree-capital-partners-lp/

- Reported value: $731.3M
- Positions: 19
- Weight of the ten largest: 73.8%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| VIKING HOLDINGS LTD | [VIK](https://holderbook.com/stocks/VIK/) | $64.5M | 616,700 | 8.8% | 9 |
| CIENA CORP | [CIEN](https://holderbook.com/stocks/CIEN/) | $63.9M | 130,272 | 8.7% | 8 |
| NU HLDGS LTD | [NU](https://holderbook.com/stocks/NU/) | $61.3M | 4,584,775 | 8.4% | 14 |
| LIBERTY MEDIA CORP DEL | [FWONK](https://holderbook.com/stocks/FWONK/) | $57.5M | 604,763 | 7.9% | 12 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $56.4M | 166,784 | 7.7% | 1 |
| ANALOG DEVICES INC | [ADI](https://holderbook.com/stocks/ADI/) | $55.5M | 139,751 | 7.6% | 2 |
| RALPH LAUREN CORP | [RL](https://holderbook.com/stocks/RL/) | $54.4M | 135,557 | 7.4% | 6 |
| AFFIRM HLDGS INC | [AFRM](https://holderbook.com/stocks/AFRM/) | $46.4M | 568,524 | 6.3% | 9 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $43.0M | 76,272 | 5.9% | 25 |
| MASTEC INC | [MTZ](https://holderbook.com/stocks/MTZ/) | $36.5M | 87,828 | 5.0% | 2 |
| SHOPIFY INC | [SHOP](https://holderbook.com/stocks/SHOP/) | $35.1M | 307,137 | 4.8% | 2 |
| NATERA INC | [NTRA](https://holderbook.com/stocks/NTRA/) | $31.5M | 116,021 | 4.3% | 1 |
| INTUIT | [INTU](https://holderbook.com/stocks/INTU/) | $25.7M | 98,636 | 3.5% | 6 |
| ON HLDG AG | [ONON](https://holderbook.com/stocks/ONON/) | $23.7M | 668,771 | 3.2% | 19 |
| NETFLIX INC | [NFLX](https://holderbook.com/stocks/NFLX/) | $21.5M | 300,810 | 2.9% | 16 |
| LIONSGATE STUDIOS CORP | [LION](https://holderbook.com/stocks/LION/) | $19.1M | 1,246,584 | 2.6% | 1 |
| MERCADOLIBRE INC | [MELI](https://holderbook.com/stocks/MELI/) | $18.1M | 10,642 | 2.5% | 18 |
| RED ROCK RESORTS INC | [RRR](https://holderbook.com/stocks/RRR/) | $15.5M | 237,896 | 2.1% | 1 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $1.8M | 2,401 | 0.2% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +11.0% | +14.8% | -3.8% | 100% |
| Q1 2026 | -13.6% | -4.6% | -9.0% | 100% |
| Q4 2025 | +6.2% | +2.4% | +3.8% | 100% |
| Q3 2025 | +3.8% | +7.8% | -4.0% | 100% |
| Q2 2025 | +22.9% | +10.5% | +12.4% | 100% |
| Q1 2025 | -7.4% | -4.6% | -2.8% | 80% |
| Q4 2024 | +8.6% | +2.1% | +6.4% | 81% |
| Q3 2024 | +13.2% | +5.4% | +7.8% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $731.3M | 19 |
| Q1 2026 | $563.5M | 16 |
| Q4 2025 | $597.9M | 15 |
| Q3 2025 | $653.4M | 18 |
| Q2 2025 | $600.6M | 17 |
| Q1 2025 | $453.0M | 19 |
| Q4 2024 | $770.1M | 20 |
| Q3 2024 | $601.2M | 18 |
| Q2 2024 | $586.9M | 21 |
| Q1 2024 | $592.8M | 20 |
| Q4 2023 | $608.7M | 21 |
| Q3 2023 | $382.3M | 18 |