TC
ThornTree Capital Partners LP SEC 13F Filing (Q2 2026) — Holdings & Portfolio
ThornTree Capital Partners LPCIK: 0001688511
Momentum followerQuality / disciplined sizing
Total reported value
$731.3M
Reporting period: 2026-06-30 · Number of holdings: 19
ThornTree Capital Partners LP disclosed 19 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $731.3M and a quarterly turnover rate of 52.7%.
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Personality snowflake
- Concentration
- 25.96
- Portfolio Stability
- 52.69
- Momentum
- 100
- Sector conviction
- 63.49
- Diversification
- 38
- Sizing Uniformity
- 95.04
ThornTree Capital Partners LP's disclosed holdings carry a Herfindahl concentration index of 0.065 — mathematically equivalent to about 15 equally-sized positions, close to its 19 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.50), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 2.6 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govNew buy AXP
Trim INTU
-24.8% -$31.0M
New buy NTRA
Add ADI
+119.6% $35.3M
Trim H5919C104
-44.1% -$17.0M
Sold out VEEV
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | VIK | Viking Holdings Ltd | Stock-Consumer Disc | 8.83% | — | -8.92% | |
| 2 | CIEN | Ciena CORP | Stock-Tech | 8.74% | -0.23% | — | |
| 3 | NU | Nu Holdings Ltd. | Stock-Financials | 8.38% | +1.17% | +62.15% | |
| 4 | FWONK | Liberty Media Corp-formula-c | Stock-Comm Services | 7.87% | +0.12% | +17.77% | |
| 5 | AXP | American Express Co | Stock-Financials | 7.71% | +7.71% | NEW | |
| 6 | ADI | Analog Devices Inc | Stock-Tech | 7.59% | +4.00% | +119.55% | |
| 7 | RL | Ralph Lauren CORP | Stock-Consumer Disc | 7.44% | +0.27% | +15.33% | |
| 8 | AFRM | Affirm Holdings Inc | Stock-Financials | 6.34% | -0.44% | -31.86% | |
| 9 | META | Meta Platforms Inc-class A | Stock-Comm Services | 5.87% | -1.87% | — | |
| 10 | MTZ | Mastec Inc | Stock-Industrials | 5.00% | -1.44% | -22.10% | |
| 11 | SHOP | Shopify Inc - Class A | Stock-Tech | 4.80% | +0.34% | +45.02% | |
| 12 | NTRA | Natera Inc | Stock-Healthcare | 4.31% | +4.31% | NEW | |
| 13 | INTU | Intuit Inc | Stock-Tech | 3.52% | -6.54% | -24.80% | |
| 14 | ✓ | On Holding AG | Stock-Other | 3.24% | -3.99% | -44.15% | |
| 15 | NFLX | Netflix Inc | Stock-Comm Services | 2.94% | -2.19% | — | |
| 16 | LION | Lionsgate Studios CORP | Stock-Other | 2.61% | +2.61% | NEW | |
| 17 | MELI | Mercadolibre Inc | Stock-Consumer Disc | 2.47% | -0.80% | — | |
| 18 | RRR | Red Rock Resorts Inc-class A | Stock-Other | 2.12% | +2.12% | NEW | |
| 19 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 0.25% | +0.25% | NEW |
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Portfolio Performance
Performance for Q3 2026
-3.3%
Performance Last 4 Quarters
+11.2%
- Stdev
- +19.9%
- Beta
- +1.29
- Alpha
- +1.2%
- Max Drawdown
- -16%
- Annualized Perf
- +28.2%
- Batting Avg vs S&P
- +55.6%
- Sortino
- +2.98
- Stutzer
- +0.4
- Treynor
- +0.21
- Sterling
- +1.5
- Calmar
- +1.76
- Information Ratio
- +0.6
- Tracking Error
- +11.5%
- Stdev Down
- +9.1%
- Winning Months %
- +66.7%
- Losing Months %
- +33.3%
- Best 12 Months
- +50.2%
- Worst 12 Months
- +6.3%
- Efficiency Ratio
- +0.67
- Sharpe
- +1.35
- Stdev Sectors
- +8.7%
- Skewness
- +0.26
- Kurtosis
- -0.31
- Upside Potential
- +4.55
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 19 | $731.3M | 53 | ||
| 2026 Q1 | 16 | $563.5M | 50 | ||
| 2025 Q4 | 15 | $597.9M | 42 | ||
| 2025 Q3 | 18 | $653.4M | 56 | ||
| 2025 Q2 | 17 | $600.6M | 0 | ||
| 2025 Q1 | 19 | $453.0M | 100 | ||
| 2024 Q4 | 26 | $770.1M | 0 | ||
| 2024 Q3 | 24 | $601.2M | 0 | ||
| 2024 Q2 | 21 | $586.9M | 0 | ||
| 2024 Q1 | 20 | $592.8M | 0 | ||
| 2023 Q4 | 25 | $608.7M | 0 | ||
| 2023 Q3 | 18 | $382.3M | 0 | ||
| 2023 Q2 | 18 | $420.7M | 0 | ||
| 2023 Q1 | 18 | $402.5M | 0 | ||
| 2022 Q4 | 17 | $304.1M | 0 | ||
| 2022 Q3 | 17 | $293.4M | 0 | ||
| 2022 Q2 | 15 | $255.4M | 0 | ||
| 2022 Q1 | 21 | $456.3M | 0 | ||
| 2021 Q4 | 23 | $516.6M | 0 | ||
| 2021 Q3 | 30 | $707.8M | 0 | ||
| 2021 Q2 | 31 | $741.3M | 44 | ||
| 2021 Q1 | 31 | $775.9M | 67 | ||
| 2020 Q4 | 25 | $801.1M | 51 | ||
| 2020 Q3 | 27 | $705.3M | 56 | ||
| 2020 Q2 | 26 | $633.5M | 78 | ||
| 2020 Q1 | 21 | $360.4M | 71 | ||
| 2019 Q4 | 15 | $363.7M | 61 | ||
| 2019 Q3 | 14 | $326.7M | 65 | ||
| 2019 Q2 | 15 | $316.8M | 41 | ||
| 2019 Q1 | 17 | $347.9M | 51 | ||
| 2018 Q4 | 14 | $318.2M | 100 | ||
| 2018 Q3 | 15 | $345.1M | 93 | ||
| 2018 Q2 | 15 | $270.6M | 69 | ||
| 2018 Q1 | 17 | $285.0M | 44 | ||
| 2017 Q4 | 15 | $222.4M | 41 | ||
| 2017 Q3 | 17 | $229.8M | 27 | ||
| 2017 Q2 | 17 | $212.8M | 55 | ||
| 2017 Q1 | 14 | $159.9M | 66 | ||
| 2016 Q4 | 9 | $110.0M | 0 |
Holding changes this quarter
ThornTree Capital Partners LP's most significant position changes for 2026-06-30: New buy: American Express Co (AXP); New buy: Natera Inc (NTRA); New buy: Lionsgate Studios CORP (LION); Sold out: Veeva Systems Inc-class A (VEEV); New buy: Red Rock Resorts Inc-class A (RRR).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | AXP | American Express Co | +7.7% | NEW | New buy |
| 2 | NTRA | Natera Inc | +4.3% | NEW | New buy |
| 3 | ADI | Analog Devices Inc | +4% | +119.55% | Add |
| 4 | LION | Lionsgate Studios CORP | +2.6% | NEW | New buy |
| 5 | RRR | Red Rock Resorts Inc-class A | +2.1% | NEW | New buy |
| 6 | NU | Nu Holdings Ltd. | +1.2% | +62.15% | Add |
| 7 | SHOP | Shopify Inc - Class A | +0.3% | +45.02% | Add |
| 8 | RL | Ralph Lauren CORP | +0.3% | +15.33% | Add |
| 9 | SPY | Ss Spdr S&p 500 ETF Trust-us | +0.3% | NEW | New buy |
| 10 | FWONK | Liberty Media Corp-formula-c | +0.1% | +17.77% | Add |
| 11 | VIK | Viking Holdings Ltd | — | -8.92% | Trim |
| 12 | CIEN | Ciena CORP | -0.2% | — | Unchanged |
| 13 | AFRM | Affirm Holdings Inc | -0.4% | -31.86% | Trim |
| 14 | MELI | Mercadolibre Inc | -0.8% | — | Unchanged |
| 15 | MTZ | Mastec Inc | -1.4% | -22.10% | Trim |
| 16 | META | Meta Platforms Inc-class A | -1.9% | — | Unchanged |
| 17 | NFLX | Netflix Inc | -2.2% | — | Unchanged |
| 18 | GOOGL | Alphabet Inc-cl A | -2.3% | EXIT | Sold out |
| 19 | VEEV | Veeva Systems Inc-class A | -3% | EXIT | Sold out |
| 20 | ✓ | On Holding AG | -4% | -44.15% | Trim |
| 21 | INTU | Intuit Inc | -6.5% | -24.80% | Trim |
Filing History
FAQ
What is ThornTree Capital Partners LP and what type of investor is it?
ThornTree Capital Partners LP is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $731.3M, spread across 19 disclosed positions.
What are ThornTree Capital Partners LP's largest equity positions?
Based on the latest 13F filing, ThornTree Capital Partners LP's top holdings by market value are:
1. Viking Holdings Ltd (VIK) — $64.5M (8.8%)
2. Ciena CORP (CIEN) — $63.9M (8.7%)
3. Nu Holdings Ltd. (NU) — $61.3M (8.4%)
4. Liberty Media Corp-formula-c (FWONK) — $57.5M (7.9%)
5. American Express Co (AXP) — $56.4M (7.7%)
What changes did ThornTree Capital Partners LP make in its most recent portfolio filing?
In the latest reported quarter, ThornTree Capital Partners LP made 17 notable position adjustments: 5 new positions were initiated, 5 existing holdings were added to, 5 positions were partially reduced, and 2 were completely exited. The largest of these moves: New buy: American Express Co (AXP); New buy: Natera Inc (NTRA); New buy: Lionsgate Studios CORP (LION); Sold out: Veeva Systems Inc-class A (VEEV); New buy: Red Rock Resorts Inc-class A (RRR)
What sectors does ThornTree Capital Partners LP focus on?
ThornTree Capital Partners LP is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 26.9%
• Financials: 24.4%
• Consumer Discretionary: 20.4%
• Communication Services: 18.2%
• Industrials: 5.4%
• Health Care: 4.7%
Investment Profile
ThornTree Capital Partners LP returned an annualized 28.2% over the trailing 36 months — outperforming the S&P 500 by 1.2 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.29 (more volatile than the market) and a 56% quarterly batting average against the index.
Its portfolio is broadly diversified and moderately active.
Its turnover score has risen from 0 to 53 over the past 4 quarters — a shift toward more active trading.
It has added to its FWONK position over the past two quarters (+$25.1M, now $57.5M), while trimming INTU over the same stretch (-$33.4M, still holding $25.7M).
Peer Institutions
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Developer Access
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REST API
curl https://alphasmo.com/api/v1/institutions/thorntree-capital-partners-lpCLI
npx alphasmo institutions get thorntree-capital-partners-lp