CIK: 0001688511
Total reported value
$563.5M
Reporting period: 2026-03-31 · Number of holdings: 16
ThornTree Capital Partners LP disclosed 16 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $563.5M and a quarterly turnover rate of 50.0%.
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ThornTree Capital Partners LP's disclosed holdings carry a Herfindahl concentration index of 0.071 — mathematically equivalent to about 14 equally-sized positions, close to its 16 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 0.37), 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 3.1 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Trim GOOGL
-68.9% -$32.8M
Trim AFRM
+8.7% -$18.9M
Add FWONK
+56.2% $11.3M
Add CIEN
-27.1% $8.8M
Add VIK
+9.2% $5.5M
Trim MELI
-23.0% -$9.4M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | INTU | Intuit INC | Stock-Tech | 10.06% | +0.17% | +46.89% | |
| 2 | CIEN | Ciena CORP | Stock-Tech | 8.97% | +1.98% | -27.08% | |
| 3 | VIK | Viking Holdings Ltd | Stock-Consumer Disc | 8.83% | +1.43% | +9.21% | |
| 4 | FWONK | Liberty Media Corp-formula-c | Stock-Comm Services | 7.75% | +2.33% | +56.16% | |
| 5 | META | Meta Platforms Inc-class A | Stock-Comm Services | 7.74% | -0.68% | — | |
| 6 | ✓ | On Hldg AG | Stock-Other | 7.23% | +0.53% | +38.90% | |
| 7 | NU | Nu Holdings Ltd. | Stock-Financials | 7.21% | +0.66% | +20.79% | |
| 8 | RL | Ralph Lauren CORP | Stock-Consumer Disc | 7.17% | +0.54% | +4.90% | |
| 9 | AFRM | Affirm Holdings INC | Stock-Financials | 6.78% | -2.78% | +8.67% | |
| 10 | MTZ | Mastec INC | Stock-Industrials | 6.44% | +6.44% | NEW | |
| 11 | NFLX | Netflix INC | Stock-Comm Services | 5.13% | +0.41% | — | |
| 12 | SHOP | Shopify INC - Class A | Stock-Tech | 4.46% | +4.46% | NEW | |
| 13 | ADI | Analog Devices INC | Stock-Tech | 3.59% | +3.59% | NEW | |
| 14 | MELI | Mercadolibre INC | Stock-Consumer Disc | 3.27% | -1.39% | -23.03% | |
| 15 | VEEV | Veeva Systems Inc-class A | Stock-Healthcare | 3.03% | +3.03% | NEW | |
| 16 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.33% | -5.36% | -68.92% |
Performance for Q3 2026
-1.9%
Performance Last 4 Quarters
+16.8%
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 16 | $563.5M | 50 | |
| 2025-12-31 | 15 | $597.9M | 42 | |
| 2025-09-30 | 18 | $653.4M | 56 | |
| 2025-06-30 | 17 | $600.6M | 0 | |
| 2025-03-31 | 19 | $453.0M | 100 | |
| 2024-12-31 | 26 | $770.1M | 0 | |
| 2024-09-30 | 24 | $601.2M | 0 | |
| 2024-06-30 | 21 | $586.9M | 0 | |
| 2024-03-31 | 20 | $592.8M | 0 | |
| 2023-12-31 | 25 | $608.7M | 0 | |
| 2023-09-30 | 18 | $382.3M | 0 | |
| 2023-06-30 | 18 | $420.7M | 0 | |
| 2023-03-31 | 18 | $402.5M | 0 | |
| 2022-12-31 | 17 | $304.1M | 0 | |
| 2022-09-30 | 17 | $293.4M | 0 | |
| 2022-06-30 | 15 | $255.4M | 0 | |
| 2022-03-31 | 21 | $456.3M | 0 | |
| 2021-12-31 | 23 | $516.6M | 0 | |
| 2021-09-30 | 30 | $707.8M | 0 | |
| 2021-06-30 | 31 | $741.3M | 44 | |
| 2021-03-31 | 31 | $775.9M | 67 | |
| 2020-12-31 | 25 | $801.1M | 51 | |
| 2020-09-30 | 27 | $705.3M | 56 | |
| 2020-06-30 | 26 | $633.5M | 78 | |
| 2020-03-31 | 21 | $360.4M | 71 | |
| 2019-12-31 | 15 | $363.7M | 61 | |
| 2019-09-30 | 14 | $326.7M | 65 | |
| 2019-06-30 | 15 | $316.8M | 41 | |
| 2019-03-31 | 17 | $347.9M | 51 | |
| 2018-12-31 | 14 | $318.2M | 100 | |
| 2018-09-30 | 15 | $345.1M | 93 | |
| 2018-06-30 | 15 | $270.6M | 69 | |
| 2018-03-31 | 17 | $285.0M | 44 | |
| 2017-12-31 | 15 | $222.4M | 41 | |
| 2017-09-30 | 17 | $229.8M | 27 | |
| 2017-06-30 | 17 | $212.8M | 55 | |
| 2017-03-31 | 14 | $159.9M | 66 | |
| 2016-12-31 | 9 | $110.0M | 0 |
ThornTree Capital Partners LP's most significant position changes for 2026-03-31: Sold out: Rocket Cos Inc-class A (RKT); New buy: Mastec INC (MTZ); Sold out: Duolingo (DUOL); New buy: Shopify INC - Class A (SHOP); New buy: Analog Devices INC (ADI).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | FWONK | Liberty Media Corp-formula-c | +2.3% | +56.16% | Add |
| 2 | CIEN | Ciena CORP | +2% | -27.08% | Trim |
| 3 | VIK | Viking Holdings Ltd | +1.4% | +9.21% | Add |
| 4 | NU | Nu Holdings Ltd. | +0.7% | +20.79% | Add |
| 5 | RL | Ralph Lauren CORP | +0.5% | +4.90% | Add |
| 6 | ✓ | On Hldg AG | +0.5% | +38.90% | Add |
| 7 | NFLX | Netflix INC | +0.4% | — | Unchanged |
| 8 | INTU | Intuit INC | +0.2% | +46.89% | Add |
| 9 | META | Meta Platforms Inc-class A | -0.7% | — | Unchanged |
| 10 | MELI | Mercadolibre INC | -1.4% | -23.03% | Trim |
| 11 | AFRM | Affirm Holdings INC | -2.8% | +8.67% | Add |
| 12 | GOOGL | Alphabet Inc-cl A | -5.4% | -68.92% | Trim |
| 13 | RKT | Rocket Cos Inc-class A | — | EXIT | Sold out |
| 14 | MTZ | Mastec INC | — | NEW | New buy |
| 15 | DUOL | Duolingo | — | EXIT | Sold out |
| 16 | SHOP | Shopify INC - Class A | — | NEW | New buy |
| 17 | ADI | Analog Devices INC | — | NEW | New buy |
| 18 | VEEV | Veeva Systems Inc-class A | — | NEW | New buy |
| 19 | CSGP | Costar Group INC | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-17 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-15 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-14 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-15 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-16 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-15 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-16 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-17 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-16 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-13 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-14 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-14 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-14 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-15 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-14 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-14 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-14 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-14 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-13 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-13 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-11 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-15 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-14 | 13F-HR | View on EDGAR |
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