ThornTree Capital Partners LP
Long book
$563.5M
Q1 2026
Positions
16
Top-10 weight
78%
concentration
Last quarter
+10.6%
SPY +14.8%
Turnover
37%
of book per quarter
Strategy in plain words
auto-generated from filingsThornTree Capital Partners LP is a concentrated fundamental stock-picker, running a $563.5M US long book across 16 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: INTUIT INC, CIENA CORP, VIKING HOLDINGS LTD, LIBERTY MEDIA CORP-FORMULA-C, META PLATFORMS INC-CLASS A.
Over the last 9 quarters its long book ran on average 1.4pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+6.1%
Q2 2024
+15.8%
Q3 2024
+8.6%
Q4 2024
-7.4%
Q1 2025
+23.9%
Q2 2025
+5.2%
Q3 2025
+3.6%
Q4 2025
-13.5%
Q1 2026
+10.6%
Sector allocation
Technology 40%
Industrials 15%
Other 14%
Financials 14%
Services media 8%
Communications 8%
Long book by quarter
What does ThornTree Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| INTU INTUIT INC | Technology | 131.2K | $56.7M | 10.1% | +46.9% |
| CIEN CIENA CORP | Technology | 130.3K | $50.6M | 9.0% | -27.1% |
| VIK VIKING HOLDINGS LTD | Industrials | 677.1K | $49.8M | 8.8% | +9.2% |
| FWONK LIBERTY MEDIA CORP-FORMULA-C | Communications | 513.5K | $43.7M | 7.7% | +56.2% |
| META META PLATFORMS INC-CLASS A | Technology | 76.3K | $43.6M | 7.7% | Held |
| ONON ON HOLDING AG-CLASS A | Other | 1.2M | $40.7M | 7.2% | +38.9% |
| NU NU HOLDINGS LTD/CAYMAN ISL-A | Financials | 2.8M | $40.6M | 7.2% | +20.8% |
| RL RALPH LAUREN CORP | Other | 117.5K | $40.4M | 7.2% | +4.9% |
| AFRM AFFIRM HOLDINGS INC | Financials | 834.3K | $38.2M | 6.8% | +8.7% |
| MTZ MASTEC INC | Industrials | 112.7K | $36.3M | 6.4% | New |
| NFLX NETFLIX INC | Services media | 300.8K | $28.9M | 5.1% | Held |
| SHOP SHOPIFY INC - CLASS A | Technology | 211.8K | $25.1M | 4.5% | New |
| ADI ANALOG DEVICES INC | Technology | 63.7K | $20.3M | 3.6% | New |
| MELI MERCADOLIBRE INC | Services media | 10.6K | $18.4M | 3.3% | -23.0% |
| VEEV VEEVA SYSTEMS INC-CLASS A | Technology | 97.2K | $17.1M | 3.0% | New |
| GOOGL ALPHABET INC-CL A | Technology | 45.6K | $13.1M | 2.3% | -68.9% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 16 | $563.5M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 15 | $597.9M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 18 | $653.4M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 17 | $600.6M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 19 | $453.0M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 26 | $770.1M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 24 | $601.2M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 21 | $586.9M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 20 | $592.8M | canonical | SEC ↗ |
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