ThornTree Capital Partners LP

CIK

1688511

Location

Boston, MA

Portfolio Value

Small $519,876,826

Diversification

Diversified

Filing Date

Global Rank

#2,259 / 8,232 ▲ 25

Top Industry

Software - Application 15.7%

3Y Alpha vs SPY

+6.1%

Period ended 2 months ago

Filed May 15, 2026 · 30d

25 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+104.4%

SPY

+76.3%

Annualised alpha

+6.1%

Max drawdown

−27.5%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

15 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

10.9%

+0.4 pts

Top 5

46.4%

+1.0 pts

Top 10

81.9%

+0.5 pts

HHI

761

Diversified−8

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Technology	29.4%	$152,665,448	4
Consumer Cyclical	28.7%	$149,318,604	4
Communication Services	16.5%	$85,681,167	3
Financial Services	15.2%	$78,857,491	2
Industrials	7.0%	$36,273,289	1
Healthcare	3.3%	$17,080,827	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

6 positions

Ticker	Company	Δ Shares	Shares	Value
NU	Nu Holdings Ltd.	+486,670	2,827,444	$40,630,370
ONON	On Holding AG	+335,328	1,197,338	$40,733,438
AFRM	Affirm Holdings, Inc.	+66,535	834,289	$38,227,121
VIK	Viking Holdings Ltd	+57,092	677,087	$49,752,352
INTU	Intuit Inc.	+41,871	131,173	$56,716,581
RL	Ralph Lauren Corp	+5,488	117,540	$40,432,584
No positions match the current search.

Trimmed

Positions the filer reduced

3 positions

Ticker	Company	Δ Shares	Shares	Value
GOOGL	Alphabet Inc.	−101,197	45,628	$13,120,787
CIEN	Ciena Corp	−48,385	130,272	$50,575,498
MELI	Mercadolibre Inc	−3,184	10,642	$18,400,230
No positions match the current search.

New Positions

Positions the filer opened this quarter

4 positions

Ticker	Company	Shares	Value
MTZ	Mastec Inc	112,741	$36,273,289
SHOP	Shopify Inc.	211,795	$25,123,122
ADI	Analog Devices Inc	63,652	$20,250,247
VEEV	Veeva Systems Inc	97,238	$17,080,827
No positions match the current search.

Sold Out

Positions the filer fully exited

3 positions

Ticker	Company	Shares	Value
RKT	Rocket Companies, Inc.	2,231,659	$43,204,918
DUOL	Duolingo, Inc.	184,867	$32,444,158
CSGP	Costar Group, Inc.	242,032	$16,274,231
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

15 positions · $519,876,826 total · as of Mar 31, 2026

All sectors Communication Services Consumer Cyclical Financial Services Healthcare Industrials Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
INTU	Intuit Inc. Technology	Added	131,173	+41,871	$56,716,581	−4.1%	10.91%
CIEN	Ciena Corp Technology	Reduced	130,272	-48,385	$50,575,498	+21.0%	9.73%
VIK	Viking Holdings Ltd Consumer Cyclical	Added	677,087	+57,092	$49,752,352	+12.4%	9.57%
META	Meta Platforms, Inc. Communication Services	Held	76,272	0	$43,637,499	−13.3%	8.39%
ONON	On Holding AG Consumer Cyclical	Added	1,197,338	+335,328	$40,733,438	+1.7%	7.84%
NU	Nu Holdings Ltd. Financial Services	Added	2,827,444	+486,670	$40,630,370	+3.7%	7.82%
RL	Ralph Lauren Corp Consumer Cyclical	Added	117,540	+5,488	$40,432,584	+2.0%	7.78%
AFRM	Affirm Holdings, Inc. Financial Services	Added	834,289	+66,535	$38,227,121	−33.1%	7.35%
MTZ	Mastec Inc Industrials	NEW	112,741	NEW	$36,273,289	NEW	6.98%
NFLX	Netflix Inc Communication Services	Held	300,810	0	$28,922,881	+2.5%	5.56%
SHOP	Shopify Inc. Technology	NEW	211,795	NEW	$25,123,122	NEW	4.83%
ADI	Analog Devices Inc Technology	NEW	63,652	NEW	$20,250,247	NEW	3.90%
MELI	Mercadolibre Inc Consumer Cyclical	Reduced	10,642	-3,184	$18,400,230	−33.9%	3.54%
VEEV	Veeva Systems Inc Healthcare	NEW	97,238	NEW	$17,080,827	NEW	3.29%
GOOGL	Alphabet Inc. Communication Services	Reduced	45,628	-101,197	$13,120,787	−71.4%	2.52%