ThornTree Capital Partners LP
Boston, MA
$731m in 19 US stocks at the end of 30 June 2026. The top 10 are 73.8% of the money. It changed about 22.9% of the portfolio this quarter.
Value
$731m
Stocks
19
Top 10 share
73.8%
Turnover
22.9%
What changed this quarter
New
Bought for the first time this quarter.
- American ExpressAXP7.7% of the fund
- NateraNTRA4.3% of the fund
- Lionsgate StudiosLION2.6% of the fund
- Red Rock ResortsRRR2.1% of the fund
- State STR Spdr S&P 500 ETF TSPY0.2% of the fund
Added
Bought more of a stock they already held.
- Nu HoldingsNU8.4% of the fund+62%
- Liberty MediaFWONK7.9% of the fund+18%
- Analog DevicesADI7.6% of the fund+120%
- Ralph LaurenRL7.4% of the fund+15%
- ShopifySHOP4.8% of the fund+45%
Cut
Sold some of their stake.
- Viking HoldingsVIK8.8% of the fund-9%
- Affirm HoldingsAFRM6.3% of the fund-32%
- MastecMTZ5.0% of the fund-22%
- IntuitINTU3.5% of the fund-25%
- On Holding AGONON3.2% of the fund-44%
Sold out
Sold their entire stake.
- Veeva SystemsVEEV-100%
- AlphabetGOOGL-100%
Holdings
- State STR Spdr S&P 500 ETF TSPY
- Share
- 0.2%
- Value
- $2m
- Shares
- 2,401
New
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Viking HoldingsVIK | 8.8% | $65m | 616,700 | -9% |
| CienaCIEN | 8.7% | $64m | 130,272 | Held |
| Nu HoldingsNU | 8.4% | $61m | 4,584,775 | +62% |
| Liberty MediaFWONK | 7.9% | $58m | 604,763 | +18% |
| American ExpressAXP | 7.7% | $56m | 166,784 | New |
| Analog DevicesADI | 7.6% | $56m | 139,751 | +120% |
| Ralph LaurenRL | 7.4% | $54m | 135,557 | +15% |
| Affirm HoldingsAFRM | 6.3% | $46m | 568,524 | -32% |
| Meta PlatformsMETA | 5.9% | $43m | 76,272 | Held |
| MastecMTZ | 5.0% | $37m | 87,828 | -22% |
| ShopifySHOP | 4.8% | $35m | 307,137 | +45% |
| NateraNTRA | 4.3% | $31m | 116,021 | New |
| IntuitINTU | 3.5% | $26m | 98,636 | -25% |
| On Holding AGONON | 3.2% | $24m | 668,771 | -44% |
| NetflixNFLX | 2.9% | $21m | 300,810 | Held |
| Lionsgate StudiosLION | 2.6% | $19m | 1,246,584 | New |
| MercadoLibreMELI | 2.5% | $18m | 10,642 | Held |
| Red Rock ResortsRRR | 2.1% | $15m | 237,896 | New |
| State STR Spdr S&P 500 ETF TSPY | 0.2% | $2m | 2,401 | New |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 21.8% since 30 June 2025.
Where the money is
Technology27.1%
Financial services22.4%
Media & telecom19.3%
Industrials13.8%
Retail & consumer12.8%
Health care4.3%
Other0.2%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.