ThornTree Capital Partners LP
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), ThornTree Capital Partners LP reported 19 stock positions worth $731.3 million. Its top holding was Viking (VIK) at 8.8% of the portfolio, followed by Ciena (CIEN, 8.7%) and Nu Holdings Ltd./Cayman Isl-A (NU, 8.4%). Compared with Q1 2026, it opened 5 new positions, sold out of 2, added to 5 and reduced 5. The biggest buy was a new position in American Express (AXP) and the biggest sale Intuit (INTU, shares −25%).
- Most Recent 13F
- Q2 2026
- Location
- Boston, MA
- CIK
- 0001688511
- Portfolio Value
- $731.3M (Q2 2026)
- SEC Filing
- 0001172661-26-003754 ↗ filed Aug 14, 2026
Holdings Value
Holdings 19 stocks · $731.3M
| VIK Viking Holdings Ltd. | 8.83% | 616,700 | $64.5M | Reduce -8.9% |
| CIEN Ciena Corp. | 8.74% | 130,272 | $63.9M | No change |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 8.38% | 4,584,775 | $61.3M | Add +62.1% |
| FWONK Liberty Media Corp. Class C | 7.87% | 604,763 | $57.5M | Add +17.8% |
| AXP American Express Co. | 7.71% | 166,784 | $56.4M | New |
| ADI Analog Devices Inc. | 7.59% | 139,751 | $55.5M | Add +119.5% |
| RL Ralph Lauren Corp. | 7.44% | 135,557 | $54.4M | Add +15.3% |
| AFRM Affirm Holdings Inc. | 6.34% | 568,524 | $46.4M | Reduce -31.9% |
| META Meta Platforms Inc. Class A | 5.87% | 76,272 | $43.0M | No change |
| MTZ Mastec Inc. | 5.00% | 87,828 | $36.5M | Reduce -22.1% |
| SHOP Shopify Inc. Class A | 4.80% | 307,137 | $35.1M | Add +45.0% |
| NTRA Natera Inc. | 4.31% | 116,021 | $31.5M | New |
| INTU Intuit Inc. | 3.52% | 98,636 | $25.7M | Reduce -24.8% |
| ONON On Holding AG Class A filed as ON HLDG AG | 3.24% | 668,771 | $23.7M | Reduce -44.1% |
| NFLX Netflix Inc. | 2.94% | 300,810 | $21.5M | No change |
| LION Lionsgate Studios Corp. | 2.61% | 1,246,584 | $19.1M | New |
| MELI MercadoLibre Inc. | 2.47% | 10,642 | $18.1M | No change |
| RRR Red Rock Resorts Inc. Class A | 2.12% | 237,896 | $15.5M | New |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.25% | 2,401 | $1.8M | New |
Portfolio Sells Q1 2026 → Q2 2026
| INTU Intuit Inc. | Reduce -24.8% | 3.52% | −6.54 |
| ONON On Holding AG Class A | Reduce -44.1% | 3.24% | −3.99 |
| VEEV Veeva Systems Inc. Class A | Sold out | 0.00% | −3.03 |
| GOOGL Alphabet Inc. Class A | Sold out | 0.00% | −2.33 |
| MTZ Mastec Inc. | Reduce -22.1% | 5.00% | −1.44 |
| AFRM Affirm Holdings Inc. | Reduce -31.9% | 6.34% | −0.44 |
| VIK Viking Holdings Ltd. | Reduce -8.9% | 8.83% | −0.00 |
Portfolio Buys Q1 2026 → Q2 2026
| AXP American Express Co. | New | 7.71% | +7.71 |
| NTRA Natera Inc. | New | 4.31% | +4.31 |
| ADI Analog Devices Inc. | Add +119.5% | 7.59% | +4.00 |
| LION Lionsgate Studios Corp. | New | 2.61% | +2.61 |
| RRR Red Rock Resorts Inc. Class A | New | 2.12% | +2.12 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +62.1% | 8.38% | +1.17 |
| SHOP Shopify Inc. Class A | Add +45.0% | 4.80% | +0.34 |
| RL Ralph Lauren Corp. | Add +15.3% | 7.44% | +0.27 |
| SPY SS SPDR S&P 500 ETF Trust-US | New | 0.25% | +0.25 |
| FWONK Liberty Media Corp. Class C | Add +17.8% | 7.87% | +0.12 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 19 | $731.3M | VIK, CIEN, NU, FWONK, AXP |
| Q1 2026 | 16 | $563.5M | INTU, CIEN, VIK, FWONK, META |
| Q4 2025 | 15 | $597.9M | INTU, AFRM, META, GOOGL, VIK |
| Q3 2025 | 18 | $653.4M | META, INTU, CIEN, NU, CSGP |
| Q2 2025 | 17 | $600.6M | META, VIK, CSGP, AFRM, KMX |
| Q1 2025 | 19 | $453.0M | META, VIK, KMX, INTU, CSGP |
| Q4 2024 | 19 | $596.1M | META, CIEN, NFLX, VIK, AFRM |
| Q3 2024 | 17 | $479.1M | META, NU, NFLX, MELI, VIK |
| Q2 2024 | 21 | $586.9M | META, NU, FWONK, NFLX, MELI |
| Q1 2024 | 20 | $592.8M | META, PYPL, NU, NFLX, DOCU |