ThornTree Capital Partners LP In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), ThornTree Capital Partners LP reported 19 stock positions worth $596.1 million . Its top holding was Meta Platforms Class A (META) at 8.8% of the portfolio, followed by Ciena (CIEN, 8.7% ) and Netflix (NFLX, 8.1% ). Compared with Q3 2024, it opened 4 new positions, sold out of 2, added to 5 and reduced 6. The biggest buy was a new position in Carmax (KMX) and the biggest sale an exit from PayPal (PYPL).
Location Boston, MA
CIK 0001688511
Portfolio Value $596.1M (Q4 2024) Holdings 19 stocks · $596.1M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q3 2024 META Meta Platforms Inc. Class A 89,856 $52.6M Reduce -5.8% CIEN Ciena Corp. 611,992 $51.9M Add +1.9% NFLX Netflix Inc. 54,305 $48.4M No change VIK Viking Holdings Ltd. 977,208 $43.1M Reduce -10.0% AFRM Affirm Holdings Inc. 674,081 $41.1M Reduce -6.0% FWONK Liberty Media Corp. Class C 432,447 $40.1M Reduce -0.4% NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 3,497,960 $36.2M Add +15.2% KMX Carmax Inc. 435,568 $35.6M New CSGP Costar Group Inc. 463,350 $33.2M New ONON On Holding AG Class A filed as ON HLDG AG 584,162 $32.0M Add +32.3% MELI MercadoLibre Inc. 18,758 $31.9M No change DUOL Duolingo 85,532 $27.7M No change FERG Ferguson Enterprises Inc. 158,711 $27.5M Add +134.5% ACVA Acv Auctions Inc. Class A 1,040,719 $22.5M Add +27.3% AD Array Digital Infrastructure filed as UNITED STATES CELLULAR CORP 351,923 $22.1M Reduce -12.9% WBD Warner Bros Discovery Inc. 2,078,165 $22.0M New BIRK Birkenstock Holding PLC 344,257 $19.5M New BOOT Boot Barn Holdings Inc. 50,000 $7.6M Reduce -47.9% LLYVK Liberty Media Corp.-Liberty-C 16,891 $1.1M No change
Options reported separately and not counted above: NFLX puts ($57.9M), DUOL puts ($27.6M), FLUT puts ($25.8M), MELI puts ($25.5M), FERG puts ($17.4M), ONON puts ($12.0M), NU calls ($7.8M).
Portfolio Sells Q3 2024 → Q4 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2024 % Of Portfolio Change To Portfolio ▲ PYPL PayPal Holdings Inc. Sold out 0.00% −6.09 SGRY Surgery Partners Inc. Sold out 0.00% −4.96 META Meta Platforms Inc. Class A Reduce -5.8% 8.83% −2.58 BOOT Boot Barn Holdings Inc. Reduce -47.9% 1.27% −2.08 AD Array Digital Infrastructure Reduce -12.9% 3.70% −0.91 VIK Viking Holdings Ltd. Reduce -10.0% 7.22% −0.69 FWONK Liberty Media Corp. Class C Reduce -0.4% 6.72% −0.29 AFRM Affirm Holdings Inc. Reduce -6.0% 6.89% +0.78
Portfolio Buys Q3 2024 → Q4 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2024 % Of Portfolio Change To Portfolio ▼ KMX Carmax Inc. New 5.97% +5.97 CSGP Costar Group Inc. New 5.57% +5.57 WBD Warner Bros Discovery Inc. New 3.69% +3.69 BIRK Birkenstock Holding PLC New 3.27% +3.27 FERG Ferguson Enterprises Inc. Add +134.5% 4.62% +1.82 CIEN Ciena Corp. Add +1.9% 8.71% +0.99 ONON On Holding AG Class A Add +32.3% 5.37% +0.75 ACVA Acv Auctions Inc. Class A Add +27.3% 3.77% +0.30 NU Nu Holdings Ltd./Cayman Isl-A Add +15.2% 6.08% −2.57
Options Activity Q3 2024 → Q4 2024 Security Type Change vs Q3 2024 Underlying Shares Value ▼ NFLX Netflix Inc. put Add +550.0% 65,000 $57.9M META Meta Platforms Inc. Class A put Sold out 55,000 $31.5Mbefore exit FLUT Flutter Entertainment PLC-Di put New 100,000 $25.8M MELI MercadoLibre Inc. put Add +100.0% 15,000 $25.5M FERG Ferguson Enterprises Inc. put New 100,000 $17.4M ONON On Holding AG Class A put Reduce -50.0% 220,000 $12.0M FLUT Flutter Entertainment PLC-Di call Sold out 50,000 $11.9Mbefore exit NU Nu Holdings Ltd./Cayman Isl-A put Sold out 750,000 $10.2Mbefore exit NU Nu Holdings Ltd./Cayman Isl-A call New 750,000 $7.8M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
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