ThornTree Capital Partners LP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), ThornTree Capital Partners LP reported 19 stock positions worth $453.0 million. Its top holding was Meta Platforms Class A (META) at 9.7% of the portfolio, followed by Viking (VIK, 8.4%) and Carmax (KMX, 8.1%). Compared with Q4 2024, it opened 3 new positions, sold out of 3, added to 1 and reduced 13. The biggest buy was a new position in Intuit (INTU) and the biggest sale an exit from Duolingo (DUOL).
- Most Recent 13F
- Q2 2026
- Location
- Boston, MA
- CIK
- 0001688511
- Portfolio Value
- $453.0M (Q1 2025)
- SEC Filing
- 0001172661-25-002153 ↗ filed May 15, 2025
Holdings Value
Holdings 19 stocks · $453.0M
| META Meta Platforms Inc. Class A | 9.70% | 76,272 | $44.0M | Reduce -15.1% |
| VIK Viking Holdings Ltd. | 8.42% | 959,057 | $38.1M | Reduce -1.9% |
| KMX Carmax Inc. | 8.09% | 470,068 | $36.6M | Add +7.9% |
| INTU Intuit Inc. | 7.66% | 56,543 | $34.7M | New |
| CSGP Costar Group Inc. | 6.88% | 393,198 | $31.2M | Reduce -15.1% |
| AFRM Affirm Holdings Inc. | 6.61% | 662,841 | $30.0M | Reduce -1.7% |
| NFLX Netflix Inc. | 6.19% | 30,081 | $28.1M | Reduce -44.6% |
| FWONK Liberty Media Corp. Class C | 6.07% | 305,386 | $27.5M | Reduce -29.4% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 5.92% | 2,620,248 | $26.8M | Reduce -25.1% |
| CIEN Ciena Corp. | 5.78% | 433,489 | $26.2M | Reduce -29.2% |
| CFLT Confluent Inc. Class A | 5.48% | 1,059,340 | $24.8M | New |
| MELI MercadoLibre Inc. | 4.58% | 10,642 | $20.8M | Reduce -43.3% |
| ONON On Holding AG Class A filed as ON HLDG AG | 4.37% | 450,282 | $19.8M | Reduce -22.9% |
| WBD Warner Bros Discovery Inc. | 4.25% | 1,792,720 | $19.2M | Reduce -13.7% |
| AD Array Digital Infrastructure filed as UNITED STATES CELLULAR CORP | 3.06% | 200,366 | $13.9M | Reduce -43.1% |
| RL Ralph Lauren Corp. | 2.86% | 58,706 | $13.0M | New |
| FERG Ferguson Enterprises Inc. | 2.64% | 74,667 | $12.0M | Reduce -53.0% |
| BOOT Boot Barn Holdings Inc. | 1.19% | 50,000 | $5.4M | No change |
| LLYVK Liberty Media Corp.-Liberty-C | 0.25% | 16,891 | $1.2M | No change |
Portfolio Sells Q4 2024 → Q1 2025
| DUOL Duolingo | Sold out | 0.00% | −4.65 |
| ACVA Acv Auctions Inc. Class A | Sold out | 0.00% | −3.77 |
| BIRK Birkenstock Holding PLC | Sold out | 0.00% | −3.27 |
| CIEN Ciena Corp. | Reduce -29.2% | 5.78% | −2.93 |
| FERG Ferguson Enterprises Inc. | Reduce -53.0% | 2.64% | −1.98 |
| NFLX Netflix Inc. | Reduce -44.6% | 6.19% | −1.93 |
| ONON On Holding AG Class A | Reduce -22.9% | 4.37% | −1.00 |
| MELI MercadoLibre Inc. | Reduce -43.3% | 4.58% | −0.77 |
| FWONK Liberty Media Corp. Class C | Reduce -29.4% | 6.07% | −0.65 |
| AD Array Digital Infrastructure | Reduce -43.1% | 3.06% | −0.64 |
| AFRM Affirm Holdings Inc. | Reduce -1.7% | 6.61% | −0.28 |
| NU Nu Holdings Ltd./Cayman Isl-A | Reduce -25.1% | 5.92% | −0.16 |
| WBD Warner Bros Discovery Inc. | Reduce -13.7% | 4.25% | +0.56 |
| META Meta Platforms Inc. Class A | Reduce -15.1% | 9.70% | +0.88 |
| VIK Viking Holdings Ltd. | Reduce -1.9% | 8.42% | +1.19 |
| CSGP Costar Group Inc. | Reduce -15.1% | 6.88% | +1.31 |
Portfolio Buys Q4 2024 → Q1 2025
Options Activity Q4 2024 → Q1 2025
| NFLX Netflix Inc. | put | Sold out | 65,000 | $57.9Mbefore exit |
| DUOL Duolingo | put | Sold out | 85,000 | $27.6Mbefore exit |
| FLUT Flutter Entertainment PLC-Di | put | Sold out | 100,000 | $25.8Mbefore exit |
| MELI MercadoLibre Inc. | put | Sold out | 15,000 | $25.5Mbefore exit |
| FERG Ferguson Enterprises Inc. | put | Sold out | 100,000 | $17.4Mbefore exit |
| ONON On Holding AG Class A | put | Sold out | 220,000 | $12.0Mbefore exit |
| NU Nu Holdings Ltd./Cayman Isl-A | call | Sold out | 750,000 | $7.8Mbefore exit |
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 |