ThornTree Capital Partners LP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), ThornTree Capital Partners LP reported 17 stock positions worth $600.6 million. Its top holding was Meta Platforms Class A (META) at 9.4% of the portfolio, followed by Viking (VIK, 7.0%) and Costar (CSGP, 6.9%). Compared with Q1 2025, it opened 2 new positions, sold out of 4, added to 7 and reduced 5. The biggest buy was a new position in Dick's Sporting Goods (DKS) and the biggest sale an exit from Warner Bros Discovery (WBD).
- Most Recent 13F
- Q2 2026
- Location
- Boston, MA
- CIK
- 0001688511
- Portfolio Value
- $600.6M (Q2 2025)
- SEC Filing
- 0001172661-25-003503 ↗ filed Aug 14, 2025
Holdings Value
Holdings 17 stocks · $600.6M
| META Meta Platforms Inc. Class A | 9.37% | 76,272 | $56.3M | No change |
| VIK Viking Holdings Ltd. | 6.97% | 785,860 | $41.9M | Reduce -18.1% |
| CSGP Costar Group Inc. | 6.86% | 512,507 | $41.2M | Add +30.3% |
| AFRM Affirm Holdings Inc. | 6.80% | 591,076 | $40.9M | Reduce -10.8% |
| KMX Carmax Inc. | 6.79% | 606,928 | $40.8M | Add +29.1% |
| NFLX Netflix Inc. | 6.71% | 30,081 | $40.3M | No change |
| INTU Intuit Inc. | 6.44% | 49,089 | $38.7M | Reduce -13.2% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 6.42% | 2,812,435 | $38.6M | Add +7.3% |
| FWONK Liberty Media Corp. Class C | 6.27% | 360,379 | $37.7M | Add +18.0% |
| DKS Dick's Sporting Goods Inc. | 5.62% | 170,731 | $33.8M | New |
| FERG Ferguson Enterprises Inc. | 5.38% | 148,481 | $32.3M | Add +98.9% |
| RL Ralph Lauren Corp. | 5.36% | 117,470 | $32.2M | Add +100.1% |
| CIEN Ciena Corp. | 5.13% | 378,962 | $30.8M | Reduce -12.6% |
| CFLT Confluent Inc. Class A | 5.01% | 1,207,633 | $30.1M | Add +14.0% |
| MELI MercadoLibre Inc. | 4.63% | 10,642 | $27.8M | No change |
| ONON On Holding AG Class A filed as ON HLDG AG | 3.26% | 376,178 | $19.6M | Reduce -16.5% |
| TSLA Tesla Inc. | 2.96% | 55,941 | $17.8M | New |
Portfolio Sells Q1 2025 → Q2 2025
| WBD Warner Bros Discovery Inc. | Sold out | 0.00% | −4.25 |
| AD Array Digital Infrastructure | Sold out | 0.00% | −3.06 |
| VIK Viking Holdings Ltd. | Reduce -18.1% | 6.97% | −1.44 |
| INTU Intuit Inc. | Reduce -13.2% | 6.44% | −1.23 |
| BOOT Boot Barn Holdings Inc. | Sold out | 0.00% | −1.19 |
| ONON On Holding AG Class A | Reduce -16.5% | 3.26% | −1.11 |
| CIEN Ciena Corp. | Reduce -12.6% | 5.13% | −0.65 |
| LLYVK Liberty Media Corp.-Liberty-C | Sold out | 0.00% | −0.25 |
| AFRM Affirm Holdings Inc. | Reduce -10.8% | 6.80% | +0.19 |
Portfolio Buys Q1 2025 → Q2 2025
| DKS Dick's Sporting Goods Inc. | New | 5.62% | +5.62 |
| TSLA Tesla Inc. | New | 2.96% | +2.96 |
| FERG Ferguson Enterprises Inc. | Add +98.9% | 5.38% | +2.74 |
| RL Ralph Lauren Corp. | Add +100.1% | 5.36% | +2.50 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +7.3% | 6.42% | +0.50 |
| FWONK Liberty Media Corp. Class C | Add +18.0% | 6.27% | +0.20 |
| CSGP Costar Group Inc. | Add +30.3% | 6.86% | −0.02 |
| CFLT Confluent Inc. Class A | Add +14.0% | 5.01% | −0.47 |
| KMX Carmax Inc. | Add +29.1% | 6.79% | −1.29 |
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 |