ThornTree Capital Partners LP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), ThornTree Capital Partners LP reported 18 stock positions worth $653.4 million. Its top holding was Meta Platforms Class A (META) at 8.6% of the portfolio, followed by Intuit (INTU, 8.2%) and Ciena (CIEN, 7.6%). Compared with Q2 2025, it opened 3 new positions, sold out of 2, added to 5 and reduced 8. The biggest buy was a new position in Rocket Cos Class A (RKT) and the biggest sale an exit from Carmax (KMX).
- Most Recent 13F
- Q2 2026
- Location
- Boston, MA
- CIK
- 0001688511
- Portfolio Value
- $653.4M (Q3 2025)
- SEC Filing
- 0001172661-25-005051 ↗ filed Nov 14, 2025
Holdings Value
Holdings 18 stocks · $653.4M
| META Meta Platforms Inc. Class A | 8.57% | 76,272 | $56.0M | No change |
| INTU Intuit Inc. | 8.16% | 78,110 | $53.3M | Add +59.1% |
| CIEN Ciena Corp. | 7.56% | 339,141 | $49.4M | Reduce -10.5% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 6.68% | 2,724,091 | $43.6M | Reduce -3.1% |
| CSGP Costar Group Inc. | 6.59% | 510,201 | $43.0M | Reduce -0.5% |
| RKT Rocket Cos Inc. Class A | 6.45% | 2,174,449 | $42.1M | New |
| VIK Viking Holdings Ltd. | 5.90% | 619,995 | $38.5M | Reduce -21.1% |
| RL Ralph Lauren Corp. | 5.68% | 118,290 | $37.1M | Add +0.7% |
| NFLX Netflix Inc. | 5.52% | 30,081 | $36.1M | No change |
| CFLT Confluent Inc. Class A | 5.31% | 1,750,817 | $34.7M | Add +45.0% |
| FWONK Liberty Media Corp. Class C | 5.26% | 328,829 | $34.3M | Reduce -8.8% |
| DKS Dick's Sporting Goods Inc. | 5.15% | 151,329 | $33.6M | Reduce -11.4% |
| GOOGL Alphabet Inc. Class A | 4.92% | 132,184 | $32.1M | New |
| AFRM Affirm Holdings Inc. | 4.65% | 415,599 | $30.4M | Reduce -29.7% |
| MELI MercadoLibre Inc. | 4.32% | 12,079 | $28.2M | Add +13.5% |
| ONON On Holding AG Class A filed as ON HLDG AG | 3.75% | 579,034 | $24.5M | Add +53.9% |
| TDS Telephone and Data Systems | 3.19% | 531,692 | $20.9M | New |
| FERG Ferguson Enterprises Inc. | 2.35% | 68,344 | $15.3M | Reduce -54.0% |
Portfolio Sells Q2 2025 → Q3 2025
| KMX Carmax Inc. | Sold out | 0.00% | −6.79 |
| FERG Ferguson Enterprises Inc. | Reduce -54.0% | 2.35% | −3.03 |
| TSLA Tesla Inc. | Sold out | 0.00% | −2.96 |
| AFRM Affirm Holdings Inc. | Reduce -29.7% | 4.65% | −2.16 |
| VIK Viking Holdings Ltd. | Reduce -21.1% | 5.90% | −1.07 |
| FWONK Liberty Media Corp. Class C | Reduce -8.8% | 5.26% | −1.01 |
| DKS Dick's Sporting Goods Inc. | Reduce -11.4% | 5.15% | −0.48 |
| CSGP Costar Group Inc. | Reduce -0.5% | 6.59% | −0.27 |
| NU Nu Holdings Ltd./Cayman Isl-A | Reduce -3.1% | 6.68% | +0.25 |
| CIEN Ciena Corp. | Reduce -10.5% | 7.56% | +2.43 |
Portfolio Buys Q2 2025 → Q3 2025
| RKT Rocket Cos Inc. Class A | New | 6.45% | +6.45 |
| GOOGL Alphabet Inc. Class A | New | 4.92% | +4.92 |
| TDS Telephone and Data Systems | New | 3.19% | +3.19 |
| INTU Intuit Inc. | Add +59.1% | 8.16% | +1.73 |
| ONON On Holding AG Class A | Add +53.9% | 3.75% | +0.49 |
| RL Ralph Lauren Corp. | Add +0.7% | 5.68% | +0.31 |
| CFLT Confluent Inc. Class A | Add +45.0% | 5.31% | +0.29 |
| MELI MercadoLibre Inc. | Add +13.5% | 4.32% | −0.31 |
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 |