ThornTree Capital Partners LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), ThornTree Capital Partners LP reported 15 stock positions worth $597.9 million. Its top holding was Intuit (INTU) at 9.9% of the portfolio, followed by Affirm (AFRM, 9.6%) and Meta Platforms Class A (META, 8.4%). Compared with Q3 2025, it opened 1 new position, sold out of 4, added to 6 and reduced 4. The biggest buy was a new position in Duolingo (DUOL) and the biggest sale an exit from Confluent Class A (CFLT).
- Most Recent 13F
- Q2 2026
- Location
- Boston, MA
- CIK
- 0001688511
- Portfolio Value
- $597.9M (Q4 2025)
- SEC Filing
- 0001172661-26-001146 ↗ filed Feb 17, 2026
Holdings Value
Holdings 15 stocks · $597.9M
| INTU Intuit Inc. | 9.89% | 89,302 | $59.2M | Add +14.3% |
| AFRM Affirm Holdings Inc. | 9.56% | 767,754 | $57.1M | Add +84.7% |
| META Meta Platforms Inc. Class A | 8.42% | 76,272 | $50.3M | No change |
| GOOGL Alphabet Inc. Class A | 7.69% | 146,825 | $46.0M | Add +11.1% |
| VIK Viking Holdings Ltd. | 7.40% | 619,995 | $44.3M | No change |
| RKT Rocket Cos Inc. Class A | 7.23% | 2,231,659 | $43.2M | Add +2.6% |
| CIEN Ciena Corp. | 6.99% | 178,657 | $41.8M | Reduce -47.3% |
| ONON On Holding AG Class A filed as ON HLDG AG | 6.70% | 862,010 | $40.1M | Add +48.9% |
| RL Ralph Lauren Corp. | 6.63% | 112,052 | $39.6M | Reduce -5.3% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 6.55% | 2,340,774 | $39.2M | Reduce -14.1% |
| DUOL Duolingo | 5.43% | 184,867 | $32.4M | New |
| FWONK Liberty Media Corp. Class C | 5.42% | 328,829 | $32.4M | No change |
| NFLX Netflix Inc. | 4.72% | 300,810 | $28.2M | No change |
| MELI MercadoLibre Inc. | 4.66% | 13,826 | $27.8M | Add +14.5% |
| CSGP Costar Group Inc. | 2.72% | 242,032 | $16.3M | Reduce -52.6% |
Portfolio Sells Q3 2025 → Q4 2025
| CFLT Confluent Inc. Class A | Sold out | 0.00% | −5.31 |
| DKS Dick's Sporting Goods Inc. | Sold out | 0.00% | −5.15 |
| CSGP Costar Group Inc. | Reduce -52.6% | 2.72% | −3.87 |
| TDS Telephone and Data Systems | Sold out | 0.00% | −3.19 |
| FERG Ferguson Enterprises Inc. | Sold out | 0.00% | −2.35 |
| CIEN Ciena Corp. | Reduce -47.3% | 6.99% | −0.57 |
| NU Nu Holdings Ltd./Cayman Isl-A | Reduce -14.1% | 6.55% | −0.12 |
| RL Ralph Lauren Corp. | Reduce -5.3% | 6.63% | +0.95 |
Portfolio Buys Q3 2025 → Q4 2025
| DUOL Duolingo | New | 5.43% | +5.43 |
| AFRM Affirm Holdings Inc. | Add +84.7% | 9.56% | +4.91 |
| ONON On Holding AG Class A | Add +48.9% | 6.70% | +2.95 |
| GOOGL Alphabet Inc. Class A | Add +11.1% | 7.69% | +2.77 |
| INTU Intuit Inc. | Add +14.3% | 9.89% | +1.73 |
| RKT Rocket Cos Inc. Class A | Add +2.6% | 7.23% | +0.78 |
| MELI MercadoLibre Inc. | Add +14.5% | 4.66% | +0.34 |
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 |