ThornTree Capital Partners LP
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), ThornTree Capital Partners LP reported 16 stock positions worth $563.5 million. Its top holding was Intuit (INTU) at 10.1% of the portfolio, followed by Ciena (CIEN, 9.0%) and Viking (VIK, 8.8%). Compared with Q4 2025, it opened 4 new positions, sold out of 3, added to 7 and reduced 3. The biggest buy was a new position in Mastec (MTZ) and the biggest sale an exit from Rocket Cos Class A (RKT).
- Most Recent 13F
- Q2 2026
- Location
- Boston, MA
- CIK
- 0001688511
- Portfolio Value
- $563.5M (Q1 2026)
- SEC Filing
- 0001172661-26-002253 ↗ filed May 15, 2026
Holdings Value
Holdings 16 stocks · $563.5M
| INTU Intuit Inc. | 10.06% | 131,173 | $56.7M | Add +46.9% |
| CIEN Ciena Corp. | 8.97% | 130,272 | $50.6M | Reduce -27.1% |
| VIK Viking Holdings Ltd. | 8.83% | 677,087 | $49.8M | Add +9.2% |
| FWONK Liberty Media Corp. Class C | 7.75% | 513,490 | $43.7M | Add +56.2% |
| META Meta Platforms Inc. Class A | 7.74% | 76,272 | $43.6M | No change |
| ONON On Holding AG Class A filed as ON HLDG AG | 7.23% | 1,197,338 | $40.7M | Add +38.9% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 7.21% | 2,827,444 | $40.6M | Add +20.8% |
| RL Ralph Lauren Corp. | 7.17% | 117,540 | $40.4M | Add +4.9% |
| AFRM Affirm Holdings Inc. | 6.78% | 834,289 | $38.2M | Add +8.7% |
| MTZ Mastec Inc. | 6.44% | 112,741 | $36.3M | New |
| NFLX Netflix Inc. | 5.13% | 300,810 | $28.9M | No change |
| SHOP Shopify Inc. Class A | 4.46% | 211,795 | $25.1M | New |
| ADI Analog Devices Inc. | 3.59% | 63,652 | $20.3M | New |
| MELI MercadoLibre Inc. | 3.27% | 10,642 | $18.4M | Reduce -23.0% |
| VEEV Veeva Systems Inc. Class A | 3.03% | 97,238 | $17.1M | New |
| GOOGL Alphabet Inc. Class A | 2.33% | 45,628 | $13.1M | Reduce -68.9% |
Portfolio Sells Q4 2025 → Q1 2026
Portfolio Buys Q4 2025 → Q1 2026
| MTZ Mastec Inc. | New | 6.44% | +6.44 |
| SHOP Shopify Inc. Class A | New | 4.46% | +4.46 |
| ADI Analog Devices Inc. | New | 3.59% | +3.59 |
| VEEV Veeva Systems Inc. Class A | New | 3.03% | +3.03 |
| FWONK Liberty Media Corp. Class C | Add +56.2% | 7.75% | +2.33 |
| VIK Viking Holdings Ltd. | Add +9.2% | 8.83% | +1.42 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +20.8% | 7.21% | +0.66 |
| RL Ralph Lauren Corp. | Add +4.9% | 7.17% | +0.55 |
| ONON On Holding AG Class A | Add +38.9% | 7.23% | +0.53 |
| INTU Intuit Inc. | Add +46.9% | 10.06% | +0.17 |
| AFRM Affirm Holdings Inc. | Add +8.7% | 6.78% | −2.77 |
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 |