ThornTree Capital Partners LP reported 18 positions worth $729.55M for the quarter ended Jun 30, 2026, up 29.5% on the prior quarter. It opened 4 new positions, added to 5, trimmed 5 and exited 2. Its largest holding is Viking Holdings Ltd at 8.8% of the portfolio.
Reported 13F market value at each quarter end. A change mixes trading with price moves in the positions held.
Dollar value of shares bought and sold each quarter, at that quarter’s price. It counts trading only, not price changes.
How many positions were opened, added to, trimmed or closed each quarter.
Share of reported value in each sector at every quarter end.
| Holding | Change | Change % | Trade Value | Weight |
|---|---|---|---|---|
| AXP American Express Co | +166.8K | – | $56.41M | 7.73% |
| NTRA Natera, Inc. | +116.0K | – | $31.49M | 4.32% |
| ADI Analog Devices Inc | +76.1K | +119.6% | $30.22M | 7.61% |
| NU Nu Holdings Ltd. | +1.76M | +62.2% | $23.48M | 8.4% |
| LION Lionsgate Studios Corp. | +1.25M | – | $19.09M | 2.62% |
| RRR Red Rock Resorts, Inc. | +237.9K | – | $15.48M | 2.12% |
| SHOP Shopify Inc. | +95.3K | +45.0% | $10.89M | 4.81% |
| FWONK Liberty Media Corp | +91.3K | +17.8% | $8.68M | 7.89% |
| RL Ralph Lauren Corp | +18.0K | +15.3% | $7.23M | 7.46% |
| Holding | Change | Change % | Trade Value | Weight |
|---|---|---|---|---|
| AFRM Affirm Holdings, Inc. | -265.8K | -31.9% | $21.67M | 6.36% |
| ONON On Holding AG | -528.6K | -44.1% | $18.72M | 3.25% |
| VEEV Veeva Systems Inc | -97.2K | -100.0% | $17.08M | Exited |
| GOOGL Alphabet Inc. | -45.6K | -100.0% | $13.12M | Exited |
| MTZ Mastec Inc | -24.9K | -22.1% | $10.37M | 5.01% |
| INTU Intuit Inc. | -32.5K | -24.8% | $8.49M | 3.53% |
| VIK Viking Holdings Ltd | -60.4K | -8.9% | $6.32M | 8.85% |
| # | Activity | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 1 | VIK Viking Holdings Ltd | Consumer Discretionary | 616.7K | $64.55M | 8.85% | -60.4K | -8.9% | Reduced | 0.14% |
| 2 | CIEN Ciena Corp | Technology | 130.3K | $63.91M | 8.76% | 0 | 0.0% | Unchanged | 0.09% |
| 3 | NU Nu Holdings Ltd. | Financial Services | 4.58M | $61.25M | 8.4% | +1.76M | +62.2% | Added | 0.09% |
| 4 | FWONK Liberty Media Corp | Communication Services | 604.8K | $57.54M | 7.89% | +91.3K | +17.8% | Added | 0.24% |
| 5 | AXP American Express Co | Financial Services | 166.8K | $56.41M | 7.73% | +166.8K | – | New | 0.02% |
| 6 | ADI Analog Devices Inc | Technology | 139.8K | $55.50M | 7.61% | +76.1K | +119.6% | Added | 0.03% |
| 7 | RL Ralph Lauren Corp | Consumer Discretionary | 135.6K | $54.41M | 7.46% | +18.0K | +15.3% | Added | 0.23% |
| 8 | AFRM Affirm Holdings, Inc. | Financial Services | 568.5K | $46.36M | 6.36% | -265.8K | -31.9% | Reduced | 0.17% |
| 9 | META Meta Platforms, Inc. | Technology | 76.3K | $42.96M | 5.89% | 0 | 0.0% | Unchanged | 0% |
| 10 | MTZ Mastec Inc | Industrials | 87.8K | $36.54M | 5.01% | -24.9K | -22.1% | Reduced | 0.11% |
| 11 | SHOP Shopify Inc. | Technology | 307.1K | $35.07M | 4.81% | +95.3K | +45.0% | Added | 0.03% |
| 12 | NTRA Natera, Inc. | Healthcare | 116.0K | $31.49M | 4.32% | +116.0K | – | New | 0.08% |
| 13 | INTU Intuit Inc. | Technology | 98.6K | $25.74M | 3.53% | -32.5K | -24.8% | Reduced | 0.04% |
| 14 | ONON On Holding AG | Consumer Discretionary | 668.8K | $23.69M | 3.25% | -528.6K | -44.1% | Reduced | 0.11% |
| 15 | NFLX Netflix Inc | Technology | 300.8K | $21.48M | 2.94% | 0 | 0.0% | Unchanged | 0.01% |
Tip. Select a row to see that position’s full history at ThornTree Capital Partners.
As of its Q2 2026 13F filing, ThornTree Capital Partners LP’s five largest positions were Viking Holdings Ltd (VIK) at 8.8%, Ciena Corp (CIEN) at 8.8%, Nu Holdings Ltd. (NU) at 8.4%, Liberty Media Corp (FWONK) at 7.9%, American Express Co (AXP) at 7.7% of the reported portfolio.
ThornTree Capital Partners LP reported a 13F portfolio worth $729.55M across 18 positions for Q2 2026. That is up 29.5% from the previous quarter.
Its largest purchases by value were American Express Co ($56.41M), Natera, Inc. ($31.49M), Analog Devices Inc ($30.22M). It opened 4 new positions.
Its largest sales by value were Affirm Holdings, Inc. ($21.67M), On Holding AG ($18.72M), Veeva Systems Inc ($17.08M). It exited 2 positions entirely.
From the Form 13F-HR reports ThornTree Capital Partners LP files with the SEC each quarter, within 45 days of quarter end. A 13F lists long positions in US-listed equities and options; it excludes short positions, cash, bonds and most non-US holdings.
13F data reflects long positions in US-listed equities and options as reported to the SEC up to 45 days after quarter end. It excludes short positions, cash, bonds and most non-US securities, so it is not a complete picture of a manager’s assets.