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ThornTree Capital Partners Portfolio holdings
AUM
$731M
Turnover
33.33%
1-Year Est. Return
30.12%
This Fund
S&P 500
This Quarter Est. Return
+18.11%
1 Year Est. Return
+30.12%
3 Year Est. Return
+216.66%
5 Year Est. Return
+151.14%
10 Year Est. Return
–
AUM
$731M
AUM Growth
+$168M
(+30%)
Cap. Flow
+$96.1M
Cap. Flow % of AUM
Cap. Flow %
13.14%
Top 10 Holdings %
Top 10 Hldgs %
73.76%
Holding
21
New
5
Increased
5
Reduced
5
Closed
2
Avg Time Held
1.8
years
Top 10 Avg Time Held
1.3
years
Top 20 Avg Time Held
1.8
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
American Express
AXP
|
+$53.4M |
| 2 |
Analog Devices
ADI
|
+$30.1M |
| 3 |
Natera
NTRA
|
+$24.7M |
| 4 |
Nu Holdings
NU
|
+$23.7M |
| 5 |
Lionsgate Studios
LION
|
+$16.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
On Holding
ONON
|
+$19.3M |
| 2 |
Affirm
AFRM
|
+$17.4M |
| 3 |
Veeva Systems
VEEV
|
+$17.1M |
| 4 |
Alphabet (Google) Class A
GOOGL
|
+$13.1M |
| 5 |
Intuit
INTU
|
+$11.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 24.64% |
| 2 | Consumer Discretionary | 24.09% |
| 3 | Financials | 22.43% |
| 4 | Communication Services | 19.29% |
| 5 | Industrials | 5% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Viking Holdings
VIK
$37.7B
| $64.5M | 8.83% |
616,700
-60,387
| -9% | -$5.22M |
2024 Q2
8 quarters
|
|
2
Ciena
CIEN
$48.6B
| $63.9M | 8.74% |
130,272
| – | – |
2024 Q3
7 quarters
|
|
|
3
Nu Holdings
NU
$70B
| $61.3M | 8.38% |
4,584,775
+1,757,331
| +62% | +$23.7M |
2023 Q1
13 quarters
|
|
4
Liberty Media Corporation Series C Common Stock
FWONK
$22.8B
| $57.5M | 7.87% |
604,763
+91,273
| +18% | +$8.16M |
2023 Q1
13 quarters
|
|
|
5
American Express
AXP
$211B
| $56.4M | 7.71% |
+166,784
| New | +$53.4M |
2026 Q2
0 quarters
|
|
|
6
Analog Devices
ADI
$191B
| $55.5M | 7.59% |
139,751
+76,099
| +120% | +$30.1M |
2026 Q1
1 quarter
|
|
7
Ralph Lauren
RL
$22.8B
| $54.4M | 7.44% |
135,557
+18,017
| +15% | +$6.71M |
2025 Q1
5 quarters
|
|
|
8
Affirm
AFRM
$24.7B
| $46.4M | 6.34% |
568,524
-265,765
| -32% | -$17.4M |
2024 Q2
8 quarters
|
|
9
Meta Platforms (Facebook)
META
$1.77T
| $43M | 5.87% |
76,272
| – | – |
2020 Q2
24 quarters
|
|
10
MasTec
MTZ
$15.5B
| $36.5M | 5% |
87,828
-24,913
| -22% | -$9.5M |
2026 Q1
1 quarter
|
|
11
Shopify
SHOP
$223B
| $35.1M | 4.8% |
307,137
+95,342
| +45% | +$10.9M |
2026 Q1
1 quarter
|
|
|
12
Natera
NTRA
$58B
| $31.5M | 4.31% |
+116,021
| New | +$24.7M |
2026 Q2
0 quarters
|
|
|
13
Intuit
INTU
$85.3B
| $25.7M | 3.52% |
98,636
-32,537
| -25% | -$11.3M |
2025 Q1
5 quarters
|
|
|
14
On Holding
ONON
$12B
| $23.7M | 3.24% |
668,771
-528,567
| -44% | -$19.3M |
2021 Q4
18 quarters
|
|
15
Netflix
NFLX
$290B
| $21.5M | 2.94% |
300,810
| – | – |
2022 Q3
15 quarters
|
|
|
16
Lionsgate Studios
LION
$3.18B
| $19.1M | 2.61% |
+1,246,584
| New | +$16.1M |
2026 Q2
0 quarters
|
|
17
Mercado Libre
MELI
$92.5B
| $18.1M | 2.47% |
10,642
| – | – |
2022 Q1
17 quarters
|
|
18
Red Rock Resorts
RRR
$2.92B
| $15.5M | 2.12% |
+237,896
| New | +$13.5M |
2026 Q2
0 quarters
|
|
19
State Street SPDR S&P 500 ETF Trust
SPY
$820B
| $1.79M | 0.25% |
+2,401
| New | +$1.74M |
2026 Q2
0 quarters
|
|
|
20
Alphabet (Google) Class A
GOOGL
$4.23T
| – | – |
-45,628
| Closed | -$13.1M | – |
|
|
21
Veeva Systems
VEEV
$50.9B
| – | – |
-97,238
| Closed | -$17.1M | – |
|
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ThornTree Capital Partners's Q2 2026 Portfolio in Review
As of Q2 2026, ThornTree Capital Partners held 21 positions worth $731M, up 30% from $564M the previous quarter. Its ten largest holdings account for 74% of the portfolio.
ThornTree Capital Partners deployed $96.1M of net new capital in Q2 2026, opening 5 new positions and adding to 5 existing holdings. Its largest new stake was American Express: 166,784 shares worth $56.4M.
By sector, the portfolio is most concentrated in Technology at 25% of assets, down from 27% a quarter earlier, followed by Consumer Discretionary and Financials.
On the sell side, the largest reduction was On Holding, an estimated $19.3M trimmed.
- ThornTree Capital Partners's largest Q2 2026 buy was American Express: 166,784 shares worth $56.4M.
- ThornTree Capital Partners added most to Analog Devices in Q2 2026, an estimated $30.1M increase.
- ThornTree Capital Partners's biggest Q2 2026 reduction was On Holding, cutting an estimated $19.3M.
- ThornTree Capital Partners fully exited Veeva Systems in Q2 2026, selling an estimated $17.1M.
- ThornTree Capital Partners's ten largest holdings make up 74% of its $731M portfolio in Q2 2026.
- ThornTree Capital Partners opened 5 new positions and closed 2 in Q2 2026.
- ThornTree Capital Partners's portfolio value rose 30% quarter-over-quarter to $731M.
Based on ThornTree Capital Partners's 13F filing for Q2 2026, filed 14 Aug 2026.