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ThornTree Capital Partners Portfolio holdings

AUM $564M
1-Year Est. Return 36.37%
This Fund
S&P 500
This Quarter Est. Return
-5.5%
1 Year Est. Return
+36.37%
3 Year Est. Return
+206.07%
5 Year Est. Return
+135.57%
10 Year Est. Return
–
AUM
$453M
AUM Growth
-$317M
Cap. Flow
-$287M
Cap. Flow %
-63.4%
Top 10 Hldgs %
71.32%
Holding
29
New
3
Increased
1
Reduced
13
Closed
10

Top Buys

Rank Stock Value
1
INTU icon
Intuit
INTU
+$34M
2
CFLT
Confluent
CFLT
+$30.7M
3
RL icon
Ralph Lauren
RL
+$14.6M
4
KMX icon
CarMax
KMX
+$2.77M

Top Sells

Rank Stock Value
1
DUOL icon
Duolingo
DUOL
+$27.7M
2
NFLX icon
Netflix
NFLX
+$23M
3
ACVA icon
ACV Auctions
ACVA
+$22.5M
4
BIRK icon
Birkenstock
BIRK
+$19.5M
5
MELI icon
Mercado Libre
MELI
+$16.1M

Sector Composition

Rank Sector Weight
1 Communication Services 29.52%
2 Consumer Discretionary 29.5%
3 Technology 18.93%
4 Financials 12.54%
5 Real Estate 6.88%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NFLX icon
26
PUT
Netflix
NFLX
$305B
– –
-650,000
Closed -$57.9M
NU icon
27
CALL
Nu Holdings
NU
$68.1B
– –
-750,000
Closed -$7.77M
ONON icon
28
PUT
On Holding
ONON
$12.4B
– –
-220,000
Closed -$12M
FLUT icon
29
PUT
Flutter Entertainment
FLUT
$16.2B
– –
-100,000
Closed -$25.8M
1
2

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ThornTree Capital Partners's Q1 2025 Portfolio in Review

As of Q1 2025, ThornTree Capital Partners held 29 positions worth $453M, down 41% from $770M the previous quarter. Its ten largest holdings account for 71% of the portfolio.

ThornTree Capital Partners withdrew a net $287M in Q1 2025, closing 10 positions and reducing 13 holdings. Its most notable exit was Duolingo, an estimated $27.7M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 30% of assets, up from 24% a quarter earlier, followed by Consumer Discretionary and Technology.

Against the trend, ThornTree Capital Partners opened a new position in Intuit worth $34.7M.

  • ThornTree Capital Partners's largest Q1 2025 buy was Intuit: 56,543 shares worth $34.7M.
  • ThornTree Capital Partners added most to CarMax in Q1 2025, an estimated $2.77M increase.
  • ThornTree Capital Partners's biggest Q1 2025 reduction was Netflix, cutting an estimated $23M.
  • ThornTree Capital Partners fully exited Duolingo in Q1 2025, selling an estimated $27.7M.
  • ThornTree Capital Partners's ten largest holdings make up 71% of its $453M portfolio in Q1 2025.
  • ThornTree Capital Partners opened 3 new positions and closed 10 in Q1 2025.
  • ThornTree Capital Partners's portfolio value fell 41% quarter-over-quarter to $453M.

Based on ThornTree Capital Partners's 13F filing for Q1 2025, filed 15 May 2025.