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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
+5.63%
1 Year Est. Return
+36.37%
3 Year Est. Return
+206.07%
5 Year Est. Return
+135.57%
10 Year Est. Return
–
AUM
$364M
AUM Growth
+$36.9M
Cap. Flow
+$31.6M
Cap. Flow %
8.68%
Top 10 Hldgs %
81.87%
Holding
18
New
4
Increased
7
Reduced
4
Closed
3

Top Buys

Rank Stock Value
1
WW
WW International
WW
+$30.3M
2
LSXMK
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
+$25.5M
3
TWTR
Twitter, Inc.
TWTR
+$20.7M
4
Z icon
Zillow
Z
+$10.5M
5
UBER icon
Uber
UBER
+$9.54M

Top Sells

Rank Stock Value
1
XYZ
Block Inc
XYZ
+$32.9M
2
DOCU
DocuSign
DOCU
+$19.9M
3
SMAR
Smartsheet Inc.
SMAR
+$11.5M
4
ZEN
ZENDESK INC
ZEN
+$6.57M
5
MNTV
Momentive Global Inc. Common Stock
MNTV
+$4.08M

Sector Composition

Rank Sector Weight
1 Communication Services 37.44%
2 Technology 22.51%
3 Consumer Discretionary 15.62%
4 Industrials 7.61%
5 Financials 5.63%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
Z icon
1
Zillow
Z
$7.76B
$45.3M 12.45%
985,256
+283,121
+40% +$10.5M
TWTR
2
DELISTED
Twitter, Inc.
TWTR
$40.7M 11.2%
1,270,324
+630,074
+98% +$20.7M
WW
3
DELISTED
WW International
WW
$30.5M 8.4%
+799,484
New +$30.3M
AZUL
4
DELISTED
Azul
AZUL
$27.7M 7.61%
646,311
+154,900
+32% +$5.96M
LSXMK
5
DELISTED
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
$26.8M 7.38%
+731,776
New +$25.5M
MNTV
6
DELISTED
Momentive Global Inc. Common Stock
MNTV
$26.5M 7.29%
1,483,488
-231,800
-14% -$4.08M
ETSY icon
7
Etsy
ETSY
$7.98B
$26.3M 7.22%
592,961
+2,600
+0.4% +$124K
DOCU
8
DocuSign
DOCU
$10.1B
$25.6M 7.05%
345,873
-289,200
-46% -$19.9M
TWLO icon
9
Twilio
TWLO
$31.4B
$24.6M 6.78%
250,722
-36,300
-13% -$3.71M
PINS icon
10
Pinterest
PINS
$13B
$23.7M 6.51%
1,269,145
+112,014
+10% +$2.42M
SMAR
11
DELISTED
Smartsheet Inc.
SMAR
$22M 6.06%
490,459
-277,381
-36% -$11.5M
PYPL icon
12
PayPal
PYPL
$49.9B
$19.5M 5.37%
180,496
+53,908
+43% +$5.62M
ARCE
13
DELISTED
Arco Platform Limited Class A Common Shares
ARCE
$13.9M 3.81%
313,701
+14,700
+5% +$654K
UBER icon
14
Uber
UBER
$147B
$9.56M 2.63%
+321,487
New +$9.54M
XP icon
15
XP
XP
$8.61B
$963K 0.26%
+25,000
New +$939K
REAL icon
16
The RealReal
REAL
$1.35B
– –
-100,000
Closed -$2.24M
XYZ
17
Block Inc
XYZ
$47.6B
– –
-531,195
Closed -$32.9M
ZEN
18
DELISTED
ZENDESK INC
ZEN
– –
-90,136
Closed -$6.57M

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KF
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AHSW
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AAS
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KBG
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LC
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AMCA
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GWAG
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ThornTree Capital Partners's Q4 2019 Portfolio in Review

As of Q4 2019, ThornTree Capital Partners held 18 positions worth $364M, up 11% from $327M the previous quarter. Its ten largest holdings account for 82% of the portfolio.

ThornTree Capital Partners deployed $31.6M of net new capital in Q4 2019, opening 4 new positions and adding to 7 existing holdings. Its largest new stake was WW International: 799,484 shares worth $30.5M.

By sector, the portfolio is most concentrated in Communication Services at 37% of assets, up from 33% a quarter earlier, followed by Technology and Consumer Discretionary.

On the sell side, the largest reduction was DocuSign, an estimated $19.9M trimmed.

  • ThornTree Capital Partners's largest Q4 2019 buy was WW International: 799,484 shares worth $30.5M.
  • ThornTree Capital Partners added most to Twitter, Inc. in Q4 2019, an estimated $20.7M increase.
  • ThornTree Capital Partners's biggest Q4 2019 reduction was DocuSign, cutting an estimated $19.9M.
  • ThornTree Capital Partners fully exited Block Inc in Q4 2019, selling an estimated $32.9M.
  • ThornTree Capital Partners's ten largest holdings make up 82% of its $364M portfolio in Q4 2019.
  • ThornTree Capital Partners opened 4 new positions and closed 3 in Q4 2019.
  • ThornTree Capital Partners's portfolio value rose 11% quarter-over-quarter to $364M.

Based on ThornTree Capital Partners's 13F filing for Q4 2019, filed 14 Feb 2020.