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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
+28.92%
1 Year Est. Return
+36.37%
3 Year Est. Return
+206.07%
5 Year Est. Return
+135.57%
10 Year Est. Return
–
AUM
$801M
AUM Growth
+$95.8M
Cap. Flow
-$67.6M
Cap. Flow %
-8.44%
Top 10 Hldgs %
58.55%
Holding
32
New
5
Increased
5
Reduced
14
Closed
7

Top Buys

Rank Stock Value
1
XP icon
XP
XP
+$33.6M
2
UBER icon
Uber
UBER
+$31.5M
3
WSM icon
Williams-Sonoma
WSM
+$24M
4
FND icon
Floor & Decor
FND
+$17.8M
5
META icon
Meta Platforms (Facebook)
META
+$12.3M

Top Sells

Rank Stock Value
1
SPLK
Splunk Inc
SPLK
+$29.4M
2
STNE icon
StoneCo
STNE
+$20.5M
3
ETSY icon
Etsy
ETSY
+$19.4M
4
PLTR icon
Palantir
PLTR
+$18.8M
5
NBIS
Nebius Group N.V.
NBIS
+$18.5M

Sector Composition

Rank Sector Weight
1 Technology 30.02%
2 Communication Services 25.43%
3 Consumer Discretionary 25.34%
4 Financials 9.12%
5 Industrials 4.93%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
Z icon
1
Zillow
Z
$7.76B
$83.9M 10.48%
646,631
-37,417
-5% -$4.14M
META icon
2
Meta Platforms (Facebook)
META
$1.64T
$53.5M 6.68%
195,800
+44,900
+30% +$12.3M
PENN icon
3
PENN Entertainment
PENN
$2.75B
$50.1M 6.25%
580,110
-159,752
-22% -$11.4M
SMAR
4
DELISTED
Smartsheet Inc.
SMAR
$45.5M 5.68%
656,534
+96,400
+17% +$5.65M
STNE icon
5
StoneCo
STNE
$2.71B
$43.7M 5.46%
521,186
-305,700
-37% -$20.5M
XP icon
6
XP
XP
$8.61B
$42.2M 5.27%
1,064,600
+822,838
+340% +$33.6M
WW
7
DELISTED
WW International
WW
$39.6M 4.94%
1,621,508
-98,321
-6% -$2.56M
AZUL
8
DELISTED
Azul
AZUL
$39.5M 4.93%
1,729,883
-237,017
-12% -$4.25M
UBER icon
9
Uber
UBER
$147B
$35.8M 4.47%
+702,600
New +$31.5M
PYPL icon
10
CALL
PayPal
PYPL
$49.9B
$35.1M 4.39%
+150,000
New +$31.1M
ETSY icon
11
Etsy
ETSY
$7.98B
$33.5M 4.18%
188,074
-128,900
-41% -$19.4M
TWLO icon
12
Twilio
TWLO
$31.4B
$31.7M 3.96%
93,622
-11,200
-11% -$3.5M
PYPL icon
13
PayPal
PYPL
$49.9B
$30.8M 3.85%
131,717
-28,506
-18% -$5.91M
DOCU
14
DocuSign
DOCU
$10.1B
$29.3M 3.66%
132,013
-12,500
-9% -$2.81M
BKNG icon
15
Booking.com
BKNG
$141B
$26.4M 3.3%
296,475
-112,200
-27% -$8.66M
NBIS
16
Nebius Group N.V.
NBIS
$45.1B
$25.6M 3.19%
367,339
-289,676
-44% -$18.5M
MNTV
17
DELISTED
Momentive Global Inc. Common Stock
MNTV
$24.5M 3.06%
960,290
– –
FIVN icon
18
FIVE9
FIVN
$1.96B
$24.2M 3.02%
138,802
-63,186
-31% -$9.61M
WSM icon
19
Williams-Sonoma
WSM
$26.9B
$23.8M 2.98%
+468,206
New +$24M
NET icon
20
Cloudflare
NET
$98.6B
$19.8M 2.47%
260,907
-156,700
-38% -$10.3M
FND icon
21
Floor & Decor
FND
$6.14B
$19.8M 2.47%
+213,338
New +$17.8M
BATRK icon
22
Atlanta Braves Holdings Series B
BATRK
$3.31B
$16.2M 2.03%
652,737
+108,700
+20% +$2.56M
CMRC
23
Commerce.com Inc Series 1
CMRC
$251M
$10.4M 1.3%
161,889
+100,189
+162% +$8M
PTON icon
24
Peloton Interactive
PTON
$2.65B
$9.76M 1.22%
64,346
-65,300
-50% -$7.95M
AHT
25
Ashford Hospitality Trust
AHT
$21M
$6.16M 0.77%
+23,793
New +$6.06M
1
2

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ThornTree Capital Partners's Q4 2020 Portfolio in Review

As of Q4 2020, ThornTree Capital Partners held 32 positions worth $801M, up 14% from $705M the previous quarter. Its ten largest holdings account for 59% of the portfolio.

ThornTree Capital Partners withdrew a net $67.6M in Q4 2020, closing 7 positions and reducing 14 holdings. Its most notable exit was Splunk Inc, an estimated $29.4M position sold in full.

By sector, the portfolio is most concentrated in Technology at 30% of assets, down from 33% a quarter earlier, followed by Communication Services and Consumer Discretionary.

Against the trend, ThornTree Capital Partners opened a new position in Uber worth $35.8M.

  • ThornTree Capital Partners's largest Q4 2020 buy was Uber: 702,600 shares worth $35.8M.
  • ThornTree Capital Partners added most to XP in Q4 2020, an estimated $33.6M increase.
  • ThornTree Capital Partners's biggest Q4 2020 reduction was StoneCo, cutting an estimated $20.5M.
  • ThornTree Capital Partners fully exited Splunk Inc in Q4 2020, selling an estimated $29.4M.
  • ThornTree Capital Partners's ten largest holdings make up 59% of its $801M portfolio in Q4 2020.
  • ThornTree Capital Partners opened 5 new positions and closed 7 in Q4 2020.
  • ThornTree Capital Partners's portfolio value rose 14% quarter-over-quarter to $801M.

Based on ThornTree Capital Partners's 13F filing for Q4 2020, filed 16 Feb 2021.