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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
+10.79%
1 Year Est. Return
+36.37%
3 Year Est. Return
+206.07%
5 Year Est. Return
+135.57%
10 Year Est. Return
–
AUM
$741M
AUM Growth
-$34.6M
Cap. Flow
-$85.7M
Cap. Flow %
-11.56%
Top 10 Hldgs %
53.68%
Holding
40
New
9
Increased
8
Reduced
11
Closed
9

Top Buys

Rank Stock Value
1
FIVN icon
FIVE9
FIVN
+$17.4M
2
DIBS icon
1stdibs.com
DIBS
+$12.9M
3
XM
Qualtrics International Inc. Class A Common Stock
XM
+$6M
4
ACVA icon
ACV Auctions
ACVA
+$5.68M
5
TCVA
TCV Acquisition Corp. Class A Ordinary Shares
TCVA
+$4.59M

Top Sells

Rank Stock Value
1
UBER icon
Uber
UBER
+$25.6M
2
PYPL icon
PayPal
PYPL
+$14.5M
3
Z icon
Zillow
Z
+$13.3M
4
SPLK
Splunk Inc
SPLK
+$11M
5
DISH
DISH Network Corp.
DISH
+$10.7M

Sector Composition

Rank Sector Weight
1 Technology 28.21%
2 Communication Services 19.48%
3 Consumer Discretionary 18.13%
4 Financials 14.01%
5 Industrials 4.87%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
Z icon
1
Zillow
Z
$7.76B
$47.7M 6.43%
390,266
-108,993
-22% -$13.3M
META icon
2
Meta Platforms (Facebook)
META
$1.64T
$46.3M 6.24%
133,045
-22,320
-14% -$7.16M
SMAR
3
DELISTED
Smartsheet Inc.
SMAR
$44.6M 6.02%
616,963
-166,421
-21% -$10.4M
AFRM icon
4
Affirm
AFRM
$25.5B
$41.5M 5.6%
615,871
-142,187
-19% -$9.07M
STNE icon
5
StoneCo
STNE
$2.71B
$40.2M 5.43%
599,946
+49,718
+9% +$3.22M
XP icon
6
XP
XP
$8.61B
$38.7M 5.22%
888,326
-41,002
-4% -$1.7M
DOCU
7
DocuSign
DOCU
$10.1B
$36.5M 4.93%
130,662
+14,438
+12% +$3.23M
WSM icon
8
Williams-Sonoma
WSM
$26.9B
$35.4M 4.78%
443,486
-101,158
-19% -$8.61M
PENN icon
9
PENN Entertainment
PENN
$2.75B
$33.6M 4.53%
439,108
+7,219
+2% +$622K
AZUL
10
DELISTED
Azul
AZUL
$33.5M 4.51%
1,267,727
+114,336
+10% +$2.73M
WW
11
DELISTED
WW International
WW
$29.1M 3.92%
803,885
-294,990
-27% -$10.1M
NET icon
12
Cloudflare
NET
$98.6B
$28.7M 3.87%
271,022
-13,937
-5% -$1.15M
DISH
13
CALL
DELISTED
DISH Network Corp.
DISH
$25.1M 3.38%
600,000
– –
ETSY icon
14
Etsy
ETSY
$7.98B
$25M 3.37%
121,416
+5,209
+4% +$964K
SPLK
15
CALL
DELISTED
Splunk Inc
SPLK
$23.1M 3.12%
160,000
– –
TWLO icon
16
Twilio
TWLO
$31.4B
$23.1M 3.11%
58,513
-19,362
-25% -$6.72M
PENN icon
17
CALL
PENN Entertainment
PENN
$2.75B
$21M 2.84%
+275,000
New +$23.7M
PYPL icon
18
PayPal
PYPL
$49.9B
$19.2M 2.59%
65,765
-54,741
-45% -$14.5M
FIVN icon
19
FIVE9
FIVN
$1.96B
$18.5M 2.5%
+101,000
New +$17.4M
MNTV
20
DELISTED
Momentive Global Inc. Common Stock
MNTV
$17.8M 2.41%
846,225
+2,235
+0.3% +$43.3K
DIBS icon
21
1stdibs.com
DIBS
$162M
$17.5M 2.36%
+503,063
New +$12.9M
XM
22
DELISTED
Qualtrics International Inc. Class A Common Stock
XM
$17.5M 2.36%
456,462
+170,985
+60% +$6M
WW
23
CALL
DELISTED
WW International
WW
$16.3M 2.19%
+450,000
New +$15.4M
AGGRU
24
DELISTED
Agile Growth Corp Units
AGGRU
$15M 2.02%
1,500,000
– –
DISH
25
DELISTED
DISH Network Corp.
DISH
$14.1M 1.91%
338,347
-253,772
-43% -$10.7M
1
2

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ThornTree Capital Partners's Q2 2021 Portfolio in Review

As of Q2 2021, ThornTree Capital Partners held 40 positions worth $741M, down 4.5% from $776M the previous quarter. Its ten largest holdings account for 54% of the portfolio.

ThornTree Capital Partners withdrew a net $85.7M in Q2 2021, closing 9 positions and reducing 11 holdings. Its most notable exit was Uber, an estimated $25.6M position sold in full.

By sector, the portfolio is most concentrated in Technology at 28% of assets, down from 28% a quarter earlier, followed by Communication Services and Consumer Discretionary.

Against the trend, ThornTree Capital Partners opened a new position in FIVE9 worth $18.5M.

  • ThornTree Capital Partners's largest Q2 2021 buy was FIVE9: 101,000 shares worth $18.5M.
  • ThornTree Capital Partners added most to Qualtrics International Inc. Class A Common Stock in Q2 2021, an estimated $6M increase.
  • ThornTree Capital Partners's biggest Q2 2021 reduction was PayPal, cutting an estimated $14.5M.
  • ThornTree Capital Partners fully exited Uber in Q2 2021, selling an estimated $25.6M.
  • ThornTree Capital Partners's ten largest holdings make up 54% of its $741M portfolio in Q2 2021.
  • ThornTree Capital Partners opened 9 new positions and closed 9 in Q2 2021.
  • ThornTree Capital Partners's portfolio value fell 4.5% quarter-over-quarter to $741M.

Based on ThornTree Capital Partners's 13F filing for Q2 2021, filed 16 Aug 2021.