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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
-11.23%
1 Year Est. Return
+36.37%
3 Year Est. Return
+206.07%
5 Year Est. Return
+135.57%
10 Year Est. Return
–
AUM
$517M
AUM Growth
-$191M
Cap. Flow
-$123M
Cap. Flow %
-23.85%
Top 10 Hldgs %
68.44%
Holding
36
New
6
Increased
9
Reduced
6
Closed
13

Top Buys

Rank Stock Value
1
UBER icon
Uber
UBER
+$41M
2
CMRC
Commerce.com Inc Series 1
CMRC
+$22.2M
3
PENN icon
PENN Entertainment
PENN
+$19.8M
4
DUOL icon
Duolingo
DUOL
+$19.2M
5
FIVN icon
FIVE9
FIVN
+$16.7M

Top Sells

Rank Stock Value
1
AFRM icon
Affirm
AFRM
+$30.7M
2
PLTR icon
Palantir
PLTR
+$26.2M
3
COOK icon
Traeger
COOK
+$25.2M
4
GDRX icon
GoodRx Holdings
GDRX
+$22.5M
5
DISH
DISH Network Corp.
DISH
+$20.6M

Sector Composition

Rank Sector Weight
1 Technology 42.74%
2 Consumer Discretionary 23.86%
3 Communication Services 19.01%
4 Financials 11%
5 Industrials 2.49%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
META icon
1
Meta Platforms (Facebook)
META
$1.64T
$51.9M 10.04%
154,156
+46,173
+43% +$15.3M
SMAR
2
DELISTED
Smartsheet Inc.
SMAR
$47.6M 9.21%
614,256
+120,370
+24% +$8.41M
PENN icon
3
PENN Entertainment
PENN
$2.75B
$42.1M 8.15%
811,845
+326,338
+67% +$19.8M
UBER icon
4
Uber
UBER
$147B
$39.9M 7.73%
+952,039
New +$41M
NET icon
5
Cloudflare
NET
$98.6B
$35.6M 6.9%
271,022
– –
Z icon
6
Zillow
Z
$7.76B
$35.3M 6.84%
553,271
+46,693
+9% +$3.36M
AFRM icon
7
Affirm
AFRM
$25.5B
$31.7M 6.14%
315,551
-232,308
-42% -$30.7M
DUOL icon
8
Duolingo
DUOL
$6.24B
$23.7M 4.59%
223,654
+139,475
+166% +$19.2M
WW
9
DELISTED
WW International
WW
$22.9M 4.43%
1,420,065
+85,930
+6% +$1.54M
WSM icon
10
Williams-Sonoma
WSM
$26.9B
$22.7M 4.4%
268,988
-125,612
-32% -$11.7M
ACVA icon
11
ACV Auctions
ACVA
$1.3B
$22.4M 4.34%
1,191,260
-341,557
-22% -$6.71M
XP icon
12
XP
XP
$8.61B
$18.2M 3.52%
631,893
+16,330
+3% +$532K
TWLO icon
13
Twilio
TWLO
$31.4B
$17.3M 3.35%
65,681
+7,168
+12% +$2.14M
XM
14
DELISTED
Qualtrics International Inc. Class A Common Stock
XM
$17M 3.3%
481,081
+216,106
+82% +$8.4M
CMRC
15
Commerce.com Inc Series 1
CMRC
$251M
$16.7M 3.23%
+471,161
New +$22.2M
FIVN icon
16
FIVE9
FIVN
$1.96B
$15.5M 3%
+112,947
New +$16.7M
AZUL
17
DELISTED
Azul
AZUL
$12.8M 2.49%
972,603
-185,977
-16% -$2.82M
DIBS icon
18
1stdibs.com
DIBS
$162M
$11M 2.14%
881,640
-214,288
-20% -$2.98M
RENT
19
Rent the Runway
RENT
$106M
$8.4M 1.63%
+51,519
New +$13.7M
DOCU
20
DocuSign
DOCU
$10.1B
$7.4M 1.43%
48,566
-21,652
-31% -$4.94M
MEKA
21
DELISTED
MELI Kaszek Pioneer Corp Class A Ordinary Shares
MEKA
$6.94M 1.34%
600,000
– –
ONON icon
22
On Holding
ONON
$12.4B
$4.67M 0.9%
+123,598
New +$4.54M
ARCE
23
DELISTED
Arco Platform Limited Class A Common Shares
ARCE
$4.66M 0.9%
+222,815
New +$4.33M
COOK icon
24
Traeger
COOK
$192M
– –
-24,054
Closed -$25.2M
ETSY icon
25
Etsy
ETSY
$7.98B
– –
-55,791
Closed -$11.6M
1
2

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AHSW
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AAS
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KBG
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AMCA
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ThornTree Capital Partners's Q4 2021 Portfolio in Review

As of Q4 2021, ThornTree Capital Partners held 36 positions worth $517M, down 27% from $708M the previous quarter. Its ten largest holdings account for 68% of the portfolio.

ThornTree Capital Partners withdrew a net $123M in Q4 2021, closing 13 positions and reducing 6 holdings. Its most notable exit was Palantir, an estimated $26.2M position sold in full.

By sector, the portfolio is most concentrated in Technology at 43% of assets, up from 27% a quarter earlier, followed by Consumer Discretionary and Communication Services.

Against the trend, ThornTree Capital Partners opened a new position in Uber worth $39.9M.

  • ThornTree Capital Partners's largest Q4 2021 buy was Uber: 952,039 shares worth $39.9M.
  • ThornTree Capital Partners added most to PENN Entertainment in Q4 2021, an estimated $19.8M increase.
  • ThornTree Capital Partners's biggest Q4 2021 reduction was Affirm, cutting an estimated $30.7M.
  • ThornTree Capital Partners fully exited Palantir in Q4 2021, selling an estimated $26.2M.
  • ThornTree Capital Partners's ten largest holdings make up 68% of its $517M portfolio in Q4 2021.
  • ThornTree Capital Partners opened 6 new positions and closed 13 in Q4 2021.
  • ThornTree Capital Partners's portfolio value fell 27% quarter-over-quarter to $517M.

Based on ThornTree Capital Partners's 13F filing for Q4 2021, filed 14 Feb 2022.